Exhibit 99.1

PRESS RELEASE

MACERICH ANNOUNCES AN 11% INCREASE IN FFO

        Santa Monica, CA (11/01/11)—The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended September 30, 2011 which included total funds from operations ("FFO") diluted of $104.2 million or $.73 per share-diluted, compared to $93.3 million or $.66 per share-diluted for the quarter ended September 30, 2010. Adjusted FFO ("AFFO") per share-diluted was $.75 for the quarter ended September 30, 2011 compared to $.66 for the quarter ended September 30, 2010. Net income available to common stockholders was $12.9 million or $.10 per share-diluted, compared to net income available to common stockholders for the quarter ended September 30, 2010 of $8.4 million or $.06 per share-diluted. A description and reconciliation of FFO per share-diluted and AFFO per share-diluted to EPS is included in the financial tables accompanying this press release.

Recent Highlights:

•

Mall tenant annual sales per square foot increased 9.6% to $467 for the year ended September 30, 2011 compared to $426 for the year ended September 30, 2010.



•

The releasing spreads for the year ended September 30, 2011 were up 10.8%.



•

Adjusted FFO per share was up 13.6% compared to the quarter ended September 30, 2010.



•

Same center net operating income was up 2.82% for the quarter, the seventh consecutive quarter of growth.



•

The annualized dividend was increased 10% to $2.20 per share.

        Commenting on the quarter and recent events, Arthur Coppola chairman and chief executive officer of Macerich stated, "We are pleased to announce a double digit growth in FFO this quarter. That growth was fueled by strong fundamentals in our portfolio with solid tenant sales growth, good releasing spreads and continued same center net operating income growth. Our performance and our positive outlook for the future led to the significant increase in our dividend."

Balance Sheet Activity:

        In July, the Company paid off the $40 million loan on Rimrock Mall. The loan had an interest rate of 7.6%.

        On September 29, 2011, the Company closed on a $230 million, 4.25% seven year fixed rate loan on Arrowhead Towne Center. The prior loan of $73 million had a 6.9% interest rate.

        During October 2011, the Company retired at par, plus accrued interest, $180 million of its convertible notes with a stated maturity of March, 2012.

Development Activity:

        The Company has entered into a joint venture agreement with a subsidiary of AWE/Talisman for the development of the Fashion Outlets of Chicago in the Village of Rosemont, Illinois. Macerich will own 60% of the joint venture and AWE/Talisman will own 40%. The center will be a fully enclosed two level, 528,000 square foot outlet center. The site is located at the intersection of the I-190 and I-90 within a mile of O'Hare International Airport which hosts 76 million travelers annually. The Chicago area has over 13 million people and the area has approximately 46 million annual tourist visits. The project is expected to break ground in November, 2011 and to be completed in spring 2013. The total estimated project cost is approximately $200 million.

Earnings Guidance:

        Management is reconfirming its previously issued 2011 Adjusted FFO guidance range of $2.84 to $2.92, which excludes Valley View Mall and Shoppingtown Mall. The Company's definition of FFO is in accordance with the definition provided by the National Association of Real Estate Investment Trusts ("NAREIT").

        A reconciliation of EPS to FFO per share and AFFO per share follows:

        The guidance excludes the impact of any possible future acquisitions or dispositions and excludes the impact of Valley View and Shoppingtown, which are under the control of either a receiver or loan servicer.

        Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich now owns approximately 72 million square feet of gross leaseable area consisting primarily of interests in 71 regional shopping centers. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

Investor Conference Call

        The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investing Section) and through CCBN at www.earnings.com. The call begins today, November 1, 2011 at 10:30 AM Pacific Time. To listen to the call, please go to any of these websites at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investing Section) will be available for one year after the call.

        The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investing Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.

        Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which

will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2010, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

1

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)

The Company has classified the results of operations on any dispositions as discontinued operations for the three and nine months ended September 30, 2011 and 2010.

(b)

This represents the outside partners' allocation of net income in the Chandler Fashion Center/Freehold Raceway Mall joint venture.

(c)

The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating the FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

(d)

The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. NAREIT defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Adjusted FFO ("AFFO") excludes the negative FFO impact of Shoppingtown Mall and Valley View Center for the three and nine months ended September 30, 2011. Valley View Center is in receivership and Shoppingtown Mall is under the control of the loan servicer and likely will be transferred to a receiver in the near future. FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that AFFO and AFFO on a diluted basis provide useful supplemental information regarding the Company's performance as they show a more meaningful and consistent comparison of the Company's operating performance and allow investors to more easily compare the Company's results without taking into account the unrelated impairment losses and other non-cash charges on properties controlled by either a receiver or loan servicer, which are non-routine items. FFO and AFFO on a diluted basis are measures investors find most useful in measuring the dilutive impact of outstanding convertible securities. FFO and AFFO do not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and are not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO and AFFO as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.

Gains or losses on sales of undepreciated assets and the impact of amortization of above/below market leases have been included in FFO. The inclusion of gains on sales of undepreciated assets increased FFO for the three and nine months ended September 30, 2011 and 2010 by $0.0 million and $2.3 million, $0.1 million and $0.5 million respectively, or by $0.00 per share, $0.02 per share, $0.00 and $0.00 per share, respectively. Additionally, amortization of above/below market leases increased FFO for the three and nine months ended September 30, 2011 and 2010 by $3.1 million, $8.7 million, $2.5 million and $8.3 million, respectively, or by $0.02 per share, $0.06 per share, $0.02 per share and $0.06 per share, respectively.

3

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Pro rata share of unconsolidated joint ventures:

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)