MACERICH CO - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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EX-99.1 - EXHIBIT 99.1 - MACERICH CO	a2210167zex-99_1.htm
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Exhibit 99.2

Supplemental Financial Information
For the three and six months ended June 30, 2012

The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

All information included in this supplemental financial package is unaudited, unless otherwise indicated.

		Page No.


Corporate Overview		1-3
Overview		1
Capital information and market capitalization		2
Changes in total common and equivalent shares/units		3
Financial Data		4-5
Supplemental FFO information		4
Capital expenditures		5
Operational Data		6-9
Sales per square foot		6
Occupancy		7
Average base rent per square foot		8
Cost of occupancy		9
Balance Sheet Information		10-13
Consolidated Balance Sheets of the Company as of June 30, 2012 and December 31, 2011 (unaudited)		10
Debt summary		11
Outstanding debt by maturity date		12
Top Ten Tenants		14

This Supplemental Financial Information should be read in connection with the Company's second quarter 2012 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date August 1, 2012) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Financial Information.

The Macerich Company

Supplemental Financial and Operating Information

Overview

The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership").

As of June 30, 2012, the Operating Partnership owned or had an ownership interest in 63 regional shopping centers and seven community shopping centers aggregating approximately 64 million square feet of gross leasable area ("GLA"). These 70 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

On December 31, 2011, the Company and its joint venture partner reached an agreement for the distribution and conveyance of interests in SDG Macerich Properties, L.P., a Delaware limited partnership ("SDG Macerich") that owned 11 regional malls in a 50/50 partnership. Six of the eleven assets were distributed to the Company on December 31, 2011. The Company received 100% ownership of Eastland Mall in Evansville, Indiana, Lake Square Mall in Leesburg, Florida, NorthPark Mall in Davenport, Iowa, SouthPark Mall in Moline, Illinois, Southridge Mall in Des Moines, Iowa, and Valley Mall in Harrisonburg, Virginia (collectively referred to herein as the "SDG Acquisition Properties").

On May 31, 2012, the Company conveyed Prescott Gateway to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse.

On July 15, 2010, a court-appointed receiver assumed operational control of Valley View Center and responsibility for managing all aspects of the property. Valley View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date. Valley View Center has been excluded from certain Non-GAAP operating measures in 2010, 2011 and 2012 as indicated in this document.

The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Company's management companies (collectively, the "Management Companies").

All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

	Period Ended


	6/30/2012			12/31/2011			12/31/2010
	dollars in thousands, except per share data
Closing common stock price per share	$	59.05		$	50.60		$	47.37
52 week high	$	62.83		$	56.50		$	49.86
52 week low	$	38.64		$	38.64		$	29.30
Shares outstanding at end of period
Class A non-participating convertible preferred units		184,304			208,640			208,640
Common shares and partnership units		144,054,168			143,178,521			142,048,985

Total common and equivalent shares/units outstanding		144,238,472			143,387,161			142,257,625

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	5,679,925		$	5,903,805		$	5,854,780
Equity market capitalization		8,517,282			7,255,390			6,738,744

Total market capitalization	$	14,197,207		$	13,159,195		$	12,593,524

Leverage ratio(a)		40.0	%		44.9	%		46.5	%

(a): Debt as a percentage of market capitalization.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units



	Partnership Units			Company Common Shares		Class A Non-Participating Convertible Preferred Units			Total Common and Equivalent Shares/ Units
Balance as of December 31, 2011		11,025,077			132,153,444		208,640			143,387,161

Conversion of partnership units to cash		(195	)		—		—			(195	)
Conversion of partnership units to common shares		(23,351	)		23,351		—			—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		285,000			549,562		—			834,562

Balance as of March 31, 2012		11,286,531			132,726,357		208,640			144,221,528

Conversion of partnership units to cash		(82	)		—		—			(82	)
Conversion of partnership units to common shares		(516,025	)		540,791		(24,336	)		430
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			16,596		—			16,596

Balance as of June 30, 2012		10,770,424			133,283,744		184,304			144,238,472

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental Funds from Operations ("FFO") Information(a)



	As of June 30,
	2012		2011
	dollars in millions
Straight line rent receivable	$	70.2	$	73.1



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2012		2011			2012			2011
	dollars in millions
Lease termination fees	$	1.2	$	2.5		$	4.1		$	4.6
Straight line rental income	$	2.1	$	2.0		$	3.2		$	1.7
Gain on sales of undepreciated assets	$	—	$	1.7		$	—		$	2.3
Amortization of acquired above- and below-market leases	$	2.1	$	2.7		$	5.6		$	5.6
Amortization of debt (discounts)/premiums	$	0.4	$	(2.1	)	$	(0.7	)	$	(4.2	)
Interest capitalized	$	3.6	$	4.5		$	7.5		$	8.9

(a): All joint venture amounts included at pro rata.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures



		For the Six Months Ended 6/30/12		For the Six Months Ended 6/30/11		Year Ended 12/31/11		Year Ended 12/31/10
		dollars in millions
Consolidated Centers(a)
Acquisitions of property and equipment		$	76.9	$	70.1	$	314.6	$	12.9
Development, redevelopment, expansions and renovations of Centers			53.0		52.5		88.8		214.8
Tenant allowances			8.5		8.8		19.4		22.0
Deferred leasing charges			13.6		16.9		29.3		24.5

	Total	$	152.0	$	148.3	$	452.1	$	274.2

Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment		$	1.7	$	137.3	$	143.4	$	6.1
Development, redevelopment, expansions and renovations of Centers			46.5		16.4		37.7		42.3
Tenant allowances			2.5		2.7		8.4		8.1
Deferred leasing charges			2.6		2.9		4.9		4.7

	Total	$	53.3	$	159.3	$	194.4	$	61.2

(a): All joint venture amounts at pro rata.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Sales Per Square Foot(a)



	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
06/30/12(b)(c)	$	436	$	623	$	513
06/30/11(b)(c)	$	406	$	506	$	458
12/31/2011(b)(c)	$	417	$	597	$	489
12/31/2010(b)(c)(d)	$	392	$	468	$	433

(a): Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional shopping centers. Sales per square foot exclude Centers under development and redevelopment.
(b): The SDG Acquisition Properties are included in Consolidated Centers at June 30, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at June 30, 2011 and December 31, 2010.
(c): The sales per square foot for all periods above exclude Valley View Center.
(d): The sales per square foot for Year 2010 exclude Santa Monica Place which opened in August 2010.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)



All Centers: Period Ended	Consolidated Centers(b)(c)		Unconsolidated Joint Venture Centers(b)		Total
06/30/2012		92.7%		92.9%		92.7%
06/30/2011		93.0%		91.8%		92.3%
12/31/2011		92.8%		92.3%		92.6%
12/31/2010		93.5%		92.3%		92.9%

(a): Occupancy is the percentage of Mall and Freestanding GLA leased as of the last day of the reporting period. Occupancy excludes Centers under development and redevelopment.
(b): The SDG Acquisition Properties are included in Consolidated Centers at June 30, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at June 30, 2011 and December 31, 2010.
(c): Occupancy of Valley View Center is excluded for all periods above.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Average Base Rent Per Square Foot(a)



		Average Base Rent PSF(b)		Average Base Rent PSF on Leases Executed during the trailing twelve months ended(c)		Average Base Rent PSF on Leases Expiring(d)
Consolidated Centers
	06/30/12(e)(f)	$	39.23	$	42.23	$	36.38
	06/30/11(e)(f)	$	39.26	$	37.05	$	36.36
	12/31/2011(e)(f)	$	38.80	$	38.35	$	35.84
	12/31/2010(e)(f)	$	37.93	$	34.99	$	37.02
Unconsolidated Joint Venture Centers
	06/30/12(e)	$	55.11	$	53.95	$	46.12
	06/30/11(e)	$	47.61	$	49.94	$	38.68
	12/31/2011(e)	$	53.72	$	50.00	$	38.98
	12/31/2010(e)	$	46.16	$	48.90	$	38.39

(a): Average base rent per square foot is based on spaces 10,000 square feet and under. Centers under development and redevelopment are excluded.
(b): Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.
(c): The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.
(d): The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.
(e): The SDG Acquisition Properties are included in Consolidated Centers at June 30, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at June 30, 2011 and December 31, 2010.
(f): The leases for Valley View Center are excluded for all periods above.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy



			For Years Ended December 31,
			2011(a)(b)			2010(b)
Consolidated Centers
	Minimum rents			8.2	%		8.6	%
	Percentage rents			0.5	%		0.4	%
	Expense recoveries(c)			4.1	%		4.4	%

		Total		12.8	%		13.4	%



			For Years Ended December 31,
			2011			2010(a)
Unconsolidated Joint Venture Centers
	Minimum rents			9.1	%		9.1	%
	Percentage rents			0.4	%		0.4	%
	Expense recoveries(c)			3.9	%		4.0	%

		Total		13.4	%		13.5	%

(a): The SDG Acquisition Properties are included as Consolidated Centers for the year ended December 31, 2011. These Centers are included with Unconsolidated Joint Venture Centers for the year ended December 31, 2010.
(b): The cost of occupancy excludes Valley View Center in all periods above.
(c): Represents real estate tax and common area maintenance charges.

The Macerich Company

Supplemental Financial and Operating Information

Consolidated Balance Sheets (unaudited)

(Dollars in thousands, except share data)

				June 30, 2012			December 31, 2011

ASSETS:
Property, net(a)				$	5,945,007		$	6,079,043
Cash and cash equivalents(b)					89,797			67,248
Restricted cash					58,869			68,628
Marketable securities					24,257			24,833
Tenant and other receivables, net					98,198			109,092
Deferred charges and other assets, net					387,118			483,763
Loans to unconsolidated joint ventures					3,403			3,995
Due from affiliates					3,572			3,387
Investments in unconsolidated joint ventures					1,120,832			1,098,560

			Total assets	$	7,731,053		$	7,938,549

LIABILITIES AND EQUITY:
Mortgage notes payable:
	Related parties			$	277,117		$	279,430
	Others				3,025,203			3,049,008

			Total		3,302,320			3,328,438
Bank and other notes payable					764,444			877,636
Accounts payable and accrued expenses					57,619			72,870
Other accrued liabilities					270,103			299,098
Distributions in excess of investments in unconsolidated joint ventures					79,213			70,685
Co-venture obligation					119,576			125,171

			Total liabilities		4,593,275			4,773,898

Commitments and contingencies
Equity:
	Stockholders' equity:
		Common stock, $0.01 par value, 250,000,000 shares authorized, 133,283,744 and 132,153,444 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively			1,333			1,321
		Additional paid-in capital			3,500,217			3,490,647
		Accumulated deficit			(705,292	)		(678,631	)

			Total stockholders' equity		2,796,258			2,813,337

	Noncontrolling interests				341,520			351,314

			Total equity		3,137,778			3,164,651

			Total liabilities and equity	$	7,731,053		$	7,938,549

(a): Includes consolidated construction in process of $347,882 at June 30, 2012 and $209,732 at December 31, 2011. Does not include pro rata share of unconsolidated joint venture construction in process of $62,495 at June 30, 2012 and $61,407 at December 31, 2011.
(b): Does not include pro rata share of unconsolidated joint venture cash of $53,108 at June 30, 2012 and $61,728 at December 31, 2011.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)



		As of June 30, 2012
		Fixed Rate			Floating Rate			Total
		dollars in thousands
Consolidated debt		$	2,200,112		$	1,593,109		$	3,793,221
Unconsolidated debt			1,708,324			178,380			1,886,704

	Total debt	$	3,908,436		$	1,771,489		$	5,679,925
Weighted average interest rate			5.53	%		3.06	%		4.76	%
Weighted average maturity (years)									3.92

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of June 30, 2012
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Towne Mall		11/01/12		4.99	%	$	12,519	$	—	$	12,519
Deptford Mall		01/15/13		5.41	%		172,500		—		172,500
Greeley—Defeasance		09/01/13		6.34	%		24,444		—		24,444
Great Northern Mall		12/01/13		5.19	%		36,831		—		36,831
Fiesta Mall		01/01/15		4.98	%		84,000		—		84,000
South Plains Mall		04/11/15		6.56	%		102,058		—		102,058
Fresno Fashion Fair		08/01/15		6.76	%		162,354		—		162,354
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
South Towne Center		11/05/15		6.39	%		85,896		—		85,896
Valley River Center		02/01/16		5.59	%		120,000		—		120,000
Salisbury, Center at		05/01/16		5.83	%		115,000		—		115,000
Eastland Mall		06/01/16		5.79	%		168,000		—		168,000
Valley Mall		06/01/16		5.85	%		43,238		—		43,238
Deptford Mall		06/01/16		6.46	%		14,917		—		14,917
Freehold Raceway Mall(b)		01/01/18		4.20	%		116,683		—		116,683
Chandler Fashion Center(b)		07/01/19		3.77	%		100,200		—		100,200
Danbury Fair Mall		10/01/20		5.53	%		242,239		—		242,239
Fashion Outlets of Niagara		10/06/20		4.89	%		127,816		—		127,816
Tucson La Encantada		03/01/22		4.23	%		74,821		—		74,821
Pacific View		04/01/22		4.08	%		139,596		—		139,596
Oaks, The		06/05/22		4.14	%		220,000		—		220,000

Total Fixed Rate Debt for Consolidated Assets				5.25	%	$	2,200,112	$	—	$	2,200,112

Victor Valley, Mall of		05/06/13		2.08	%	$	—	$	93,700	$	93,700
Westside Pavilion		06/05/13		2.53	%		—		175,000		175,000
SanTan Village Regional Center(c)		06/13/13		2.64	%		—		117,263		117,263
Wilton Mall		08/01/13		1.24	%		—		40,000		40,000
Promenade at Casa Grande(d)		12/30/13		5.21	%		—		38,646		38,646
Paradise Valley Mall(e)		08/31/14		6.30	%		—		82,500		82,500
Vintage Faire Mall		04/27/15		3.53	%		—		135,000		135,000
Twenty Ninth Street		01/18/16		3.07	%		—		107,000		107,000
The Macerich Partnership L.P.—Line of Credit(e)		05/02/16		2.78	%		—		615,000		615,000
Northgate Mall(e)		03/01/17		3.12	%		—		64,000		64,000
The Macerich Partnership L.P.—Term Loan		12/08/18		2.59	%		—		125,000		125,000

Total Floating Rate Debt for Consolidated Assets				2.99	%	$	—	$	1,593,109	$	1,593,109

Total Debt for Consolidated Assets				4.30	%	$	2,200,112	$	1,593,109	$	3,793,221

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date



	As of June 30, 2012
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed			Floating			Total Debt Balance(a)
II. Unconsolidated Assets (At Company's pro rata share):
NorthPark Center (50%)		08/10/12		6.70	%	$	125,436		$	—		$	125,436
NorthPark Land (50%)		08/10/12		8.33	%		37,471			—			37,471
Kierland Greenway (50%)		01/01/13		6.02	%		28,324			—			28,324
Kierland Main Street (50%)		01/02/13		4.99	%		7,225			—			7,225
Queens Center (51%)		03/01/13		7.30	%		163,792			—			163,792
Scottsdale Fashion Square (50%)		07/08/13		5.66	%		275,000			—			275,000
FlatIron Crossing (25%)		12/01/13		5.26	%		42,626			—			42,626
Tysons Corner Center (50%)		02/17/14		4.78	%		153,654			—			153,654
Redmond Office (51%)		05/15/14		7.52	%		29,251			—			29,251
Biltmore Fashion Park (50%)		10/01/14		8.25	%		29,387			—			29,387
Lakewood Center (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%)		08/15/15		6.12	%		71,222			—			71,222
Camelback Colonnade (75%)		10/12/15		4.82	%		35,250			—			35,250
Washington Square (51%)		01/01/16		6.04	%		121,740			—			121,740
North Bridge, The Shops at (50%)		06/15/16		7.52	%		99,440			—			99,440
West Acres (19%)		10/01/16		6.41	%		11,828			—			11,828
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		39,008			—			39,008
Stonewood Center (51%)		11/01/17		4.67	%		56,213			—			56,213
Los Cerritos Center (51%)		07/01/18		4.50	%		100,624			—			100,624
Arrowhead Towne Center (66.7%)		10/05/18		4.30	%		151,622			—			151,622
Wilshire Building (30%)		01/01/33		6.35	%		1,711			—			1,711

Total Fixed Rate Debt for Unconsolidated Assets				5.88	%	$	1,708,324		$	—		$	1,708,324

Pacific Premier Retail Trust (51%)(e)		11/03/13		5.01	%	$	—		$	58,650		$	58,650
Boulevard Shops (50%)		12/16/13		3.30	%		—			10,425			10,425
Market at Estrella Falls (39.7%)		06/01/15		3.21	%		—			13,305			13,305
Inland Center (50%)		04/01/16		3.49	%		—			25,000			25,000
Superstition Springs Center (66.7%)		10/28/16		2.85	%		—			45,000			45,000
Ridgmar (50%)		04/11/17		2.99	%		—			26,000			26,000

Total Floating Rate Debt for Unconsolidated Assets				3.72	%	$	—		$	178,380		$	178,380

Total Debt for Unconsolidated Assets				5.68	%	$	1,708,324		$	178,380		$	1,886,704

Total Debt				4.76	%	$	3,908,436		$	1,771,489		$	5,679,925

Percentage to Total							68.81	%		31.19	%		100.00	%

(a): The debt balances include the unamortized debt premiums/discounts. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the above table represents the effective interest rate, including the debt premiums/discounts and loan financing costs.
(b): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(c): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(d): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(e): The maturity date assumes that all such extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Top Ten Tenants

The following retailers (including their subsidiaries) represent the 10 largest rent payers of the Centers (excluding Valley View Center) based upon total rents in place as of December 31, 2011:

Tenant	Primary DBA

Limited Brands, Inc.	Victoria's Secret, Bath and Body Works, Victoria's Secret Beauty, PINK	118	2.4	%
Gap Inc., The	The Gap, Old Navy, Banana Republic, Gap Kids, Gap Body, Baby Gap, The Gap Outlet	80	2.3	%
Forever 21, Inc.	Forever 21, XXI Forever	40	1.9	%
Golden Gate Capital	Express, Eddie Bauer, J. Jill, California Pizza Kitchen	78	1.9	%
Foot Locker, Inc.	Champs Sports, Foot Locker, Foot Action USA, CCS, Lady Foot Locker, Kids Foot Locker	115	1.7	%
Abercrombie & Fitch Co.	Abercrombie & Fitch, Hollister, Abercrombie	64	1.4	%
Luxottica Group S.P.A.	Sunglass Hut, LensCrafters, Oakley, Optical Shop of Aspen, Pearle Vision Center, Ilori, Sunglass Hut / Watch Station	133	1.3	%
American Eagle Outfitters, Inc.	American Eagle, Aerie, 77Kids	53	1.2	%
Nordstrom, Inc.	Nordstrom, Last Chance, Nordstrom Rack, Nordstrom Spa	21	1.1	%
AT&T Mobility LLC(2)	AT&T, Cingular Wireless, AT&T Experience Store	30	1.1	%

(1): Total rents include minimum rents and percentage rents.
(2): Includes AT&T Mobility office headquarters located at Redmond Town Center.

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