MACERICH CO - FORM 8-K - EX-99.2

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Exhibit 99.2

Supplemental Financial Information
For the three and twelve months ended December 31, 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		4-10
Unaudited Pro Rata Statements of Operations		4-6
Notes to Unaudited Pro Rata Statements of Operations		7
Unaudited Pro Rata Balance Sheet		8
Supplemental FFO information		9
Capital expenditures		10
Operational Data		11-24
Sales per square foot		11
Sales per square foot by Property Ranking		12-13
Occupancy		14
Average base rent per square foot		15
Cost of occupancy		16
Percentage of Net Operating Income by State		17
Property listing		18-22
Joint venture list		23-24
Debt Tables		25-27
Debt summary		25
Outstanding debt by maturity date		26-27
Corporate Information		28

This Supplemental Financial Information should be read in connection with the Company's fourth quarter 2012 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date February 6, 2013) 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 December 31, 2012, the Operating Partnership owned or had an ownership interest in 61 regional shopping centers and nine community/power 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 January 24, 2013, the Company completed its acquisition of Green Acres Mall, a 1.8 million square foot super regional mall. Including Green Acres Mall, the Company currently owns or has an ownership interest in 62 regional shopping centers and nine community/power centers aggregating approximately 65 million square feet of GLA.

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 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 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.

This document contains information constituting forward-looking statements and includes expectations regarding the Company's future operational results. 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, 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, operating expenses, competition; and governmental actions and initiatives (including legislative and regulatory changes) as well as 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, 2011, 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 document or to reflect the occurrence of unanticipated events unless required by law to do so.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

	Period Ended


	12/31/2012			12/31/2011			12/31/2010
	dollars in thousands, except per share data
Closing common stock price per share	$	58.30		$	50.60		$	47.37
52 week high	$	62.83		$	56.50		$	49.86
52 week low	$	49.67		$	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		147,601,848			143,178,521			142,048,985

Total common and equivalent shares/units outstanding		147,786,152			143,387,161			142,257,625

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	6,620,507		$	5,903,805		$	5,854,780
Equity market capitalization		8,615,933			7,255,390			6,738,744

Total market capitalization	$	15,236,440		$	13,159,195		$	12,593,524

Leverage ratio(a)		43.5	%		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		—			0
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

Conversion of partnership units to cash		(959	)		—		—			(959	)
Conversion of partnership units to common shares		(16,398	)		16,398		—			0
Common stock issued through ATM(a)		—			2,961,903		—			2,961,903
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		20,000			13,047		—			33,047

Balance as of September 30, 2012		10,773,067			136,275,092		184,304			147,232,463

Conversion of partnership units to cash		(260	)		—		—			(260	)
Conversion of partnership units to common shares		(677,969	)		677,969		—			—
Issuance of shares upon acquisition of property(b)		—			535,265		—			535,265
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans					18,684		—			18,684

Balance as of December 31, 2012		10,094,838			137,507,010		184,304			147,786,152

(a): During the third quarter of 2012, the Company issued 2,961,903 shares of common stock under its at-the-market ("ATM") program, in exchange for net proceeds of approximately $176.1 million.
(b): As part of the consideration for the acquisition of Kings Plaza Shopping Center, the Company issued 535,265 restricted shares of common stock on November 28, 2012.

On the following pages, the Company presents its unaudited pro rata statements of operations and unaudited pro rata balance sheet reflecting the Company's proportionate ownership of each asset in its portfolio. The Company also reconciles net income attributable to the Company to funds from operations ("FFO") and FFO-diluted for the three and twelve months ended December 31, 2012 and FFO and FFO-diluted to adjusted FFO ("AFFO") and AFFO-diluted for the same periods.

The Macerich Company

Unaudited Pro Rata Statement of Operations

(Dollars in thousands)



	For the Three Months Ended December 31, 2012
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	140,157		$	(8,413	)	$	131,744		$	57,866		$	189,610
Percentage rents		12,451			(441	)		12,010			4,561			16,571
Tenant recoveries		75,522			(4,638	)		70,884			27,160			98,044
Management Companies' revenues		10,505			—			10,505			—			10,505
Other income		12,530			(610	)		11,920			6,651			18,571

Total revenues		251,165			(14,102	)		237,063			96,238			333,301

Expenses:
Shopping center and operating expenses		82,266			(4,733	)		77,533			31,898			109,431
Management Companies' operating expenses		18,657			—			18,657			—			18,657
REIT general and administrative expenses		5,187			—			5,187			—			5,187
Depreciation and amortization		85,004			(4,609	)		80,395			22,991			103,386
Interest expense		48,335			(2,799	)		45,536			21,419			66,955

Total expenses		239,449			(12,141	)		227,308			76,308			303,616
Equity in income of unconsolidated joint ventures		10,657			—			10,657			(10,657	)		—
Co-venture expense		(2,061	)		2,061			—			—			—
Income tax benefit		1,999			—			1,999			—			1,999
Gain (loss) on remeasurement, sale or write down of assets, net		164,065			1,636			165,701			(9,273	)		156,428

Income from continuing operations		186,376			1,736			188,112			—			188,112

Discontinued operations:
Loss on sale or write down of assets		(72	)		—			(72	)		—			(72	)
Loss from discontinued operations		(9	)		—			(9	)		—			(9	)

Total loss from discontinued operations		(81	)		—			(81	)		—			(81	)

Net income		186,295			1,736			188,031			—			188,031
Less net income attributable to noncontrolling interests		12,048			1,736			13,784			—			13,784

Net income attributable to the Company	$	174,247		$	—		$	174,247		$	—		$	174,247

Reconciliation of net income attributable to the Company to FFO and AFFO(3):
Net income attributable to the Company							$	174,247		$	—		$	174,247
Equity in income of unconsolidated joint ventures								(10,657	)		10,657			—
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								13,784			—			13,784
(Gain) loss on remeasurement, sale or write down of assets								(165,661	)		9,273			(156,388	)
(Loss) gain on sale of undepreciated assets								(390	)		1,163			773
Depreciation and amortization of all property								80,395			22,991			103,386
Depreciation on personal property								(2,965	)		(260	)		(3,225	)

Total FFO—Basic and diluted							$	88,753		$	43,824		$	132,577
Shoppingtown Mall								25			—			25
Valley View Center								11			—			11

Total AFFO—Diluted							$	88,789		$	43,824		$	132,613

The Macerich Company

Unaudited Pro Rata Statement of Operations

(Dollars in thousands)



	For the Twelve Months Ended December 31, 2012
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	496,708		$	(32,701	)	$	464,007		$	256,491		$	720,498
Percentage rents		24,389			(931	)		23,458			11,389			34,847
Tenant recoveries		273,445			(18,864	)		254,581			125,550			380,131
Management Companies' revenues		41,235			—			41,235			—			41,235
Other income		45,546			(1,810	)		43,736			23,167			66,903

Total revenues		881,323			(54,306	)		827,017			416,597			1,243,614

Expenses:
Shopping center and operating expenses		280,531			(18,059	)		262,472			145,129			407,601
Management Companies' operating expenses		85,610			—			85,610			—			85,610
REIT general and administrative expenses		20,412			—			20,412			—			20,412
Depreciation and amortization		302,553			(18,561	)		283,992			96,228			380,220
Interest expense		176,778			(11,458	)		165,320			97,978			263,298

Total expenses		865,884			(48,078	)		817,806			339,335			1,157,141
Equity in income of unconsolidated joint ventures		79,281			—			79,281			(79,281	)		—
Co-venture expense		(6,523	)		6,523			—			—			—
Income tax benefit		4,159			—			4,159			—			4,159
Gain on remeasurement, sale or write down of assets, net		204,668			(1,899	)		202,769			2,019			204,788

Income from continuing operations		297,024			(1,604	)		295,420			—			295,420

Discontinued operations:
Gain on sale or write down of assets		74,833			—			74,833			—			74,833
Loss from discontinued operations		(5,468	)		—			(5,468	)		—			(5,468	)

Income from discontinued operations		69,365			—			69,365			—			69,365

Net income		366,389			(1,604	)		364,785			—			364,785
Less net income attributable to noncontrolling interests		28,963			(1,604	)		27,359			—			27,359

Net income attributable to the Company	$	337,426		$	—		$	337,426		$	—		$	337,426

Reconciliation of net income attributable to the Company to FFO and AFFO(3):
Net income attributable to the Company							$	337,426		$	—		$	337,426
Equity in income of unconsolidated joint ventures								(79,281	)		79,281			—
Adjustments to reconcile net income attributable to the Company to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								27,359			—			27,359
Gain on remeasurement, sale or write down of assets								(157,676	)		(2,019	)		(159,695	)
(Loss) gain on sale of undepreciated assets								(390	)		1,163			773
Depreciation and amortization of all property								288,632			96,228			384,860
Depreciation on personal property								(11,777	)		(1,084	)		(12,861	)

Total FFO—Basic and diluted							$	404,293		$	173,569		$	577,862
Shoppingtown Mall								422			—			422
Valley View Center								(101,105	)		—			(101,105	)
Prescott Gateway								(16,296	)		—			(16,296	)

Total AFFO—Diluted							$	287,314		$	173,569		$	460,883

Notes to Unaudited Pro Rata Statements of Operations:

(1): This represents the non-owned portion of consolidated joint ventures.
(2): This represents the Company's pro rata share of unconsolidated joint ventures.
(3): 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. The National Association of Real Estate Investment Trusts 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, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

AFFO excludes the FFO impact of Shoppingtown Mall and Valley View Center for the three and twelve months ended December 31, 2012. In December 2011, the Company conveyed Shoppingtown Mall to the lender by a deed-in-lieu of foreclosure. In July 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. On May 31, 2012, the Company conveyed Prescott Gateway to the lender by a deed-in-lieu of foreclosure and the debt was forgiven resulting in a gain on extinguishment of debt of $16.3 million. AFFO also excludes the gain on extinguishment of debt on Prescott Gateway for the twelve months ended December 31, 2012.

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 non-cash credits and charges on properties controlled by either a receiver or loan servicer. 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.

The Macerich Company

Unaudited Pro Rata Balance Sheet

(Dollars in thousands)



	As of December 31, 2012
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	7,479,546		$	(459,576	)	$	7,019,970		$	2,321,715		$	9,341,685
Cash and cash equivalents		65,793			(10,182	)		55,611			84,840			140,451
Restricted cash		78,658			(3,412	)		75,246			10,741			85,987
Marketable securities		23,667			—			23,667			—			23,667
Tenant and other receivables, net		116,244			(20,936	)		95,308			39,290			134,598
Deferred charges and other assets, net		565,130			(10,339	)		554,791			73,705			628,496
Loans to unconsolidated joint ventures		3,345			—			3,345			—			3,345
Due from affiliates		4,568			348			4,916			(2,471	)		2,445
Investments in unconsolidated joint ventures		974,258			—			974,258			(974,258	)		—

Total assets	$	9,311,209		$	(504,097	)	$	8,807,112		$	1,553,562		$	10,360,674

LIABILITIES AND EQUITY:
Mortgage notes payable:	$	4,437,343		$	(276,447	)	$	4,160,896		$	1,635,584		$	5,796,480
Bank and other notes payable		824,027			—			824,027			—			824,027
Accounts payable and accrued expenses		70,251			(3,222	)		67,029			19,252			86,281
Other accrued liabilities		318,174			(19,449	)		298,725			51,674			350,399
Distributions in excess of investments in unconsolidated joint ventures		152,948			—			152,948			(152,948	)		—
Co-venture obligation		92,215			(92,215	)		—			—			—

Total liabilities		5,894,958			(391,333	)		5,503,625			1,553,562			7,057,187

Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,375			—			1,375			—			1,375
Additional paid-in capital		3,715,895			—			3,715,895			—			3,715,895
Accumulated deficit		(639,741	)		—			(639,741	)		—			(639,741	)

Total stockholders' equity		3,077,529			—			3,077,529			—			3,077,529
Noncontrolling interests		338,722			(112,764	)		225,958			—			225,958

Total equity		3,416,251			(112,764	)		3,303,487			—			3,303,487

Total liabilities and equity	$	9,311,209		$	(504,097	)	$	8,807,112		$	1,553,562		$	10,360,674

(1): This represents the non-owned portion of the consolidated joint ventures.
(2): This represents the Company's pro rata share of the unconsolidated joint ventures.
(3): Includes construction in progress of $280,816 from the Company's consolidated share and $91,916 from its pro rata share of the unconsolidated joint ventures.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)



	As of December 31,
	2012	2011
	dollars in millions
Straight line rent receivable	$67.1	$73.5



	For the Three Months Ended December 31,		For the Twelve Months Ended December 31,
	2012	2011	2012	2011
	dollars in millions
Lease termination fees	$2.3	$ 4.0	$ 7.9	$13.4
Straight line rental income	$1.9	$ 1.8	$ 7.2	$ 6.3
Gain on sales of undepreciated assets	$0.8	$ 0.0	$ 0.8	$ 2.3
Amortization of acquired above- and below-market leases	$1.6	$ 3.7	$ 8.4	$12.4
Amortization of debt (discounts)/premiums	$2.4	$ (1.6)	$ 2.1	$ (7.8)
Interest capitalized	$3.7	$ 3.6	$14.9	$16.8

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures



	Year Ended 12/31/12		Year Ended 12/31/11		Year Ended 12/31/10
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	1,313.1	$	314.6	$	12.9
Development, redevelopment, expansions and renovations of Centers		158.5		88.8		214.8
Tenant allowances		18.1		19.4		22.0
Deferred leasing charges		23.5		29.3		24.5

Total	$	1,513.2	$	452.1	$	274.2

Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	5.1	$	143.4	$	6.1
Development, redevelopment, expansions and renovations of Centers		79.6		37.7		42.3
Tenant allowances		6.4		8.4		8.1
Deferred leasing charges		4.2		4.9		4.7

Total	$	95.3	$	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(b)	Unconsolidated Joint Venture Centers(b)	Total Centers
12/31/2012	$463	$629	$517
12/31/2011	$417	$597	$489
12/31/2010(c)	$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 December 31, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at December 31, 2010.
(c): The sales per square foot for the twelve months ended December 31, 2010 exclude Santa Monica Place which opened in August 2010.

The Macerich Company

Sales per square foot by Property Ranking (Unaudited)

	Properties				12/31/2012 Sales PSF (a)		12/31/2011 Sales PSF (a)		12/31/2010 Sales PSF (a)		12/31/2009 Sales PSF (a)


	Group 1: Top 10
1		Queens Center	97.3	%	$	1,004	$	942	$	902	$	858			306,000
2		Washington Square	93.3	%	$	909	$	721	$	689	$	592			120,794
3		Biltmore Fashion Park	87.6	%	$	903	$	846	$	778	$	728			29,259
4		Corte Madera, Village at	98.3	%	$	882	$	904	$	777	$	631			38,776
5		Tysons Corner Center	97.5	%	$	820	$	748	$	689	$	645			151,453
6		North Bridge, The Shops at	90.1	%	$	805	$	812	$	796	$	740			98,860
7		Santa Monica Place	94.3	%	$	723	$	678		n/a		n/a			240,000
8		Los Cerritos Center	97.2	%	$	682	$	657	$	451	$	448			99,774
9		Kings Plaza(c)	96.4	%	$	680		n/a		n/a		n/a			354,000
10		Tucson La Encantada	90.3	%	$	673	$	660	$	619	$	535			74,185

	Total Top 10:		95.1	%	$	813	$	763	$	696	$	637	23.7	%	1,513,101

	Group 2: Top 11-20
11		Broadway Plaza	97.6	%	$	657	$	627	$	629	$	606			70,661
12		Kierland Commons(d)	95.1	%	$	641	$	653	$	625	$	599			35,072
13		Arrowhead Towne Center	98.1	%	$	635	$	613	$	578	$	531			243,176
14		Fresno Fashion Fair	97.0	%	$	630	$	612	$	556	$	527			161,203
15		Freehold Raceway Mall	95.1	%	$	623	$	584	$	517	$	450			116,683
16		Danbury Fair Mall	96.9	%	$	623	$	589	$	573	$	519			239,646
17		Scottsdale Fashion Square	95.1	%	$	603	$	590	$	556	$	552			275,000
18		Twenty Ninth Street	95.8	%	$	588	$	553	$	464	$	389			107,000
19		Vintage Faire Mall	99.1	%	$	578	$	567	$	512	$	494			135,000
20		Fashion Outlets of Niagara Falls USA	94.5	%	$	571	$	546		n/a		n/a			126,584

	Total Top 11-20:		96.1	%	$	611	$	589	$	550	$	510	23.2	%	1,510,025

	Group 3: Top 21-30
21		Chandler Fashion Center	96.7	%	$	564	$	513	$	476	$	455			100,200
22		FlatIron Crossing	89.4	%	$	548	$	480	$	448	$	403			173,561
23		Green Acres Mall(e)	n/a		$	535		n/a		n/a		n/a			—
24		West Acres	97.1	%	$	535	$	488	$	461	$	457			11,671
25		Oaks, The	94.4	%	$	505	$	489	$	458	$	425			218,119
26		Stonewood Center	99.4	%	$	500	$	454	$	429	$	405			55,541
27		Deptford Mall	99.3	%	$	497	$	473	$	482	$	492			219,800
28		Valley River Center	95.6	%	$	496	$	483	$	421	$	402			120,000
29		SanTan Village Regional Center	96.4	%	$	477	$	426	$	369	$	319			117,222
30		South Plains Mall	90.2	%	$	469	$	449	$	415	$	382			101,340

	Total Top 21-30:		94.8	%	$	514	$	476	$	443	$	415	20.3	%	1,117,454

	Group 4: Top 31-40
31		Victor Valley, Mall of	93.7	%	$	460	$	428	$	395	$	402			90,000
32		Rimrock Mall	92.0	%	$	424	$	410	$	369	$	346			—
33		Pacific View	96.9	%	$	419	$	407	$	376	$	360			138,367
34		Lakewood Center	93.7	%	$	412	$	398	$	377	$	389			127,500
35		Eastland Mall	99.5	%	$	401	$	379	$	369	$	360			168,000
36		Green Tree Mall	91.2	%	$	400	$	377	$	364	$	332			—
37		Inland Center	94.3	%	$	399	$	374	$	345	$	370			25,000
38		La Cumbre Plaza	79.7	%	$	391	$	375	$	383	$	364			—
39		Northgate Mall	95.9	%	$	387	$	390	$	408		n/a			64,000
40		Kitsap Mall(f)	92.4	%	$	383	$	375	$	383	$	360			23,339

	Total 31-40:		93.9	%	$	408	$	392	$	375	$	368	10.7	%	636,206

	Total Top 40:		95.1	%	$	594	$	558	$	512	$	482	77.9	%	4,776,786

	Properties				12/31/2012 Sales PSF (a)		12/31/2011 Sales PSF (a)		12/31/2010 Sales PSF (a)		12/31/2009 Sales PSF (a)


	Group 5: Top 41-50
41		South Towne Center	88.7	%	$	374	$	366	$	351	$	352			85,247
42		Westside Pavilion	95.8	%	$	362	$	386	$	400	$	410			154,608
43		Chesterfield Towne Center	91.9	%	$	361	$	348	$	326	$	308			110,000
44		Northridge Mall	97.2	%	$	342	$	340	$	306	$	302			—
45		Superstition Springs Center	92.3	%	$	334	$	325	$	304	$	303			45,000
46		Ridgmar	84.6	%	$	332	$	309	$	282	$	278			26,000
47		Capitola Mall	84.8	%	$	327	$	303	$	301	$	303			—
48		Towne Mall	88.4	%	$	320	$	309	$	330	$	318			23,369
49		Wilton Mall	95.7	%	$	313	$	294	$	283	$	281			40,000
50		Salisbury, Centre at	96.3	%	$	311	$	316	$	303	$	303			115,000

	Total Top 41-50:		92.0	%	$	341	$	334	$	319	$	315	10.8	%	599,224

	Group 6: 51-62
51		NorthPark Mall	89.0	%	$	310	$	306	$	298	$	280			—
52		Cascade Mall(f)	92.8	%	$	299	$	286	$	279	$	301			11,498
53		Flagstaff Mall	89.7	%	$	296	$	289	$	277	$	285			37,000
54		Paradise Valley Mall	88.2	%	$	287	$	289	$	272	$	267			81,000
55		Somersville Towne Center	84.7	%	$	287	$	273	$	251	$	241			—
56		Valley Mall	94.0	%	$	266	$	266	$	265	$	255			42,891
57		Desert Sky Mall	96.2	%	$	263	$	273	$	239	$	246			—
58		Great Northern Mall	93.3	%	$	263	$	268	$	265	$	275			36,395
59		SouthPark Mall	86.9	%	$	248	$	227	$	219	$	216			—
60		Fiesta Mall	86.1	%	$	235	$	230	$	226	$	232			84,000
61		Lake Square Mall	86.4	%	$	232	$	207	$	222	$	217			—
62		Rotterdam Square	86.1	%	$	232	$	231	$	233	$	233			—

	Group 6: 51-62		89.6	%	$	271	$	265	$	256	$	254	6.5	%	292,784

	Regional Shopping Centers(g)		93.8	%	$	517	$	487	$	446	$	423	95.2	%	5,668,794

	Community/Power Centers
63		Boulevard Shops	99.2	%	$	429	$	422	$	388	$	373			10,327
64		Camelback Colonnade	97.7	%	$	351	$	340	$	319	$	290			35,250
65		Flagstaff Mall, The Marketplace at	100.0	%		n/a		n/a		n/a		n/a			—
66		Panorama Mall	92.8	%	$	349	$	313	$	308	$	300			—
67		Promenade at Casa Grande	95.9	%	$	193	$	197	$	182	$	179			37,801
68		Redmond Town Center(f)	89.2	%	$	361	$	356	$	349	$	330			23,813
69		Estrella Falls, The Market at	95.5	%		n/a		n/a		n/a		n/a			13,305

	Total Community/Power Centers:		94.9	%	$	335	$	326	$	312	$	299	3.3	%	120,496

	Development/Redevelopment Centers
70		Atlas Park, The Shops at	n/a			n/a		n/a		n/a		n/a			—
71		SouthRidge Mall	n/a			n/a		n/a		n/a		n/a			—

	Total Development/Redevelopment Centers:		n/a			n/a		n/a		n/a		n/a	0.2	%	—

	Other Non-mall Assets												1.3	%	7,190

	Unsecured Debt														824,027

	GRAND TOTAL		93.9	%									100.0	%	6,620,507

(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.
(b): The percent of portfolio Net Operating Income ("NOI") is based on the 2013 Forecast Pro Rata NOI which excludes the following items: straight-line rent, SFAS 141, termination fee income and bad debt expense. It also does not reflect REIT expenses and net Management Companies expense and the effect of any possible 2013 acquisitions or dispositions. See the Company's forward looking statements disclosure on page 1.
(c): The Company acquired Kings Plaza in December 2012. On January 3, 2013, the Company exercised an option to borrow an additional $146 million on the loan.
(d): On January 2, 2013, the joint venture replaced the existing loans with a new $135 million loan.
(e): The Company acquired Green Acres on January 24, 2013 and this property is included for informational purposes above. In-place debt on the property is $325 million.
(f): The aggregate debt on these three properties represents the "Pacific Premier Retail Trust" debt on the Outstanding Debt by Maturity Table on page 27.
(g): Properties sold prior to December 31, 2012 are excluded in prior years above.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)



Regional Shopping Centers: Period Ended	Consolidated Centers(b)(c)		Unconsolidated Joint Venture Centers(b)		Total Centers(c)
12/31/2012		93.5%		94.5%		93.8%
12/31/2011		92.8%		92.4%		92.7%
12/31/2010		93.8%		92.5%		93.1%

(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 December 31, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at December 31, 2010.
(c): Occupancy of Valley View Center is excluded for all years 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
12/31/2012(e)(f)	$	40.98	$	44.01	$	38.00
12/31/2011(e)(f)	$	38.80	$	38.35	$	35.84
12/31/2010(f)	$	37.93	$	34.99	$	37.02
Unconsolidated Joint Venture Centers
12/31/2012	$	55.64	$	55.72	$	48.74
12/31/2011	$	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 December 31, 2012 and December 31, 2011. These Centers are included in Unconsolidated Joint Venture Centers at 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,
	2012(a)(b)			2011(a)			2010(a)(b)
Consolidated Centers
Minimum rents		8.1	%		8.2	%		8.6	%
Percentage rents		0.4	%		0.5	%		0.4	%
Expense recoveries(c)		4.2	%		4.1	%		4.4	%

Total		12.7	%		12.8	%		13.4	%



	For Years Ended December 31,
	2012(a)(b)			2011(a)			2010(a)(b)
Unconsolidated Joint Venture Centers
Minimum rents		8.9	%		9.1	%		9.1	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(c)		3.9	%		3.9	%		4.0	%

Total		13.2	%		13.4	%		13.5	%

(a): The SDG Acquisition Properties are included as Consolidated Centers for the years ended December 31, 2012 and 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

Percentage of Net Operating Income by State



State	% of Portfolio Forecast 2013 Pro Rata NOI(a)
California		27.2	%
Arizona		17.3	%
New York		14.7	%
New Jersey & Connecticut		8.6	%
Illinois, Indiana & Iowa		7.4	%
Virginia		6.8	%
Colorado		5.0	%
Oregon		3.5	%
Texas		2.5	%
Washington		2.1	%
Other(b)		4.9	%

Total		100.0	%

(a): The percent of portfolio NOI is based on the 2013 Forecast Pro Rata NOI which excludes the following items: straight-line rent, SFAS 141, termination fee income and bad debt expense. It also does not reflect REIT expenses and net Management Companies' expense and the effect of any possible 2013 acquisitions or dispositions. See the Company's forward looking statements disclosure on page 1.
(b): Other includes Florida, Kentucky, Maryland, Montana, New Mexico, North Dakota and Utah.

The Macerich Company

Property Listing

December 31, 2012

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

Company's Ownership(1)	Name of Center/Location

CONSOLIDATED CENTERS:
100%	Arrowhead Towne Center(3) Glendale, Arizona	1993/2002	2004	1,196,000
100%	Capitola Mall(4) Capitola, California	1977/1995	1988	586,000
50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,323,000
100%	Chesterfield Towne Center Richmond, Virginia	1975/1994	2000	1,016,000
100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,289,000
100%	Deptford Mall Deptford, New Jersey	1975/2006	1990	1,040,000
100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	890,000
100%	Eastland Mall(4) Evansville, Indiana	1978/1998	1996	1,042,000
100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York	1982/2011	2009	530,000
100%	Fiesta Mall Mesa, Arizona	1979/2004	2009	933,000
100%	Flagstaff Mall Flagstaff, Arizona	1979/2002	2007	347,000
100%	FlatIron Crossing(5) Broomfield, Colorado	2000/2002	2009	1,443,000
50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,675,000
100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	962,000
100%	Great Northern Mall Clay, New York	1988/2005	—	894,000
100%	Green Tree Mall Clarksville, Indiana	1968/1975	2005	793,000
100%	Kings Plaza Brooklyn, New York	1971/2012	2002	1,198,000
100%	La Cumbre Plaza(4) Santa Barbara, California	1967/2004	1989	494,000
100%	Lake Square Mall Leesburg, Florida	1980/1998	1995	559,000
100%	Northgate Mall San Rafael, California	1964/1986	2010	721,000
100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,071,000
100%	Northridge Mall Salinas, California	1972/2003	1994	890,000
100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,136,000

The Macerich Company

Property Listing

December 31, 2012

Company's Ownership(1)	Name of Center/Location

100%	Pacific View Ventura, California	1965/1996	2001	1,017,000
100%	Paradise Valley Mall Phoenix, Arizona	1979/2002	2009	1,146,000
100%	Rimrock Mall Billings, Montana	1978/1996	1999	603,000
100%	Rotterdam Square Schenectady, New York	1980/2005	1990	585,000
100%	Salisbury, Centre at Salisbury, Maryland	1990/1995	2005	862,000
100%	Santa Monica Place Santa Monica, California	1980/1999	2010	471,000
84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	991,000
100%	Somersville Towne Center Antioch, California	1966/1986	2004	349,000
100%	SouthPark Mall Moline, Illinois	1974/1998	1990	1,010,000
100%	South Plains Mall Lubbock, Texas	1972/1998	1995	1,131,000
100%	South Towne Center Sandy, Utah	1987/1997	1997	1,276,000
100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	352,000
100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	242,000
100%	Twenty Ninth Street(4) Boulder, Colorado	1963/1979	2007	841,000
100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	504,000
100%	Valley River Center Eugene, Oregon	1969/2006	2007	899,000
100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	544,000
100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,127,000
100%	Westside Pavilion Los Angeles, California	1985/1998	2007	754,000
100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	736,000

	Total Consolidated Centers			37,468,000

UNCONSOLIDATED JOINT VENTURE CENTERS (VARIOUS PARTNERS):
50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	529,000
50%	Broadway Plaza(4) Walnut Creek, California	1951/1985	1994	775,000
51%	Cascade Mall Burlington, Washington	1989/1999	1998	595,000
50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	440,000

The Macerich Company

Property Listing

December 31, 2012

Company's Ownership(1)	Name of Center/Location

50%	Inland Center(4) San Bernardino, California	1966/2004	2004	933,000
50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	433,000
51%	Kitsap Mall Silverdale, Washington	1985/1999	1997	846,000
51%	Lakewood Center Lakewood, California	1953/1975	2008	2,079,000
51%	Los Cerritos Center Cerritos, California	1971/1999	2010	1,305,000
50%	North Bridge, The Shops at(4) Chicago, Illinois	1998/2008	—	682,000
51%	Queens Center(4) Queens, New York	1973/1995	2004	967,000
50%	Ridgmar Fort Worth, Texas	1976/2005	2000	1,273,000
50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2009	1,807,000
51%	Stonewood Center(4) Downey, California	1953/1997	1991	928,000
66.7%	Superstition Springs Center(4) Mesa, Arizona	1990/2002	2002	1,207,000
50%	Tysons Corner Center(4) McLean, Virginia	1968/2005	2005	1,991,000
51%	Washington Square Portland, Oregon	1974/1999	2005	1,454,000
19%	West Acres Fargo, North Dakota	1972/1986	2001	977,000

	Total Unconsolidated Joint Venture Centers (Various Partners)			19,221,000

	Total Regional Shopping Centers			56,689,000

COMMUNITY / POWER CENTERS:
50%	Boulevard Shops(7) Chandler, Arizona	2001/2002	2004	185,000
73.2%	Camelback Colonnade(7) Phoenix, Arizona	1961/2002	1994	621,000
39.7%	Estrella Falls, The Market at(7) Goodyear, Arizona	2009/—	2009	238,000
100%	Flagstaff Mall, The Marketplace at(4)(6) Flagstaff, Arizona	2007/—	—	268,000
100%	Panorama Mall(6) Panorama, California	1955/1979	2005	313,000
51.3%	Promenade at Casa Grande(6) Casa Grande, Arizona	2007/—	2009	934,000
51%	Redmond Town Center(4)(7) Redmond, Washington	1997/1999	2004	695,000

	Total Community / Power Centers			3,254,000

	Total before Centers under redevelopment and other assets			59,943,000

The Macerich Company

Property Listing

December 31, 2012

Company's Ownership(1)	Name of Center/Location

COMMUNITY / POWER CENTERS UNDER REDEVELOPMENT:
50%	Atlas Park, The Shops at(7) Queens, New York	2006/2011	—	377,000
100%	SouthRidge Mall(6) Des Moines, Iowa	1975/1998	1998	804,000

	Total Centers under Redevelopment			1,181,000

OTHER ASSETS:
100%	Various(6)(8)			1,078,000
100%	500 North Michigan Avenue(6) Chicago, Illinois			327,000
100%	Paradise Village Ground Leases(6) Phoenix, Arizona			58,000
100%	Paradise Village Office Park II(6) Phoenix, Arizona			46,000
51%	Redmond Town Center-Office(7) Redmond, Washington			582,000
50%	Scottsdale Fashion Square-Office(7) Scottsdale, Arizona			123,000
50%	Tysons Corner Center-Office(4)(7) McLean, Virginia			163,000
30%	Wilshire Boulevard(7) Santa Monica, California			40,000

	Total Other Assets			2,417,000

	Grand Total at December 31, 2012			63,541,000

2013 ACQUISITION CENTER:
100%	Green Acres Mall(9)(4) Valley Stream, New York			1,800,000

	Grand Total			65,341,000

(1): The Company's ownership interest in this table reflects its legal ownership interest. See Footnote (1) on page 23 regarding the legal versus economic ownership of joint venture entities.
(2): Includes GLA attributable to Anchors (whether owned or non-owned) and Mall and Freestanding Stores as of December 31, 2012.
(3): On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center resulting in 100% ownership.
(4): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 57 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.
(5): On October 3, 2012, the Company acquired the remaining 75% interest in FlatIron Crossing resulting in 100% ownership.
(6): Included in Consolidated Centers.
(7): Included in Unconsolidated Joint Venture Centers.
(8): The Company owns a portfolio of 14 stores located at shopping centers not owned by the Company. Of these 14 stores, four have been leased to Forever 21, one has been leased to Kohl's, one has been leased to

The Macerich Company

Property Listing

December 31, 2012

Burlington Coat Factory, one has been leased to Cabela's, three have been leased for non-Anchor usage and the remaining four locations are vacant. The Company is currently seeking replacement tenants for these vacant sites. With respect to nine of the 14 stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining five stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

(9): On January 24, 2013, the Company acquired Green Acres Mall, a 1.8 million square foot super regional mall. Including Green Acres Mall, the Company owned or had an ownership interest in 62 regional shopping centers and nine community/power centers aggregating approximately 65 million square feet of GLA.

JOINT VENTURE LIST

The following table sets forth certain information regarding the Centers and other operating properties that are not wholly-owned by the Company. Fashion Outlets of Chicago has been included in the table since it is anticipated to begin operations in 2013. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and co-venture arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company as of December 31, 2012.



PROPERTIES	12/31/2012 Legal Ownership(1)			12/31/2012 Economic Ownership(2)			JOINT VENTURE	12/31/2012 Total GLA(3)
ATLAS PARK, THE SHOPS AT		50	%		50	%	WMAP, L.L.C.		377,000
BILTMORE FASHION PARK		50	%		50	%	Biltmore Shopping Center Partners LLC		529,000
BOULEVARD SHOPS		50	%		50	%	Propcor II Associates, LLC		185,000
BROADWAY PLAZA		50	%		50	%	Macerich Northwestern Associates		775,000
CAMELBACK COLONNADE		73.2	%		73.2	%	Camelback Colonnade Associates LP		621,000
CASCADE MALL		51	%		51	%	Pacific Premier Retail LP		595,000
CHANDLER FASHION CENTER(4)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,323,000
CORTE MADERA, VILLAGE AT		50.1	%		50.1	%	Corte Madera Village, LLC		440,000
ESTRELLA FALLS, THE MARKET AT(5)		39.7	%		39.7	%	The Market at Estrella Falls LLC		238,000
FASHION OUTLETS OF CHICAGO(6)		60	%		60	%	Fashion Outlets of Chicago LLC
FREEHOLD RACEWAY MALL(4)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,675,000
INLAND CENTER		50	%		50	%	WM Inland LP		933,000
KIERLAND COMMONS		50	%		50	%	Kierland Commons Investment LLC		433,000
KITSAP MALL		51	%		51	%	Pacific Premier Retail LP		846,000
LAKEWOOD CENTER		51	%		51	%	Pacific Premier Retail LP		2,079,000
LOS CERRITOS CENTER		51	%		51	%	Pacific Premier Retail LP		1,305,000
NORTH BRIDGE, THE SHOPS AT		50	%		50	%	North Bridge Chicago LLC		682,000
PROMENADE AT CASA GRANDE(5)		51.3	%		51.3	%	WP Casa Grande Retail LLC		934,000
QUEENS CENTER		51	%		51	%	Queens JV LP		967,000
REDMOND TOWN CENTER		51	%		51	%	Pacific Premier Retail LP		695,000
REDMOND TOWN CENTER-OFFICE		51	%		51	%	Pacific Premier Retail LP		582,000
RIDGMAR		50	%		50	%	WM Ridgmar, L.P.		1,273,000
SANTAN VILLAGE REGIONAL CENTER(7)		84.9	%		84.9	%	Westcor SanTan Village LLC		991,000
SCOTTSDALE FASHION SQUARE		50	%		50	%	Scottsdale Fashion Square Partnership		1,807,000
SCOTTSDALE FASHION SQUARE-OFFICE		50	%		50	%	Scottsdale Fashion Square Partnership		123,000
STONEWOOD CENTER		51	%		51	%	Pacific Premier Retail LP		928,000
SUPERSTITION SPRINGS CENTER		66.7	%		66.7	%	East Mesa Mall, L.L.C.		1,207,000
TYSONS CORNER CENTER		50	%		50	%	Tysons Corner LLC		1,991,000
TYSONS CORNER CENTER-OFFICE		50	%		50	%	Tysons Corner Property LLC		163,000
WASHINGTON SQUARE		51	%		51	%	Pacific Premier Retail LP		1,454,000
WEST ACRES		19	%		19	%	West Acres Development, LLP		977,000
WILSHIRE BOULEVARD		30	%		30	%	Wilshire Building—Tenants in Common		40,000

(1): This column reflects the Company's legal ownership in the listed properties as of December 31, 2012.

Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

(2): Economic ownership represents the allocation of cash flow to the Company as of December 31, 2012, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company's economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.
(3): Includes GLA attributable to Anchors (whether owned or non-owned) and Mall and Freestanding Stores as of December 31, 2012.
(4): The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on its aggregate unreturned capital contributions; and, thereafter, 35% to the third-party partner and 65% to the Company.
(5): Columns 1 and 2 reflect the Company's indirect ownership interest in the property owner. The Company and a third-party partner are each members of a joint venture (the "MW Joint Venture") which, in turn, is a member in the joint venture that owns the property. Cash flow distributions for the MW Joint Venture are made in accordance with the members' relative capital accounts until the members have received distributions equal to their capital accounts, and thereafter in accordance with the members' relative legal ownership percentages. In addition, the Company has executed a joint and several guaranty of the mortgage for the property with its third-party partner. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.
(6): Fashion Outlets of Chicago is currently under construction and anticipated to open in August 2013. After the third anniversary of substantial completion of the development, the Company in its sole discretion may elect to purchase the interest of the other member based on a net operating income formula using a 6.5% capitalization rate, less any unpaid debt on the property. In addition, the Company has executed a guaranty of the mortgage for the property. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.
(7): Cash flow is distributed to the members pro rata based on the members' relative capital accounts until such accounts are returned in full, and then by legal ownership percentages. In addition, the Company has executed a guaranty of the mortgage for the property. The Company may incur liabilities under such guaranty greater than its legal ownership percentage.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)



	As of December 31, 2012
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	3,507,401		$	1,477,522		$	4,984,923
Unconsolidated debt		1,457,302			178,282			1,635,584

Total debt	$	4,964,703		$	1,655,804		$	6,620,507
Weighted average interest rate		4.69	%		3.08	%		4.29	%

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of December 31, 2012
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Greeley—Defeasance		09/01/13		6.34	%	$	24,027	$	—	$	24,027
Great Northern Mall		12/01/13		5.19	%		36,395		—		36,395
FlatIron Crossing		12/01/13		1.96	%		173,561		—		173,561
Fiesta Mall		01/01/15		4.98	%		84,000		—		84,000
South Plains Mall		04/11/15		6.57	%		101,340		—		101,340
Fresno Fashion Fair		08/01/15		6.76	%		161,203		—		161,203
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
South Towne Center		11/05/15		6.39	%		85,247		—		85,247
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	%		42,891		—		42,891
Deptford Mall		06/01/16		6.46	%		14,800		—		14,800
Freehold Raceway Mall(b)		01/01/18		4.20	%		116,683		—		116,683
Santa Monica Place		01/03/18		2.99	%		240,000		—		240,000
Arrowhead Towne Center		10/05/18		2.76	%		243,176		—		243,176
Chandler Fashion Center(b)		07/01/19		3.77	%		100,200		—		100,200
Kings Plaza(c)		12/03/19		3.67	%		354,000		—		354,000
Danbury Fair Mall		10/01/20		5.53	%		239,646		—		239,646
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		126,584		—		126,584
Tucson La Encantada		03/01/22		4.23	%		74,185		—		74,185
Pacific View		04/01/22		4.08	%		138,367		—		138,367
Oaks, The		06/05/22		4.14	%		218,119		—		218,119
Chesterfield Towne Center		10/01/22		4.80	%		110,000		—		110,000
Westside Pavilion		10/01/22		4.49	%		154,608		—		154,608
Towne Mall		11/01/22		4.48	%		23,369		—		23,369
Deptford Mall		04/03/23		3.76	%		205,000		—		205,000

Total Fixed Rate Debt for Consolidated Assets				4.46	%	$	3,507,401	$	—	$	3,507,401

SanTan Village Regional Center(d)		06/13/13		2.61	%	$	—	$	117,222	$	117,222
Wilton Mall		08/01/13		1.22	%		—		40,000		40,000
Promenade at Casa Grande(e)		12/30/13		5.21	%		—		37,801		37,801
Paradise Valley Mall(f)		08/31/14		6.30	%		—		81,000		81,000
Victor Valley, Mall of		11/06/14		2.12	%		—		90,000		90,000
Vintage Faire Mall		04/27/15		3.51	%		—		135,000		135,000
Twenty Ninth Street		01/18/16		3.04	%		—		107,000		107,000
The Macerich Partnership L.P.—Line of Credit(f)		05/02/16		2.75	%		—		675,000		675,000
Northgate Mall(f)		03/01/17		3.09	%		—		64,000		64,000
Fashion Outlets of Chicago(f)(g)		03/05/17		3.00	%		—		5,499		5,499
The Macerich Partnership L.P.—Term Loan		12/08/18		2.56	%		—		125,000		125,000

Total Floating Rate Debt for Consolidated Assets				3.01	%	$	—	$	1,477,522	$	1,477,522

Total Debt for Consolidated Assets				4.03	%	$	3,507,401	$	1,477,522	$	4,984,923

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



	As of December 31, 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):
Kierland Commons (50%)(h)		01/02/13		5.74	%	$	35,072		$	—		$	35,072
Scottsdale Fashion Square (50%)		07/08/13		5.66	%		275,000			—			275,000
Tysons Corner Center (50%)		02/17/14		4.78	%		151,453			—			151,453
Biltmore Fashion Park (50%)		10/01/14		8.25	%		29,259			—			29,259
Lakewood Center (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%)		08/15/15		6.12	%		70,661			—			70,661
Camelback Colonnade (73.2%)		10/12/15		4.82	%		35,250			—			35,250
Washington Square (51%)		01/01/16		6.04	%		120,794			—			120,794
North Bridge, The Shops at (50%)		06/15/16		7.52	%		98,860			—			98,860
West Acres (19%)		10/01/16		6.41	%		11,671			—			11,671
Corte Madera, Village at (50.1%)		11/01/16		7.27	%		38,776			—			38,776
Stonewood Center (51%)		11/01/17		4.67	%		55,541			—			55,541
Los Cerritos Center (51%)		07/01/18		4.50	%		99,774			—			99,774
Queens Center (51%)		01/01/25		3.65	%		306,000			—			306,000
Wilshire Boulevard (30%)		01/01/33		6.35	%		1,691			—			1,691

Total Fixed Rate Debt for Unconsolidated Assets				5.27	%	$	1,457,302		$	—		$	1,457,302

Pacific Premier Retail Trust (51%)		11/03/13		4.98	%	$	—		$	58,650		$	58,650
Boulevard Shops (50%)		12/16/13		3.26	%		—			10,327			10,327
Estrella Falls, The Market at (39.7%)		06/01/15		3.17	%		—			13,305			13,305
Inland Center (50%)		04/01/16		3.46	%		—			25,000			25,000
Superstition Springs Center (66.7%)		10/28/16		2.82	%		—			45,000			45,000
Ridgmar (50%)		04/11/17		2.96	%		—			26,000			26,000

Total Floating Rate Debt for Unconsolidated Assets				3.69	%	$	—		$	178,282		$	178,282

Total Debt for Unconsolidated Assets				5.10	%	$	1,457,302		$	178,282		$	1,635,584

Total Debt				4.29	%	$	4,964,703		$	1,655,804		$	6,620,507

Percentage to Total							74.99	%		25.01	%		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): On January 3, 2013, the Company exercised an option to borrow an additional $146 million on the loan.
(d): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(e): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(f): 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.
(g): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 60.0%. This loan is guaranteed by the Company and its partner.
(h): On January 2, 2013, the joint venture replaced the existing loan with a new $135 million loan that bears interest at LIBOR plus 1.90% and matures on January 2, 2018, including two one-year extension options.

The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange
Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2012 and 2011 and dividends per share of common stock declared and paid by quarter:



	Market Quotation per Share				Dividends
Quarter Ended:	High		Low		Declared and Paid
March 31, 2012	$	58.08	$	49.67	$	0.55
June 30, 2012	$	62.83	$	54.37	$	0.55
September 30, 2012	$	61.80	$	56.02	$	0.55
December 31, 2012	$	60.03	$	54.32	$	0.58
March 31, 2011	$	50.80	$	45.69	$	0.50
June 30, 2011	$	54.65	$	47.32	$	0.50
September 30, 2011	$	56.50	$	41.96	$	0.50
December 31, 2011	$	51.30	$	38.64	$	0.55

Dividend Reinvestment Plan

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 877-373-6374.



Corporate Headquarters The Macerich Company 401 Wilshire Boulevard, Suite 700 Santa Monica, California 90401 310-394-6000 www.macerich.com		Transfer Agent Computershare Trust Company, N.A. P.O. Box 43078 Providence, Rhode Island 02940-3078 877-373-6374 www.computershare.com

Macerich Website

For an electronic version of our annual report, our SEC Filings and documents relating to Corporate Governance, please visit www.macerich.com.

Investor Relations

Jean Wood
Vice President, Investor Relations
Phone: 310-899-6366
jean.wood@macerich.com

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