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, 2013

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 Statement of Operations		5-6
Notes to Unaudited Pro Rata Statement of Operations		7
Unaudited Pro Rata Balance Sheet		8
Supplemental FFO Information		9
Capital Expenditures		10
Operational Data		11-25
Sales Per Square Foot		11
Sales Per Square Foot by Property Ranking		12-16
Occupancy		17
Average Base Rent Per Square Foot		18
Cost of Occupancy		19
Percentage of Net Operating Income by State		20
Property Listing		21-24
Joint Venture List		25-26
Debt Tables		27-29
Debt Summary		27
Outstanding Debt by Maturity Date		28-29
Development Pipeline Forecast		30-31
Top Ten Tenants		32
Corporate Information		33

This Supplemental Financial Information should be read in connection with the Company's fourth quarter 2013 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date February 4, 2014) 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/power 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, 2013, the Operating Partnership owned or had an ownership interest in 55 regional shopping centers and nine community/power shopping centers aggregating approximately 57 million square feet of gross leasable area ("GLA").

The Company sold one regional shopping center, Rotterdam Square, on January 15, 2014, herein defined as the "2014 Disposition Center". Excluding the 2014 Disposition Center, the Company currently owns 54 regional shopping centers and nine community/power shopping centers aggregating approximately 56 million square feet. These 63 centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

The 2014 Disposition Center has been excluded from certain Non-GAAP operating measures at December 31, 2013, including Sales Per Square Foot, Occupancy, Average Base Rent Per Square Foot and Cost of Occupancy as well as our Property Listing.

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 as well as development, redevelopment and expansion activities. 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, interest rate fluctuations, availability, terms and cost of financing, operating expenses, and competition; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up; the inability to obtain, or delays in obtaining, all necessary zoning, land-use, building, and occupancy and other required governmental permits and authorizations; and governmental actions and initiatives (including legislative and regulatory changes) as well as terrorist activities or other acts of violence which could adversely affect all of the above factors. Furthermore, occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable. 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, 2012, 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


	12/31/2013			12/31/2012			12/31/2011
	dollars in thousands, except per share data
Closing common stock price per share	$	58.89		$	58.30		$	50.60
52 week high	$	72.19		$	62.83		$	56.50
52 week low	$	55.13		$	49.67		$	38.64
Shares outstanding at end of period
Class A non-participating convertible preferred units		184,304			184,304			208,640
Common shares and partnership units		150,673,110			147,601,848			143,178,521

Total common and equivalent shares/units outstanding		150,857,414			147,786,152			143,387,161

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	6,037,219		$	6,620,507		$	5,903,805
Equity market capitalization		8,883,993			8,615,933			7,255,390

Total market capitalization	$	14,921,212		$	15,236,440		$	13,159,195

Leverage ratio(a)		40.5	%		43.5	%		44.9	%

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

Portfolio Capitalization at December 31, 2013

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, 2012		10,094,838			137,507,010		184,304		147,786,152

Conversion of partnership units to cash		(16,662	)		—		—		(16,662	)
Conversion of partnership units to common shares		(61,372	)		61,372		—		—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		200,000			60,021		—		260,021

Balance as of March 31, 2013		10,216,804			137,628,403		184,304		148,029,511

Conversion of partnership units to common shares		(595,493	)		595,493		—		—
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			28,350		—		28,350
Common stock issued through ATM(a)		—			2,456,956		—		2,456,956

Balance as of June 30, 2013		9,621,311			140,709,202		184,304		150,514,817

Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		—			6,996		—		6,996

Balance as of September 30, 2013		9,621,311			140,716,198		184,304		150,521,813

Conversion of partnership units to cash		(784	)		—		—		(784	)
Issuance of stock/partnership units from restricted stock issuance or other share- or unit-based plans		318,900			17,485		—		336,385

Balance as of December 31, 2013		9,939,427			140,733,683		184,304		150,857,414

(a): During the second quarter of 2013, the Company issued 2,456,956 shares of common stock under its at-the-market ("ATM") program, in exchange for net proceeds of approximately $171.1 million.

On the following pages, the Company presents its unaudited pro rata statement 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, 2013.

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Three Months Ended December 31, 2013
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	155,618		$	(10,034	)	$	145,584		$	49,178		$	194,762
Percentage rents		12,546			(804	)		11,742			4,725			16,467
Tenant recoveries		89,915			(5,841	)		84,074			23,562			107,636
Management Companies' revenues		9,001			—			9,001			—			9,001
Other income		15,057			(955	)		14,102			6,334			20,436

Total revenues		282,137			(17,634	)		264,503			83,799			348,302

Expenses:
Shopping center and operating expenses		89,161			(5,492	)		83,669			27,265			110,934
Management Companies' operating expenses		24,459			—			24,459			—			24,459
REIT general and administrative expenses		9,099			—			9,099			—			9,099
Depreciation and amortization		93,132			(5,514	)		87,618			20,396			108,014
Interest expense		47,588			(2,872	)		44,716			17,330			62,046
Gain on extinguishment of debt, net		506			—			506			—			506

Total expenses		263,945			(13,878	)		250,067			64,991			315,058
Equity in income of unconsolidated joint ventures		22,103			—			22,103			(22,103	)		—
Co-venture expense		(2,633	)		2,633			—			—			—
Income tax expense		(572	)		—			(572	)		—			(572	)
(Loss) gain on remeasurement, sale or write down of assets, net		(39,131	)		5,245			(33,886	)		3,295			(30,591	)

(Loss) income from continuing operations		(2,041	)		4,122			2,081			—			2,081

Discontinued operations:
Gain on sale or write down of assets, net		152,269			—			152,269			—			152,269
Income from discontinued operations		561			—			561			—			561

Total income from discontinued operations		152,830			—			152,830			—			152,830

Net income		150,789			4,122			154,911			—			154,911
Less net income attributable to noncontrolling interests		5,911			4,122			10,033			—			10,033

Net income attributable to the Company	$	144,878		$	—		$	144,878		$	—		$	144,878

Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	144,878		$	—		$	144,878
Equity in income of unconsolidated joint ventures								(22,103	)		22,103			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								10,033			—			10,033
Gain on remeasurement, sale or write down of assets, net								(118,532	)		(3,295	)		(121,827	)
Gain on sale of undepreciated assets, net								308			169			477
Depreciation and amortization of all property								89,547			20,396			109,943
Depreciation on personal property								(2,678	)		(202	)		(2,880	)

Total FFO—Basic and diluted							$	101,453		$	39,171		$	140,624

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)



	For the Twelve Months Ended December 31, 2013
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	578,113		$	(35,802	)	$	542,311		$	209,621		$	751,932
Percentage rents		23,156			(1,322	)		21,834			9,665			31,499
Tenant recoveries		337,772			(21,323	)		316,449			103,085			419,534
Management Companies' revenues		40,192			—			40,192			—			40,192
Other income		50,242			(2,793	)		47,449			22,981			70,430

Total revenues		1,029,475			(61,240	)		968,235			345,352			1,313,587

Expenses:
Shopping center and operating expenses		329,795			(19,666	)		310,129			116,406			426,535
Management Companies' operating expenses		93,461			—			93,461			—			93,461
REIT general and administrative expenses		27,772			—			27,772			—			27,772
Depreciation and amortization		357,165			(19,928	)		337,237			86,866			424,103
Interest expense		197,247			(11,468	)		185,779			69,224			255,003
Loss on extinguishment of debt, net		(1,432	)		—			(1,432	)		(352	)		(1,784	)

Total expenses		1,004,008			(51,062	)		952,946			272,144			1,225,090
Equity in income of unconsolidated joint ventures		167,580			—			167,580			(167,580	)		—
Co-venture expense		(8,864	)		8,864			—			—			—
Income tax benefit		1,692			—			1,692			—			1,692
(Loss) gain on remeasurement, sale or write down of assets, net		(26,852	)		2,082			(24,770	)		94,372			69,602

Income from continuing operations		159,023			768			159,791			—			159,791

Discontinued operations:
Gain on sale or write down of assets, net		286,414			—			286,414			—			286,414
Income from discontinued operations		3,522			—			3,522			—			3,522

Total income from discontinued operations		289,936			—			289,936			—			289,936

Net income		448,959			768			449,727			—			449,727
Less net income attributable to noncontrolling interests		28,869			768			29,637			—			29,637

Net income attributable to the Company	$	420,090		$	—		$	420,090		$	—		$	420,090

Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	420,090		$	—		$	420,090
Equity in income of unconsolidated joint ventures								(167,580	)		167,580			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								29,637						29,637
Gain on remeasurement, sale or write down of assets								(260,392	)		(94,372	)		(354,764	)
Gain on sale of undepreciated assets, net								2,546			602			3,148
Depreciation and amortization of all property								354,497			86,866			441,363
Depreciation on personal property								(10,988	)		(912	)		(11,900	)

Total FFO—Basic and diluted							$	367,810		$	159,764		$	527,574

The Macerich Company

Notes to Unaudited Pro Rata Statement 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 ("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, 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.

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. FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. FFO does 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 is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.

Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with a detailed discussion of FFO and a reconciliation of FFO and FFO-diluted to net income attributable to the Company. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(Dollars in thousands)



	As of December 31, 2013
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	7,621,766		$	(485,536	)	$	7,136,230		$	2,152,835		$	9,289,065
Cash and cash equivalents		69,715			(11,481	)		58,234			44,080			102,314
Restricted cash		16,843			(350	)		16,493			7,317			23,810
Tenant and other receivables, net		99,497			(27,747	)		71,750			32,787			104,537
Deferred charges and other assets, net		533,058			(14,771	)		518,287			62,612			580,899
Loans to unconsolidated joint ventures		2,756			—			2,756			—			2,756
Due from affiliates		30,132			396			30,528			(2,195	)		28,333
Investments in unconsolidated joint ventures		701,483			—			701,483			(701,483	)		—

Total assets	$	9,075,250		$	(539,489	)	$	8,535,761		$	1,595,953		$	10,131,714

LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,415,190		$	(289,179	)	$	4,126,011		$	1,749,939		$	5,875,950
Bank and other notes payable		167,537			(6,268	)		161,269			—			161,269
Accounts payable and accrued expenses		76,941			(4,680	)		72,261			31,191			103,452
Other accrued liabilities		363,158			(35,221	)		327,937			67,015			394,952
Distributions in excess of investment in unconsolidated joint ventures		252,192			—			252,192			(252,192	)		—
Co-venture obligation		81,515			(81,515	)		—			—			—

Total liabilities		5,356,533			(416,863	)		4,939,670			1,595,953			6,535,623

Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,407			—			1,407			—			1,407
Additional paid-in capital		3,906,148			—			3,906,148			—			3,906,148
Accumulated deficit		(548,806	)		—			(548,806	)		—			(548,806	)

Total stockholders' equity		3,358,749			—			3,358,749			—			3,358,749
Noncontrolling interests		359,968			(122,626	)		237,342			—			237,342

Total equity		3,718,717			(122,626	)		3,596,091			—			3,596,091

Total liabilities and equity	$	9,075,250		$	(539,489	)	$	8,535,761		$	1,595,953		$	10,131,714

(1): This represents the non-owned portion of the consolidated joint ventures.
(2): This represents the Company's pro rata share of unconsolidated joint ventures.
(3): Includes construction in progress of $216,274 from the Company's consolidated share and $185,592 from its pro rata share of unconsolidated joint ventures.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)



	As of December 31,
	2013	2012
	dollars in millions
Straight line rent receivable	$69.9	$67.1



	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,
	2013		2012		2013		2012
	dollars in millions
Lease termination fees	$	0.6	$	2.3	$	5.0	$	7.9
Straight line rental income	$	2.2	$	1.9	$	8.1	$	7.2
Gain on sales of undepreciated assets	$	0.5	$	0.8	$	3.2	$	0.8
Amortization of acquired above- and below-market leases	$	2.3	$	1.6	$	8.7	$	8.4
Amortization of debt premiums	$	1.2	$	2.4	$	6.9	$	2.1
Interest capitalized	$	4.7	$	3.7	$	19.3	$	14.9

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures



	Year Ended 12/31/13		Year Ended 12/31/12		Year Ended 12/31/11
	dollars in millions
Consolidated Centers
Acquisitions of property and equipment	$	591.6	$	1,313.1	$	314.6
Development, redevelopment, expansions and renovations of Centers		164.4		158.5		88.8
Tenant allowances		20.9		18.1		19.4
Deferred leasing charges		23.9		23.5		29.3

Total	$	800.8	$	1,513.2	$	452.1

Unconsolidated Joint Venture Centers(a)
Acquisitions of property and equipment	$	8.2	$	5.1	$	143.4
Development, redevelopment, expansions and renovations of Centers		118.8		79.6		37.7
Tenant allowances		8.1		6.4		8.4
Deferred leasing charges		3.3		4.2		4.9

Total	$	138.4	$	95.3	$	194.4

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Regional Shopping Center Portfolio

Sales Per Square Foot(a)



	Consolidated Centers	Unconsolidated Joint Venture Centers	Total Centers
12/31/2013(b)	$488	$717	$562
12/31/2012	$463	$629	$517
12/31/2011	$417	$597	$489
12/31/2010	$392	$468	$433
12/31/2009	$368	$440	$407

(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 2014 Disposition Center is excluded at December 31, 2013.

Sales Per Square Foot

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

																			Outstanding Property Debt @ Pro Rata ($ in thousands) 12/31/2013 (e)

				Sales Per Square Foot				Occupancy
				Sales Per Square Foot				Occupancy								% of Portfolio 2014 Forecast Pro Rata NOI (d)
Count		Properties		12/31/2013 (a)		12/31/2012 (a)		12/31/2013 (b)			12/31/2012 (b)					% of Portfolio 2014 Forecast Pro Rata NOI (d)

		Group 1: Top 10
	1		Washington Square	$	1,090	$	909		92.2	%		93.3	%						$	118,815
	2		Queens Center	$	1,038	$	1,004		98.8	%		97.3	%							306,000
	3		Biltmore Fashion Park	$	927	$	903		90.0	%		87.6	%							28,981
	4		North Bridge, The Shops at	$	906	$	805		97.3	%		90.1	%							97,632
	5		Corte Madera, Village at	$	902	$	882		97.8	%		98.3	%							38,287
	6		Tysons Corner Center	$	824	$	820		98.2	%		97.5	%							423,190
	7		Santa Monica Place	$	734	$	723		90.5	%		94.3	%							235,445
	8		Broadway Plaza	$	726	$	657		87.1	%		97.6	%							69,486
	9		Tucson La Encantada	$	694	$	673		92.2	%		90.3	%							72,870
	10		Scottsdale Fashion Square	$	694	$	603		94.5	%		95.1	%							258,953

		Total Top 10:		$	855	$	793		95.0	%		94.8	%	13.6	%		22.8	%	$	1,649,659

		Group 2: Top 11-20
	11		Fashion Outlets of Chicago(f)		n/a		n/a		95.4	%		n/a								54,830
	12		Kings Plaza Shopping Center	$	675	$	680		95.9	%		95.5	%							490,548
	13		Los Cerritos Center	$	674	$	682		97.3	%		97.2	%							98,015
	14		Arrowhead Towne Center	$	649	$	635		96.8	%		98.1	%							236,028
	15		Kierland Commons	$	637	$	641		97.2	%		95.1	%							67,500
	16		Danbury Fair Mall	$	636	$	623		96.6	%		96.9	%							234,240
	17		Freehold Raceway Mall	$	619	$	623		98.5	%		95.1	%							116,683
	18		Twenty Ninth Street	$	613	$	588		95.7	%		95.8	%							—
	19		Fresno Fashion Fair	$	609	$	630		96.8	%		97.0	%							158,781
	20		Vintage Faire Mall	$	594	$	578		99.3	%		99.1	%							99,083

		Total Top 11-20:		$	632	$	629		97.0	%		96.5	%	12.8	%		27.7	%	$	1,555,708

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

																			Outstanding Property Debt @ Pro Rata ($ in thousands) 12/31/2013 (e)

				Sales Per Square Foot				Occupancy
				Sales Per Square Foot				Occupancy								% of Portfolio 2014 Forecast Pro Rata NOI (d)
Count		Properties		12/31/2013 (a)		12/31/2012 (a)		12/31/2013 (b)			12/31/2012 (b)					% of Portfolio 2014 Forecast Pro Rata NOI (d)
		Group 3: Top 21-30
	21		Chandler Fashion Center	$	567	$	564		97.5	%		96.7	%						$	100,200
	22		Green Acres Mall(g)	$	541	$	535		93.4	%		n/a								319,850
	23		Fashion Outlets of Niagara Falls USA	$	532	$	571		94.6	%		94.5	%							124,030
	24		West Acres	$	527	$	535		99.8	%		97.1	%							11,340
	25		FlatIron Crossing	$	525	$	548		93.7	%		89.4	%							268,000
	26		Stonewood Center	$	522	$	500		96.1	%		99.4	%							54,149
	27		Victor Valley, Mall of	$	509	$	460		97.0	%		93.7	%							90,000
	28		Deptford Mall	$	505	$	497		96.7	%		99.3	%							216,173
	29		Oaks, The	$	502	$	505		97.2	%		94.4	%							214,239
	30		SanTan Village Regional Center	$	495	$	477		96.7	%		96.4	%							115,984

		Total Top 21-30:		$	524	$	525		95.9	%		95.1	%	13.3	%		22.6	%	$	1,513,965

		Group 4: Top 31-40
	31		Valley River Center	$	478	$	496		98.2	%		95.6	%							120,000
	32		South Plains Mall	$	468	$	469		88.3	%		90.2	%							99,833
	33		Lakewood Center	$	430	$	412		97.5	%		93.7	%							127,500
	34		Inland Center	$	417	$	399		97.9	%		94.3	%							25,000
	35		Pacific View	$	405	$	419		98.7	%		96.9	%							135,835
	36		Northgate Mall	$	396	$	387		97.9	%		95.9	%							64,000
	37		La Cumbre Plaza	$	396	$	391		86.4	%		79.7	%							—
	38		Eastland Mall	$	395	$	401		98.8	%		99.5	%							168,000
	39		South Towne Center	$	352	$	374		88.9	%		88.7	%							—
	40		Westside Pavilion	$	348	$	362		94.7	%		95.8	%							152,173

		Total Top 31-40:		$	410	$	413		95.1	%		93.7	%	14.6	%		15.9	%	$	892,341

		Total Top 40:		$	607	$	592		95.8	%		95.1	%	13.4	%		89.0	%	$	5,611,673

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

																			Outstanding Property Debt @ Pro Rata ($ in thousands) 12/31/2013 (e)

				Sales Per Square Foot				Occupancy
				Sales Per Square Foot				Occupancy								% of Portfolio 2014 Forecast Pro Rata NOI (d)
Count		Properties		12/31/2013 (a)		12/31/2012 (a)		12/31/2013 (b)			12/31/2012 (b)					% of Portfolio 2014 Forecast Pro Rata NOI (d)

		Group 5: 41-54
	41		Superstition Springs Center	$	345	$	334		96.9	%		92.3	%						$	68,395
	42		Towne Mall	$	331	$	320		86.4	%		88.4	%							22,996
	43		Capitola Mall	$	326	$	327		85.3	%		84.8	%							—
	44		NorthPark Mall	$	313	$	310		91.6	%		89.0	%							—
	45		Flagstaff Mall	$	310	$	296		78.8	%		89.7	%							37,000
	46		Cascade Mall	$	298	$	299		91.5	%		92.8	%							—
	47		Wilton Mall	$	296	$	313		90.7	%		95.7	%							—
	48		Valley Mall	$	286	$	266		95.4	%		94.0	%							42,155
	49		Somersville Towne Center	$	278	$	287		73.2	%		84.7	%							—
	50		Desert Sky Mall	$	270	$	263		89.2	%		96.2	%							—
	51		Lake Square Mall	$	251	$	232		78.6	%		86.4	%							—
	52		Great Northern Mall	$	247	$	263		95.5	%		93.3	%							35,484
	53		SouthPark Mall	$	228	$	248		79.4	%		86.9	%							—
	54		Paradise Valley Mall(h)		n/a	$	287		n/a			88.2	%							—

		Total 41-54:		$	293	$	292		88.6	%		90.8	%	12.3	%		7.8	%	$	206,030

		Total Regional Shopping Centers		$	562	$	541		94.6	%		94.2	%	13.3	%		96.8	%		5,817,703

		Total Community / Power Centers:															2.8	%	$	56,599

		Other Non-mall Assets															0.4	%		1,648

		TOTAL (Excluding the 2014 Disposition Center)															100.0	%	$	5,875,950

The Macerich Company
Sales Per Square Foot by Property Ranking (Unaudited)

	Properties		Sales Per Square Foot 12/31/2012 (a)


	2013 Disposition Centers
1		Chesterfield Towne Center	$	361	91.9	%
2		Fiesta Mall	$	235	86.1	%
3		Green Tree Mall	$	400	91.2	%
4		Kitsap Mall	$	383	92.4	%
5		Northridge Mall	$	342	97.2	%
6		Redmond Town Center	$	361	89.2	%
7		Redmond Town Center-Office		n/a	99.1	%
8		Ridgmar Mall	$	332	84.6	%
9		Rimrock Mall	$	424	92.0	%
10		Salisbury, Centre at	$	311	96.3	%

10	Total 2013 Disposition Centers:		$	348	92.1	%

	2014 Disposition Center(j)
1		Rotterdam Square	$	232	86.1	%

11	TOTAL DISPOSITION CENTERS		$	340	91.7	%	9.3	%

The Macerich Company

Notes to Sales Per Square Foot by Property Ranking (unaudited)


Footnotes
(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. Properties are ranked by Sales per square foot as of December 31, 2013.
(b)		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.
(c)		Cost of Occupancy represents "Tenant Occupancy Costs" divided by "Tenant Sales". Tenant Occupancy Costs in this calculation are the amounts paid to the Company, including minimum rents, percentage rents and recoverable expenditures, which consist primarily of property operating expenses, real estate taxes and repair and maintenance expenditures.
(d)		The percentage of portfolio 2014 Forecast Pro Rata Net Operating Income ("NOI") is based on guidance. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(e)		Please see further disclosures for Outstanding Debt at pro rata on pages 27-29.
(f)		Fashion Outlets of Chicago opened August 1, 2013 and is included in "Group 2: Top 11 - 20" above based on our expectations for Sales per square foot at this property. See the Company's forward-looking statements disclosure on page 1 for factors that may affect this information.
(g)		The Company acquired Green Acres Mall in January 2013.
(h)		Tenant spaces have been intentionally held off the market and remain vacant because of redevelopment plans. As a result, the Company believes the Sales per square foot and Occupancy for the current period are not meaningful data.
(i)		The percentage of portfolio 2012 NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. It does not reflect REIT expenses and net Management Company expenses.
(j)		The Company sold one regional shopping center, Rotterdam Square, on January 15, 2014, defined as the "2014 Disposition Center".

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy(a)



Regional Shopping Centers: Period Ended	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
12/31/2013(b)		93.9%		96.2%		94.6%
12/31/2012		93.4%		94.5%		93.8%
12/31/2011		92.8%		92.4%		92.7%

(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 2014 Disposition Center is excluded at December 31, 2013.

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
12/31/2013	$	44.51	$	45.06	$	40.00
12/31/2012	$	40.98	$	44.01	$	38.00
12/31/2011	$	38.80	$	38.35	$	35.84
Unconsolidated Joint Venture Centers
12/31/2013	$	62.47	$	63.44	$	48.43
12/31/2012	$	55.64	$	55.72	$	48.74
12/31/2011	$	53.72	$	50.00	$	38.98
All Regional Shopping Centers
12/31/2013	$	48.16	$	49.09	$	41.88
12/31/2012	$	44.29	$	46.78	$	40.54
12/31/2011	$	43.14	$	42.04	$	36.97

(a): Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. 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. The 2014 Disposition Center is excluded at December 31, 2013.
(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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy



	For Years Ended December 31,
	2013(a)			2012			2011
Consolidated Centers
Minimum rents		8.4	%		8.1	%		8.2	%
Percentage rents		0.4	%		0.4	%		0.5	%
Expense recoveries(b)		4.5	%		4.2	%		4.1	%

Total		13.3	%		12.7	%		12.8	%



	For Years Ended December 31,
	2013(a)			2012			2011
Unconsolidated Joint Venture Centers
Minimum rents		8.8	%		8.9	%		9.1	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.0	%		3.9	%		3.9	%

Total		13.2	%		13.2	%		13.4	%



	For Years Ended December 31,
	2013(a)			2012			2011
All Centers
Minimum rents		8.6	%		8.4	%		8.6	%
Percentage rents		0.4	%		0.4	%		0.4	%
Expense recoveries(b)		4.3	%		4.0	%		4.0	%

Total		13.3	%		12.8	%		13.0	%

(a): The 2014 Disposition Center is excluded for the year ended December 31, 2013.
(b): Represents real estate tax and common area maintenance charges.

The Macerich Company

Percentage of Net Operating Income by State



State	% of Portfolio Forecast 2014 Pro Rata NOI(a)
California		28.0	%
Arizona		18.8	%
New York		15.8	%
New Jersey & Connecticut		9.2	%
Illinois, Indiana & Iowa		8.1	%
Virginia		5.7	%
Colorado		5.5	%
Oregon		3.7	%
Other(b)		5.2	%

Total		100.0	%

(a): The percentage of portfolio 2014 Forecast Pro Rata NOI is based on guidance. NOI excludes the following items: straight-line rent, above/below market adjustments to minimum rents and termination fee income. NOI also does not reflect REIT expenses and net Management Company expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(b): "Other" includes Florida, Kentucky, North Dakota, Texas, Utah and Washington.

The Macerich Company

Property Listing

December 31, 2013

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. The table below excludes the 2014 Disposition Center.

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

	CONSOLIDATED CENTERS:
1	100%	Arrowhead Towne Center Glendale, Arizona	1993/2002	2004	1,198,000
2	100%	Capitola Mall(c) Capitola, California	1977/1995	1988	586,000
3	50.1%	Chandler Fashion Center Chandler, Arizona	2001/2002	—	1,321,000
4	100%	Danbury Fair Mall Danbury, Connecticut	1986/2005	2010	1,272,000
5	100%	Deptford Mall Deptford, New Jersey	1975/2006	1990	1,040,000
6	100%	Desert Sky Mall Phoenix, Arizona	1981/2002	2007	891,000
7	100%	Eastland Mall(c) Evansville, Indiana	1978/1998	1996	1,043,000
8	60%	Fashion Outlets of Chicago Rosemont, Illinois	2013/2013	—	528,000
9	100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York	1982/2011	2009	525,000
10	100%	Flagstaff Mall Flagstaff, Arizona	1979/2002	2007	347,000
11	100%	FlatIron Crossing Broomfield, Colorado	2000/2002	2009	1,435,000
12	50.1%	Freehold Raceway Mall Freehold, New Jersey	1990/2005	2007	1,674,000
13	100%	Fresno Fashion Fair Fresno, California	1970/1996	2006	967,000
14	100%	Great Northern Mall Clay, New York	1988/2005	—	895,000
15	100%	Green Acres Mall(c) Valley Stream, New York	1956/2013	2007	1,787,000
16	100%	Kings Plaza Shopping Center(c) Brooklyn, New York	1971/2012	2002	1,195,000
17	100%	La Cumbre Plaza(c) Santa Barbara, California	1967/2004	1989	494,000
18	100%	Lake Square Mall Leesburg, Florida	1980/1998	1995	559,000
19	100%	Northgate Mall San Rafael, California	1964/1986	2010	720,000
20	100%	NorthPark Mall Davenport, Iowa	1973/1998	2001	1,050,000
21	100%	Oaks, The Thousand Oaks, California	1978/2002	2009	1,142,000
22	100%	Pacific View Ventura, California	1965/1996	2001	1,021,000
23	100%	Santa Monica Place Santa Monica, California	1980/1999	2010	475,000
24	84.9%	SanTan Village Regional Center Gilbert, Arizona	2007/—	2009	999,000

The Macerich Company

Property Listing

December 31, 2013

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

25	100%	Somersville Towne Center Antioch, California	1966/1986	2004	348,000
26	100%	SouthPark Mall Moline, Illinois	1974/1998	1990	1,010,000
27	100%	South Plains Mall Lubbock, Texas	1972/1998	1995	1,129,000
28	100%	South Towne Center Sandy, Utah	1987/1997	1997	1,276,000
29	100%	Superstition Springs Center(c) Mesa, Arizona	1990/2002	2002	999,000
30	100%	Towne Mall Elizabethtown, Kentucky	1985/2005	1989	350,000
31	100%	Tucson La Encantada Tucson, Arizona	2002/2002	2005	243,000
32	100%	Twenty Ninth Street(c) Boulder, Colorado	1963/1979	2007	854,000
33	100%	Valley Mall Harrisonburg, Virginia	1978/1998	1992	504,000
34	100%	Valley River Center Eugene, Oregon	1969/2006	2007	921,000
35	100%	Victor Valley, Mall of Victorville, California	1986/2004	2012	579,000
36	100%	Vintage Faire Mall Modesto, California	1977/1996	2008	1,126,000
37	100%	Westside Pavilion Los Angeles, California	1985/1998	2007	755,000
38	100%	Wilton Mall Saratoga Springs, New York	1990/2005	1998	735,000

		Total Consolidated Centers			33,993,000

UNCONSOLIDATED JOINT VENTURE CENTERS:
39	50%	Biltmore Fashion Park Phoenix, Arizona	1963/2003	2006	530,000
40	50%	Broadway Plaza(c) Walnut Creek, California	1951/1985	1994	776,000
41	51%	Cascade Mall Burlington, Washington	1989/1999	1998	592,000
42	50.1%	Corte Madera, Village at Corte Madera, California	1985/1998	2005	441,000
43	50%	Inland Center(c) San Bernardino, California	1966/2004	2004	933,000
44	50%	Kierland Commons Scottsdale, Arizona	1999/2005	2003	434,000
45	51%	Lakewood Center Lakewood, California	1953/1975	2008	2,066,000
46	51%	Los Cerritos Center Cerritos, California	1971/1999	2010	1,309,000
47	50%	North Bridge, The Shops at(c) Chicago, Illinois	1998/2008	—	675,000
48	51%	Queens Center(c) Queens, New York	1973/1995	2004	971,000
49	50%	Scottsdale Fashion Square Scottsdale, Arizona	1961/2002	2009	1,723,000

The Macerich Company

Property Listing

December 31, 2013

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

50	51%	Stonewood Center(c) Downey, California	1953/1997	1991	935,000
51	50%	Tysons Corner Center(c) McLean, Virginia	1968/2005	2005	1,957,000
52	51%	Washington Square Portland, Oregon	1974/1999	2005	1,443,000
53	19%	West Acres Fargo, North Dakota	1972/1986	2001	972,000

		Total Unconsolidated Joint Venture Centers			15,757,000

REGIONAL SHOPPING CENTER UNDER REDEVELOPMENT:
54	100%	Paradise Valley Mall(e) Phoenix, Arizona	1979/2002	2009	1,145,000

		Total Regional Shopping Centers			50,895,000

COMMUNITY / POWER CENTERS:
1	50%	Atlas Park, The Shops at(d) Queens, New York	2006/2011	2013	313,000
2	50%	Boulevard Shops(d) Chandler, Arizona	2001/2002	2004	185,000
3	67.5%	Camelback Colonnade(e) Phoenix, Arizona	1961/2002	1994	619,000
4	39.7%	Estrella Falls, The Market at(d) Goodyear, Arizona	2009/—	2009	242,000
5	100%	Panorama Mall(e) Panorama, California	1955/1979	2005	312,000
6	89.4%	Promenade at Casa Grande(e) Casa Grande, Arizona	2007/—	2009	909,000
7	100%	Southridge Center(e) Des Moines, Iowa	1975/1998	2013	811,000
8	100%	Superstition Springs Power Center(e) Mesa, Arizona	1990/2002	—	206,000
9	100%	The Marketplace at Flagstaff Mall(c)(e) Flagstaff, Arizona	2007/—	—	268,000

		Total Community / Power Centers			3,865,000

OTHER ASSETS:
	100%	Various(e)(f)			897,000
	100%	500 North Michigan Avenue(e) Chicago, Illinois			323,000
	50%	Atlas Park, The Shops at-Office(d) Queens, New York			68,000
	100%	Paradise Village Ground Leases(e) Phoenix, Arizona			58,000
	100%	Paradise Village Office Park II(e) Phoenix, Arizona			46,000
	50%	Scottsdale Fashion Square-Office(d) Scottsdale, Arizona			123,000
	50%	Tysons Corner Center-Office(c)(d) McLean, Virginia			173,000
	30%	Wilshire Boulevard(d) Santa Monica, California			40,000

		Total Other Assets			1,728,000

		Grand Total at December 31, 2013			56,488,000

The Macerich Company

Property Listing

December 31, 2013

(a): The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on pages 25-26 regarding the legal versus economic ownership of joint venture entities.
(b): Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of December 31, 2013.
(c): Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 49 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.
(d): Included in Unconsolidated Joint Venture Centers.
(e): Included in Consolidated Centers.
(f): 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 Burlington Coat Factory, and eight have been leased for non-Anchor usage. 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.

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. 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, 2013.



Properties	12/31/2013 Legal Ownership(a)			12/31/2013 Economic Ownership(b)			Joint Venture	12/31/2013 Total GLA(c)
Atlas Park, The Shops at		50	%		50	%	WMAP, L.L.C.		313,000
Atlas Park, The Shops at-Office		50	%		50	%	WMAP, L.L.C.		68,000
Biltmore Fashion Park		50	%		50	%	Biltmore Shopping Center Partners LLC		530,000
Boulevard Shops		50	%		50	%	Propcor II Associates, LLC		185,000
Broadway Plaza		50	%		50	%	Macerich Northwestern Associates		776,000
Camelback Colonnade(d)		67.5	%		67.5	%	Camelback Colonnade Associates LLC		619,000
Cascade Mall		51	%		51	%	Pacific Premier Retail LP		592,000
Chandler Fashion Center(e)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,321,000
Corte Madera, Village at		50.1	%		50.1	%	Corte Madera Village, LLC		441,000
Estrella Falls, The Market at(f)		39.7	%		39.7	%	The Market at Estrella Falls LLC		242,000
Fashion Outlets of Chicago(g)		60	%		60	%	Fashion Outlets of Chicago LLC		528,000
Freehold Raceway Mall(e)		50.1	%		50.1	%	Freehold Chandler Holdings LP		1,674,000
Inland Center		50	%		50	%	WM Inland LP		933,000
Kierland Commons		50	%		50	%	Kierland Commons Investment LLC		434,000
Lakewood Center		51	%		51	%	Pacific Premier Retail LP		2,066,000
Los Cerritos Center		51	%		51	%	Pacific Premier Retail LP		1,309,000
North Bridge, The Shops at		50	%		50	%	North Bridge Chicago LLC		675,000
Promenade at Casa Grande(h)		89.4	%		89.4	%	WP Casa Grande Retail LLC		909,000
Queens Center		51	%		51	%	Queens JV LP		971,000
SanTan Village Regional Center		84.9	%		84.9	%	Westcor SanTan Village LLC		999,000
Scottsdale Fashion Square		50	%		50	%	Scottsdale Fashion Square Partnership		1,723,000
Scottsdale Fashion Square-Office		50	%		50	%	Scottsdale Fashion Square Partnership		123,000
Stonewood Center		51	%		51	%	Pacific Premier Retail LP		935,000
Tysons Corner Center		50	%		50	%	Tysons Corner LLC		1,957,000
Tysons Corner Center-Office		50	%		50	%	Tysons Corner Property LLC		173,000
Washington Square		51	%		51	%	Pacific Premier Retail LP		1,443,000
West Acres		19	%		19	%	West Acres Development, LLP		972,000
Wilshire Boulevard		30	%		30	%	Wilshire Building—Tenants in Common		40,000

(a): This column reflects the Company's legal ownership in the listed properties as of December 31, 2013.
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.
(b): Economic ownership represents the allocation of cash flow to the Company as of December 31, 2013, 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.
(c): Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores as of December 31, 2013.

(d): Cash flow from operations is distributed 67.5% to the Company and 32.5% to the third-party members. Distributions from capital event proceeds are also made at these percentages such that the members receive a defined return of and return on agreed capital. Thereafter any excess capital event proceeds are distributed 52.5% to the Company and 47.5% to the third-party members.
(e): 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.
(f): 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.
(g): 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.
(h): Columns 1 and 2 reflect the Company's total direct and 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.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)



	As of December 31, 2013
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	3,855,055		$	432,225		$	4,287,280
Unconsolidated debt		1,633,996			115,943			1,749,939

Total debt	$	5,489,051		$	548,168		$	6,037,219
Weighted average interest rate		4.38	%		2.57	%		4.22	%
Weighted average maturity (years)								5.9

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date



	As of December 31, 2013
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Great Northern Mall(b)		12/01/13		5.19	%	$	35,484	$	—	$	35,484
South Plains Mall		04/11/15		6.59	%		99,833		—		99,833
Fresno Fashion Fair		08/01/15		6.76	%		158,781		—		158,781
Camelback Colonnade(c)		10/12/15		2.16	%		33,156		—		33,156
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
Vintage Faire Mall		11/05/15		5.81	%		99,083		—		99,083
Valley River Center		02/01/16		5.59	%		120,000		—		120,000
Prasada(d)		03/29/16		5.25	%		6,269		—		6,269
Eastland Mall		06/01/16		5.79	%		168,000		—		168,000
Valley Mall		06/01/16		5.85	%		42,155		—		42,155
Deptford Mall		06/01/16		6.46	%		14,551		—		14,551
Freehold Raceway Mall(e)		01/01/18		4.20	%		116,683		—		116,683
Santa Monica Place		01/03/18		2.99	%		235,445		—		235,445
Arrowhead Towne Center		10/05/18		2.76	%		236,028		—		236,028
SanTan Village Regional Center(f)		06/01/19		3.14	%		115,984		—		115,984
Chandler Fashion Center(e)		07/01/19		3.77	%		100,200		—		100,200
Kings Plaza Shopping Center		12/03/19		3.67	%		490,548		—		490,548
Danbury Fair Mall		10/01/20		5.53	%		234,240		—		234,240
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		124,030		—		124,030
FlatIron Crossing		01/05/21		3.90	%		268,000		—		268,000
Green Acres Mall		02/03/21		3.61	%		319,850		—		319,850
Tucson La Encantada		03/01/22		4.23	%		72,870		—		72,870
Pacific View		04/01/22		4.08	%		135,835		—		135,835
Oaks, The		06/05/22		4.14	%		214,239		—		214,239
Westside Pavilion		10/01/22		4.49	%		152,173		—		152,173
Towne Mall		11/01/22		4.48	%		22,996		—		22,996
Deptford Mall		04/03/23		3.76	%		201,622		—		201,622

Total Fixed Rate Debt for Consolidated Assets				4.29	%	$	3,855,055	$	—	$	3,855,055

Victor Valley, Mall of		11/06/14		2.73	%	$	—	$	90,000	$	90,000
Superstition Springs Center		10/28/16		2.00	%		—		68,395		68,395
Northgate Mall		03/01/17		3.04	%		—		64,000		64,000
Fashion Outlets of Chicago(g)(h)		03/05/17		2.96	%		—		54,830		54,830
The Macerich Partnership, L.P.—Line of Credit		08/06/18		1.85	%		—		30,000		30,000
The Macerich Partnership, L.P.—Term Loan		12/08/18		2.51	%		—		125,000		125,000

Total Floating Rate Debt for Consolidated Assets				2.56	%	$	—	$	432,225	$	432,225

Total Debt for Consolidated Assets				4.12	%	$	3,855,055	$	432,225	$	4,287,280

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



	As of December 31, 2013
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):
Biltmore Fashion Park (50%)		10/01/14		8.25	%	$	28,981		$	—		$	28,981
Lakewood Center (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%)		08/15/15		6.12	%		69,486			—			69,486
Washington Square (51%)		01/01/16		6.04	%		118,815			—			118,815
North Bridge, The Shops at (50%)		06/15/16		7.52	%		97,632			—			97,632
West Acres (19%)		10/01/16		6.41	%		11,340			—			11,340
Corte Madera, The Village at (50.1%)		11/01/16		7.27	%		38,287			—			38,287
Stonewood Center (51%)		11/01/17		4.67	%		54,149			—			54,149
Los Cerritos Center (51%)		07/01/18		4.50	%		98,015			—			98,015
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		258,953			—			258,953
Tysons Corner Center (50%)		01/01/24		4.13	%		423,190			—			423,190
Queens Center (51%)		01/01/25		3.65	%		306,000			—			306,000
Wilshire Boulevard (30%)		01/01/33		6.35	%		1,648			—			1,648

Total Fixed Rate Debt for Unconsolidated Assets				4.60	%	$	1,633,996		$	—		$	1,633,996

Estrella Falls, The Market at (39.7%)		06/01/15		3.13	%	$	—		$	13,310		$	13,310
Inland Center (50%)		04/01/16		3.42	%		—			25,000			25,000
Kierland Commons (50%)(h)		01/02/18		2.26	%		—			67,500			67,500
Boulevard Shops (50%)(h)		12/16/18		2.05	%		—			10,133			10,133

Total Floating Rate Debt for Unconsolidated Assets				2.59	%	$	—		$	115,943		$	115,943

Total Debt for Unconsolidated Assets				4.46	%	$	1,633,996		$	115,943		$	1,749,939

Total Debt				4.22	%	$	5,489,051		$	548,168		$	6,037,219

Percentage to Total							90.92	%		9.08	%		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): The Company is currently negotiating the terms of extension with the lender.
(c): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 67.5%.
(d): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.
(e): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.
(f): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(g): This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 60.0%.
(h): 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)
Development Pipeline Forecast
(Dollars in millions)
as of December 31, 2013

In-Process Developments and Redevelopments:

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 12/31/2013	Expected Delivery(a)	Stabilized Yield(a)(b)(c)


Fashion Outlets of Niagara Falls Niagara Falls, NY	Expansion of existing outlet center—Adding 175,000 square feet of new space to existing 525,000 square foot center	$75	100	%	$75	$17	4Q14 - 1Q15	9%
Tysons Corner McLean, VA	Mixed-use expansion/densification—Constructing office (500,000 square feet), multifamily (430 units) and hotel (300-room Hyatt Regency) components immediately adjacent to Tysons Corner Center, all of which will be served by the expanded METRO line (opening Spring-14) and tied together by a 1.5-acre plaza	* Office: $228 * Hotel: $136 * Multifamily: $160	50	%	* Office: $114 * Hotel: $68 * Multifamily: $80	* Office: $62 * Hotel: $25 * Multifamily: $38	* Office: 3Q14 * Hotel: 1Q15 * Multifamily: 1Q15	8%

		Total: $524			Total: $262	Total: $125
Broadway Plaza Walnut Creek, CA	Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 776,000 sf center which is currently anchored by Nordstrom, Neiman Marcus and Macy's. New space created by construction of a more efficient parking structure and the consolidation of stand-alone Macy's Men's Store into a single larger Macy's box. Phase I encompasses demolition of 80,000 sf of existing retail space and construction of 240,000 sf of new retail space for a net increase of 160,000 sf. Phase 2 involves demolition of the existing Macy's Men's building and construction of 75,000 sf of new retail space for a total increase of 235,000 sf of small stores.	* Phase 1 : $230 * Phase 2 : $30	50	%	* Phase 1 : $115 * Phase 2 : $15	* Phase 1 : $8 * Phase 2 : $0	* 25% 4Q15 * 50% 2Q16 * 25% 2Q17	9%

		Total: $260			Total: $130	Total: $8
Santa Monica Place Santa Monica, CA	Movie theater addition—Adding a 48,000 square foot state-of-art, 14-screen Arclight Cinema to the third level/Dining Deck of center	$27	100	%	$27	$2	3Q15	8%

Total In-Process		$886			$494	$152

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of December 31, 2013

Shadow Pipeline of Developments and Redevelopments(d):

Property	Project Type	Total Cost(a)(b) at 100%			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 12/31/2013			Stabilized Yield(a)(b)(c)


Estrella Falls Mall Goodyear, AZ	Ground up—850,000 square foot regional shopping center development	$200 - $230	86.6	%	$173 - $199	$	33	2016 - 2017	TBD
Green Acres Mall Valley Stream, NY	Big box addition of 340,000 square feet	$115 - $120	100	%	$115 - $120	$	23	Fall 2016	10% - 11%
Kings Plaza Shopping Center Brooklyn, NY	Major remerchandising and redemising	$90 - $100	100	%	$90 - $100	$	2	2016	8% - 9%
Los Cerritos Center Cerritos, CA	200,000 square foot redevelopment, including a Dick's Sporting Goods and a theater	$50 - $60	51	%	$25 - $30	$	0	November 2015	8%
500 N. Michigan Ave (contiguous to The Shops at North Bridge) Chicago, IL	25,000 square foot redevelopment/street retail	$15 - $20	100	%	$15 - $20	$	1	2015 - 2016	10% - 12%
Paradise Valley Mall Phoenix, AZ	Redevelopment (size TBD), including a theater	TBD	100	%	TBD	$	0	2015 - 2017	TBD
Scottsdale Fashion Square Scottsdale, AZ	135,000 square foot redevelopment, including a Dick's Sporting Goods and a theater	$30 - $35	50	%	$15 - $18	$	0	April 2015	9%

Total Shadow		$500 - $565			$433 - $487	$	59

(a): Much of this information is estimated and may change from time to time. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this table.
(b): This excludes GAAP allocations of non-cash and indirect costs.
(c): Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect costs.
(d): This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Stabilized Yields are expected to be 8% to 12%. There is no certainty that the Company will develop any or all of these potential projects.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Top Ten Tenants

The following retailers (including their subsidiaries) represent the 10 largest rent payers in the Centers based upon total rents in place as of December 31, 2013. The 2014 Disposition Center is excluded from the table below:



Parent Entity	Primary DBA's	Number of Locations in the Portfolio		% of Total Rents(1)
L Brands	Victoria's Secret, Bath and Body Works, PINK		100		2.6	%
Forever 21, Inc.	Forever 21, XXI Forever, For Love 21		39		2.4	%
Gap, Inc., The	Athleta, Banana Republic, The Gap, Gap Kids, Old Navy and others		64		2.3	%
Foot Locker, Inc.	Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Nike Yardline, Foot Action USA, House of Hoops		100		1.8	%
Dick's Sporting Goods, Inc.	Dick's Sporting Goods		12		1.3	%
Sears Holdings Corporation	Sears		30		1.3	%
Abercrombie & Fitch Co.	Abercrombie & Fitch, Hollister and others		48		1.2	%
Luxottica Group S.P.A.	Ilori, LensCrafters, Oakley, Optical Shop of Aspen, Sunglass Hut and others		105		1.2	%
Best Buy Co., Inc.	Best Buy, Best Buy Mobile		26		1.1	%
Nordstrom, Inc.	Nordstrom, Last Chance, Nordstrom Rack, Nordstrom Spa, Nordstrom Expresso Bar		16		1.1	%

(1): Total rents include minimum rents and percentage rents

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 2013, 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, 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
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, 2013	$	64.47	$	57.66	$	0.58
June 30, 2013	$	72.19	$	56.68	$	0.58
September 30, 2013	$	66.12	$	55.19	$	0.58
December 31, 2013	$	60.76	$	55.13	$	0.62

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 800-567-0169.



Corporate Headquarters The Macerich Company 401 Wilshire Boulevard, Suite 700 Santa Monica, California 90401 310-394-6000 www.macerich.com		Transfer Agent Computershare P.O. Box 30170 College Station, TX 77842-3170 800-567-0169 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		John Perry Senior Vice President, Investor Relations Phone: 310-899-6345 john.perry@macerich.com

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