The Macerich Company 8K Results of Operations and Financial Condition | MAC 4 Nov 08

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Exhibit 99.2

Supplemental Financial Information
For the three and nine months ended September 30, 2008

The Macerich Company

Supplemental Financial and Operating Information

Table of Contents

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

		Page No.


Corporate overview		1-3
Overview		1
Capital information and market capitalization		2
Changes in total common and equivalent shares/units		3
Financial data		4-5
Supplemental FFO information		4
Capital expenditures		5
Operational data		6-9
Sales per square foot		6
Occupancy		7
Rent		8
Cost of occupancy		9
Balance sheet information		10-16
Summarized balance sheet information		10
Debt summary		11
Outstanding debt by maturity		12-13
2008 Summary of financing activity		14
2009 Summary of financing plan		15
2010 Summary of financing plan		16
Development Pipeline Forecast		17

This supplemental financial information should be read in connection with the Company's third quarter 2008 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date November 4, 2008) 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 September 30, 2008, the Operating Partnership owned or had an ownership interest in 72 regional shopping centers and 19 community shopping centers aggregating approximately 77 million square feet of gross leasable area ("GLA"). These 91 regional and community shopping centers are referred to hereinafter as the "Centers", unless the context requires otherwise.

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 that constitutes forward-looking statements and includes information regarding expectations regarding the Company's refinancing, 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; adverse changes in the real estate markets; 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. Real estate development, redevelopment and expansion activities are also subject to risks relating to 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 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/A for the year ended December 31, 2007 and the Quarterly Reports on Form 10-Q, 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

	9/30/2008			12/31/2007			12/31/2006			12/31/2005
	dollars in thousands except per share data

Closing common stock price per share	$	63.65		$	71.06		$	86.57		$	67.14
52 week high	$	93.45		$	103.59		$	87.10		$	71.22
52 week low	$	51.52		$	69.44		$	66.70		$	53.10
Shares outstanding at end of period
Class A participating convertible preferred units		—			2,855,393			2,855,393			2,855,393
Class A non-participating convertible preferred units		193,164			219,828			287,176			287,176
Series A cumulative convertible redeemable preferred stock		—			3,067,131			3,627,131			3,627,131
Common shares and partnership units		88,509,581			84,864,600			84,767,432			73,446,422

Total common and equivalent shares/units outstanding		88,702,745			91,006,952			91,537,132			80,216,122

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	7,926,638		$	7,507,559		$	6,620,271		$	6,863,690
Equity market capitalization		5,645,930			6,466,954			7,924,369			5,385,710

Total market capitalization	$	13,572,568		$	13,974,513		$	14,544,640		$	12,249,400

Leverage ratio (%)(a)		58.40	%		53.7	%		45.5	%		56.0	%
Floating rate debt as a percentage of total market capitalization		12.3	%		8.0	%		9.5	%		13.0	%
Floating rate debt as a percentage of total debt		21.08	%		14.8	%		20.8	%		35.7	%

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

Portfolio Capitalization at September 30, 2008

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units




Balance as of December 31, 2007	12,552,837		72,311,763	2,855,393		219,828		3,067,131		91,006,952
Redemption of PCPUs in exchange for the distribution of interests in properties				(2,855,393	)					(2,855,393	)
Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share or unit-based plans	6,821		219,107							225,928

Balance as of March 31, 2008	12,559,658		72,530,870	—		219,828		3,067,131		88,377,487

Conversion of partnership units to common shares	(48,625	)	48,625	—		—		—		—
Conversion of partnership units to cash	(6,397	)	—	—		—		—		(6,397	)
Conversion of NPCPUs to common shares	—		9,999	—		(9,999	)	—		—
Conversion of preferred stock to common shares	—		2,022,860	—		—		(2,022,860	)	—
Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share- or unit-based plans	—		11,640	—		—		—		11,640

Balance as of June 30, 2008	12,504,636		74,623,994	—		209,829		1,044,271		88,382,730

Conversion of partnership units to common shares	(75,385	)	75,385	—		—		—		—
Conversion of partnership units to cash	(5,537	)	—	—		—		—		(5,537	)
Conversion of NPCPUs to common shares	—		16,665	—		(16,665	)	—		—
Conversion of preferred stock to common shares	—		1,044,271	—				(1,044,271	)	—
Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share or unit based plans	—		325,552	—		—		—		325,552

Balance as of September 30, 2008	12,423,714		76,085,867	—		193,164		—		88,702,745

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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

	As of September 30,

	2008		2007

Straight line rent receivable	$	60.8	$	56.4

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2008		2007		2008		2007
	dollars in millions

Lease termination fees	$	4.0	$	5.1	$	8.8	$	11.6
Straight line rental income	$	3.0	$	4.1	$	7.8	$	8.9
Gain on sales of undepreciated assets	$	0.6	$	0.1	$	3.6	$	0.8
Amortization of acquired above- and below-market leases (SFAS 141)	$	4.7	$	4.0	$	13.2	$	11.5
Amortization of debt premiums	$	2.7	$	3.2	$	8.2	$	10.6
Interest capitalized	$	11.9	$	10.4	$	28.7	$	26.0

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

		For the Nine Months Ended 9/30/2008		Year Ended 12/31/2007		Year Ended 12/31/2006

		dollars in millions

Consolidated Centers
Acquisitions of property and equipment		$	75.9	$	387.9	$	580.5
Development, redevelopment and expansions of Centers			382.6		545.9		184.3
Renovations of Centers			5.2		31.1		51.4
Tenant allowances			10.0		28.0		27.0
Deferred leasing charges			17.8		21.6		21.6

	Total	$	491.5	$	1,014.5	$	864.8
Joint Venture Centers(a)
Acquisitions of property and equipment		$	266.4	$	24.8	$	28.7
Development, redevelopment and expansions of Centers			30.1		33.5		48.8
Renovations of Centers			2.5		10.5		8.1
Tenant allowances			5.2		15.1		13.8
Deferred leasing charges			3.5		4.2		4.3

	Total	$	307.7	$	88.1	$	103.7

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Sales Per Square Foot(a)

	Wholly Owned Centers		Joint Venture Centers		Total Centers


9/30/2008(b)	$	442	$	483	$	463
12/31/2007(c)	$	453	$	488	$	472
12/31/2006	$	435	$	470	$	452
12/31/2005	$	395	$	440	$	417

(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 malls.
(b): Due to tenant sales reporting timelines, the data presented is as of August 31, 2008.
(c): Due to tenant sales reporting timelines, the data presented is as of November 30, 2007. Sales per square foot were $472 after giving effect to the Rochester Redemption, including The Shops at North Bridge and excluding the Community/Specialty Centers.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Occupancy

Period Ended


9/30/2008	92.2	%	93.3	%	92.8	%
12/31/2007	92.8	%	94.0	%	93.5	%
12/31/2006	93.0	%	94.2	%	93.6	%
12/31/2005	93.2	%	93.8	%	93.5	%

(a): Occupancy data excludes space under development and redevelopment.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Rent

		Average Base Rent PSF(a)		Average Base Rent PSF on Leases Commencing During the Period(b)		Average Base Rent PSF on Leases Expiring(c)


Wholly Owned Centers
	9/30/2008	$	41.15	$	43.23	$	35.14
	12/31/2007	$	38.49	$	43.23	$	34.21
	12/31/2006	$	37.55	$	38.40	$	31.92
	12/31/2005	$	34.23	$	35.60	$	30.71
Joint Venture Centers
	9/30/2008	$	41.71	$	48.67	$	37.61
	12/31/2007	$	38.72	$	47.12	$	34.87
	12/31/2006	$	37.94	$	41.43	$	36.19
	12/31/2005	$	36.35	$	39.08	$	30.18

(a): Average base rent per square foot is based on Mall and Freestanding Store GLA for spaces 10,000 square feet and under, occupied as of the applicable date, for each of the Centers owned by the Company. Leases for Tucson La Encantada and the expansion area of Queens Center were excluded for Year 2005. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2007 and the nine months ended September 30, 2008. Leases for Santa Monica Place were excluded for the nine months ended September 30, 2008.
(b): The average base rent per square foot on lease signings commencing during the period represents the actual rent to be paid during the first twelve months for tenants 10,000 square feet and under. Lease signings for Tucson La Encantada and the expansion area of Queens Center were excluded for Year 2005. Lease signings for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2007 and the nine months ended September 30, 2008. Lease signings for Santa Monica Place were excluded for the nine months ended September 30, 2008.
(c): The average base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for all tenant leases 10,000 square feet and under expiring during the year. Leases for Tucson La Encantada and the expansion area of Queens Center were excluded for Year 2005. Leases for Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Year 2007 and the nine months ended September 30, 2008. Leases for Santa Monica Place were excluded for the nine months ended September 30, 2008.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

			For Years Ended December 31,

			2007			2006			2005

Wholly Owned Centers
	Minimum rents			8.0	%		8.1	%		8.3	%
	Percentage rents			0.4	%		0.4	%		0.5	%
	Expense recoveries(a)			3.8	%		3.7	%		3.6	%

		Total		12.2	%		12.2	%		12.4	%

			For Years Ended December 31,

			2007			2006			2005

Joint Venture Centers
	Minimum rents			7.3	%		7.2	%		7.4	%
	Percentage rents			0.5	%		0.6	%		0.5	%
	Expense recoveries(a)			3.2	%		3.1	%		3.0	%

		Total		11.0	%		10.9	%		10.9	%

(a): Represents real estate tax and common area maintenance charges.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Summarized Balance Sheet Information

		September 30, 2008		December 31, 2007


Cash and cash equivalents		$	48,822	$	85,273
Investment in real estate, net(a)			6,404,703		6,187,473
Investment in unconsolidated entities(b)			1,012,329		785,643
	Total assets		8,074,670		7,937,097
Mortgage and notes payable			6,033,809		5,762,958
Pro rata share of debt on unconsolidated entities			1,959,642	$	1,820,411

(a): Includes construction in process on wholly owned assets of $724,954 at September 30, 2008 and $442,670 at December 31, 2007.
(b): The Company's pro rata share of construction in process on unconsolidated entities was $85,898 at September 30, 2008 and $68,627 at December 31, 2007.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

		As of September 30, 2008

		Fixed Rate			Variable Rate(a)			Total
		dollars in thousands

Consolidated debt		$	4,494,923		$	1,472,073		$	5,966,996
Unconsolidated debt			1,761,003			198,639			1,959,642

	Total debt	$	6,255,926		$	1,670,712		$	7,926,638
Weighted average interest rate			5.65	%		4.53	%		5.42	%
Weighted average maturity (years)									3.31

(a): Excludes swapped floating rate debt. Swapped debt is included in the fixed debt category.

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date (at Company's pro rata share)

	As of September 30, 2008

Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed		Floating		Total Debt Balance (a)
*I. Consolidated Assets:*
Queens Center		03/01/09		7.11	%	$	89,333	$	—	$	89,333
South Plains Mall		03/01/09		8.29	%		57,987		—		57,987
Carmel Plaza		05/01/09		8.18	%		25,922		—		25,922
Paradise Valley Mall		05/01/09		5.89	%		20,507		—		20,507
Northridge Mall		07/01/09		4.94	%		80,030		—		80,030
Wilton Mall		11/01/09		4.79	%		43,121		—		43,121
Macerich Partnership Term Loan (b)		04/26/10		6.50	%		448,125		—		448,125
Macerich Partnership Line of Credit (c)		04/26/10		6.23	%		400,000		—		400,000
Vintage Faire Mall		09/01/10		7.91	%		63,601		—		63,601
Santa Monica Place		11/01/10		7.79	%		78,186		—		78,186
Valley View Center		01/01/11		5.81	%		125,000		—		125,000
Danbury Fair Mall		02/01/11		4.64	%		171,570		—		171,570
Shoppingtown Mall		05/11/11		5.01	%		43,449		—		43,449
Capitola Mall		05/15/11		7.13	%		37,966		—		37,966
Freehold Raceway Mall		07/07/11		4.68	%		173,248		—		173,248
Pacific View		08/31/11		7.25	%		81,205		—		81,205
Pacific View		08/31/11		7.00	%		6,556		—		6,556
Rimrock Mall		10/01/11		7.56	%		42,328		—		42,328
Prescott Gateway		12/01/11		5.86	%		60,000		—		60,000
Hilton Village		02/01/12		5.27	%		8,543		—		8,543
The Macerich Company—Convertible Senior Notes (d)		03/15/12		3.66	%		943,441		—		943,441
Tucson La Encantada		06/01/12		5.84	%		78,000		—		78,000
Chandler Fashion Center		11/01/12		5.20	%		100,871		—		100,871
Chandler Fashion Center		11/01/12		6.00	%		66,469		—		66,469
Towne Mall		11/01/12		4.99	%		14,487		—		14,487
Deptford Mall		01/15/13		5.41	%		172,500		—		172,500
Queens Center		03/31/13		7.00	%		214,301		—		214,301
Greeley—Defeaseance		09/01/13		6.34	%		27,204		—		27,204
FlatIron Crossing		12/01/13		5.26	%		185,137		—		185,137
Great Northern Mall		12/01/13		5.19	%		39,772		—		39,772
Fiesta Mall		01/01/15		4.98	%		84,000		—		84,000
Fresno Fashion Fair		08/01/15		6.76	%		169,854		—		169,854
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
Valley River Center		02/01/16		5.60	%		120,000		—		120,000
Salisbury, Center at		05/01/16		5.83	%		115,000		—		115,000
Deptford Mall		06/01/16		6.46	%		15,688		—		15,688
Chesterfield Towne Center		01/01/24		9.07	%		54,522		—		54,522

Total Fixed Rate Debt for Consolidated Assets				5.59	%	$	4,494,923	$	—	$	4,494,923

Twenty Ninth Street		06/05/09		4.19	%	$	—	$	115,000	$	115,000
La Cumbre Plaza		08/09/09		3.87	%		—		30,000		30,000
Promenade at Casa Grande (e)		08/16/09		5.02	%		—		49,706		49,706
Panorama Mall		02/28/10		4.25	%		—		50,000		50,000
Macerich Partnership Line of Credit		04/25/10		4.54	%		—		622,750		622,750
Cactus Power Center (f)		03/14/11		4.54	%		—		339		339
Victor Valley, Mall of		05/06/11		4.35	%		—		100,000		100,000
Westside Pavilion		06/05/11		5.13	%		—		175,000		175,000
SanTan Village Regional Center (g)		06/13/11		5.27	%		—		107,164		107,164
Oaks, The		07/10/11		4.54	%		—		165,000		165,000
Oaks, The		07/10/11		5.49	%		—		57,114		57,114

Total Floating Rate Debt for Consolidated Assets				4.65	%	$	—	$	1,472,073	$	1,472,073

Total Debt for Consolidated Assets				5.36	%	$	4,494,923	$	1,472,073	$	5,966,996



*II. Unconsolidated Assets:*
Chandler Festival (50%) (h)	10/01/08	4.37	%	$	14,639	$	—	$	14,639
Chandler Gateway (50%) (i)	10/01/08	5.19	%		9,265		—		9,265
Washington Square (51%) (j)	02/01/09	6.72	%		48,623		—		48,623
Metrocenter Mall (15%) (k)	02/09/09	5.34	%		16,800		—		16,800
Inland Center (50%)	02/11/09	4.69	%		27,000		—		27,000
The Shops at North Bridge (50%)	07/01/09	4.67	%		102,885		—		102,885
Biltmore Fashion Park (50%)	07/10/09	4.70	%		36,989		—		36,989

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

	As of September 30, 2008

Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed			Floating			Total Debt Balance (a)
Redmond Office (51%)		07/10/09		6.77	%	$	32,035		$	—		$	32,035
Redmond Retail (51%)		08/01/09		4.81	%		36,300			—			36,300
Corte Madera, The Village at (50.1%)		11/01/09		7.75	%		32,214			—			32,214
Ridgmar (50%)		04/11/10		6.11	%		28,700			—			28,700
Kitsap Mall/Place (51%)		06/01/10		8.14	%		28,900			—			28,900
Cascade (51%)		07/01/10		5.28	%		19,868			—			19,868
Stonewood Mall (51%)		12/11/10		7.44	%		37,389			—			37,389
Arrowhead Towne Center (33.3%)		10/01/11		6.38	%		26,150			—			26,150
SanTan Village Power Center (34.9%)		02/01/12		5.33	%		15,705			—			15,705
NorthPark Center (50%)		05/10/12		5.96	%		92,474			—			92,474
NorthPark Center (50%)		05/10/12		8.33	%		41,250			—			41,250
NorthPark Land (50%)		05/10/12		8.33	%		39,843			—			39,843
Kierland Greenway (24.5%)		01/01/13		6.01	%		15,551			—			15,551
Kierland Main Street (24.5%)		01/02/13		4.99	%		3,768			—			3,768
Scottsdale Fashion Square (50%)		07/08/13		5.66	%		275,000			—			275,000
Tysons Corner (50%)		02/17/14		4.78	%		166,567			—			166,567
Lakewood Mall (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%) (l)		08/15/15		6.12	%		74,927			—			74,927
Eastland Mall (50%)		06/01/16		5.80	%		84,000			—			84,000
Empire Mall (50%)		06/01/16		5.81	%		88,150			—			88,150
Granite Run (50%)		06/01/16		5.84	%		59,331			—			59,331
Mesa Mall (50%)		06/01/16		5.82	%		43,625			—			43,625
Rushmore (50%)		06/01/16		5.82	%		47,000			—			47,000
Southern Hills (50%)		06/01/16		5.82	%		50,750			—			50,750
Valley Mall (50%)		06/01/16		5.85	%		23,100			—			23,100
West Acres (19%)		10/01/16		6.41	%		12,861			—			12,861
Wilshire Building (30%)		01/01/33		6.35	%		1,844			—			1,844

Total Fixed Rate Debt for Unconsolidated Assets				5.81	%	$	1,761,003		$	—		$	1,761,003

Kierland Tower Lofts (15%)		12/14/08		5.00	%	$	—		$	1,973		$	1,973
Washington Square (51%)		02/01/09		4.49	%		—			16,206			16,206
Metrocenter Mall (15%)		02/09/09		8.02	%		—			3,240			3,240
Desert Sky Mall (50%)		03/06/09		3.59	%		—			25,750			25,750
NorthPark Land (50%)		08/30/09		5.00	%		—			3,500			3,500
Superstition Springs Center (33.3%)		09/09/09		2.87	%		—			22,498			22,498
Camelback Colonnade (75%)		10/09/09		3.18	%		—			31,125			31,125
Boulevard Shops (50%)		12/17/10		4.09	%		—			10,700			10,700
Chandler Village Center (50%)		01/15/11		3.64	%		—			8,643			8,643
Market at Estrella Falls (35.1%)		06/01/11		5.59	%		—			8,704			8,704
Los Cerritos Center (51%)		07/01/11		3.20	%		—			66,300			66,300

Total Floating Rate Debt for Unconsolidated Assets				3.62	%	$	—		$	198,639		$	198,639

Total Debt for Unconsolidated Assets				5.59	%	$	1,761,003		$	198,639		$	1,959,642

Total Debt (at Company's pro rata share)				5.42	%	$	6,255,926		$	1,670,712		$	7,926,638

Percentage to Total							78.92	%		21.08	%		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): This debt has an interest rate swap agreement which effectively fixed the interest rate from December 1, 2005 to April 25, 2010.
(c): This debt has an interest rate swap agreement which effectively fixed the interest rate from September 12, 2006 to April 25, 2011.
(d): These convertible senior notes were issued on 3/16/07 in an aggregate amount of $950.0 million. The above table includes the unamortized discount of $6.6 million and the annual interest rate represents the effective interest rate, including the discount.
(e): This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(f): This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 52.2%.
(g): This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.7%.
(h): On October 1, 2008, this loan was refinanced for $29.7 million at a fixed interest rate of 6.15% maturing November 1, 2015.
(i): On October 1, 2008, this loan was refinanced for $18.9 million at a fixed interest rate of 6.15% maturing November 1, 2015.
(j): The Company has reached agreement on a $250 million, seven year fixed rate loan at 6.00% and expects to close the loan in 2008.
(k): This debt has an interest rate swap agreement which effectively fixed the interest rate from January 15, 2005 to February 15, 2009.
(l): On July 31, 2008, the joint venture replaced the existing loan on the property with a new $150.0 million loan, bearing interest at 6.11%.

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2008 Summary of Financing Activity (at Company's pro rata share)

Center/Entity (dollars in thousands)		Sales PSF as of 12/31/07		Maturity Date	Total Debt Maturing in 2008 (Balance at Refinance)		Less Debt with Extension Options		Net Debt Maturing in 2008		New Loan Proceeds		Unfunded New Loan Proceeds— construction loans		Net Proceeds Over Existing Loan

	Financings completed in 2008:
Victor Valley		$	480	Yr 2008	$	51,000	$	—	$	51,000	$	100,000	$	—	$	49,000
SanTan Regional Mall (84.7%) (a)			n/a	n/a		—		—		—		99,146		27,964		127,110
Westside Pavilion		$	481	Yr 2008		91,271		—		91,271		175,000		—		83,729
Fresno Fashion Fair		$	545	Yr 2008		63,068		—		63,068		170,000		—		106,932
Oaks, The (b)			n/a	n/a		—		—		—		222,000		78,000		300,000
Broadway Plaza (50%)		$	768	Yr 2008		29,428		—		29,428		75,000		—		45,572
Estrella Falls Marketplace (35.1%) (c)			n/a	n/a		—		—		—		—		28,080		28,080
Cactus Power Center (52.2%) (d)			n/a	n/a		—		—		—		—		52,722		52,722
Chandler Festival (50%)—closed 10/1/08		$	287	Yr 2008		14,639		—		14,639		14,850		—		211
Chandler Gateway (50%)—closed 10/1/08		$	396	Yr 2008		9,265		—		9,265		9,450		—		185
South Towne—closed 10/16/08		$	433	Yr 2008		64,000		—		64,000		90,000		—		26,000
Village Fair North		$	235	Yr 2008		10,880		—		10,880		—		—		(10,880	)
	2008 maturities extended:
Camelback Colonnade (75%)				10/09/09		31,125		31,125		—		—		—		—
Desert Sky (50%)				03/06/09		25,750		25,750		—		—		—		—
La Cumbre Plaza				08/09/09		30,000		30,000		—		—		—		—
NorthPark Land (50%)				08/30/09		3,500		3,500		—		—		—		—
Superstition Springs Center (33%)				09/09/09		22,498		22,498		—		—		—		—
	Remaining 2008 maturities:
Kierland Tower Lofts (15%) (e)				12/14/08		1,973		—		1,973		1,973		—		—

Total / Average		$	453		$	448,397	$	112,873	$	335,524	$	957,419	$	186,766	$	808,661

(a): This is a construction loan of $150 million (Company's pro rata share is $127.1 million). The remainder is anticipated to fund in 2008 and 2009.
(b): This is a construction loan of $300 million. The remainder is anticipated to fund in 2008 and 2009.
(c): This is a construction loan of $101 million (Company's pro rata share is $52.7 million), to be funded as project is completed.
(d): This is a construction loan of $80 million (Company's pro rata share is $28.1 million), to be funded as project is completed.
(e): This loan is currently under negotiation for a two year extension.

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2009 Summary of Financing Plan (at Company's pro rata share)

Center/Entity (dollars in thousands)		Sales PSF as of 12/31/07		Maturity Date	Total Debt Maturing in 2009 (Balance as of 9/30/08)		Less Debt with Extension Options		Net Debt Maturing in 2009		Estimated New Loan Range—Low End (a)		Estimated New Loan Range—High End (a)		Estimated Net Proceeds Over Existing Loan—@ Low End of Range (a)

	2009 loans maturing:
Biltmore Fashion Park (50%)		$	821	07/10/09	$	36,989			$	36,989	$	50,000	$	55,000	$	13,011
Carmel Plaza		$	551	05/01/09		25,922				25,922		28,000		32,000		2,078
Corte Madera, The Village at (50.1%)		$	875	11/01/09		32,214				32,214		70,000		75,000		37,786
Inland Center (50%)		$	463	02/11/09		27,000				27,000		30,000		35,000		3,000
La Cumbre Plaza		$	446	08/09/09		30,000				30,000		27,000		32,000		(3,000	)
Northridge Mall		$	350	07/01/09		80,030				80,030		100,000		110,000		19,970
Paradise Valley Mall		$	368	05/01/09		20,507				20,507		135,000		145,000		114,493
Queens Center		$	845	03/01/09		89,333				89,333		160,000		170,000		70,667
Redmond Office (51%)			n/a	07/10/09		32,035				32,035		35,000		40,000		2,965
Redmond Retail (51%)		$	382	08/01/09		36,300				36,300		35,000		40,000		(1,300	)
South Plains Mall		$	370	03/01/09		57,987				57,987		90,000		100,000		32,013
The Shops at North Bridge (50%)		$	843	07/01/09		102,885				102,885		125,000		135,000		22,115
Wilton Mall		$	325	11/01/09		43,121				43,121		50,000		60,000		6,879
Washington Square (51%) (b)		$	709	02/01/09		48,623				48,623		127,500		127,500		78,877
Washington Square (51%)				02/01/09		16,206				16,206		—		—		(16,206	)
	2009 loans with extension options:
Camelback Colonnade (75%)				10/09/09		31,125	$	31,125		—		—		—		—
Desert Sky Mall (50%)				03/06/09		25,750		25,750		—		—		—		—
Metrocenter Mall (15%)				02/09/09		3,240		3,240		—		—		—		—
Metrocenter Mall (15%)				02/09/09		16,800		16,800		—		—		—		—
NorthPark Land (50%)				08/30/09		3,500		3,500		—		—		—		—
Promenade at Casa Grande (51.3%)				08/16/09		49,706		49,706		—		—		—		—
Superstition Springs Center (33.3%)				09/09/09		22,498		22,498		—		—		—		—
	2009 loans under negotiation for extension:
Twenty Ninth Street (c)				06/05/09		115,000		115,000		—		—		—		—

Total / Average		$	565		$	946,771	$	267,619	$	679,152	$	1,062,500	$	1,156,500	$	383,348

(a): 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 effect the information provided in this table.
(b): This refinancing is under contract for $250 million (Company's pro rata share is $127.5 million) for a 7 year fixed rate loan at 6.0% and is anticipated to close in Year 2008.
(c): This loan is currently under negotiation for a three year extension.

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
2010 Summary of Financing Plan (at Company's pro rata share)

Center/Entity (dollars in thousands)		Sales PSF as of 12/31/07		Maturity Date	Total Debt Maturing in 2010 (Balance as of 9/30/08)		Less Debt with Extension Options		Net Debt Maturing in 2010		Estimated New Loan Range—Low End (a)		Estimated New Loan Range—High End (a)		Estimated Net Proceeds Over Existing Loan—@ Low End of Range (a)

	2010 loans Maturing:
Camelback Colonnade (75%)		$	330	10/09/10	$	31,125	$	0	$	31,125	$	42,000	$	49,000	$	10,875
Metrocenter Mall (15%)		$	345	02/09/10		20,040		0		20,040		14,000		16,000		(6,040	)
Vintage Faire Mall		$	562	09/01/10		63,601		0		63,601		183,000		217,000		119,399
Santa Monica Place			n/a	11/01/10		78,186		0		78,186		270,000		309,000		191,814
Ridgmar (50%)		$	323	04/11/10		28,700		0		28,700		31,000		37,000		2,300
Kitsap Mall/Place (51%)		$	407	06/01/10		28,900		0		28,900		42,000		50,000		13,100
Cascade (51%)		$	355	07/01/10		19,868		0		19,868		19,000		23,000		(868	)
Stonewood Mall (51%)		$	449	12/11/10		37,389		0		37,389		78,000		92,000		40,611
Boulevard Shops (50%)		$	421	12/17/10		10,700		0		10,700		14,000		16,000		3,300
Macerich Partnership Term Loan			n/a	04/26/10		448,125		0		448,125		350,000		450,000		(98,125	)
	2010 loans with extension options:
Macerich Line of Credit				04/26/10		1,022,750		1,022,750		—		—		—		—
NorthPark Land (50%)				08/30/10		3,500		3,500
Panorama Mall				02/28/10		50,000		50,000		—				—		—
Promenade at Casa Grande (51.3%)				08/16/10		49,706		49,706		—		—		—		—
Superstition Springs Center (33.3%)				09/09/10		22,498		22,498		—		—		—		—
Desert Sky Mall (50%)				03/06/10		25,750		25,750		—		—		—		—

Total / Average		$	399		$	1,940,838	$	1,174,204	$	766,634	$	1,043,000	$	1,259,000	$	276,366

(a): 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 effect the information in this table.

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
as of November 4, 2008

														2008		2009		2010

			Estimated Project Size (a)		Estimated Total Project Cost (a)					Estimated Pro rata Project Cost (a)		Estimated Completion Date (a)		2008		2009		2010
Property	Location	Project Type	Estimated Project Size (a)		Estimated Total Project Cost (a)		Ownership %			Estimated Pro rata Project Cost (a)		Estimated Completion Date (a)		COST		COST		COST
REDEVELOPMENT
Scottsdale Fashion Square	Scottsdale, AZ	Expansion—Barneys New York/Retail		170,000	$	143,000,000		50	%	$	71,500,000		2009/2010			$	60,775,000	$	10,725,000
Vintage Faire Mall	Modesto, CA	Expansion—Lifestyle Village		60,000	$	27,000,000		100	%	$	27,000,000		2008/2009	$	23,000,000	$	4,000,000
The Oaks	Thousand Oaks, CA	Expansion		97,288	$	250,000,000		100	%	$	250,000,000		2008/2009	$	200,000,000	$	50,000,000
FlatIron Crossing	Broomfield, CO	Redevelopment—Lord & Taylor Building/Re-Tenanting		100,000	$	17,000,000		100	%	$	17,000,000		2009/2010			$	14,000,000	$	3,000,000
Northgate Mall	San Rafael, CA	New Retail Development		725,000	$	79,000,000		100	%	$	79,000,000		2009/2010			$	50,000,000	$	29,000,000
Santa Monica Place	Santa Monica, CA	New Mall Development		550,000	$	265,000,000		100	%	$	265,000,000		2009/2010			$	225,250,000	$	39,750,000
Fiesta Mall	Mesa, AZ	Anchor Replacement—Dick's Sporting Goods/Best Buy		110,000	$	50,000,000		100	%	$	50,000,000		2009			$	50,000,000
Lakewood Mall	Lakewood, CA	Anchor Addition—Costco		160,000	$	23,000,000		51	%	$	11,730,000		2009			$	11,730,000
La Cumbre Plaza	Santa Barbara, CA	Renovation			$	22,000,000		100	%	$	22,000,000		2008/2009/2010	$	7,500,000	$	11,800,000	$	2,700,000

TOTAL				1,972,288	$	876,000,000				$	793,230,000			$	230,500,000	$	477,555,000	$	85,175,000
GROUND UP DEVELOPMENT
Estrella Falls	Goodyear, AZ	Regional Mall		1,000,000	$	210,000,000		84.2	%	$	176,820,000		2010/2011					$	88,410,000
Market at Estrella Falls	Goodyear, AZ	Power Center		500,000	$	90,000,000		35.1	%	$	31,590,000		2008/2009/2010	$	18,900,000	$	9,450,000	$	3,240,000
Prasada—Waddell Center West	Surprise, AZ	Power Center		525,841	$	58,000,000		50.0	%	$	29,000,000		2010/2011					$	14,500,000
Prasada—Cactus Power Center	Surprise, AZ	Power Center		683,563	$	132,000,000		52.2	%	$	68,904,000		2010/2011					$	34,452,000

TOTAL				2,709,404	$	490,000,000				$	306,314,000			$	18,900,000	$	9,450,000	$	140,602,000
GRAND TOTAL				4,681,692	$	1,366,000,000				$	1,099,544,000			$	249,400,000	$	487,005,000	$	225,777,000

NOTES

(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 effect the information provided in this table.

QuickLinks

Exhibit 99.2

The Macerich Company (MAC) 8-KResults of Operations and Financial Condition