The Macerich Company 8K Results of Operations and Financial Condition | MAC 11 Feb 09

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Exhibit 99.2

Supplemental Financial Information
For the three and twelve months ended December 31, 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		10-13
Summarized balance sheet information		10
Debt summary		11
Outstanding debt by maturity date		12-13
Financing Activity		14-15
2009 Summary of financing activity		14
2010 Summary of financing activity		15
Development Pipeline Forecast		16

This supplemental financial information should be read in connection with the Company's fourth quarter 2008 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date February 11, 2009) as certain disclosures, definitions and reconciliations in such announcement have not been included in this supplemental financial information.

The Macerich Company

Supplemental Financial and Operating Information

Overview

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

As of December 31, 2008, the Operating Partnership owned or had an ownership interest in 72 regional malls and 20 community shopping centers aggregating approximately 77 million square feet of gross leasable area ("GLA"). These 92 regional malls 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, 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. 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

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

Closing common stock price per share	$	18.16		$	71.06		$	86.57		$	67.14
52 week high	$	76.50		$	103.59		$	87.10		$	71.22
52 week low	$	8.31		$	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		88,529,334			84,864,600			84,767,432			73,446,422

Total common and equivalent shares/units outstanding		88,722,498			91,006,952			91,537,132			80,216,122

Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	7,926,241		$	7,507,559		$	6,620,271		$	6,863,690
Equity market capitalization		1,611,201			6,466,954			7,924,369			5,385,710

Total market capitalization	$	9,537,442		$	13,974,513		$	14,544,640		$	12,249,400

Floating rate debt as a percentage of total debt		21.9	%		14.8	%		20.8	%		35.7	%

Portfolio Capitalization at December 31, 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

Conversion of partnership units to common shares	(769,605	)	769,605	—		—		—		—
Conversion of partnership units to cash	(8,409	)	—	—		—		—		(8,409	)
Issuance of stock/partnership units from stock option exercises, restricted stock issuance or other share- or unit-based plans	—		28,162	—		—		—		28,162

Balance as of December 31, 2008	11,645,700		76,883,634	—		193,164		—		88,722,498

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

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

	As of December 31,

	2008		2007
	dollars in millions

Straight line rent receivable	$	62.2	$	61.0

	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,

	2008		2007		2008		2007
	dollars in millions

Lease termination fees	$	3.6	$	1.2	$	12.4	$	12.8

Straight line rental income	$	0.9	$	4.6	$	8.7	$	13.5

Gain on sales of undepreciated assets	$	0.3	$	10.0	$	3.8	$	10.8

Amortization of acquired above- and below-market leases (SFAS 141)	$	14.2	$	3.6	$	27.4	$	15.1

Amortization of debt premiums	$	2.9	$	2.9	$	11.1	$	13.5

Interest capitalized	$	8.3	$	8.6	$	37.0	$	34.6

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

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures

		Year Ended 12/31/2008		Year Ended 12/31/2007		Year Ended 12/31/2006

		dollars in millions

Consolidated Centers
Acquisitions of property and equipment		$	87.5	$	387.9	$	580.5
Development, redevelopment and expansions of Centers			446.1		545.9		184.3
Renovations of Centers			8.5		31.1		51.4
Tenant allowances			14.6		28.0		27.0
Deferred leasing charges			22.3		21.6		21.6

	Total	$	579.0	$	1,014.5	$	864.8
Joint Venture Centers(a)
Acquisitions of property and equipment		$	294.4	$	24.8	$	28.7
Development, redevelopment and expansions of Centers			60.8		33.5		48.8
Renovations of Centers			3.1		10.5		8.1
Tenant allowances			13.8		15.1		13.8
Deferred leasing charges			5.0		4.2		4.3

	Total	$	377.1	$	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


12/31/2008	$	420	$	460	$	441
12/31/2007(b)	$	448	$	486	$	467
12/31/2006	$	435	$	470	$	452

(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): Sales per square foot were $467 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


12/31/2008	91.6	%	92.8	%	92.3	%
12/31/2007	92.8	%	93.3	%	93.1	%
12/31/2006	93.1	%	93.7	%	93.4	%

Period Ended


12/31/2008	91.3	%	93.1	%	92.3	%
12/31/2007	92.8	%	94.0	%	93.5	%
12/31/2006	93.0	%	94.2	%	93.6	%

(a): Only includes regional malls. Occupancy data excludes space under development and redevelopment.
(b): Includes regional malls and community shopping centers. 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
	12/31/2008	$	41.39	$	42.70	$	35.14
	12/31/2007	$	38.49	$	43.23	$	34.21
	12/31/2006	$	37.55	$	38.40	$	31.92
Joint Venture Centers
	12/31/2008	$	42.14	$	49.74	$	37.61
	12/31/2007	$	38.72	$	47.12	$	34.87
	12/31/2006	$	37.94	$	41.43	$	36.19

(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 Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Leases for The Market at Estrella Falls and Santa Monica Place were excluded for Year 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 Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Lease signings for The Market at Estrella Falls and Santa Monica Place were excluded for Year 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 Promenade at Casa Grande, SanTan Village Power Center and SanTan Village Regional Center were excluded for Years 2007 and 2008. Leases for The Market at Estrella Falls and Santa Monica Place were excluded for Year 2008.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Cost of Occupancy

			For Years Ended December 31,

			2008			2007			2006

Wholly Owned Centers
	Minimum rents			8.9	%		8.0	%		8.1	%
	Percentage rents			0.4	%		0.4	%		0.4	%
	Expense recoveries(a)			4.4	%		3.8	%		3.7	%

		Total		13.7	%		12.2	%		12.2	%

			For Years Ended December 31,

			2008			2007			2006

Joint Venture Centers
	Minimum rents			8.2	%		7.3	%		7.2	%
	Percentage rents			0.4	%		0.5	%		0.6	%
	Expense recoveries(a)			3.9	%		3.2	%		3.1	%

		Total		12.5	%		11.0	%		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

		December 31, 2008		December 31, 2007

		dollars in thousands

Cash and cash equivalents		$	66,529	$	85,273
Pro rata cash and cash equivalents on unconsolidated entities			91,103		56,194
Investment in real estate, net(a)			6,374,015		6,187,473
Investment in unconsolidated entities			1,013,930		785,643
	Total assets		8,012,216		7,937,097
Mortgage and notes payable			5,975,269		5,762,958
Pro rata share of debt on unconsolidated entities			2,017,705		1,820,411

(a): Includes construction in process of $600,773 at December 31, 2008 and $442,670 at December 31, 2007.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Debt Summary (at Company's pro rata share)

		As of December 31, 2008

		Fixed Rate			Variable Rate(a)			Total
		dollars in thousands

Consolidated debt		$	4,350,808		$	1,557,728		$	5,908,536
Unconsolidated debt			1,836,210			181,495			2,017,705

	Total debt	$	6,187,018		$	1,739,223		$	7,926,241
Weighted average interest rate			5.75	%		3.22	%		5.19	%
Weighted average maturity (years)									3.35

(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

	As of December 31, 2008

Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed		Floating		Total Debt Balance (a)
*I. Consolidated Assets:*
Queens Center (b)		03/01/09		7.11	%	$	88,913	$	—	$	88,913
Carmel Plaza		05/01/09		8.18	%		25,805		—		25,805
Paradise Valley Mall		05/01/09		5.89	%		20,259		—		20,259
Northridge Mall		07/01/09		4.94	%		79,657		—		79,657
Wilton Mall		11/01/09		4.79	%		42,608		—		42,608
Macerich Partnership Term Loan (c)		04/26/10		6.50	%		446,250		—		446,250
Macerich Partnership Line of Credit (d)		04/25/10		6.23	%		400,000		—		400,000
Vintage Faire Mall		09/01/10		7.91	%		63,329		—		63,329
Santa Monica Place		11/01/10		7.79	%		77,888		—		77,888
Valley View Center		01/01/11		5.81	%		125,000		—		125,000
Danbury Fair Mall		02/01/11		4.64	%		169,889		—		169,889
Shoppingtown Mall		05/11/11		5.01	%		43,040		—		43,040
Capitola Mall		05/15/11		7.13	%		37,497		—		37,497
Freehold Raceway Mall		07/07/11		4.68	%		171,726		—		171,726
Pacific View		08/31/11		7.25	%		80,851		—		80,851
Pacific View		08/31/11		7.00	%		6,531		—		6,531
Rimrock Mall		10/01/11		7.56	%		42,155		—		42,155
Prescott Gateway		12/01/11		5.86	%		60,000		—		60,000
Hilton Village		02/01/12		5.27	%		8,547		—		8,547
The Macerich Company—Convertible Senior Notes (e)		03/15/12		3.71	%		722,506		—		722,506
Tucson La Encantada		06/01/12		5.84	%		78,000		—		78,000
Chandler Fashion Center		11/01/12		5.20	%		100,340		—		100,340
Chandler Fashion Center		11/01/12		6.00	%		66,160		—		66,160
Towne Mall		11/01/12		4.99	%		14,366		—		14,366
Deptford Mall		01/15/13		5.41	%		172,500		—		172,500
Queens Center		03/01/13		7.00	%		213,314		—		213,314
Greeley—Defeaseance		09/01/13		6.34	%		27,038		—		27,038
FlatIron Crossing		12/01/13		5.26	%		184,248		—		184,248
Great Northern Mall		12/01/13		5.11	%		39,591		—		39,591
Fiesta Mall		01/01/15		4.98	%		84,000		—		84,000
Fresno Fashion Fair		08/01/15		6.76	%		169,411		—		169,411
Flagstaff Mall		11/01/15		5.03	%		37,000		—		37,000
South Towne Center		11/05/15		6.75	%		89,915		—		89,915
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	%		15,642		—		15,642
Chesterfield Towne Center		01/01/24		9.07	%		54,111		—		54,111
South Plains Mall		03/01/29		8.29	%		57,721		—		57,721

Total Fixed Rate Debt for Consolidated Assets				5.72	%	$	4,350,808	$	—	$	4,350,808

Twenty Ninth Street		06/05/09		2.20	%		—		115,000		115,000
La Cumbre Plaza		08/09/09		2.58	%		—		30,000		30,000
Promenade at Casa Grande (f)		08/16/09		3.35	%		—		49,859		49,859
Panorama Mall		02/28/10		1.62	%		—		50,000		50,000
Macerich Partnership Line of Credit		04/25/10		3.19	%		—		699,500		699,500
Cactus Power Center (g)		03/14/11		3.23	%		—		345		345
Victor Valley, Mall of		05/06/11		3.74	%		—		100,000		100,000
Westside Pavilion		06/05/11		4.07	%		—		175,000		175,000
SanTan Village Regional Center (h)		06/13/11		3.91	%		—		107,499		107,499
Oaks, The		07/10/11		3.48	%		—		165,000		165,000
Oaks, The		07/10/11		4.24	%		—		65,525		65,525

Total Floating Rate Debt for Consolidated Assets				3.32	%	$	—	$	1,557,728	$	1,557,728

Total Debt for Consolidated Assets				5.08	%	$	4,350,808	$	1,557,728	$	5,908,536

*II. Unconsolidated Assets (At Company's pro rata share):*
Inland Center (50%)		03/11/09		4.69	%	$	27,000	$	—	$	27,000
North Bridge, The Shops at (50%)		07/01/09		4.67	%		102,746		—		102,746
Biltmore Fashion Park (50%)		07/10/09		4.70	%		36,573		—		36,573
Redmond Office (51%)		07/10/09		6.77	%		31,460		—		31,460
Redmond Retail (51%)		08/01/09		4.81	%		36,134		—		36,134
Corte Madera, The Village at (50.1%)		11/01/09		7.75	%		32,062		—		32,062
Metrocenter Mall (15%) (i)		02/09/10		6.05	%		16,800		—		16,800

	As of December 31, 2008

Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate (a)			Fixed			Floating			Total Debt Balance (a)
Ridgmar (50%)		04/11/10		6.11	%	$	28,700		$	—		$	28,700
Kitsap Mall/Place (51%)		06/01/10		8.14	%		28,793			—			28,793
Cascade (51%)		07/01/10		5.28	%		19,783			—			19,783
Stonewood Mall (51%)		12/11/10		7.44	%		37,264			—			37,264
Arrowhead Towne Center (33.3%)		10/01/11		6.38	%		26,007			—			26,007
SanTan Village Power Center (34.9%)		02/01/12		5.33	%		15,705			—			15,705
NorthPark Center (50%)		05/10/12		5.96	%		92,120			—			92,120
NorthPark Center (50%)		05/10/12		8.33	%		41,109			—			41,109
NorthPark Land (50%)		05/10/12		8.33	%		39,707			—			39,707
Kierland Greenway (24.5%)		01/01/13		6.02	%		15,450			—			15,450
Kierland Main Street (24.5%)		01/02/13		4.99	%		3,753			—			3,753
Scottsdale Fashion Square (50%)		07/08/13		5.66	%		275,000			—			275,000
Tysons Corner Center (50%)		02/17/14		4.78	%		165,754			—			165,754
Lakewood Mall (51%)		06/01/15		5.43	%		127,500			—			127,500
Broadway Plaza (50%)		08/15/15		6.12	%		74,706			—			74,706
Chandler Festival (50%)		11/01/15		6.39	%		14,850			—			14,850
Chandler Gateway (50%)		11/01/15		6.37	%		9,450			—			9,450
Washington Square (51%)		01/01/16		6.04	%		127,500			—			127,500
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	%		59,127			—			59,127
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	%		22,997			—			22,997
West Acres (19%)		10/01/16		6.41	%		12,799			—			12,799
Wilshire Building (30%)		01/01/33		6.35	%		1,836			—			1,836

Total Fixed Rate Debt for Unconsolidated Assets				5.83	%	$	1,836,210		$	—		$	1,836,210

Superstition Springs Center (33.3%)		09/09/09		1.25	%		—			22,498			22,498
Camelback Colonnade (75%)		10/09/09		1.90	%		—			31,125			31,125
Metrocenter Mall (15%) (i)		02/09/10		8.02	%		—			3,240			3,240
Desert Sky Mall (50%)		03/04/10		2.14	%		—			25,750			25,750
Kierland Tower Lofts (15%)		11/18/10		3.38	%		—			1,679			1,679
Boulevard Shops (50%)		12/17/10		4.11	%		—			10,700			10,700
Chandler Village Center (50%)		01/15/11		2.57	%		—			8,643			8,643
Market at Estrella Falls (35.1%)		06/01/11		3.94	%		—			11,560			11,560
Los Cerritos Center (51%)		07/01/11		2.14	%		—			66,300			66,300

Total Floating Rate Debt for Unconsolidated Assets				2.36	%	$	—		$	181,495		$	181,495

Total Debt for Unconsolidated Assets				5.51	%	$	1,836,210		$	181,495		$	2,017,705

Total Debt				5.19	%	$	6,187,018		$	1,739,223		$	7,926,241

Percentage to Total							78.06	%		21.94	%		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 existing loan was replaced by a new $130.0 million loan on February 2, 2009. The new loan bears interest at 7.5% and matures on March 1, 2013.
(c): This debt has an interest rate swap agreement which effectively fixed the interest rate from December 1, 2005 to April 15, 2010.
(d): This debt has an interest rate swap agreement which effectively fixed the interest rate from September 12, 2006 to April 25, 2011.
(e): 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 $4.7 million and the annual interest rate represents the effective interest rate, including the discount. In the fourth quarter of 2008, the Company retired $222.8 million of the notes.
(f): This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(g): This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 52.8%.
(h): This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.
(i): This debt has an interest rate swap agreement, expiring February 15, 2009, which effectively fixed the interest rate.

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

Center/Entity (dollars in thousands)			Sales PSF as of 12/31/08		Maturity Date	Total Debt Maturing in 2009 (Balance as of 12/31/08)		Less Debt with Extension Options		Net Debt Maturing in 2009		Estimated New Proceeds(a)		Estimated Net Proceeds Over Existing Loan Amount(a)

	2009 closed financings/commitments:
Queens Center (b)			$	876	03/01/13	$	88,913			$	88,913	$	130,000	$	41,087
Redmond Office (51%) (c)				n/a	07/10/09		31,460				31,460		31,620		160
Washington Square (51%) (d)				682	01/01/16		64,261				64,261		127,500		63,239

		Subtotal—funded or committed:									184,634		289,120		104,486

	2009 loans maturing:
Biltmore Fashion Park (50%)				837	07/10/09		36,573				36,573		37,000		427
Carmel Plaza				489	05/01/09		25,805				25,805		25,000		(805	)
Corte Madera, The Village at (50.1%)				788	11/01/09		32,062				32,062		55,000		22,938
La Cumbre Plaza				444	08/09/09		30,000				30,000		25,000		(5,000	)
Los Cerritos (e)				n/a							—		35,000		35,000
Northridge Mall				317	07/01/09		79,657				79,657		73,000		(6,657	)
Paradise Valley Mall				311	05/01/09		20,259				20,259		100,000		79,741
Redmond Retail (51%)				361	08/01/09		36,134				36,134		35,000		(1,134	)
Shops at North Bridge, The (50%)				817	07/01/09		102,746				102,746		125,000		22,254
Wilton Mall				292	11/01/09		42,608				42,608		50,000		7,392

		Subtotal—remaining 2009 maturities									405,844		560,000		154,156

	Expected fundings under existing/new development loans:
Estrella Falls Marketplace (35.1%)											—		5,000		5,000
Northgate Mall (f)				n/a							—		50,000		50,000
Oaks											—		20,000		20,000
	2009 loans with extension options (g):
Camelback Colonnade (75%)					10/09/09		31,125	$	31,125		—		—		—
Inland Center (50%)					03/11/09		27,000		27,000		—		—		—
Promenade at Casa Grande (51.3%)					08/16/09		49,859		49,859		—		—		—
Superstition Springs Center (33.3%)					09/09/09		22,498		22,498		—		—		—
	2009 loans under negotiation for extension:
Twenty Ninth Street (h)					06/05/09		115,000		115,000		—		—		—

Total / Average			$	565		$	835,960	$	245,482	$	590,478	$	924,120	$	333,642

(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.
(b): The Company refinanced this loan on a portion of Queens Center on February 1, 2009 with a new loan for $130.0 million at a fixed rate of 7.50% that matures 3/1/2013.
(c): The Company has received a commitment for a $32 million refinancing for five years, at a fixed rate of 7.50% which is expected to close in May 2009.
(d): The Company refinanced this loan on December 10, 2008 with a new loan for $127.5 million at a fixed rate of 6.0% that matures 1/1/2016.
(e): This anticipates the exercise of an accordion funding from the existing mortgage.
(f): This anticipates a new development financing totaling approximately $75.0 million.
(g): These loans have extension options that have not yet been exercised by the Company.
(h): The Company is currently negotiating a three year extension of this loan.

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

Center/Entity (dollars in thousands)		Sales PSF as of 12/31/08		Maturity Date	Total Debt Maturing in 2010 (Balance as of 12/31/08)		Less Debt with Extension Options		Net Debt Maturing in 2010		Estimated New Proceeds(a)		Estimated Net Proceeds Over Existing Loan Amount(a)

	2010 loans maturing:
Boulevard Shops (50%)			386	12/17/10	$	10,700			$	10,700	$	13,000	$	2,300
Camelback Colonnade (75%)			307	10/09/10		31,125				31,125		42,000		10,875
Cascade (51%)			338	07/01/10		19,783				19,783		17,000		(2,783	)
Kierland Tower Lofts (15%)			n/a	11/18/10		1,679				1,679		—		(1,679	)
Kitsap Mall/Place (51%)			378	06/01/10		28,793				28,793		40,000		11,207
Macerich Partnership—Term Loan			n/a	04/26/10		446,250				446,250		350,000		(96,250	)
Metrocenter Mall (15%)			274	02/09/10		20,040				20,040		10,500		(9,540	)
Ridgmar (50%)			311	04/11/10		28,700				28,700		25,000		(3,700	)
Santa Monica Place			n/a	11/01/10		77,888				77,888		220,000		142,112
Stonewood Mall (51%)			420	12/11/10		37,264				37,264		75,000		37,736
Vintage Faire Mall			484	09/01/10		63,329				63,329		180,000		116,671
	Expected fundings under existing/new development loans:
Estrella Falls Marketplace (35.1%)										—		5,000		5,000
Northgate Mall										—		25,000		25,000
Oaks										—		40,000		40,000
	2010 loans with extension options:
Desert Sky Mall (50%)				03/04/10		25,750	$	25,750		—		—		—
Macerich Partnership—Line of Credit				04/26/10		1,099,500		1,099,500		—		—		—
Panorama Mall				02/28/10		50,000		50,000		—		—		—
Promenade at Casa Grande (51.3%)				08/16/10		49,859		49,859		—		—		—
Superstition Springs Center (33.3%)				09/09/10		22,498		22,498		—		—		—

Total / Average		$	362		$	2,013,158	$	1,247,607	$	765,551	$	1,042,500	$	276,949

(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 in this table.

The Macerich Company
Supplemental Financial and Operating Information
Development Pipeline Forecast
as of December 31, 2008

																Estimated Year Placed in Service (a)

										Estimated Pro rata Project Cost (a)		Estimated Completion Date (a)				2009		2010
			Estimated Project Size (a)		Estimated Total Project Cost (a)									Pro rata Spent to Date as of 12-31-08		2009		2010
Property	Location	Project Type	Estimated Project Size (a)		Estimated Total Project Cost (a)		Ownership %							Pro rata Spent to Date as of 12-31-08		COST		COST
REDEVELOPMENT
Scottsdale Fashion Square	Scottsdale, AZ	Expansion—Barneys New York/Retail		170,000	$	143,000,000		50	%	$	71,500,000		2009/2010	$	35,000,000	$	60,775,000	$	10,725,000
The Oaks	Thousand Oaks, CA	Expansion and Nordstrom		97,288	$	235,000,000		100	%	$	235,000,000		2008/2009	$	45,000,000	$	65,000,000
FlatIron Crossing	Broomfield, CO	Redevelopment—Lord & Taylor Building		100,000	$	17,000,000		100	%	$	17,000,000		2009/2010	$	8,000,000	$	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	$	23,000,000	$	50,000,000	$	29,000,000
Santa Monica Place	Santa Monica, CA	New Mall Development		550,000	$	265,000,000		100	%	$	265,000,000		2010	$	82,000,000			$	265,000,000
Fiesta Mall	Mesa, AZ	Anchor Replacement		110,000	$	50,000,000		100	%	$	50,000,000		2009	$	37,000,000	$	50,000,000
Lakewood Mall	Lakewood, CA	Anchor Addition—Costco		160,000	$	23,000,000		51	%	$	11,730,000		2009	$	10,000,000	$	11,730,000
Los Cerritos	Cerritos, CA	Anchor Expansion—Nordstrom		36,500	$	56,000,000		51	%	$	28,560,000		2010	$	7,000,000			$	28,560,000

TOTAL				1,948,788	$	868,000,000				$	757,790,000			$	247,000,000	$	251,505,000	$	336,285,000
LESS COSTS INCURRED THROUGH 12-31-08																$	158,000,000	$	89,000,000

NET COSTS REMAINING TO BE INCURRED																$	93,505,000	$	247,285,000

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.

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Exhibit 99.2

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