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

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TABLE OF CONTENTS

Exhibit 99.2

Supplemental Financial Information
For the three and six months ended June 30, 2016

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	4-9
Unaudited Pro Rata Statement of Operations	5-6
Notes to Unaudited Pro Rata Statement of Operations	7
Unaudited Pro Rata Balance Sheet	8
2016 Guidance Range	9
Supplemental FFO Information	10
Capital Expenditures	11
Operational Data	12-26
Sales Per Square Foot	12
Sales Per Square Foot by Property Ranking	13-16
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	30-31
Corporate Information	32

        This Supplemental Financial Information should be read in connection with the Company's second quarter 2016 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date August 1, 2016) 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 June 30, 2016, the Operating Partnership owned or had an ownership interest in 51 regional shopping centers and seven community/power shopping centers aggregating approximately 55 million square feet of gross leasable area ("GLA").

        On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the non-recourse mortgage note payable. Consequently, Flagstaff Mall has been excluded from all Non-GAAP operating data for the periods ended June 30, 2016 and December 31, 2015, including Sales per square foot, Occupancy, Average Base Rent per square foot and Cost of Occupancy as well as the Property Listing.

        Excluding Flagstaff Mall, the Company currently owns 50 regional shopping centers and 7 community/power centers aggregating approximately 55 million square feet. These 57 centers (which include any related office space) 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 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, 2015, 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.

1

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization

	Period Ended
	6/30/2016			12/31/2015			12/31/2014
	dollars in thousands, except per share data
Closing common stock price per share	$	85.39		$	80.69		$	83.41
52 week high	$	86.29		$	95.93		$	85.55
52 week low	$	71.82		$	71.98		$	55.21
Shares outstanding at end of period
Class A non-participating convertible preferred units		138,759			138,759			145,839
Common shares and partnership units		155,509,918			165,260,655			168,721,053
Total common and equivalent shares/units outstanding		155,648,677			165,399,414			168,866,892
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	7,430,517		$	7,010,306		$	7,050,437
Equity market capitalization		13,290,840			13,346,079			14,085,187
Total market capitalization	$	20,721,357		$	20,356,385		$	21,135,624
​	​	​	​	���	​	​	​	​	​
Leverage ratio(a)		35.9	%		34.4	%		33.4	%

(a)

Debt as a percentage of total market capitalization.

Portfolio Capitalization at June 30, 2016

2

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, 2015		10,855,669			154,404,986			138,759		165,399,414
Conversion of partnership units to cash		(377	)		—			—		(377	)
Conversion of partnership units to common shares		(157,529	)		157,529			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		154,686			86,202			—		240,888
Repurchase of common shares under the Accelerated Stock Purchase Plan		—			(5,192,802	)		—		(5,192,802	)
Balance as of March 31, 2016		10,852,449			149,455,915			138,759		160,447,123
Conversion of partnership units to common shares		(20,614	)		20,614			—		—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans		—			27,601			—		27,601
Repurchase of common shares under the Accelerated Stock Purchase Plan		—			(4,826,047	)		—		(4,826,047	)
Balance as of June 30, 2016		10,831,835			144,678,083			138,759		155,648,677

3

        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 six months ended June 30, 2016.

4

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

	For the Three Months Ended June 30, 2016
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	152,448		$	(8,295	)	$	144,153		$	78,551		$	222,704
Percentage rents		2,394			(25	)		2,369			1,477			3,846
Tenant recoveries		75,948			(4,685	)		71,263			30,496			101,759
Other income		17,789			(467	)		17,322			6,789			24,111
Management Companies' revenues		11,325			—			11,325			—			11,325
Total revenues		259,904			(13,472	)		246,432			117,313			363,745
Expenses:
Shopping center and operating expenses		73,910			(3,801	)		70,109			34,889			104,998
Management Companies' operating expenses		24,299			—			24,299			—			24,299
REIT general and administrative expenses		7,681			—			7,681			—			7,681
Depreciation and amortization		85,190			(3,731	)		81,459			43,640			125,099
Interest expense		41,195			(2,326	)		38,869			24,170			63,039
Total expenses		232,275			(9,858	)		222,417			102,699			325,116
Equity in income of unconsolidated joint ventures		14,616			—			14,616			(14,616	)		—
Co-venture expense		(3,212	)		3,212			—			—			—
Income tax expense		(514	)		—			(514	)		—			(514	)
Gain on sale or write down of assets, net		10,915			—			10,915			2			10,917
Net income		49,434			(402	)		49,032			—			49,032
Less net income attributable to noncontrolling interests		4,212			(402	)		3,810			—			3,810
Net income attributable to the Company	$	45,222		$	—		$	45,222		$	—		$	45,222
Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	45,222		$	—		$	45,222
Equity in income of unconsolidated joint ventures								(14,616	)		14,616			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								3,810			—			3,810
Gain on sale or write down of assets, net								(10,915	)		(2	)		(10,917	)
Gain on sale of undepreciated assets, net								225			2			227
Depreciation and amortization of all property								81,459			43,640			125,099
Depreciation on personal property								(2,544	)		(549	)		(3,093	)
Total FFO—Basic and diluted							$	102,641		$	57,707		$	160,348

5

THE MACERICH COMPANY

UNAUDITED PRO RATA STATEMENT OF OPERATIONS

(Dollars in thousands)

	For the Six Months Ended June 30, 2016
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
Revenues:
Minimum rents	$	303,496		$	(16,610	)	$	286,886		$	149,743		$	436,629
Percentage rents		5,408			(101	)		5,307			2,787			8,094
Tenant recoveries		156,121			(9,425	)		146,696			59,369			206,065
Other income		30,937			(1,029	)		29,908			13,632			43,540
Management Companies' revenues		19,942			—			19,942			—			19,942
Total revenues		515,904			(27,165	)		488,739			225,531			714,270
Expenses:
Shopping center and operating expenses		153,234			(7,687	)		145,547			67,073			212,620
Management Companies' operating expenses		52,199			—			52,199			—			52,199
REIT general and administrative expenses		16,310			—			16,310			—			16,310
Depreciation and amortization		172,121			(7,425	)		164,696			85,516			250,212
Interest expense		80,971			(4,675	)		76,296			46,664			122,960
Loss on extinguishment of debt, net		3,575			—			3,575			—			3,575
Total expenses		478,410			(19,787	)		458,623			199,253			657,876
Equity in income of unconsolidated joint ventures		26,276			—			26,276			(26,276	)		—
Co-venture expense		(6,501	)		6,501			—			—			—
Income tax expense		(1,831	)		—			(1,831	)		—			(1,831	)
Gain (loss) on sale or write down of assets, net		445,371			—			445,371			(2	)		445,369
Net income		500,809			(877	)		499,932			—			499,932
Less net income attributable to noncontrolling interests		34,672			(877	)		33,795			—			33,795
Net income attributable to the Company	$	466,137		$	—		$	466,137		$	—		$	466,137
Reconciliation of net income attributable to the Company to FFO(3):
Net income attributable to the Company							$	466,137		$	—		$	466,137
Equity in income of unconsolidated joint ventures								(26,276	)		26,276			—
Adjustments to reconcile net income to FFO—basic and diluted:
Noncontrolling interests in the Operating Partnership								33,795			—			33,795
(Gain) loss on sale or write down of assets, net								(445,371	)		2			(445,369	)
Gain (loss) on sale of undepreciated assets, net								2,637			(2	)		2,635
Depreciation and amortization of all property								164,696			85,516			250,212
Depreciation on personal property								(4,995	)		(1,038	)		(6,033	)
Total FFO—Basic and diluted								190,623			110,754			301,377
Loss on extinguishment of debt, net								3,575			—			3,575
Total FFO—diluted, excluding extinguishment of debt							$	194,198		$	110,754		$	304,952

6

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. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities. The Company further believes that 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 REITs.

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.

7

THE MACERICH COMPANY

UNAUDITED PRO RATA BALANCE SHEET

(All Dollars in thousands)

	As of June 30, 2016
	Consolidated			Non- Controlling Interests(1)			Company's Consolidated Share			Company's Share of Joint Ventures(2)			Company's Total Share
ASSETS:
Property, net(3)	$	7,442,988		$	(313,015	)	$	7,129,973		$	4,404,955		$	11,534,928
Cash and cash equivalents		73,138			(6,408	)		66,730			83,150			149,880
Restricted cash		44,997			—			44,997			4,558			49,555
Tenant and other receivables, net		110,670			(18,546	)		92,124			45,842			137,966
Deferred charges and other assets, net		488,941			(5,557	)		483,384			190,130			673,514
Due from affiliates		70,615			299			70,914			2,375			73,289
Investments in unconsolidated joint ventures		1,766,330			—			1,766,330			(1,766,330	)		—
Total assets	$	9,997,679		$	(343,227	)	$	9,654,452		$	2,964,680		$	12,619,132
LIABILITIES AND EQUITY:
Mortgage notes payable	$	3,897,189		$	(230,382	)	$	3,666,807		$	2,691,390		$	6,358,197
Bank and other notes payable		1,015,323			(3,003	)		1,012,320			60,000			1,072,320
Accounts payable and accrued expenses		52,836			(2,267	)		50,569			38,089			88,658
Other accrued liabilities		372,954			(22,974	)		349,980			196,422			546,402
Distributions in excess of investment in unconsolidated joint ventures		21,221			—			21,221			(21,221	)		—
Co-venture obligation		61,055			(61,055	)		—			—			—
Total liabilities		5,420,578			(319,681	)		5,100,897			2,964,680			8,065,577
Commitments and contingencies
Equity:
Stockholders' equity:
Common stock		1,447			—			1,447			—			1,447
Additional paid-in capital		4,613,114			—			4,613,114			—			4,613,114
Accumulated deficit		(378,389	)		—			(378,389	)		—			(378,389	)
Total stockholders' equity		4,236,172			—			4,236,172			—			4,236,172
Noncontrolling interests		340,929			(23,546	)		317,383			—			317,383
Total equity		4,577,101			(23,546	)		4,553,555			—			4,553,555
Total liabilities and equity	$	9,997,679		$	(343,227	)	$	9,654,452		$	2,964,680		$	12,619,132

(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 $286,194 from the Company's consolidated share and $128,345 from its pro rata share of unconsolidated joint ventures.

8

The Macerich Company

2016 Guidance Range (Unaudited)

        Management is revising its EPS guidance and is reaffirming its previous estimate of FFO per share guidance for 2016. A reconciliation of estimated EPS to FFO per share-diluted follows:

	Year 2016 Guidance
Earnings Expectations:
Earnings per share—diluted	$3.83 - $3.93
Plus: real estate depreciation and amortization	$3.07 - $3.07
Less: gain on sale of depreciated assets	($2.85) - ($2.85)
FFO per share—diluted	$4.05 - $4.15
Underlying Assumptions to 2016 Guidance
Cash Same Center Net Operating Income ("NOI") Growth(a)	4.50% - 5.00%
Assumed acquisitions(b)	$330 million
Assumed dispositions(c)	$1.15 billion

		Year 2016 FFO / Share Impact
Lease termination income	$15 million	$0.10
Capitalized interest	$16 million	$0.10
Bad debt expense	($5 million)	($0.03	)
Loss on early extinguishment of debt(d)	($3.5 million)	($0.02	)
Dilutive impact on 2016 of assets sold in 2015 and 2016(e)	($75 million)	($0.48	)
Share repurchase program(f)	$800 million	$0.17

(a)

Excludes non cash items of straight-line and above/below market adjustments to minimum rents. Includes lease termination income.

(b)

On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The amount reflected on the above table represents the Company's share of the gross purchase price. The projected pro rata FFO from this Center is included in the 2016 Guidance Range above.

(c)

The Company contributed an interest in four properties to joint ventures in January 2016. Subsequent to the contributions, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street. On April 13, 2016, the Company sold Capitola Mall for $93 million. The amount listed above represents the gross sales proceeds before debt from these transactions.

(d)

This represents the loss on early extinguishment of the debt encumbering Arrowhead Towne Center in January 2016.

(e)

Includes approximately $0.08 dilutive impact of special dividends paid in December 2015 and January 2016 and includes approximately $0.10 dilutive impact of the difference in debt premium amortization between 2015 and 2016.

(f)

This assumes an additional $800M buy-back program during the first half of 2016 at an average share price of $80.

9

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)

	As of June 30,
	2016		2015
	dollars in millions
Straight-line rent receivable	$	76.2	$	74.8

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2016		2015		2016		2015
	dollars in millions
Lease termination income	$	5.9	$	2.8	$	9.4	$	5.4
Straight-line rental income	$	3.7	$	2.5	$	5.9	$	4.0
Gain on sales of undepreciated assets	$	0.2	$	0.1	$	2.6	$	1.1
Amortization of acquired above and below-market leases	$	5.1	$	4.8	$	9.3	$	9.2
Amortization of debt premiums	$	1.0	$	5.5	$	2.0	$	12.4
Interest capitalized	$	4.6	$	5.2	$	8.7	$	9.9

(a)

All joint venture amounts included at pro rata.

10

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures

	For the Six Months Ended
					Year Ended 12/31/15		Year Ended 12/31/14
	6/30/16		6/30/15
	dollars in millions
Consolidated Centers	​		​		​		​
Acquisitions of property and equipment	$	14.3	$	43.4	$	79.8	$	97.9
Development, redevelopment, expansions and renovations of Centers	​	72.8	​	79.0	​	218.7	​	197.9
Tenant allowances		7.8		14.2		30.4		30.5
Deferred leasing charges	​	12.8	​	16.9	​	26.8	​	26.6
Total	$	107.7	$	153.5	$	355.7	$	352.9
Unconsolidated Joint Venture Centers(a)	​		​		​		​
Acquisitions of property and equipment	$	332.0	$	151.7	$	160.0	$	158.8
Development, redevelopment, expansions and renovations of Centers	​	52.3	​	66.7	​	132.9	​	201.8
Tenant allowances		4.7		1.1		6.3		4.8
Deferred leasing charges	​	3.9	​	1.4	​	3.3	​	3.0
Total	$	392.9	$	220.9	$	302.5	$	368.4

(a)

All joint venture amounts at pro rata.

11

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
06/30/2016(b)	$567	$711	$626
06/30/2015	$586	$800	$623
12/31/2015(b)	$579	$763	$635
12/31/2014(c)	$556	$724	$587
12/31/2013(d)	$488	$717	$562
12/31/2012	$463	$629	$517

(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)

On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from sales per square foot as of June 30, 2016 and December 31, 2015.

(c)

On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Sales per square foot as of December 31, 2014.

(d)

Rotterdam Square, sold January 15, 2014, is excluded at December 31, 2013.

Sales Per Square Foot

12

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

																			% of Portfolio 2016 Forecast Pro Rata Real Estate NOI (d)
	Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 6/30/2016 (c)
Properties	6/30/2016 (a)		12/31/2015 (a)		6/30/2015 (a)		6/30/2016 (b)			12/31/2015 (b)			6/30/2015 (b)
Group 1: Top 10	​		​		​		​			​			​			​			​
Corte Madera, Village at	$	1,498	$	1,475	$	1,316		89.1	%		97.9	%		97.3	%
Queens Center	$	1,334	$	1,134	$	1,142	​	97.5	%	​	98.2	%	​	96.2	%	​	​		​	​
Washington Square	$	1,004	$	1,125	$	1,118		99.2	%		98.4	%		97.7	%
North Bridge, The Shops at	$	910	$	856	$	851	​	99.5	%	​	99.8	%	​	100.0	%	​	​		​	​
Tysons Corner Center	$	863	$	851	$	856		98.8	%		98.9	%		98.2	%
Los Cerritos Center	$	872	$	843	$	764	​	95.6	%	​	97.2	%	​	98.5	%	​	​		​	​
Biltmore Fashion Park	$	824	$	835	$	864		97.8	%		99.0	%		97.0	%
Santa Monica Place	$	782	$	786	$	809	​	84.7	%	​	90.5	%	​	92.2	%	​	​		​	​
Tucson La Encantada	$	777	$	767	$	763		94.9	%		94.8	%		92.0	%
Broadway Plaza(e)	​	n/a	​	n/a	​	n/a	​	n/a		​	n/a		​	n/a		​	​		​	​
Total Top 10:	$	978	$	957	$	939		96.4	%		97.7	%		97.2	%		13.7	%		28.2	%
Group 2: Top 11-20	​	​	​	​	​		​			​			​			​			​
Scottsdale Fashion Square	$	722	$	745	$	748		96.3	%		97.8	%		96.8	%
Arrowhead Towne Center	$	755	$	741	$	710	​	95.3	%	​	95.4	%	​	96.5	%	​	​		​	​
Fashion Outlets of Chicago	$	750	$	734	$	719		96.4	%		97.9	%		93.8	%
Kings Plaza Shopping Center	$	720	$	720	$	690	​	94.5	%	​	92.3	%	​	92.9	%	​	​		​	​
Vintage Faire Mall	$	696	$	677	$	661		94.5	%		96.7	%		96.4	%
Kierland Commons	$	662	$	670	$	687	​	98.7	%	​	98.3	%	​	97.0	%	​	​		​	​
Chandler Fashion Center	$	656	$	649	$	627		96.4	%		96.9	%		96.6	%
Green Acres Mall	$	636	$	643	$	616	​	93.5	%	​	93.2	%	​	92.3	%	​	​		​	​
Fresno Fashion Fair	$	675	$	642	$	617		94.5	%		98.1	%		98.1	%
Country Club Plaza(f)	​	n/a	​	n/a	​	n/a	​	n/a		​	n/a		​	n/a		​	​		​	​
Total Top 11-20:	$	689	$	696	$	680		94.9	%		96.3	%		95.5	%		13.1	%		28.4	%

13

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

																			% of Portfolio 2016 Forecast Pro Rata Real Estate NOI (d)
	Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 6/30/2016 (c)
Properties	6/30/2016 (a)		12/31/2015 (a)		6/30/2015 (a)		6/30/2016 (b)			12/31/2015 (b)			6/30/2015 (b)
Group 3: Top 21-30	​	​	​	​	​	​	​			​			​			​			​
Danbury Fair Mall	$	645	$	633	$	645		97.0	%		97.4	%		99.2	%
Twenty Ninth Street	$	626	$	626	$	620	​	98.7	%	​	99.3	%	​	99.3	%	​	​		​	​
Freehold Raceway Mall	$	603	$	610	$	616		97.2	%		98.7	%		98.0	%
Deptford Mall	$	575	$	580	$	595	​	97.4	%	​	95.3	%	​	93.6	%	​	​		​	​
Oaks, The	$	545	$	580	$	568		96.0	%		97.6	%		97.8	%
FlatIron Crossing	$	556	$	551	$	545	​	94.5	%	​	93.7	%	​	92.5	%	​	​		​	​
Stonewood Center	$	565	$	544	$	549		93.6	%		98.5	%		97.8	%
SanTan Village Regional Center	$	536	$	525	$	521	​	97.5	%	​	96.5	%	​	97.7	%	​	​		​	​
Victor Valley, Mall of	$	545	$	520	$	525		96.8	%		97.9	%		98.1	%
Inland Center	$	507	$	510	$	483	​	95.4	%	​	99.0	%	​	97.3	%	​	​		​	​
Total Top 21-30:	$	576	$	575	$	575		96.5	%		97.2	%		97.1	%		13.5	%		19.7	%
Group 4: Top 31-40	​	​	​	​	​	​	​			​			​			​			​
West Acres	$	504	$	501	$	512		98.9	%		99.8	%		99.7	%
Lakewood Center	$	473	$	467	$	456	​	97.1	%	​	96.3	%	​	96.6	%	​	​		​	​
Valley River Center	$	470	$	465	$	474		97.2	%		97.4	%		95.7	%
Northgate Mall	$	433	$	454	$	431	​	94.9	%	​	95.3	%	​	96.4	%	​	​		​	​
South Plains Mall	$	432	$	452	$	460		90.1	%		93.5	%		93.2	%
Pacific View	$	456	$	448	$	420	​	91.5	%	​	95.0	%	​	95.5	%	​	​		​	​
La Cumbre Plaza	$	450	$	431	$	427		86.7	%		93.1	%		94.7	%
Superstition Springs Center	$	368	$	369	$	366	​	94.7	%	​	94.1	%	​	93.1	%	​	​		​	​
Eastland Mall	$	377	$	364	$	370		95.9	%		96.8	%		92.8	%
Fashion Outlets of Niagara Falls USA	$	341	​	n/a	​	n/a	​	92.2	%	​	n/a		​	n/a		​	​		​	​
Total Top 31-40:	$	426	$	443	$	440		94.5	%		95.9	%		95.3	%		13.7	%		14.4	%
Total Top 40:	$	654	$	664	$	654		95.5	%		96.8	%		96.3	%		13.5	%		90.7	%

14

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

																			% of Portfolio 2016 Forecast Pro Rata Real Estate NOI (d)
	Sales Per Square Foot						Occupancy									Cost of Occupancy for the Trailing 12 Months Ended 6/30/2016 (c)
Properties	6/30/2016 (a)		12/31/2015 (a)		6/30/2015 (a)		6/30/2016 (b)			12/31/2015 (b)			6/30/2015 (b)
Group 5: 41-49	​	​	​	​	​	​	​			​			​			​			​
Westside Pavilion(e)
Towne Mall	​	​	​	​	​	​	​	​		​	​		​	​		​	​		​	​
Cascade Mall
Desert Sky Mall	​	​	​	​	​	​	​	​		​	​		​	​		​	​		​	​
Valley Mall
NorthPark Mall	​	​	​	​	​	​	​	​		​	​		​	​		​	​		​	​
Wilton Mall
SouthPark Mall	​	​	​	​	​	​	​	​		​	​		​	​		​	​		​	​
Paradise Valley Mall(e)
Total 41-49:	$	307	$	325	$	318		89.9	%		90.0	%		91.0	%		13.6	%		6.9	%
Subtotal—Regional Shopping Centers(g)	$	626	$	639	$	629		95.0	%		96.1	%		95.8	%		13.5	%		97.6	%
Other Properties:
Fashion Outlets of Philadelphia(e)(h)		n/a		n/a		n/a		n/a			n/a			n/a
Community / Power Centers	​	​	​	​	​	​	​			​			​			​			​
Other Non-mall Assets
Subtotal—Other Properties																				2.4	%
TOTAL ALL PROPERTIES																	13.5	%		100.0	%

15

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, 2015. On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Sales per square foot are excluded for Flagstaff Mall.
(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. Occupancy excludes Flagstaff Mall as explained in footnote (a).
(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 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on August 1, 2016, see page 9. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.
(e)	These assets are under redevelopment including demolition and reconfiguration of the Centers and tenant spaces, accordingly the Sales per square foot and Occupancy during the periods of redevelopment are not included.
(f)	On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 9 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.
(g)	Properties sold prior to June 30, 2016 are excluded in both current and prior periods above.
(h)	On July 30, 2014, the Company formed a joint venture to redevelop and rebrand The Gallery in Philadelphia, Pennsylvania as Fashion Outlets of Philadelphia.

16

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy(a)

Regional Shopping Centers: Period Ended	Consolidated Centers		Unconsolidated Joint Venture Centers		Total Centers
06/30/2016(b)	​	94.1%	​	96.2%	​	95.0%
06/30/2015(c)		95.0%		98.0%		95.5%
12/31/2015(b)	​	95.3%	​	97.8%	​	96.1%
12/31/2014(c)		95.3%		97.9%		95.8%

(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)

On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from Occupancy as of June 30, 2016 and December 31, 2015.

(c)

On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from Occupancy as of June 30, 2015 and December 31, 2014.

17

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot(a)

	Average Base Rent PSF(b)		Average Base Rent PSF on Leases Executed during the trailing twelve months ended(c)		Average Base Rent PSF on Leases Expiring(d)
Consolidated Centers	​		​		​
06/30/2016(e)	$	52.36	$	52.43	$	47.07
06/30/2015(f)	$	52.11	$	52.79	$	45.50
12/31/2015(e)	$	52.64	$	53.99	$	49.02
12/31/2014(f)	$	49.68	$	49.55	$	41.20
Unconsolidated Joint Venture Centers
06/30/2016	$	57.83	$	74.88	$	59.28
06/30/2015	$	66.85	$	79.94	$	62.76
12/31/2015	$	60.74	$	80.18	$	60.85
12/31/2014	$	63.78	$	82.47	$	64.59
All Regional Shopping Centers	​		​		​
06/30/2016(e)	$	54.00	$	57.31	$	49.38
06/30/2015(f)	$	53.62	$	55.68	$	47.38
12/31/2015(e)	$	54.32	$	57.41	$	50.29
12/31/2014(f)	$	51.15	$	54.48	$	44.66

(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.

(c)

The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)

The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

(e)

On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of June 30, 2016 and December 31, 2015.

(f)

On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Great Northern Mall is excluded from the table above as of June 30, 2015 and December 31, 2014.

18

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy

	For the trailing twelve months ended June 30, 2016(a)
				For Years Ended December 31,
				2015(a)			2014(b)
Consolidated Centers	​			​			​
Minimum rents		9.2	%		9.0	%		8.7	%
Percentage rents	​	0.4	%	​	0.4	%	​	0.4	%
Expense recoveries(c)		4.5	%		4.5	%		4.3	%
Total	​	14.1	%	​	13.9	%	​	13.4	%

	For the trailing twelve months ended June 30, 2016
				For Years Ended December 31,
				2015			2014
Unconsolidated Joint Venture Centers	​			​			​
Minimum rents		8.3	%		8.1	%		8.7	%
Percentage rents	​	0.4	%	​	0.4	%	​	0.4	%
Expense recoveries(c)		4.0	%		4.0	%		4.5	%
Total	​	12.7	%	​	12.5	%	​	13.6	%

	For the trailing twelve months ended June 30, 2016(a)
				For Years Ended December 31,
				2015(a)			2014(b)
All Centers	​			​			​
Minimum rents		8.8	%		8.7	%		8.7	%
Percentage rents	​	0.4	%	​	0.4	%	​	0.4	%
Expense recoveries(c)		4.3	%		4.3	%		4.3	%
Total	​	13.5	%	​	13.4	%	​	13.4	%

(a)

On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table above as of June 30, 2016 and December 31, 2015.

(b)

On June 30, 2015, the Company conveyed Great Northern Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded from the table above for the year ended December 31, 2014.

(c)

Represents real estate tax and common area maintenance charges.

19

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State

        Capitola Mall, sold April 13, 2016, is excluded from the table below. On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is also excluded from the table below.

State	% of Portfolio 2016 Forecast Real Estate Pro Rata NOI(a)
California		27.6	%
New York		21.2	%
Arizona		16.7	%
Colorado, Illinois & Missouri(b)		9.6	%
Pennsylvania & Virginia		7.7	%
New Jersey & Connecticut		7.5	%
Oregon & Washington		4.6	%
Other(c)		5.1	%
Total		100.0	%

(a)

The percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI is based on guidance provided on August 1, 2016, see page 9. Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Real Estate NOI also does not reflect REIT expenses and Management Company revenues and expenses. See the Company's forward-looking statements disclosure on page 1 for factors that may affect the information provided in this column.

(b)

On March 1, 2016, the Company purchased Country Club Plaza located in Kansas City, Missouri in a 50/50 joint venture. The pro rata NOI from this Center is included in the 2016 Guidance Range presented on page 9 and in the percentage of Portfolio 2016 Forecast Pro Rata Real Estate NOI in the table above.

(c)

"Other" includes Indiana, Iowa, Kentucky, North Dakota and Texas.

20

The Macerich Company

Property Listing

June 30, 2016

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company. On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Flagstaff Mall is excluded from the table below.

Count		Company's Ownership(a)	Name of Center/Location	Year of Original Construction/ Acquisition		Year of Most Recent Expansion/ Renovation		Total GLA(b)
		CONSOLIDATED CENTERS:
	1	100%	Cascade Mall Burlington, Washington		1989/1999		1998		589,000
	2	50.1%	Chandler Fashion Center Chandler, Arizona		2001/2002		—		1,319,000
	3	100%	Danbury Fair Mall Danbury, Connecticut		1986/2005		2010		1,270,000
	4	100%	Desert Sky Mall Phoenix, Arizona		1981/2002		2007		890,000
	5	100%	Eastland Mall(d) Evansville, Indiana		1978/1998		1996		1,044,000
	6	100%	Fashion Outlets of Chicago Rosemont, Illinois		2013/—		—		538,000
	7	100%	Fashion Outlets of Niagara Falls USA Niagara Falls, New York		1982/2011		2014		686,000
	8	50.1%	Freehold Raceway Mall Freehold, New Jersey		1990/2005		2007		1,670,000
	9	100%	Fresno Fashion Fair Fresno, California		1970/1996		2006		963,000
	10	100%	Green Acres Mall(d) Valley Stream, New York		1956/2013		2007		1,799,000
	11	100%	Inland Center(d) San Bernardino, California		1966/2004		2004		867,000
	12	100%	Kings Plaza Shopping Center(d) Brooklyn, New York		1971/2012		2002		1,190,000
	13	100%	La Cumbre Plaza(d) Santa Barbara, California		1967/2004		1989		493,000
	14	100%	Northgate Mall San Rafael, California		1964/1986		2010		750,000
	15	100%	NorthPark Mall Davenport, Iowa		1973/1998		2001		1,051,000
	16	100%	Oaks, The Thousand Oaks, California		1978/2002		2009		1,190,000
	17	100%	Pacific View Ventura, California		1965/1996		2001		1,021,000
	18	100%	Queens Center(d) Queens, New York		1973/1995		2004		964,000
	19	100%	Santa Monica Place Santa Monica, California		1980/1999		2015		517,000
	20	84.9%	SanTan Village Regional Center Gilbert, Arizona		2007/—		2009		1,047,000
	21	100%	SouthPark Mall Moline, Illinois		1974/1998		2014		856,000
	22	100%	Stonewood Center(d) Downey, California		1953/1997		1991		932,000
	23	100%	Superstition Springs Center Mesa, Arizona		1990/2002		2002		1,040,000

21

The Macerich Company

Property Listing

June 30, 2016

Count		Company's Ownership(a)	Name of Center/Location	Year of Original Construction/ Acquisition		Year of Most Recent Expansion/ Renovation		Total GLA(b)
	24	100%	Towne Mall Elizabethtown, Kentucky		1985/2005		1989		350,000
	25	100%	Tucson La Encantada Tucson, Arizona		2002/2002		2005		243,000
	26	100%	Valley Mall Harrisonburg, Virginia		1978/1998		1992		506,000
	27	100%	Valley River Center Eugene, Oregon		1969/2006		2007		921,000
	28	100%	Victor Valley, Mall of Victorville, California		1986/2004		2012		577,000
	29	100%	Vintage Faire Mall Modesto, California		1977/1996		2008		1,141,000
	30	100%	Wilton Mall Saratoga Springs, New York		1990/2005		1998		737,000
			Total Consolidated Centers						27,161,000
	UNCONSOLIDATED JOINT VENTURE CENTERS:
	31	60%	Arrowhead Towne Center(c) Glendale, Arizona		1993/2002		2004		1,197,000
	32	50%	Biltmore Fashion Park Phoenix, Arizona		1963/2003		2006		516,000
	33	50.1%	Corte Madera, Village at Corte Madera, California		1985/1998		2005		460,000
	34	50%	Country Club Plaza Kansas City, Missouri		1922/2016		2015		983,000
	35	51%	Deptford Mall(c) Deptford, New Jersey		1975/2006		1990		1,040,000
	36	51%	FlatIron Crossing(c) Broomfield, Colorado		2000/2002		2009		1,432,000
	37	50%	Kierland Commons Scottsdale, Arizona		1999/2005		2003		438,000
	38	60%	Lakewood Center Lakewood, California		1953/1975		2008		2,075,000
	39	60%	Los Cerritos Center(d) Cerritos, California		1971/1999		2016		1,294,000
	40	50%	North Bridge, The Shops at(d) Chicago, Illinois		1998/2008		—		660,000
	41	50%	Scottsdale Fashion Square Scottsdale, Arizona		1961/2002		2015		1,812,000
	42	60%	South Plains Mall Lubbock, Texas		1972/1998		2016		1,127,000
	43	51%	Twenty Ninth Street(c)(d) Boulder, Colorado		1963/1979		2007		853,000
	44	50%	Tysons Corner Center Tysons Corner, Virginia		1968/2005		2005		1,971,000
	45	60%	Washington Square Portland, Oregon		1974/1999		2005		1,442,000
	46	19%	West Acres Fargo, North Dakota		1972/1986		2001		971,000
			Total Unconsolidated Joint Venture Centers						18,271,000

22

The Macerich Company

Property Listing

June 30, 2016

Count		Company's Ownership(a)	Name of Center/Location	Year of Original Construction/ Acquisition		Year of Most Recent Expansion/ Renovation		Total GLA(b)
	REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT:
	47	50%	Broadway Plaza(d)(e) Walnut Creek, California		1951/1985		1994		921,000
	48	50%	Fashion Outlets of Philadelphia(d)(e) Philadelphia, Pennsylvania		1977/2014		1990		850,000
	49	100%	Paradise Valley Mall(f) Phoenix, Arizona		1979/2002		2009		1,150,000
	50	100%	Westside Pavilion(f) Los Angeles, California		1985/1998		2007		755,000
			Total Regional Shopping Centers						49,108,000
	COMMUNITY / POWER CENTERS:
	1	50%	Atlas Park, The Shops at(e) Queens, New York		2006/2011		2013		371,000
	2	50%	Boulevard Shops(e) Chandler, Arizona		2001/2002		2004		185,000
	3	40.1%	Estrella Falls, The Market at(e) Goodyear, Arizona		2009/—		2009		225,000
	4	89.4%	Promenade at Casa Grande(f) Casa Grande, Arizona		2007/—		2009		761,000
	5	100%	Southridge Center(f) Des Moines, Iowa		1975/1998		2013		823,000
	6	100%	Superstition Springs Power Center(f) Mesa, Arizona		1990/2002		—		206,000
	7	100%	The Marketplace at Flagstaff Mall(d)(f) Flagstaff, Arizona		2007/—		—		268,000
			Total Community / Power Centers						2,839,000
	OTHER ASSETS:
		100%	Various(f)(g)						401,000
		100%	500 North Michigan Avenue(f) Chicago, Illinois						326,000
		50%	Valencia Place at Country Club Plaza(e) Kansas City, Missouri						263,000
		50%	Fashion Outlets of Philadelphia-Offices(d)(e) Philadelphia, Pennsylvania						526,000
		100%	Paradise Village Ground Leases(f) Phoenix, Arizona						53,000
		100%	Paradise Village Office Park II(f) Phoenix, Arizona						46,000
		50%	Scottsdale Fashion Square-Office(e) Scottsdale, Arizona						122,000
		50%	Tysons Corner Center-Office(e) Tysons Corner, Virginia						175,000
		50%	Hyatt Regency Tysons Corner Center(e) Tysons Corner, Virginia						290,000
		50%	VITA Tysons Corner Center(e) Tysons Corner, Virginia						510,000
		50%	Tysons Tower(e) Tysons Corner, Virginia						528,000
			Total Other Assets						3,240,000
			Grand Total at June 30, 2016						55,187,000

23

The Macerich Company

Property Listing

June 30, 2016

(a)

The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) on page 25 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 June 30, 2016.

(c)

The Company contributed an interest in these four properties to joint ventures in January 2016. Subsequent to the contribution, the Company retained a 60.0% interest in Arrowhead Towne Center and a 51.0% interest in Deptford Mall, FlatIron Crossing and Twenty Ninth Street.

(d)

Portions of the land on which the Center is situated are subject to one or more long-term ground leases. With respect to 44 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.

(e)

Included in Unconsolidated Joint Venture Centers.

(f)

Included in Consolidated Centers.

(g)

The Company owns seven stores located at shopping centers not owned by the Company. Of these seven stores, two are leased to Forever 21, one is leased to Kohl's, one is vacant and three have been leased for non-Anchor uses. With respect to four of the seven stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.

24

The Macerich Company

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 June 30, 2016.

Properties	6/30/2016 Legal Ownership(a)		6/30/2016 Economic Ownership(b)		Joint Venture	6/30/2016 Total GLA(c)
Arrowhead Towne Center		60%		60%	New River Associates LLC		1,197,000
Atlas Park, The Shops at		50%		50%	WMAP, L.L.C.		371,000
Biltmore Fashion Park		50%		50%	Biltmore Shopping Center Partners LLC		516,000
Boulevard Shops		50%		50%	Propcor II Associates, LLC		185,000
Broadway Plaza		50%		50%	Macerich Northwestern Associates		921,000
Chandler Fashion Center(d)		50.1%		50.1%	Freehold Chandler Holdings LP		1,319,000
Corte Madera, Village at		50.1%		50.1%	Corte Madera Village, LLC		460,000
Country Club Plaza		50%		50%	Country Club Plaza KC Partners LLC		983,000
Deptford Mall		51%		51%	Macerich HHF Centers LLC		1,040,000
Estrella Falls, The Market at(e)		40.1%		40.1%	The Market at Estrella Falls LLC		225,000
FlatIron Crossing		51%		51%	Macerich HHF Centers LLC		1,432,000
Freehold Raceway Mall(d)		50.1%		50.1%	Freehold Chandler Holdings LP		1,670,000
Fashion Outlets of Philadelphia		50%		50%	Various Entities		850,000
Fashion Outlets of Philadelphia-Offices		50%		50%	Various Entities		526,000
Hyatt Regency Tysons Corner Center		50%		50%	Tysons Corner Hotel I LLC		290,000
Kierland Commons		50%		50%	Kierland Commons Investment LLC		438,000
Lakewood Center		60%		60%	Pacific Premier Retail LLC		2,075,000
Los Cerritos Center		60%		60%	Pacific Premier Retail LLC		1,294,000
North Bridge, The Shops at		50%		50%	North Bridge Chicago LLC		660,000
Promenade at Casa Grande(f)		89.4%		89.4%	WP Casa Grande Retail LLC		761,000
SanTan Village Regional Center		84.9%		84.9%	Westcor SanTan Village LLC		1,047,000
Scottsdale Fashion Square		50%		50%	Scottsdale Fashion Square Partnership		1,812,000
Scottsdale Fashion Square-Office		50%		50%	Scottsdale Fashion Square Partnership		122,000
Sears Stores(g)		50%		50%	MS Portfolio LLC		1,550,000
South Plains Mall		60%		60%	Pacific Premier Retail LLC		1,127,000
Twenty Ninth Street		51%		51%	Macerich HHF Centers LLC		853,000
Tysons Corner Center		50%		50%	Tysons Corner LLC		1,971,000
Tysons Corner Center-Office		50%		50%	Tysons Corner Property LLC		175,000
Tysons Tower		50%		50%	Tysons Corner Property LLC		528,000
Valencia Place at Country Club Plaza		50%		50%	TM TRS Holding Company LLC		263,000
VITA Tysons Corner Center		50%		50%	Tysons Corner Property LLC		510,000
Washington Square		60%		60%	Pacific Premier Retail LLC		1,442,000
West Acres		19%		19%	West Acres Development, LLP		971,000

(a)

This column reflects the Company's legal ownership in the listed properties as of June 30, 2016. 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 June 30, 2016, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage

25

The Macerich Company

Joint Venture List

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 June 30, 2016.

(d)

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 and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.

(e)

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.

(f)

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 with the Company 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.

(g)

On April 30, 2015 Sears Holdings Corporation ("Sears") and the Company announced that they had formed a joint venture, MS Portfolio LLC. Sears contributed nine stores (located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square) to the joint venture and the Company contributed $150 million in cash to the joint venture. The lease arrangements between Sears and the joint venture provide the ability to create additional value through recapturing certain space leased to Sears in these properties and re-leasing that space to third-party tenants. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC.

26

The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary (at Company's pro rata share)

	As of June 30, 2016
	Fixed Rate			Floating Rate			Total
	dollars in thousands
Consolidated debt	$	3,339,769		$	1,339,358		$	4,679,127
Unconsolidated debt		2,582,554			168,836			2,751,390
Total debt	$	5,922,323		$	1,508,194		$	7,430,517
Weighted average interest rate		3.86	%		2.20	%		3.52	%
Weighted average maturity (years)								6.0

27

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

	As of June 30, 2016
Center/Entity (dollars in thousands)	Maturity Date		Effective Interest Rate(a)			Fixed		Floating		Total Debt Balance(a)
I. Consolidated Assets:
Flagstaff Mall(b)		11/01/15		8.97	%	$	37,000	$	—	$	37,000
Stonewood Center		11/01/17		1.80	%		102,543		—		102,543
Freehold Raceway Mall(c)		01/01/18		4.20	%		111,604		—		111,604
Santa Monica Place		01/03/18		2.99	%		222,209		—		222,209
SanTan Village Regional Center(d)		06/01/19		3.14	%		109,671		—		109,671
Chandler Fashion Center(c)		07/01/19		3.77	%		100,100		—		100,100
Kings Plaza Shopping Center		12/03/19		3.67	%		461,659		—		461,659
Danbury Fair Mall		10/01/20		5.53	%		219,050		—		219,050
Fashion Outlets of Niagara Falls USA		10/06/20		4.89	%		117,203		—		117,203
Green Acres Mall		02/03/21		3.61	%		300,909		—		300,909
Prasada(e)		05/30/21		5.25	%		3,004		—		3,004
Tucson La Encantada		03/01/22		4.23	%		69,260		—		69,260
Pacific View		04/01/22		4.08	%		128,723		—		128,723
Oaks, The		06/05/22		4.14	%		203,418		—		203,418
Westside Pavilion		10/01/22		4.49	%		145,275		—		145,275
Towne Mall		11/01/22		4.48	%		21,765		—		21,765
Victor Valley, Mall of		09/01/24		4.00	%		114,529		—		114,529
Queens Center		01/01/25		3.49	%		600,000		—		600,000
Vintage Faire		03/06/26		3.55	%		271,847		—		271,847
Total Fixed Rate Debt for Consolidated Assets				3.86	%	$	3,339,769	$	—	$	3,339,769
Superstition Springs Center		10/28/16		2.27	%	$	—	$	67,599	$	67,599
Northgate Mall		03/01/17		3.35	%		—		63,662		63,662
The Macerich Partnership, L.P.—Line of Credit(f)		08/06/18		2.13	%		—		1,009,316		1,009,316
Fashion Outlets of Chicago		03/31/20		2.10	%		—		198,781		198,781
Total Floating Rate Debt for Consolidated Assets				2.19	%	$	—	$	1,339,358	$	1,339,358
Total Debt for Consolidated Assets				3.38	%	$	3,339,769	$	1,339,358	$	4,679,127

28

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

	As of June 30, 2016
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):
West Acres (19%)		10/01/16		6.41	%	$	10,416		$	—		$	10,416
Corte Madera, The Village at (50.1%)(g)		11/01/16		7.27	%		36,893			—			36,893
FlatIron Crossing (51%)		01/05/21		2.81	%		133,798			—			133,798
Washington Square Mall (60%)		11/01/22		3.65	%		330,000			—			330,000
Deptford Mall (51%)		04/03/23		3.55	%		98,892			—			98,892
Scottsdale Fashion Square (50%)		04/03/23		3.02	%		244,468			—			244,468
Tysons Corner Center (50%)		01/01/24		4.13	%		402,785			—			402,785
South Plains Mall (60%)		11/06/25		4.22	%		120,000			—			120,000
Twenty Ninth Street (51%)		02/06/26		4.10	%		76,500			—			76,500
Country Club Plaza (50%)		04/01/26		3.88	%		159,537			—			159,537
Lakewood Center (60%)		06/01/26		4.15	%		227,324			—			227,324
Los Cerritos Center (60%)		11/01/27		4.00	%		315,000			—			315,000
Arrowhead Towne Center (60%)		02/01/28		4.05	%		240,000			—			240,000
North Bridge, The Shops at (50%)		06/01/28		3.71	%		186,941			—			186,941
Total Fixed Rate Debt for Unconsolidated Assets				3.86	%	$	2,582,554		$	—		$	2,582,554
Kierland Commons (50%)(h)		01/02/18		2.53	%	$	—		$	65,706		$	65,706
Boulevard Shops (50%)(h)		12/16/18		2.34	%		—			9,662			9,662
Estrella Falls, The Market at (40.1%)(h)		02/05/20		2.47	%		—			10,303			10,303
Atlas Park (50%)(h)		10/28/20		2.78	%		—			23,165			23,165
Pacific Premier Retail LLC (60%)		10/31/22		1.66	%		—			60,000			60,000
Total Floating Rate Debt for Unconsolidated Assets				2.24	%	$	—		$	168,836		$	168,836
Total Debt for Unconsolidated Assets				3.76	%	$	2,582,554		$	168,836		$	2,751,390
Total Debt				3.52	%	$	5,922,323		$	1,508,194		$	7,430,517
Percentage to Total							79.70	%		20.30	%		100.00	%

(a)

The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs 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 table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.

(b)

On July 15, 2016, the Company conveyed Flagstaff Mall to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the non-recourse mortgage note payable.

(c)

This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.1%.

(d)

This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 84.9%.

(e)

This property is owned by a consolidated joint venture. The above debt balance represents the Company's pro rata share of 50.0%.

(f)

On July 6, 2016, the Company amended and restated its $1.5 billion line of credit. The new revolving $1.5 billion facility bears interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage levels, and matures on July 6, 2020, with a one-year extension option. The interest rate in effect at closing was LIBOR plus 1.33%. The facility may be increased up to an additional $500 million, subject to the receipt of lender commitments and other conditions.

(g)

The Company's joint venture has entered into a commitment for a $225 million refinance at a fixed rate of 3.50% for twelve years.The Company's 50.1% share of the commitment is $112.7 million.

(h)

The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

29

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of June 30, 2016

In-Process Developments and Redevelopments:

Property	Project Type	Total Cost(a)(b) at 100%	Ownership %			Total Cost(a)(b) Pro Rata	Pro Rata Capitalized Costs(b) 6/30/2016	Expected Delivery(a)	Stabilized Yield(a)(b)(c)
Broadway Plaza Walnut Creek, CA	Expansion of existing open air center adding 235,000 sf (net) of new shop space to existing 774,000 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 : $265 * Phase 2 : $40	​	50	%	* Phase 1 : $133 * Phase 2 : $20	* Phase 1 : $109 * Phase 2 : $6	* 25% 4Q15 * 50% 2Q16 * 25% 2Q17/2Q18	8%
		Total: $305	​			Total: $153	Total: $115
Green Acres Commons Valley Stream, NY	335,000 sf two-story retail center anchored by Dicks Sporting Goods, and comprised of box retail stores and outparcels adjacent to Green Acres Mall	$110		100	%	$110	$86	4Q16	11%
Fashion Outlets of Philadelphia Philadelphia, PA	Redevelopment of The Gallery in downtown Philadelphia	$305 - $365(d)(e)	​	50	%	$153 - $183(d)(e)	$37	2018	8%(e)
Kings Plaza Shopping Center Brooklyn, NY	250,000 sf redevelopment of existing Sears store, anchored by Primark	$95 - $100		100	%	$95 - $100	$3	2018	4%(f)
Total In-Process	​	$815 - $880	​	​		$511 - $546	$241	​	​

30

The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development Pipeline Forecast
(Dollars in millions)
as of June 30, 2016

Shadow Pipeline of Developments and Redevelopments(g):

Property	Project Type	Total Cost(a)(b) at 100%		Ownership %			Total Cost(a)(b) Pro Rata		Pro Rata Capitalized Costs(b) 6/30/2016		Expected Delivery(a)		Stabilized Yield(a)(b)(c)
Fashion Outlets of San Francisco San Francisco, CA	A 500,000 sf outlet center on the historic site of Candlestick Park	$	350	​	50.1	%	$	175	$	2	​	2018 - 2019	7% - 9%
Paradise Valley Mall Phoenix, AZ	Redevelopment (size TBD) including a theater		TBD		100	%		TBD	$	1		TBD	TBD
Scottsdale Fashion Square Scottsdale, AZ	Office / Residential / Retail Mixed-use development on 7.5 Acres (former Days Inn)	$	250	​	50	%	$	125	$	1	​	2018 - 2019	8%
Tysons Corner Center Tysons Corner, VA	Mixed-use Development, Residential Tower with retail ground floor.	$	165		50	%	$	83	$	1		2018 - 2019	7% - 8%
Westside Pavilion Los Angeles, CA	Redevelopment of an existing 755,000 sf Center	​	TBD	​	100	%	​	TBD	$	1	​	TBD	TBD
Total Shadow Pipeline		$	765				$	383	$	6

(a)

Much of this information is estimated and may change from time to time. See the Company's forward-looking 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 reflects incremental project costs and income subsequent to the Company's $106.8 million investment in July 2014.

(e)

Total Costs are net of $15 million of approved public financing grants that will be a reduction of costs, but do not include additional pending grants totaling $30 million, which if received will further reduce Total Costs to $275 Million to $335 Million.

(f)

The Sears lease has been terminated. The 4% yield represents an incremental return over Sears former annual rent. The yield would increase to 8% without including any offsetting rent impact from Sears.

(g)

This section includes potential developments or redevelopments that the Company is considering. The scope of these projects may change. Average returns are expected to be 7% to 9%. There is no certainty that the Company will develop or redevelop any or all of these potential projects.

31

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 2016, 2015 and 2014 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, 2014	$	62.41	$	55.21	$	0.62
June 30, 2014	$	68.28	$	61.66	$	0.62
September 30, 2014	$	68.81	$	62.62	$	0.62
December 31, 2014	$	85.55	$	63.25	$	0.65
March 31, 2015	$	95.93	$	81.61	$	0.65
June 30, 2015	$	86.31	$	74.51	$	0.65
September 30, 2015	$	81.52	$	71.98	$	0.65
December 31, 2015	$	86.29	$	74.55	$	2.68	(a)
March 31, 2016	$	82.88	$	72.99	$	2.68	(a)
June 30, 2016	$	85.39	$	71.82	$	0.68

(a)

Includes a special dividend of $2.00 per common share paid on December 8, 2015. Separately, the Company also paid a special dividend of $2.00 per common share on January 6, 2016.

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: 424-229-3366
jean.wood@macerich.com John Perry
Senior Vice President, Investor Relations
Phone: 424-229-3345
john.perry@macerich.com

32