The Macerich Company (MAC) S-3ASR Automatic shelf registration

Exhibit 12.1

	Six Months Ended June 30, 2017			For the Years Ended December 31,
				2016			2015			2014			2013			2012
Earnings:
Pretax income (loss) from continuing operations (1)	$	26,947		$	94,945		$	84,505		$	64,501		$	24,035		$	(2,441	)
Adjustments Added:
Distibutions from unconsolidated joint ventures		82,274			117,822			55,740			80,634			159,029			150,922
Fixed charges (see below)		91,322			177,289			228,952			206,904			211,602			177,989
Adjustments Subtracted:
Interest Capitalized		(5,977	)		(10,316	)		(13,052	)		(12,559	)		(10,829	)		(10,703	)
Total Earnings	$	194,566		$	379,740		$	356,145		$	339,480		$	383,837		$	315,767
Fixed Charges:
Interest expense (2)	$	85,345		$	166,973		$	215,900		$	194,345		$	200,773		$	167,286
Capitalized interest		5,977			10,316			13,052			12,559			10,829			10,703
Total Fixed Charges	$	91,322		$	177,289		$	228,952		$	206,904		$	211,602		$	177,989
Ratio of Earnings to Fixed Charges		2.13			2.14			1.56			1.64			1.81			1.77
Interest Expense
Ground Rent Expense		5,168			9,894			11,870			10,968			10,579			8,681
Imputed percent as interest		33.33	%		33.33	%		33.33	%		33.33	%		33.33	%		33.33	%
Interest in Ground Rent		1,723			3,298			3,957			3,656			3,526			2,894
Interest Expense as Reported		83,622			163,675			211,943			190,689			197,247			164,392
		85,345			166,973			215,900			194,345			200,773			167,286