0000912242FALSE00009122422022-07-282022-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2022

THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)

Maryland1-1250495-4448705
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code (310) 394-6000

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock of The Macerich Company, $0.01 par value per shareMACThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 28, 2022, The Macerich Company (the “Company) released its financial results for the three and six months ended June 30, 2022 by posting to its website a financial supplement containing financial and operating information of the Company (“Earnings Results & Supplemental Information”) and such Earnings Results & Supplemental Information is furnished as Exhibit 99.1 hereto.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 7.01    REGULATION FD DISCLOSURE.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

(a), (b) and (c) Not applicable.

(d) Exhibit.

Exhibit Index attached hereto and incorporated herein by reference.

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EXHIBIT INDEX



EXHIBIT
NUMBER
NAME
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MACERICH COMPANY
By: Scott W. Kingsmore
July 28, 2022
/s/ Scott W. Kingsmore
DateSenior Executive Vice President,
Chief Financial Officer
and Treasurer
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Document
Exhibit 99.1

Earnings Results & Supplemental Information
For the Three and Six Months Ended June 30, 2022

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The Macerich Company
Earnings Results & Supplemental Information
For the Three and Six Months Ended June 30, 2022
Table of Contents

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

Page No.
Trailing Twelve Month Sales Per Square Foot


The Macerich Company
Executive Summary
June 30, 2022


macerich-blk.jpg

We own 48 million square feet of real estate consisting primarily of interests in 44 regional town centers that serve as community cornerstones. As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, our portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. We are firmly dedicated to advancing environmental goals, social good and sound corporate governance. As a recognized leader in sustainability, The Macerich Company (the “Company”) has achieved a #1 GRESB ranking for the North American retail sector for seven straight years (2015-2021).

General Updates:

Despite macro issues impacting the U.S. and global economies, the fundamentals of our business remained resilient during the first half of 2022. Most importantly, tenant demand to both retain existing locations and open new locations in our regional town centers remains strong despite the prevailing macro environment. During the second quarter of 2022, we signed 27% more new and renewal leases for 74% more square footage than we signed during the second quarter of 2021. Through the first six months of 2022, portfolio comparable tenant sales from spaces less than 10,000 square feet were 7.6% higher than the same period in 2021, compared to 2.2% higher for the second quarter of 2022 relative to the same period in 2021. Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2022 were $860, which is a record high for the Company.


Financial Results for the Quarter:

The net loss attributable to the Company was $15.4 million or $0.07 per share-diluted during the second quarter of 2022, compared to the net loss attributable to the Company of $11.8 million or $0.06 per share-diluted attributable to the Company for the quarter ended June 30, 2021.

Funds from Operations (“FFO”), excluding financing expense in connection with Chandler Freehold was $102.9 million or $0.46 per share-diluted during the second quarter of 2022, compared to $127.6 million or $0.59 per share-diluted for the quarter ended June 30, 2021. This $0.13 per share FFO decline was primarily due to: (i) positive mark-to-market valuation adjustments in the second quarter of 2021 from retail venture capital funds in which the Company has invested that did not re-occur in 2022, and (ii) significant gains recognized from various land sales during the second quarter of 2021, which collectively contributed to an approximate $0.16 per share decrease in FFO.

Same center net operating income (“NOI”), excluding lease termination income, increased 5.4% in the second quarter of 2022 compared to the second quarter of 2021. This percentage increased to 7.8% when including lease termination income.


Operations:

Portfolio occupancy as of June 30, 2022 was 91.8%, a 2.4% increase compared to the 89.4% occupancy rate at June 30, 2021, and a 0.5% sequential increase compared to the 91.3% occupancy rate at March 31, 2022.

Portfolio sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2022 were $860, which is an all-time, record high for the Company.

During the second quarter of 2022, we signed 274 new and renewal leases for 1.2 million square feet, compared to 216 new and renewal leases and 686,000 square feet during the second quarter of 2021. This represented a 27% increase in the number of leases signed and a 74% increase in the square footage of leases signed.

Re-leasing spreads were 0.6% greater than expiring base rent for the twelve months ended June 30, 2022.


Redevelopment:

We continue to focus on redevelopment and re-positioning of our top quality regional town centers. Some highlights include:

We continue to secure entitlements and/or plan transformative projects to redevelop: the former Bloomingdale’s and Arclight Theater spaces at Santa Monica Place with entertainment and office uses; the former Lord & Taylor parcel at Tysons Corner Center with mixed uses and possibly flagship retail uses; FlatIron Crossing in Broomfield, Colorado with a multi-phased, mixed-
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The Macerich Company
Executive Summary
June 30, 2022
use densification expansion for which we secured entitlements in late 2021; and Kierland Commons in Phoenix, Arizona for an expansion to add multi-family and office buildings to this amenity-rich lifestyle property in northeast Phoenix.

As recently announced, we are working with the Philadelphia 76ers organization and other Philadelphia business leaders to redevelop a portion of Fashion District of Philadelphia into 76 Place, a privately-funded, purpose built sports and entertainment arena. The project, currently in the planning stages, is expected to be completed in time for the 2031 – 2032 NBA season. Ground-breaking on the development is not expected to start for several years. If successful, this redevelopment is expected to be an extremely transformative venture for Fashion District of Philadelphia and the larger Center City area.


Balance Sheet:

During 2022, our mortgage refinancing and extension activity has included the following: on February 2, we closed a $175 million refinance of FlatIron Crossing; on April 29, we closed a $72 million refinance of Pacific View; on May 6, we secured a two-year extension of the $168 million loan on The Oaks; and on July 1, we recently closed a one-year extension of the $164 million loan on Danbury Fair Mall. Despite the continued disruption to the financing market stemming first from the pandemic and more recently from the prevailing inflationary environment, we have successfully secured all requested extensions from both balance sheet lenders and CMBS lenders/servicers spanning nine loan extensions and totaling over $1.6 billion of debt since September 2020.

As of the date of this filing, we have over $630 million of liquidity, including unrestricted cash on hand totaling over $170 million, with the balance representing available capacity on our revolving line of credit.

As of June 30, 2022, total debt including our pro-rata share of joint ventures was $6.86 billion at a weighted average annual effective interest rate of 4.01%.


2022 Earnings Guidance:

At this time, we are narrowing the ranges of our 2022 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. We are also increasing the guidance range midpoint for estimated 2022 FFO per share-diluted, excluding financing expense in connection with Chandler Freehold, and we are decreasing the guidance range midpoint for estimated 2022 EPS-diluted. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold:
Fiscal Year 2022
Guidance
EPS-diluted($0.21)-($0.09)
Plus: real estate depreciation and amortization1.89 -1.89 
Plus: loss on sale or write-down of depreciable assets 0.17 -0.17 
FFO per share-diluted1.85 -1.97 
Plus: impact of financing expense in connection with Chandler Freehold0.07 -0.07 
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold$1.92 -$2.04 

This guidance assumes no further government-mandated shutdowns of our properties. It does not assume any sale of common equity during 2022. These estimates do not include possible future gains or losses or the impact on operating results from possible future property acquisitions or dispositions, other than land sales. There can be no assurance that our actual results will not differ from the estimates set forth above.

More details of the guidance assumptions are included on page 16.


Dividend:

On July 20, 2022, we declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on September 8, 2022 to stockholders of record at the close of business on August 19, 2022.


Investor Conference Call:

We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The Macerich Company’s website at www.macerich.com (Investors Section). The call begins on July 28, 2022 at 10:00 a.m. Pacific Time. To listen to the call, please visit the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.

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The Macerich Company
Executive Summary
June 30, 2022
About Macerich and this Document:

The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional town centers 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”) and conducts all of its operations through the Operating Partnership and the Company’s management companies.

As of June 30, 2022, the Operating Partnership owned or had an ownership interest in 48 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 44 regional town centers, five community/power shopping centers and two redevelopment properties. These 51 centers (which include any adjoining mixed-use improvements) are referred to hereinafter as the “Centers” unless the context requires otherwise.

All references to the Company in this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

The Company presents certain measures in this document on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.

Note: This document contains statements that constitute forward-looking statements which can be identified by the use of words, such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, 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, as well as global, national, regional and local 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 and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including rising inflation, supply chain disruptions and construction delays), and acquisitions and dispositions; the continuing adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. 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, 2021 for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. 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.
(See attached tables)

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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
UnauditedUnaudited
2022202120222021
Revenues:
Leasing revenue$188,590 $196,987 $392,002 $376,522 
Other income8,081 11,855 14,408 17,176 
Management Companies’ revenues7,420 6,631 13,825 12,199 
Total revenues204,091 215,473 420,235 405,897 
Expenses:
Shopping center and operating expenses69,728 67,655 142,648 143,810 
Management Companies’ operating expenses17,746 15,021 34,691 29,864 
Leasing expenses8,148 6,637 15,759 11,803 
REIT general and administrative expenses6,441 6,679 13,303 14,766 
Depreciation and amortization72,458 77,630 145,314 156,026 
Interest expense (a)53,189 54,914 105,050 108,810 
Total expenses227,710 228,536 456,765 465,079 
Equity in income (loss) of unconsolidated joint ventures6,353 20,035 (22,744)21,945 
Income tax benefit (expense)670 (7,107)(1,129)(9,345)
(Loss) gain on sale or write down of assets, net(1,091)(3,927)5,362 (25,210)
Net loss (17,687)(4,062)(55,041)(71,792)
Less net (loss) income attributable to noncontrolling interests(2,303)7,703 (2,475)3,577 
     Net loss attributable to the Company$(15,384)$(11,765)$(52,566)$(75,369)
Weighted average number of shares outstanding—basic214,990 205,757 214,905 182,299 
Weighted average shares outstanding, assuming full conversion of OP Units (b)223,649 215,576 223,576 192,633 
Weighted average shares outstanding—Funds From Operations (“FFO”)—
diluted (b)
223,649 215,576 223,576 192,633 
Earnings per share (“EPS”)—basic$(0.07)$(0.06)$(0.25)$(0.42)
EPS—diluted$(0.07)$(0.06)$(0.25)$(0.42)
Dividend paid per share$0.15 $0.15 $0.30 $0.30 
FFO—basic and diluted (b) (c)$93,710 $123,447 $198,575 $196,450 
FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$102,850 $127,594 $215,221 $203,148 
FFO per share—basic and diluted (b) (c)$0.42 $0.57 $0.89 $1.02 
FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$0.46 $0.59 $0.96 $1.05 



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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(a)The Company accounts for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture as a financing arrangement. As a result, the Company has included in interest expense (i) an expense of $7,241 and $9,785 to adjust for the change in the fair value of the financing arrangement obligation during the three and six months ended June 30, 2022, respectively; and a credit of $1,439 and $2,302 to adjust for the change in the fair value of the financing arrangement obligation during the three and six months ended June 30, 2021, respectively; (ii) distributions of ($248) and $249 to its partner representing the partner's share of net (loss) income for the three and six months ended June 30, 2022, respectively; and ($1,193) and ($2,425) to its partner representing the partner's share of net loss for the three and six months ended June 30, 2021, respectively; and (iii) distributions of $1,899 and $6,861 to its partner in excess of the partner's share of net income for the three and six months ended June 30, 2022, respectively; and $5,586 and $9,000 to its partner in excess of the partner's share of net income for the three and six months ended June 30, 2021, respectively.

(b)The Operating Partnership has operating partnership units (“OP units”). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

(c)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 sales of 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.

The Company accounts for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excludes the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income.

The Company also presents FFO excluding financing expense in connection with Chandler Freehold.

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. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold and non-routine costs associated with extinguishment of debt provide useful supplemental information regarding the Company’s performance as they show a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s results. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of 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.

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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)



Reconciliation of net loss attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted, excluding financing expense in connection with Chandler Freehold (c):

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
UnauditedUnaudited
2022202120222021
Net loss attributable to the Company$(15,384)($11,765)($52,566)($75,369)
Adjustments to reconcile net loss attributable to the Company to FFO
attributable to common stockholders and unit holders—basic and diluted:
Noncontrolling interests in the OP(622)87 (2,122)(4,269)
Loss (gain) on sale or write down of consolidated assets, net1,091 3,927 (5,362)25,210 
Add: gain on undepreciated asset sales from consolidated assets66 10,828 10,725 13,733 
Loss on write down of consolidated non-real estate assets— (1,000)(2,000)(2,200)
Noncontrolling interests share of gain on sale or write-down of consolidated
joint ventures, net
22 5,902 4,443 5,855 
(Gain) loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net(845)106 28,982 79 
Add: gain on undepreciated asset sales from unconsolidated joint ventures (pro rata)956 — 1,555 — 
Depreciation and amortization on consolidated assets72,458 77,630 145,314 156,026 
Less depreciation and amortization allocable to noncontrolling interests in
consolidated joint ventures
(6,480)(5,085)(14,293)(9,160)
Depreciation and amortization on unconsolidated joint ventures (pro rata)45,162 46,126 89,563 93,232 
Less: depreciation on personal property(2,714)(3,309)(5,664)(6,687)
FFO attributable to common stockholders and unit holders—basic and diluted93,710 123,447 198,575 196,450 
Financing expense in connection with Chandler Freehold9,140 4,147 16,646 6,698 
FFO attributable to common stockholders and unit holders, excluding financing
expense in connection with Chandler Freehold—basic and diluted
$102,850 $127,594 $215,221 $203,148 

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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of EPS to FFO per share—diluted (c):

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
UnauditedUnaudited
2022202120222021
EPS—diluted$(0.07)$(0.06)$(0.25)$(0.42)
Per share impact of depreciation and amortization of real estate0.49 0.54 0.97 1.22 
Per share impact of loss on sale or write down of assets, net— 0.09 0.17 0.22 
FFO per share—basic and diluted0.42 0.57 0.89 1.02 
Per share impact of financing expense in connection with Chandler Freehold0.04 0.02 0.07 0.03 
FFO per share—basic and diluted, excluding financing expense in connection with
Chandler Freehold
$0.46 $0.59 $0.96 $1.05 


Reconciliation of Net loss attributable to the Company to Adjusted EBITDA:

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
UnauditedUnaudited
2022202120222021
Net loss attributable to the Company$(15,384)$(11,765)($52,566)($75,369)
Interest expense—consolidated assets53,189 54,914 105,050 108,810 
Interest expense—unconsolidated joint ventures (pro rata)25,412 26,605 50,638 53,670 
Depreciation and amortization—consolidated assets72,458 77,630 145,314 156,026 
Depreciation and amortization—unconsolidated joint ventures (pro rata)45,162 46,126 89,563 93,232 
Noncontrolling interests in the OP(622)87 (2,122)(4,269)
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(9,884)(8,007)(22,141)(14,649)
Loss (gain) on sale or write down of assets, net - consolidated assets1,091 3,927 (5,362)25,210 
(Gain) loss on sale or write down of assets, net - unconsolidated joint ventures (pro rata)(845)106 28,982 79 
Add: Noncontrolling interests share of gain (loss) on sale or write-down of
consolidated joint ventures, net
22 5,902 4,443 5,855 
Income tax (benefit) expense(670)7,107 1,129 9,345 
Distributions on preferred units87 90 174 180 
Adjusted EBITDA (d)$170,016 $202,722 $343,102 $358,120 
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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Adjusted EBITDA to Net Operating Income (“NOI”) and to NOI—Same Centers:

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
UnauditedUnaudited
2022202120222021
Adjusted EBITDA (d)$170,016 $202,722 $343,102 358,120 
REIT general and administrative expenses6,441 6,679 13,303 14,766 
Management Companies’ revenues(7,420)(6,631)(13,825)(12,199)
Management Companies’ operating expenses17,746 15,021 34,691 29,864 
Leasing expenses, including joint ventures at pro rata8,781 7,262 17,105 13,085 
Straight-line and above/below market adjustments(3,228)(10,973)(3,325)(21,837)
NOI—All Centers192,336 214,080 391,051 381,799 
NOI of non-Same Centers209 (35,424)(4,756)(54,293)
NOI—Same Centers (e)192,545 178,656 386,295 327,506 
Lease termination income of Same Centers(9,795)(5,271)(23,409)(9,711)
NOI—Same Centers, excluding lease termination income (e)$182,750 $173,385 $362,886 $317,795 
NOI—Same Centers percentage change, including lease termination income (e)7.77 %17.95 %
NOI—Same Centers percentage change, excluding lease termination income (e)5.40 %14.19 %

(d)Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company’s operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

(e)The Company presents Same Center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same Center NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses, leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers. The Company also presents Same Center NOI, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without the impact of lease termination income.

8





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

Period Ended
6/30/202212/31/202112/31/2020
(dollars in thousands, except per share data)
Closing common stock price per share$8.71 $17.28 $10.67 
52 week high$22.88 $25.99 $26.98 
52 week low$8.42 $10.31 $4.81 
Shares outstanding at end of period
Class A non participating convertible preferred units99,565 99,565 103,235 
Common shares and partnership units223,743,803 223,474,639 160,751,189 
Total common and equivalent shares/units outstanding223,843,368 223,574,204 160,854,424 
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata$6,855,734 $6,977,458 $8,675,076 
Equity market capitalization1,949,676 3,863,362 1,716,317 
Total market capitalization$8,805,410 $10,840,820 $10,391,393 
Debt as a percentage of total market capitalization77.9 %64.4 %83.5 %


chart-9cc86d65982b4e73953.jpg

9





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
Partnership UnitsCompany Common SharesClass A
Non-Participating Convertible Preferred Units
Total
Common
and
Equivalent Shares/
Units
Balance as of December 31, 20218,677,582214,797,05799,565223,574,204
Conversion of partnership units to cash(2,901)(2,901)
Issuance of stock/partnership units from restricted stock issuance or other
share or unit-based plans
16,467104,320120,787
Balance as of March 31, 20228,691,148214,901,37799,565223,692,090
Conversion of partnership units to cash(26,136)(26,136)
Conversion of partnership units to common shares(34,551)34,551
Issuance of stock/partnership units from restricted stock issuance or other
share or unit-based plans
177,414177,414
Balance as of June 30, 20228,630,461215,113,34299,565223,843,368
10





THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
20222022
Revenues:
Leasing revenue$188,590 $392,002 
Other income8,081 14,408 
Management Companies' revenues7,420 13,825 
Total revenues204,091 420,235 
Expenses:
Shopping center and operating expenses69,728 142,648 
Management Companies' operating expenses17,746 34,691 
Leasing expenses8,148 15,759 
REIT general and administrative expenses6,441 13,303 
Depreciation and amortization72,458 145,314 
Interest expense53,189 105,050 
Total expenses227,710 456,765 
Equity in income (loss) of unconsolidated joint ventures6,353 (22,744)
Income tax benefit (expense) 670 (1,129)
(Loss) gain on sale or write down of assets, net(1,091)5,362 
Net loss (17,687)(55,041)
Less net loss attributable to noncontrolling interests(2,303)(2,475)
Net loss attributable to the Company$(15,384)$(52,566)
11





THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of June 30, 2022
(Dollars in thousands)
ASSETS:
Property, net (a)$6,175,685 
Cash and cash equivalents106,384 
Restricted cash52,060 
Tenant and other receivables, net162,310 
Right-of-use assets, net129,161 
Deferred charges and other assets, net238,847 
Due from affiliates3,209 
Investments in unconsolidated joint ventures1,246,730 
Total assets$8,114,386 
LIABILITIES AND EQUITY:
Mortgage notes payable$4,361,131 
Bank and other notes payable74,964 
Accounts payable and accrued expenses53,889 
Lease liabilities98,426 
Other accrued liabilities214,451 
Distributions in excess of investments in unconsolidated joint ventures126,359 
Financing arrangement obligation128,773 
Total liabilities5,057,993 
Commitments and contingencies
Equity:
Stockholders' equity:
Common stock2,150 
Additional paid-in capital5,500,101 
Accumulated deficit(2,560,793)
Accumulated other comprehensive income16 
Total stockholders' equity2,941,474 
Noncontrolling interests114,919 
Total equity3,056,393 
Total liabilities and equity$8,114,386 

(a)Includes construction in progress of $199,348.
12





THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months
Ended June 30, 2022
For the Six Months
Ended June 30, 2022
Noncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint VenturesNoncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint Ventures
Revenues:
Leasing revenue$(10,528)$110,521 $(23,289)$211,298 
Other income(1,130)(876)(2,280)3,578 
Total revenues(11,658)109,645 (25,569)214,876 
Expenses:
Shopping center and operating expenses(3,279)32,732 (7,782)66,649 
Leasing expenses(198)831 (442)1,788 
Depreciation and amortization(6,480)45,162 (14,293)89,563 
Interest expense(3,404)25,412 (7,848)50,638 
Total expenses(13,361)104,137 (30,365)208,638 
Equity in (income) loss of unconsolidated joint ventures— (6,353)— 22,744 
Gain/loss on sale or write down of assets, net(22)845 (4,443)(28,982)
Net loss1,681 — 353 — 
Less net loss attributable to noncontrolling interests1,681 — 353 — 
Net loss attributable to the Company$— $— $— $— 

(a)Represents the Company’s partners’ share of consolidated joint ventures.
13





THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
As of June 30, 2022
Noncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)$(469,453)$3,870,232 
Cash and cash equivalents(13,055)97,818 
Restricted cash(1,858)6,704 
Tenant and other receivables, net(11,235)88,331 
Right-of-use assets, net(579)57,635 
Deferred charges and other assets, net(25,349)80,445 
Due from affiliates2,298 (1,795)
Investments in unconsolidated joint ventures, at equity— (1,246,730)
Total assets$(519,231)$2,952,640 
LIABILITIES AND EQUITY:
Mortgage notes payable$(456,903)$2,844,943 
Bank and other notes payable— 31,599 
Accounts payable and accrued expenses(3,548)48,573 
Lease liabilities(2,060)58,546 
Other accrued liabilities(25,416)95,338 
Distributions in excess of investments in unconsolidated joint ventures— (126,359)
Financing arrangement obligation(128,773)— 
Total liabilities(616,700)2,952,640 
Equity:
Stockholders' equity94,295 — 
Noncontrolling interests3,174 — 
Total equity97,469 — 
Total liabilities and equity$(519,231)$2,952,640 

(a)Represents the Company's partners' share of consolidated joint ventures.

(b)This includes $2,823 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $271,962 of construction in progress relating to the Company's share from unconsolidated joint ventures.

14





THE MACERICH COMPANY
NON-GAAP PRO RATA SCHEDULE OF LEASING REVENUE (UNAUDITED)
(Dollars in thousands)
For the Three Months Ended June 30, 2022
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
Minimum rents$117,874 $(6,375)$111,499 $78,816 $190,315 
Percentage rents6,913 (564)6,349 4,551 10,900 
Tenant recoveries55,420 (3,229)52,191 24,835 77,026 
Other6,940 (339)6,601 2,397 8,998 
Bad debt expense reversal1,443 (21)1,422 (78)1,344 
Total leasing revenue$188,590 $(10,528)$178,062 $110,521 $288,583 
For the Six Months Ended June 30, 2022
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
Minimum rents$250,615 $(14,332)$236,283 $148,490 $384,773 
Percentage rents15,506 (1,735)13,771 8,526 22,297 
Tenant recoveries109,036 (6,447)102,589 49,440 152,029 
Other15,969 (760)15,209 4,805 20,014 
Bad debt expense reversal876 (15)861 37 898 
Total leasing revenue$392,002 $(23,289)$368,713 $211,298 $580,011 
(a)Represents the Company’s partners’ share of consolidated joint ventures.
15





The Macerich Company
2022 Earnings Guidance (unaudited)
At this time, we are narrowing the ranges of our 2022 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. We are also increasing the guidance range midpoint for estimated 2022 FFO per share-diluted, excluding financing expense in connection with Chandler Freehold, and we are decreasing the guidance range midpoint for estimated 2022 EPS-diluted. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold:
Fiscal Year 2022
Guidance
EPS-diluted($0.21)-($0.09)
Plus: real estate depreciation and amortization1.89 -1.89 
Plus: loss on sale or write-down of depreciable assets 0.17 -0.17 
FFO per share-diluted1.85 -1.97 
Plus: impact of financing expense in connection with Chandler Freehold0.07 -0.07 
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold$1.92 -$2.04 

This guidance assumes no further government-mandated shutdowns of our properties. It does not assume any sale of common equity during 2022. These estimates do not include possible future gains or losses or the impact on operating results from possible future property acquisitions or dispositions, other than land sales. There can be no assurance that our actual results will not differ from the estimates set forth above.


Underlying Assumptions to 2022 Guidance:
Cash Same Center Net Operating Income (“NOI”) Growth, excluding Lease Termination Income (a)5.50 %-6.75%

Year 2022
($ millions)(b)
Year 2022
FFO / Share Impact
Lease termination income$26$0.12
Bad debt expense$1$0.00
Straight-line rental income$3$0.01
Amortization of acquired above and below-market leases (net-revenue)$5$0.02
Interest expense (c)$272$1.21
Capitalized interest$19$0.08

(a)Excludes non-cash items of straight-line rental income and above/below market adjustments to minimum rent.

(b)All joint venture amounts included at pro rata.

(c)This amount represents the Company’s pro rata share of interest expense, excluding any financing expense in connection with Chandler Freehold, and is reduced by capitalized interest.
16





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
As of June 30,
20222021
dollars in millions
Straight-line rent receivable$167.7 $178.1 

For the Three Months
Ended June 30,
For the Six Months
 Ended June 30,
2022202120222021
dollars in millions
Lease termination income$9.8 $4.6 $23.4 $9.1 
Straight-line rental income$2.0 $9.7 $0.9 $19.2 
Business development and parking income (b)$14.1 $12.8 $29.3 $22.7 
Gain on sales or write down of undepreciated assets$1.0 $10.8 $12.3 $13.7 
Amortization of acquired above and below-market leases, net revenue$1.2 $1.2 $2.4 $2.7 
Amortization of debt discounts, net$(0.3)$(0.3)$(0.6)$(0.6)
Bad debt (income) expense (c)$(1.3)$(10.1)$(0.9)$(7.3)
Leasing expense$8.8 $7.3 $17.1 $13.1 
Interest capitalized$5.3 $5.4 $9.8 $9.6 
Chandler Freehold financing arrangement (d):
Distributions equal to partners’ share of net (loss) income $(0.2)$(1.2)$0.2 $(2.4)
Distributions in excess of partners’ share of net income (e)1.9 5.6 6.9 9.0 
Fair value adjustment (e)7.2 (1.4)9.8 (2.3)
Total Chandler Freehold financing arrangement expense (d)$8.9 $3.0 $16.9 $4.3 

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

(b)Included in leasing revenue and other income.

(c)Included in leasing revenue.

(d)Included in interest expense.

(e)The Company presents FFO excluding the expenses related to changes in fair value of the financing arrangement and the payments to such joint venture partner less than or in excess of their pro rata share of net income.
17





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures(a)
For the Six Months
Ended June 30,
For the Twelve Months
 Ended December 31,
2022202120212020
dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment$6.0 $7.3 $18.7 $9.6 
Development, redevelopment, expansions and renovations of Centers23.5 22.8 46.3 38.4 
Tenant allowances10.6 8.1 22.1 12.4 
Deferred leasing charges0.8 1.4 2.6 3.0 
Total$40.9 $39.6 $89.7 $63.4 
Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment$4.1 $3.4 $18.8 $6.5 
Development, redevelopment, expansions and renovations of Centers27.8 24.6 48.5 109.9 
Tenant allowances9.0 3.9 11.6 4.8 
Deferred leasing charges1.7 1.4 2.9 2.1 
Total$42.6 $33.3 $81.8 $123.3 

(a)All joint venture amounts at pro rata.

18





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Trailing Twelve Month Sales Per Square Foot (a)



Consolidated CentersUnconsolidated Joint Venture CentersTotal
Centers
6/30/2022$737$1,020$860
12/31/2019 (b)$646$998$801

(a)Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that 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 town Centers. Sales per square foot exclude Centers under development and redevelopment.

(b)Sales per square foot are compared to the trailing twelve months ended December 31, 2019, the most immediately comparative period prior to the COVID-19 pandemic.

chart-2c535acf89df430eb84.jpg
19





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


Period EndedConsolidated CentersUnconsolidated Joint Venture CentersTotal
Centers
6/30/202290.9 %92.7 %91.8 %
6/30/202188.6 %90.3 %89.4 %
12/31/202190.7 %92.4 %91.5 %
12/31/202089.6 %89.8 %89.7 %

(a)Portfolio Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Portfolio Occupancy excludes all Centers under development and redevelopment.
20





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 Twelve
Months Ended(c)
Average Base Rent PSF on Leases Expiring During the Twelve
Months Ended(d)
Consolidated Centers
6/30/2022$60.35 $52.14 $55.84 
6/30/2021$60.19 $53.93 $54.89 
12/31/2021$59.86 $56.39 $55.91 
12/31/2020$59.63 $48.06 $52.60 
Unconsolidated Joint Venture Centers
6/30/2022$67.21 $68.99 $60.73 
6/30/2021$66.90 $59.31 $57.72 
12/31/2021$66.12 $66.98 $60.48 
12/31/2020$66.34 $57.23 $52.62 
All Regional Town Centers
6/30/2022$62.67 $57.58 $57.23 
6/30/2021$62.47 $55.61 $55.70 
12/31/2021$61.98 $60.02 $57.23 
12/31/2020$61.87 $50.69 $52.60 

(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.

21





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

For the Twelve Months Ended
June 30, 2022
For the Twelve Months Ended December 31, 2019(a)
Consolidated Centers
Minimum rents7.5 %9.1 %
Percentage rents1.2 %0.4 %
Expense recoveries(b)3.0 %3.6 %
Total11.7 %13.1 %
Unconsolidated Joint Venture Centers
Minimum rents6.7 %7.3 %
Percentage rents1.0 %0.3 %
Expense recoveries(b)2.9 %3.2 %
Total10.6 %10.8 %
All Centers
Minimum rents7.1 %8.1 %
Percentage rents1.1 %0.3 %
Expense recoveries(b)2.9 %3.4 %
Total11.1 %11.8 %

(a)Cost of Occupancy is compared to the trailing twelve months ended December 31, 2019, the most immediately comparative period prior to the COVID-19 pandemic.

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

22





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State
State% of Portfolio
2021
Real Estate
Pro Rata NOI(a)
California27.7 %
New York23.4 %
Arizona16.9 %
Pennsylvania & Virginia9.6 %
Colorado, Illinois & Missouri7.5 %
New Jersey & Connecticut6.7 %
Oregon4.3 %
Other(b)3.9 %
Total100.0 %

(a)The percentage of Portfolio 2021 Real Estate Pro Rata NOI excludes straight-line and above/below market adjustments to minimum rents. Portfolio 2021 Real Estate Pro Rata NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including joint ventures at pro rata).

(b)“Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas.

23





The Macerich Company
Property Listing
June 30, 2022
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

CountCompany’s Ownership(a)Name of
Center/Location
Year of
Original
Construction/
Acquisition
Year of Most Recent Expansion/RenovationTotal
GLA(b)
CONSOLIDATED CENTERS:
150.1 %Chandler Fashion Center
Chandler, Arizona
2001/2002ongoing1,319,000
2100 %Danbury Fair Mall
Danbury, Connecticut
1986/200520161,308,000
3100 %Desert Sky Mall
Phoenix, Arizona
1981/20022007710,000
4100 %Eastland Mall(c)
Evansville, Indiana
1978/199819961,017,000
550 %Fashion District Philadelphia
Philadelphia, Pennsylvania
1977/20142019802,000
6100 %Fashion Outlets of Chicago
Rosemont, Illinois
2013/—527,000
7100 %Fashion Outlets of Niagara Falls USA
Niagara Falls, New York
1982/20112014690,000
850.1 %Freehold Raceway Mall
Freehold, New Jersey
1990/200520071,552,000
9100 %Fresno Fashion Fair
Fresno, California
1970/19962006973,000
10100 %Green Acres Mall(c)
Valley Stream, New York
1956/201320162,047,000
11100 %Inland Center
San Bernardino, California
1966/20042016630,000
12100 %Kings Plaza Shopping Center(c)
Brooklyn, New York
1971/201220181,146,000
13100 %La Cumbre Plaza(c)
Santa Barbara, California
1967/20041989473,000
14100 %NorthPark Mall
Davenport, Iowa
1973/19982001933,000
15100 %Oaks, The
Thousand Oaks, California
1978/200220171,206,000
16100 %Pacific View
Ventura, California
1965/19962001886,000
17100 %Queens Center(c)
Queens, New York
1973/19952004964,000
18100 %Santa Monica Place
Santa Monica, California
1980/19992015479,000
1984.9 %SanTan Village Regional Center
Gilbert, Arizona
2007/—20181,171,000
20100 %SouthPark Mall
Moline, Illinois
1974/19982015855,000
21100 %Stonewood Center(c)
Downey, California
1953/19971991929,000
22100 %Superstition Springs Center
Mesa, Arizona
1990/20022002912,000
23100 %Towne Mall
Elizabethtown, Kentucky
1985/20051989350,000
24





The Macerich Company
Property Listing
June 30, 2022
CountCompany’s Ownership(a)Name of
Center/Location
Year of
Original
Construction/
Acquisition
Year of Most Recent Expansion/RenovationTotal
GLA(b)
24100 %Valley Mall
Harrisonburg, Virginia
1978/19981992502,000
25100 %Valley River Center
Eugene, Oregon
1969/20062007813,000
26100 %Victor Valley, Mall of
Victorville, California
1986/20042012578,000
27100 %Vintage Faire Mall
Modesto, California
1977/1996ongoing916,000
28100 %Wilton Mall
Saratoga Springs, New York
1990/20052020708,000
Total Consolidated Centers25,396,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
2960 %Arrowhead Towne Center
Glendale, Arizona
1993/200220151,078,000
3050 %Biltmore Fashion Park
Phoenix, Arizona
1963/20032020597,000
3150 %Broadway Plaza
Walnut Creek, California
1951/19852016985,000
3250.1 %Corte Madera, The Village at
Corte Madera, California
1985/19982020501,000
3350 %Country Club Plaza
Kansas City, Missouri
1922/20162015965,000
3451 %Deptford Mall
Deptford, New Jersey
1975/200620201,008,000
3551 %Flatiron Crossing
Broomfield, Colorado
2000/200220091,426,000
3650 %Kierland Commons
Phoenix, Arizona
1999/20052003434,000
3760 %Lakewood Center
Lakewood, California
1953/197520081,985,000
3860 %Los Cerritos Center
Cerritos, California
1971/199920161,014,000
3950 %Scottsdale Fashion Square
Scottsdale, Arizona
1961/200220201,883,000
4060 %South Plains Mall
Lubbock, Texas
1972/199820171,136,000
4151 %Twenty Ninth Street(c)
Boulder, Colorado
1963/19792007692,000
4250 %Tysons Corner Center
Tysons Corner, Virginia
1968/200520141,852,000
4360 %Washington Square
Portland, Oregon
1974/199920051,304,000
4419 %West Acres
Fargo, North Dakota
1972/19862001692,000
Total Unconsolidated Joint Venture Centers17,552,000
Total Regional Town Centers42,948,000
25





The Macerich Company
Property Listing
June 30, 2022
CountCompany’s Ownership(a)Name of
Center/Location
Year of
Original
Construction/
Acquisition
Year of Most Recent Expansion/RenovationTotal
GLA(b)
COMMUNITY / POWER CENTERS:
150 %Atlas Park, The Shops at(d)
Queens, New York
2006/20112013374,000
250 %Boulevard Shops(d)
Chandler, Arizona
2001/20022004185,000
3100 %Southridge Center(e)
Des Moines, Iowa
1975/19982013801,000
4100 %Superstition Springs Power Center(e)
Mesa, Arizona
1990/2002204,000
5100 %The Marketplace at Flagstaff(c)(e)
Flagstaff, Arizona
2007/—268,000
Total Community / Power Centers1,832,000
OTHER ASSETS:
100 %Various(e)(f)267,000
50 %Scottsdale Fashion Square-Office(d)
Scottsdale, Arizona
1984/20022016124,000
50 %Tysons Corner Center-Office(d)
Tysons Corner, Virginia
1999/20052012174,000
50 %Hyatt Regency Tysons Corner Center(d)
Tysons Corner, Virginia
20152015290,000
50 %VITA Tysons Corner Center(d)
Tysons Corner, Virginia
20152015510,000
50 %Tysons Tower(d)
Tysons Corner, Virginia
20142014529,000
OTHER ASSETS UNDER REDEVELOPMENT:
25 %One Westside(d)(g)
Los Angeles, California
1985/1998ongoing680,000
%Paradise Valley Mall (d)(h)
Phoenix, Arizona
1979/2002ongoing303,000
Total Other Assets2,877,000
Grand Total47,657,000

The Company owned or had an ownership interest in 44 regional town centers, five community/power shopping centers and office, hotel and residential space adjacent to these shopping centers. With the exception of the eight Centers indicated with footnote (c) in the table above, 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.
(a)The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) in the Joint Venture List 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.
(c)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.
(d)Included in Unconsolidated Joint Venture Centers.
(e)Included in Consolidated Centers.
(f)The Company owns an office building and three stores located at shopping centers not owned by the Company. Of the three stores, one is leased to Kohl’s, and two have been leased for non-Anchor uses. With respect to the office building and one of the three stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining two stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases.
(g)Construction is underway to convert former regional town center Westside Pavilion, which closed in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard. The project was delivered to Google during the fourth quarter of 2021 for tenant improvement work, which is expected to be completed in 2022.
(h)On March 29, 2021, the Company sold the former Paradise Valley Mall for $100 million to a newly formed joint venture and retained a 5% joint venture interest. Construction started in Summer 2021 on the first phase of a multi-phase, multi-year project to convert this former regional town center into a mixed-use development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site. The existing Costco and JC Penney stores currently remain open, while all of the other stores at the property have closed.

26





The Macerich Company
Joint Venture List
As of June 30, 2022
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 financing arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company.

PropertiesLegal Ownership(a)Economic Ownership(b)Joint VentureTotal GLA(c)
Arrowhead Towne Center60 %60 %New River Associates LLC1,078,000 
Atlas Park, The Shops at50 %50 %WMAP, L.L.C.374,000 
Biltmore Fashion Park50 %50 %Biltmore Shopping Center Partners LLC597,000 
Boulevard Shops50 %50 %Propcor II Associates, LLC185,000 
Broadway Plaza50 %50 %Macerich HHF Broadway Plaza LLC985,000 
Chandler Fashion Center(d)(e)50.1 %50.1 %Freehold Chandler Holdings LP1,319,000 
Corte Madera, The Village at50.1 %50.1 %Corte Madera Village, LLC501,000 
Country Club Plaza50 %50 %Country Club Plaza KC Partners LLC965,000 
Deptford Mall(d)51 %51 %Macerich HHF Centers LLC1,008,000 
Fashion District Philadelphia50 %(f)Various Entities802,000 
FlatIron Crossing51 %51 %Macerich HHF Centers LLC1,426,000 
Freehold Raceway Mall(d)(e)50.1 %50.1 %Freehold Chandler Holdings LP1,552,000 
Hyatt Regency Tysons Corner Center50 %50 %Tysons Corner Hotel I LLC290,000 
Kierland Commons50 %50 %Kierland Commons Investment LLC434,000 
Lakewood Center60 %60 %Pacific Premier Retail LLC1,985,000 
Los Angeles Premium Outlets50 %50 %CAM-CARSON LLC— 
Los Cerritos Center(d)60 %60 %Pacific Premier Retail LLC1,014,000 
One Westside(g)25 %25 %HPP-MAC WSP, LLC680,000 
Paradise Valley Mall(h)%%PV Land SPE, LLC303,000 
SanTan Village Regional Center84.9 %84.9 %Westcor SanTan Village LLC1,171,000 
Scottsdale Fashion Square50 %50 %Scottsdale Fashion Square Partnership1,883,000 
Scottsdale Fashion Square-Office50 %50 %Scottsdale Fashion Square Partnership124,000 
Macerich Seritage Portfolio(i)50 %50 %MS Portfolio LLC795,000 
South Plains Mall60 %60 %Pacific Premier Retail LLC1,136,000 
Twenty Ninth Street51 %51 %Macerich HHF Centers LLC692,000 
Tysons Corner Center50 %50 %Tysons Corner LLC1,852,000 
Tysons Corner Center-Office50 %50 %Tysons Corner Property LLC174,000 
Tysons Tower50 %50 %Tysons Corner Property LLC529,000 
VITA Tysons Corner Center50 %50 %Tysons Corner Property LLC510,000 
Washington Square(d)60 %60 %Pacific Premier Retail LLC1,304,000 
West Acres19 %19 %West Acres Development, LLP692,000 

(a)This column reflects the Company’s legal ownership in the listed properties. 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, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.
(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.
(d)These Centers have a former Sears store which is owned by MS Portfolio LLC, see footnote (i) below. The GLA of the former Sears store, or tenant replacing the former Sears store, at the five Centers indicated with footnote (d) in the table above is included in Total GLA at the center level. The GLA for the former Sears store at these five Centers plus the GLA of the former Sears store at two wholly owned Centers, Danbury Fair Mall and Vintage Faire Mall, are also aggregated into the 795,000 square feet in the MS Portfolio LLC above.
(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on 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.
(f)On December 10, 2020, the Company made a loan (the Partnership Loan) to the 50/50 joint venture that owns Fashion District Philadelphia to fund the entirety of a $100 million repayment to reduce the mortgage loan on Fashion District Philadelphia from $301 million to $201 million. Pursuant to
27





The Macerich Company
Joint Venture List
As of June 30, 2022
the joint venture partnership agreement, the Partnership Loan plus 15% accrued interest must first be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. The principal balance of the Partnership Loan at June 30, 2022 was $119.3 million.
(g)Construction is underway to convert former regional town center Westside Pavilion, which closed in January 2019, into an approximately 584,000 square foot Class A creative office campus called One Westside leased solely to Google, while maintaining approximately 96,000 square feet of adjacent entertainment and retail space at 10850 Pico Boulevard. The Company contributed the existing buildings and land valued at $190.0 million to the joint venture on August 31, 2018. Refer to the Development and Redevelopment Pipeline Forecast for more details.
(h)On March 29, 2021, the Company sold the former Paradise Valley Mall for $100 million to a newly formed joint venture and retained a 5% joint venture interest. Construction started in Summer 2021 on the first phase of a multi-phase, multi-year project to convert this former regional town center Paradise Valley Mall into a mixed-use development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site. The existing Costco and JC Penney stores currently remain open, while all of the other stores at the property have closed.
(i)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. On July 7, 2015, Sears assigned its ownership interest in MS Portfolio LLC to Seritage MS Holdings LLC. On December 31, 2020, the Company traded its 50% interest in the former Sears parcel at Arrowhead Towne Center for its partner’s 50% interest in the former Sears parcel at South Plains Mall, such that the Company now owns 100% of the former Sears parcel at South Plains Mall. The Company expects to create additional value through re-leasing the former Sears boxes. For example, Primark has leased space in portions of the Sears stores at Danbury Fair Mall and Freehold Raceway Mall. Refer to the Development and Redevelopment Pipeline Forecast for details of the Former Sears Redevelopments at these properties.

28





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

As of June 30, 2022
Fixed RateFloating RateTotal
Dollars in thousands
Mortgage notes payable$3,741,775 $619,356 

$4,361,131 
Bank and other notes payable74,964 

74,964 
Total debt per Consolidated Balance Sheet3,741,775 694,320 4,436,095 
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures(359,602)(97,301)(456,903)
Adjusted Consolidated Debt3,382,173 597,019 3,979,192 
Add: Company’s share of debt from unconsolidated joint ventures2,679,010 197,532 2,876,542 
Total Company’s Pro Rata Share of Debt$6,061,183 $794,551 $6,855,734 
Weighted average interest rate4.02 %3.92 %4.01 %
Weighted average maturity (years)3.85 

(a)The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
29





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of June 30, 2022
Center/Entity (dollars in thousands)Maturity
Date
Effective Interest
Rate (a)
FixedFloatingTotal Debt Balance (a)
I. Consolidated Assets:
Danbury Fair Mall (b)07/01/225.71 %$163,677 $— $163,677 
Towne Mall 11/01/224.48 %19,063 — 19,063 
Green Acres Mall 02/03/233.94 %241,863 — 241,863 
Fashion Outlets of Niagara Falls USA 10/06/236.45 %92,825 — 92,825 
Oaks, The 06/05/245.49 %168,208 — 168,208 
Chandler Fashion Center (c)07/05/244.18 %128,076 — 128,076 
Victor Valley, Mall of 09/01/244.00 %114,879 — 114,879 
Queens Center 01/01/253.49 %600,000 — 600,000 
Vintage Faire Mall03/06/263.55 %236,898 — 236,898 
Fresno Fashion Fair11/01/263.67 %324,155 — 324,155 
SanTan Village Regional Center (d)07/01/294.34 %186,331 — 186,331 
Freehold Raceway Mall (c)11/01/293.94 %199,796 — 199,796 
Kings Plaza Shopping Center 01/01/303.71 %536,185 — 536,185 
Fashion Outlets of Chicago02/01/314.61 %299,314 — 299,314 
Pacific View05/06/325.44 %70,903 — 70,903 
Total Fixed Rate Debt for Consolidated Assets4.13 %$3,382,173 $ $3,382,173 
Santa Monica Place12/09/222.92 %$— $299,688 $299,688 
Green Acres Commons 03/29/234.08 %— 125,066 125,066 
Fashion District Philadelphia (e),(f)01/22/244.56 %— 97,301 97,301 
The Macerich Partnership, L.P. - Line of Credit (e)04/14/245.21 %— 74,964 74,964 
Total Floating Rate Debt for Consolidated Assets3.71 %$ $597,019 $597,019 
Total Debt for Consolidated Assets4.07 %$3,382,173 $597,019 $3,979,192 
II. Unconsolidated Assets (At Company’s pro rata share):
One Westside - defeased (25%) (g)10/01/224.77 %$31,599 $— $31,599 
Washington Square Mall (60%)11/01/223.65 %313,581 — 313,581 
Deptford Mall (51%)04/03/233.55 %83,868 — 83,868 
Scottsdale Fashion Square (50%) 04/03/233.02 %206,588 — 206,588 
Tysons Corner Center (50%)01/01/244.13 %348,944 — 348,944 
Paradise Valley (5%) (e)09/29/245.00 %2,479 — 2,479 
South Plains Mall (60%)11/06/254.22 %120,000 — 120,000 
Twenty Ninth Street (51%)02/06/264.10 %76,500 — 76,500 
Country Club Plaza (50%)04/01/263.88 %150,270 — 150,270 
Lakewood Center (60%)06/01/264.15 %204,239 — 204,239 
Kierland Commons (50%) 04/01/273.98 %101,172 — 101,172 
Los Cerritos Center (60%)11/01/274.00 %311,791 — 311,791 
Arrowhead Towne Center (60%)02/01/284.05 %238,622 — 238,622 
Corte Madera, The Village at (50.1%) 09/01/283.53 %112,485 — 112,485 
West Acres - Development (19%) 10/10/293.72 %629 — 629 
Tysons Tower (50%)10/11/293.38 %94,539 — 94,539 
Broadway Plaza (50%) 04/01/304.19 %223,965 — 223,965 
Tysons VITA (50%)12/01/303.43 %44,508 — 44,508 
West Acres (19%) 03/01/324.61 %13,231 — 13,231 
Total Fixed Rate Debt for Unconsolidated Assets3.89 %$2,679,010 $ $2,679,010 
Boulevard Shops (50%) 12/05/233.24 %$— $11,447 $11,447 
One Westside - Development (25%) (e)12/18/243.09 %— 67,153 67,153 
FlatIron Crossing (51%) (e)02/09/255.31 %— 87,242 87,242 
Atlas Park (50%) (e)11/09/265.89 %— 31,690 31,690 
Total Floating Rate Debt for Unconsolidated Assets4.53 %$ $197,532 $197,532 
Total Debt for Unconsolidated Assets3.93 %$2,679,010 $197,532 $2,876,542 
Total Debt4.01 %$6,061,183 $794,551 $6,855,734 
Percentage to Total88.41 %11.59 %100.00 %
30





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

(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 1, 2022, the Company closed on a one-year extension to July 1, 2023. The extension included a $10 million principal remargin payment. The interest rate remained unchanged.

(c)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 50.1%

(d)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%.

(e)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.

(f)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 50.0%.

(g)On July 1, 2022, the Company's joint venture completed the defeasance and the debt has been paid in full.

31





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of June 30, 2022
In-Process Developments and Redevelopments:

PropertyProject TypeTotal Cost (a)(b)
at 100%
Ownership
%
Pro Rata Total Cost (a)(b)Pro Rata Capitalized Costs Incurred-to-Date(b)Expected Opening (a)Stabilized Yield (a)(b)(c)
One Westside fka
Westside Pavilion Los Angeles, CA