Macerich Announces Fourth Quarter Results And Earnings Guidance For 2013

   Macerich Announces Fourth Quarter Results And Earnings Guidance For 2013

PR Newswire

SANTA MONICA, Calif., Feb. 6, 2013

SANTA MONICA, Calif., Feb. 6, 2013 /PRNewswire/ --The Macerich Company (NYSE
Symbol: MAC) today announced results of operations for the quarter ended
December 31, 2012 which included funds from operations ("FFO") diluted of
$132.6 million or $.90 per share-diluted compared to $118.8 million or $.83
per share-diluted for the quarter ended December 31, 2011. Adjusted FFO
("AFFO") diluted was $.90 per share-diluted for the quarter ended December 31,
2012 compared to $.87 per share-diluted for the quarter ended December 31,
2011.Net income attributable to the Company was $174.2 million or $1.27 per
share-diluted for the quarter ended December 31, 2012 compared to net income
attributable to the Company for the quarter ended December 31, 2011 of $163.1
million or $1.23 per share-diluted. A description and reconciliation of FFO
per share-diluted and AFFO per share-diluted to EPS-diluted is included in the
financial tables accompanying this press release.

Recent Highlights:

  oMall tenant annual sales per square foot increased 5.7% to $517 for the
    year ended December 31, 2012 compared to $489 for the year ended December
    31, 2011.
  oThe releasing spreads for the year ended December 31, 2012 were up 15.4%.
  oMall portfolio occupancy was 93.8% at December 31, 2012 compared to 92.7%
    at December 31, 2011.
  oAFFO per share-diluted for the year was $3.18, a 10.4% increase over 2011.
  oDuring the quarter, the Company completed over $1.2 billion of financings
    with an average term of over eight years and an average interest rate of
    3.4%.

Commenting on the quarter, Arthur Coppola chairman and chief executive officer
of Macerich stated, "It was another good quarter with improving fundamentals
highlighted by strong leasing, occupancy gains and continued tenant sales
growth. In addition, during the quarter we saw very positive leasing progress
on our two major developments, Fashion Outlets of Chicago and Tysons Corner.

We were also pleased with our recent capital activity including the
acquisition of Kings Plaza and Green Acres Mall and the completion of four
major financings which significantly extended our maturity schedule and
reduced our floating rate debt."

Developments:

Construction continues at Fashion Outlets of Chicago, a 526,000 square foot
fashion outlet center near O'Hare International Airport scheduled for
completion in August 2013. The center is anchored by Bloomingdale's Outlet,
Saks Off Fifth, Neiman Marcus Last Call and Forever 21. The project is
currently 87% leased with deals in process for another 10%.

At Tysons Corner, adjacent to the Company's 2.1 million square foot super
regional mall, the Company is building a mixed use project which includes a
524,000 square foot office building, a 430 key luxury residential tower and a
300 room Hyatt Regency hotel. The office tower has a signed lease of 188,000
square feet with Intelsat who has the option to take up to 217,000 square feet
in total. The office building is scheduled to open in mid-2014.

Financing Activity:

During the quarter, the Company closed on over $1.2 billion of financings (at
its pro rata share). The financings are summarized below:

                              Prior Loan (in    New Loan (in 000's)
                              000's)
         MAC       Loan       Balance Interest Balance  Balance  Interest Term  Maturity
Property Ownership Closing    @        Rate      @ 100%    @         Rate     in    Date
                   Date       Pro-Rata                     Pro-Rata           years
Kings    100.00%   11/28/2012 -        -         500,000   500,000   3.44%    7     12/03/19
Plaza
Deptford 100.00%   12/5/2012  172,500  5.41%     205,000   205,000   3.73%    10.3  04/03/23
Mall
Queens   51.00%    12/24/2012 161,905  7.30%     600,000   306,000   3.49%    12    01/01/25
Center
Santa
Monica   100.00%   12/28/2012 -        -         240,000   240,000   2.94%    5     01/03/18
Place
Total                         334,405            1,545,000 1,251,000 3.40%    8.4

Acquisition Activity:

On November 28, 2012, the Company closed on the $756 million acquisition of
Kings Plaza. The Company has placed a $500 million, seven year fixed rate
loan on the property. The loan has an interest rate of 3.44%. The mall
tenants' annual sales per square foot are $680. Kings Plaza is anchored by
Macy's, Lowe's and Sears and is the only enclosed super regional mall in
Brooklyn, New York. The center is currently 96% occupied and has a tenant
line-up that includes Aeropostale, American Eagle, Armani Exchange, Forever
21, H&M, MAC, Pink, Swarovski and Victoria's Secret.

On January 25, 2013, the Company closed on the acquisition of Green Acres
Mall. Green Acres Mall is a 1.8 million square foot super regional mall
located in Valley Stream, New York. Green Acres is anchored by Macy's, Macy's
Men's, Sears, Kohl's, jcpenney, BJ's Wholesale Club and Walmart. The
purchase price was $500 million.The acquisition was funded with a $325
million, eight-year, loan with a fixed interest rate of 3.43%.The balance of
the purchase price was funded from cash on hand, and from the Company's line
of credit.The mall is 94% occupied and the mall tenants' annual sales per
square foot exceed $535.

2013 Earnings Guidance:

Management is issuing an estimated 2013 FFO per share-diluted guidance range
of $3.32 to $3.42.

A reconciliation of estimated EPS to FFO per share -diluted
follows:
Estimated EPS range:                 $1.17 to $1.77
Less: estimated Gain on asset sales                       - .50 to - 1.00
Plus: Real estate depreciation and amortization       2.65 to 2.65
Estimated range for FFO per share-diluted           $3.32 to $3.42

This guidance assumes asset sales in the range of $500 million to $1.0 billion
during mid-year 2013 with the proceeds used to pay off debt. The FFO per
share dilution from the asset sales assumption ranges from $.07 to $.14 for
2013. The above guidance range reflects same center EBITDA growth of 2.75% to
3.25%. There have been no future acquisitions factored into the guidance and
there has not been any gain or loss on early extinguishment of debt included
in the guidance estimate.|

Macerich 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 malls throughout the United States.
Macerich now owns approximately 65 million square feet of gross leaseable area
consisting primarily of interests in 62 regional shopping centers. Additional
information about Macerich can be obtained from the Company's website at
www.macerich.com.

Investor Conference Call

The Company will provide an online Web simulcast and rebroadcast of its
quarterly earnings conference call. The call will be available on The
Macerich Company's website at www.macerich.com (Investing Section) and through
CCBN at www.earnings.com. The call begins today, February 6, 2013 at 10:30 AM
Pacific Time. To listen to the call, please go to any of these websites 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 (Investing Section)
will be available for one year after the call.

The Company will publish a supplemental financial information package which
will be available at www.macerich.com in the Investing Section. It will also
be furnished to the SEC as part of a Current Report on Form 8-K.

Note: This release contains statements that constitute forward-looking
statements which can beidentified by the use of words, such as "expects,"
"anticipates," "assumes," "projects,""estimated" and"scheduled"and similar
expressions that do not relate to historical matters. 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 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, acquisitions and dispositions;
the liquidity of real estate investments, governmental actions and initiatives
(including legislative and regulatory changes); environmental and safety
requirements; and terrorist activities 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, 2011, 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 release or to reflect the occurrence of unanticipated events unless
required by law to do so.

(See attached tables)

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
                       Results before       Impact of     Results after
                       Discontinued          Discontinued   Discontinued
                       Operations (a)        Operations (a) Operations (a)
                       For the Three Months For the Three  For the Three
                                             Months        Months
                       Ended December 31,    Ended December Ended December 31,
                                             31,
                       Unaudited                            Unaudited
                       2012       2011       2012  2011     2012      2011
Minimum rents         $140,157   $118,751   $0    ($5,335) $140,157  $113,416
Percentage rents    12,451     10,489     -     (691)    12,451    9,798
Tenant recoveries      75,518     64,842     4     (2,853)  75,522    61,989
Management Companies'  10,505     11,942     -     -        10,505    11,942
revenues
Other income           12,534     11,743     (4)   (409)    12,530    11,334
Total revenues         251,165    217,767    0     (9,288)  251,165   208,479
Shopping center and    82,275     67,882     (9)   (4,834)  82,266    63,048
operating expenses
Management Companies'  18,657     19,560     -     -        18,657    19,560
operating expenses
Income tax benefit     (1,999)    (298)      -     -        (1,999)   (298)
Depreciation and       85,004     70,831     -     (3,672)  85,004    67,159
amortization
REIT general and
administrative         5,187      5,237      -     -        5,187     5,237
expenses
Interest expense     48,335     47,843     -     (4,562)  48,335    43,281
Loss on extinguishment (32)       (5,378)    32    3,929    -         (1,449)
of debt, net
Gain (loss) on
remeasurement, sale or 164,025    (42,823)   40    16,653   164,065   (26,170)
write down of assets,
net
Co-venture interests   (2,061)    (2,027)    -     -        (2,061)   (2,027)
(b)
Equity in income of
unconsolidated joint   10,657     219,156    -     -        10,657    219,156
ventures
Income from continuing 186,295    175,640    81    24,362   186,376   200,002
operations
Discontinued
operations:
 (Loss) gain on
sale, disposition or   -          -          (72)  (20,582) (72)      (20,582)
write down of assets,
net
 Loss from
discontinued           -          -          (9)   (3,780)  (9)       (3,780)
operations
Total loss from
discontinued           -          -          (81)  (24,362) (81)      (24,362)
operations
Net income            186,295    175,640    -     -        186,295   175,640
Less net income
attributable to        12,048     12,533     -     -        12,048    12,533
noncontrolling
interests
Net income
attributable to the    $174,247   $163,107   $0    $0       $174,247  $163,107
Company
Average number of
shares outstanding -   136,975    132,128                   136,975   132,128
basic
Average shares
outstanding, assuming  147,254    143,165                   147,254   143,165
full conversion of OP
Units (c)
Average shares
outstanding - Funds    147,254    143,165                   147,254   143,165
From Operations
("FFO") - diluted (c)
Per share income -
diluted before         -          -                         $1.27     $1.40
discontinued
operations
Net income per         $1.27      $1.23                     $1.27     $1.23
share-basic
Net income per share - $1.27      $1.23                     $1.27     $1.23
diluted
Dividend declared per  $0.58      $0.55                     $0.58     $0.55
share
FFO - basic (c) (d)   $132,577   $118,783                  $132,577  $118,783
FFO - diluted (c) (d)  $132,577   $118,783                  $132,577  $118,783
FFO per share- basic $0.90      $0.83                     $0.90     $0.83
(c) (d)
FFO per share-         $0.90      $0.83                     $0.90     $0.83
diluted (c) (d)
Adjusted FFO ("AFFO")
per share- diluted    $0.90      $0.87                     $0.90     $0.87
(c)(d)

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of
Operations:
                     Results before    Impact of          Results after
                     Discontinued       Discontinued        Discontinued
                     Operations (a)     Operations (a)      Operations (a)
                     For the Twelve     For the Twelve      For the Twelve
                     Months            Months             Months
                     Ended December 31, Ended December 31,  Ended December 31,
                     Unaudited                              Unaudited
                     2012      2011     2012      2011      2012      2011
Minimum rents       $503,130  $453,439 ($6,422)  ($24,432) $496,708  $429,007
Percentage rents  24,731    20,721   (342)     (1,546)   24,389    19,175
Tenant recoveries    276,827   254,380  (3,382)   (12,604)  273,445   241,776
Management           41,235    40,404   -         -         41,235    40,404
Companies' revenues
Other income         46,000    34,357   (454)     (1,348)   45,546    33,009
Total revenues       891,923   803,301  (10,600)  (39,930)  881,323   763,371
Shopping center and  285,589   263,341  (5,058)   (21,043)  280,531   242,298
operating expenses
Management
Companies'           85,610    86,587   -         -         85,610    86,587
operating expenses
Income tax benefit   (4,159)   (6,110)  -         -         (4,159)   (6,110)
Depreciation and     307,193   269,286  (4,640)   (17,211)  302,553   252,075
amortization
REIT general and
administrative       20,412    21,113   -         -         20,412    21,113
expenses
Interest expense   183,148   198,025  (6,370)   (18,317)  176,778   179,708
Gain (loss) on
extinguishment of    119,926   (14,517) (119,926) 3,929     -         (10,588)
debt, net
Gain (loss) on
remeasurement, sale  159,575   (76,338) 45,093    54,301    204,668   (22,037)
or write down of
assets, net
Co-venture interests (6,523)   (5,806)  -         -         (6,523)   (5,806)
(b)
Equity in income of
unconsolidated joint 79,281    294,677  -         -         79,281    294,677
ventures
Income from
continuing           366,389   169,075  (69,365)  74,871    297,024   243,946
operations
Discontinued
operations:
 Gain (loss) on
sale, disposition or -         -        74,833    (58,230)  74,833    (58,230)
write down of
assets, net
 Loss from
discontinued         -         -        (5,468)   (16,641)  (5,468)   (16,641)
operations
Total income (loss)
from discontinued    -         -        69,365    (74,871)  69,365    (74,871)
operations
Net income          366,389   169,075  -         -         366,389   169,075
Less net income
attributable to      28,963    12,209   -         -         28,963    12,209
noncontrolling
interests
Net income
attributable to the  $337,426  $156,866 $0        $0        $337,426  $156,866
Company
Average number of
shares outstanding - 134,067   131,628                      134,067   131,628
basic
Average shares
outstanding,
assuming full        144,937   142,986                      144,937   142,986
conversion of OP
Units (c)
Average shares
outstanding - Funds
From Operations      144,937   142,986                      144,937   142,986
("FFO") - diluted
(c)
Per share income -
diluted before       -         -                            $2.03     $1.70
discontinued
operations
Net income per       $2.51     $1.18                        $2.51     $1.18
share-basic
Net income per share $2.51     $1.18                        $2.51     $1.18
- diluted
Dividend declared    $2.23     $2.05                        $2.23     $2.05
per share
FFO - basic (c) (d) $577,862  $399,559                     $577,862  $399,559
FFO - diluted (c)    $577,862  $399,559                     $577,862  $399,559
(d)
FFO per share-       $3.99     $2.79                        $3.99     $2.79
basic (c) (d)
FFO per share-       $3.99     $2.79                        $3.99     $2.79
diluted (c) (d)
Adjusted FFO
("AFFO") per share-  $3.18     $2.88                        $3.18     $2.88
diluted (c)(d)

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
     The Company has classified the results of operations on dispositions as
(a)  discontinued operations for the three and twelve months ended December
     31, 2012 and 2011.
(b)  This represents the outside partners' allocation of net income in the
     Chandler Fashion Center/Freehold Raceway Mall joint venture.
     The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP")
     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
(c)  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.
     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. NAREIT defines FFO as
     net income (loss) (computed in accordance with GAAP), excluding gains (or
(d) 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.
     Adjusted FFO ("AFFO") excludes the FFO impact of Shoppingtown Mall and
     Valley View Center for the three and twelve months ended December 31,
     2012 and 2011. In December 2011, the Company conveyed Shoppingtown Mall
     to the lender by a deed-in-lieu of foreclosure. In July 2010, a
     court-appointed receiver assumed operational control of Valley View
     Center and responsibility for managing all aspects of the property.
     Valley View Center was sold by the receiver on April 23, 2012, and the
     related non-recourse mortgage loan obligation was fully extinguished on
     that date. On May 31, 2012, the Company conveyed Prescott Gateway to the
     lender by a deed-in-lieu of foreclosure and the debt was forgiven
     resulting in a gain on extinguishment of debt of $16.3 million. AFFO
     excludes the gain on extinguishment of debt on Prescott Gateway for the
     twelve months ended December 31, 2012.
     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 AFFO and AFFO on a diluted basis 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 allow investors to more easily compare the
     Company's results without taking into account non-cash credits and
     charges on properties controlled by either a receiver or loan servicer.
     FFO and AFFO on a diluted basis are measures investors find most useful
     in measuring the dilutive impact of outstanding convertible securities.
     FFO and AFFO do 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 are not indicative of cash available to fund all
     cash flow needs. The Company also cautions that FFO and AFFO as
     presented, may not be comparable to similarly titled measures reported by
     other real estate investment trusts.

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net income
attributable to the Company
to FFO and AFFO (d):
                              For the Three Months For the Twelve Months
                              Ended December 31,    Ended December 31,
                              Unaudited             Unaudited
                              2012        2011        2012         2011
Net income attributable to    $174,247    $163,107    $337,426     $156,866
the Company
Adjustments to reconcile net
income attributable to the
Company to FFO - basic
 Noncontrolling interests   13,784      14,073      27,359       13,529
in OP
 (Gain) loss on
remeasurement, sale or write  (164,025)   42,823      (159,575)    76,338
down of consolidated assets,
net
 plus (loss) gain on
undepreciated asset sales -   (390)       -           (390)        2,277
consolidated assets
plus non-controlling
interests share of (loss)
gain on remeasurement, sale   (1,636)     (1,437)     1,899        (1,441)
or write down of
consolidated joint ventures,
net
Loss (gain) on
remeasurement, sale or write
down of assets from           9,273       (188,245)   (2,019)      (200,828)
unconsolidated entities (pro
rata), net
 plus gain (loss) on
undepreciated asset sales -   1,163       (19)        1,163        51
unconsolidated entities (pro
rata)
 Depreciation and
amortization on consolidated  85,004      70,831      307,193      269,286
assets
Less depreciation and
amortization allocable to     (4,609)     (4,503)     (18,561)     (18,022)
noncontrolling interests on
consolidated joint ventures
 Depreciation and
amortization on joint         22,991      25,370      96,228       115,431
ventures (pro rata)
 Less: depreciation on      (3,225)     (3,217)     (12,861)     (13,928)
personal property
Total FFO - basic             132,577     118,783     577,862      399,559
Additional adjustment to
arrive at FFO - diluted:
 Preferred units -         -           -           -            -
dividends
Total FFO - diluted           $132,577    $118,783    $577,862     $399,559
Additional adjustments to
arrive at AFFO - diluted
(d):
 Shoppingtown Mall         25          3,179       422          3,491
 Valley View Center        11          2,684       (101,105)    8,786
 Prescott Gateway          -           -           (16,296)     -
Total AFFO- diluted           $132,613    $124,646    $460,883     $411,836
Reconciliation of EPS to FFO
and AFFO per diluted share
(d):
                              For the Three Months For the Twelve Months
                              Ended December 31,    Ended December 31,
                              Unaudited             Unaudited
                              2012        2011        2012         2011
Earnings per share - diluted  $1.27       $1.23       $2.51        $1.18
 Per share impact of
depreciation and              0.68        0.62        2.57         2.47
amortization of real estate
 Per share impact of gain
on remeasurement, sale or     (1.05)      (1.02)      (1.09)       (0.86)
write down of assets
FFO per share - diluted       $0.90       $0.83       $3.99        $2.79
 Per share impact -
Shoppingtown Mall, Valley     0.00        0.04        (0.81)       0.09
View Center and Prescott
Gateway
AFFO per share - diluted      $0.90       $0.87       $3.18        $2.88

THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                              For the Three Months For the Twelve Months
Reconciliation of Net income
attributable to the Company   Ended December 31,    Ended December 31,
to EBITDA:
                              Unaudited             Unaudited
                              2012        2011        2012         2011
Net income attributable to    $174,247    $163,107    $337,426     $156,866
the Company
 Interest expense -         48,335      47,843      183,148      198,025
consolidated assets
 Interest expense -
unconsolidated entities (pro  21,419      32,175      97,978       123,713
rata)
 Depreciation and
amortization - consolidated   85,004      70,831      307,193      269,286
assets
 Depreciation and
amortization -                22,991      25,370      96,228       115,431
unconsolidated entities (pro
rata)
 Noncontrolling interests   13,784      14,073      27,359       13,529
in OP
Less: Interest expense
and depreciation and
amortization allocable to     (7,408)     (7,446)     (30,019)     (29,877)
noncontrolling interests on
consolidated joint ventures
 Loss (gain) on
extinguishment of debt -      32          5,378       (119,926)    14,517
consolidated entities
 Gain on extinguishment of
debt - unconsolidated         -           (60)        -            (7,852)
entities (pro rata)
 (Gain) loss on
remeasurement, sale or write  (164,025)   42,823      (159,575)    76,338
down of assets -
consolidated assets, net
 Loss (gain) on
remeasurement, sale or write
down of assets -              9,273       (188,245)   (2,019)      (200,828)
unconsolidated entities (pro
rata), net
 Add: Non-controlling
interests share of (loss)    (1,636)     (1,437)     1,899        (1,441)
gain on sale of consolidated
assets, net
 Income tax benefit         (1,999)     (298)       (4,159)      (6,110)
 Distributions on           184         208         783          832
preferred units
EBITDA (e)                  $200,201    $204,322    $736,316     $722,429
Reconciliation of EBITDA to
Same Centers - Net Operating
Income ("NOI"):
                              For the Three Months For the Twelve Months
                              Ended December 31,    Ended December 31,
                              Unaudited             Unaudited
                              2012        2011        2012         2011
EBITDA (e)                    $200,201    $204,322    $736,316     $722,429
Add: REIT general and         5,187       5,237       20,412       21,113
administrative expenses
 Management            (10,505)    (11,942)    (41,235)     (40,404)
Companies' revenues
 Management
Companies' operating         18,657      19,560      85,610       86,587
expenses
Lease termination
income, straight-line and
above/below market            (4,515)     (7,214)     (15,400)     (23,324)
adjustments to minimum rents
of comparable centers
 EBITDA of             (28,479)    (34,291)    (119,233)    (118,831)
non-comparable centers
Same Centers - NOI (f)        $180,546    $175,672    $666,470     $647,570

     EBITDA represents earnings before interest, income taxes, depreciation,
     amortization, noncontrolling interests, extraordinary items, gain (loss)
     on remeasurement, sale or write down of assets and preferred dividends
     and includes joint ventures at their pro rata share. Management considers
     EBITDA to be an appropriate supplemental measure to net income because it
(e)  helps investors understand the ability of the Company to incur and
     service debt and make capital expenditures. 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. EBITDA, as presented, may not be comparable to similarly
     titled measurements reported by other companies.
     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 EBITDA and subtracting
(f)  out EBITDA from non-comparable centers and eliminating the management
     companies and the Company's general and administrative expenses. Same
     center NOI excludes the impact of lease termination income, straight-line
     and above/below market adjustments to minimum rents.

SOURCE Macerich Company

Website: http://www.macerich.com
Contact: Tom O'Hern, +1-310-899-6331
 
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