Macerich Announces an 18% Increase in AFFO per Share and Increased Earnings Guidance

 Macerich Announces an 18% Increase in AFFO per Share and Increased Earnings
                                   Guidance

PR Newswire

SANTA MONICA, Calif., Aug. 5, 2013

SANTA MONICA, Calif., Aug. 5, 2013 /PRNewswire/ -- The Macerich Company (NYSE
Symbol: MAC) today announced results of operations for the quarter ended June
30, 2013 which included adjusted funds from operations ("AFFO") diluted of
$130.4 million or $.87 per share-diluted compared to $106.2 million or $.74
per share-diluted for the quarter ended June 30, 2012. Net income
attributable to the Company was $219.0 million or $1.57 per share-diluted for
the quarter ended June 30, 2013 compared to net income attributable to the
Company for the quarter ended June 30, 2012 of $133.4 million or $1.00 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 6.2% for the year ended
    June 30, 2013 to $545 compared to $513 for the year ended June 30, 2012.
  oThe releasing spreads for the year ended June 30, 2013 were up 14.2%.
  oMall portfolio occupancy was 93.8% at June 30, 2013 compared to 92.7% at
    June 30, 2012.
  oAFFO per share-diluted was $.87, up 18% compared to the quarter ended June
    30, 2012.
  oFashion Outlets of Chicago opened on August 1^st. The 526,000 square foot
    center was 93% occupied on opening day.
  oDuring the quarter the Company sold five assets with its pro rata share of
    the gross sales proceeds totaling over $465 million.

Commenting on the quarter, Arthur Coppola chairman and chief executive officer
of Macerich stated, "It was a very strong quarter for us. Our operating
fundamentals continued their upward trend with significant occupancy gains,
continued tenant sales growth and a solid same center net operating income
increase. In addition, we successfully continued executing our strategy of
refining our portfolio with the sale of five non-core assets during the
quarter."

Developments:

Fashion Outlets of Chicago, a 526,000 square foot fashion outlet center near
O'Hare International Airport, opened on August 1, 2013. The $211 million
project opened with 93% of the tenants in occupancy on opening day. The
anchors are Last Call by Neiman Marcus, Bloomingdale's The Outlet Store, Saks
Fifth Avenue Off 5^th and Forever 21.The anchors are joined by such stellar
fashion retailers as Longchamp, Brunello Cucinelli, Prada, Gucci, Armani,
Halston, Michael Kors, Coach, Coach Men's, Tory Burch and many others.

At Tysons Corner Center, a 2.1 million square foot super regional mall, the
Company is building a mixed-use densification which will add 1.4 million
square feet to one of the country's premier retail centers. The Tysons
expansion includes a 19-story office tower; a 500,000 square foot, 30-story,
430 unit luxury residential tower; and a 17-story, 300-room Hyatt Regency
hotel. The office building is currently over 60% leased. The project is
scheduled to open in 2014.

Disposition Activity:

During the quarter, the Company continued the refinement of its portfolio with
the sale of five non-core assets. The assets sold were: the Redmond Town
Center office building, Green Tree Mall in Clarksville, Indiana, Northridge
Mall in Salinas, California, Rimrock Mall in Billings, Montana and Kitsap Mall
in Silverdale, Washington. The average annual sales per-square-foot for these
malls was $389. The Company's pro rata share of the total gross sales
proceeds was $468 million. In addition, on August 1, the Company sold the
retail component of Redmond Town Center and its pro rata share of the sales
proceeds was approximately $63.6 million.

Equity and Financing Activity:

During the quarter, concurrent with the Company's inclusion into the S&P 500
Index, the Company sold 2,456,956 shares of common equity at an average sales
price of $70.42 per share. The common stock was sold under its at-the-market
("ATM") program. The net proceeds were $171.2 million and were used to pay
down debt.

The Company has committed to an $850 million refinancing of the debt on the
Tysons Corner super regional mall. The new fixed rate 10 year loan has an
interest rate of 4.10%. The loan will close on August 30 and will pay off the
existing $299.5 million loan that has a 4.78% interest rate. The Company owns
50% of the center and its $275 million share of excess loan proceeds will be
used to pay down debt.

The Company has arranged an extension and rate reduction on its $1.5 billion
unsecured line of credit. The new facility has an August 6, 2018 maturity
date and the interest rate, at the Company's current leverage level, was
reduced to 1.50% over LIBOR, down from 2.00% over LIBOR. This facility can be
expanded to $2.0 billion at the Company's election.

2013 Earnings Guidance:

Management is increasing its previously issued estimated 2013 FFO per
share-diluted guidance range by $.03 per share to $3.38 to $3.48.

A reconciliation of estimated EPS to FFO per share -diluted follows:
Estimated EPS range:                              $2.11 to $2.21
Less: estimated Gain on asset sales               -1.56 to -1.56
Plus: Real estate depreciation and amortization  2.83 to 2.83
Estimated range for FFO per share-diluted         $3.38 to $3.48

Included in the above FFO per share guidance is an increase in the assumption
of same center net operating income to 3.75% to 4.25%. Also included is a
reduction in lease termination revenue to $3 million from the previous
estimate of $7 million. No further asset sales, above the $532 million
mentioned above, are assumed in this guidance.

Macerich, an S&P 500 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
malls throughout the United States.

Macerich currently owns approximately 61 million square feet of real estate
consisting primarily of interests in 58 regional shopping centers. Macerich
specializes in successful retail properties in many of the country's most
attractive, densely populated markets with significant presence in California,
Arizona, Chicago, Greater New York Metro and Washington, DC. 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 Tuesday, August 6, 2013 at 11:00 AM
Central 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 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, 2012,
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      For the Three Months For the Three
                    Months                                  Months
                    Ended June 30,     Ended June 30,        Ended June 30,
                    Unaudited                                Unaudited
                    2013     2012      2013       2012       2013     2012
Minimum rents      $150,761 $ 120,186 ($3,769)   ($7,574)   $146,992 $112,612
Percentage rents 2,798    2,872     24         (247)      2,822    2,625
Tenant recoveries   87,307   66,013    (1,943)    (4,388)    85,364   61,625
Management          10,301   9,657     -          -          10,301   9,657
Companies' revenues
Other income        11,733   9,736     (235)      (598)      11,498   9,138
 Total revenues 262,900  208,464   (5,923)    (12,807)   256,977  195,657
Shopping center and
operating          84,743   66,791    (2,237)    (4,759)    82,506   62,032
expenses
Management
Companies'          22,816   23,734    -          -          22,816   23,734
operating
expenses
REIT general and
administrative      6,693    5,655     -          -          6,693    5,655
expenses
Depreciation and    93,984   73,003    (1,651)    (3,834)    92,333   69,169
amortization
Interest expense  54,439   45,068    -          (1,771)    54,439   43,297
Gain on
extinguishment of   (1,943)  (120,356) -          120,356    (1,943)  -
debt, net
 Total expenses 260,732  93,895    (3,888)    109,992    256,844  203,887
Equity in income of
unconsolidated      92,201   18,691    -          -          92,201   18,691
joint ventures
Co-venture expense  (2,138)  (1,304)   -          -          (2,138)  (1,304)
(b)
Income tax benefit 1,477    3,075     -          -          1,477    3,075
Gain (loss) on
remeasurement, sale 141,108  9,512     (141,906)  (11,040)   (798)    (1,528)
or write down of
assets, net
 Income from
continuing          234,816  144,543   (143,941)  (133,839)  90,875   10,704
operations
Discontinued
operations:
 Gain on sale,
disposition or      -        -         141,906    131,396    141,906  131,396
write down of
assets, net
 Income from
discontinued        -        -         2,035      2,443      2,035    2,443
operations
 Total income
from discontinued   -        -         143,941    133,839    143,941  133,839
operations
Net income         234,816  144,543   -          -          234,816  144,543
Less net income
attributable to     15,819   11,189    -          -          15,819   11,189
noncontrolling
interests
Net income
attributable to the $218,997 $133,354  $0         $0         $218,997 $133,354
Company
Average number of
shares outstanding  139,372  132,768                         139,372  132,768
- basic
Average shares
outstanding,
assuming full       149,311  144,030                         149,311  144,030
conversion of OP
Units (c)
Average shares
outstanding - Funds
From Operations     149,465  144,139                         149,465  144,139
("FFO") - diluted
(c)
Per share income -
diluted before      -        -                               $0.61    $0.07
discontinued
operations
Net income per      $1.57    $1.00                           $1.57    $1.00
share-basic
Net income per      $1.57    $1.00                           $1.57    $1.00
share - diluted
Dividend declared   $0.58    $0.55                           $0.58    $0.55
per share
FFO - basic (c)    $130,405 $226,212                        $130,405 $226,212
(d)
FFO - diluted (c)   $130,405 $226,212                        $130,405 $226,212
(d)
FFO per share-      $0.87    $1.57                           $0.87    $1.57
basic (c) (d)
FFO per share-      $0.87    $1.57                           $0.87    $1.57
diluted (c) (d)
Adjusted FFO
("AFFO") per share- $0.87    $0.74                           $0.87    $0.74
diluted (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 Six Months For the Six Months For the Six
                                                             Months
                     Ended June 30,      Ended June 30,      Ended June 30,
                     Unaudited                               Unaudited
                     2013      2012      2013      2012      2013     2012
Minimum rents       $299,917  $ 243,823 ($9,210)  ($17,444) $290,707 $226,379
Percentage rents  7,175     6,864     16        (613)     7,191    6,251
Tenant recoveries    172,631   132,785   (4,804)   (9,180)   167,827  123,605
Management           20,451    20,872    -         -         20,451   20,872
Companies' revenues
Other income         25,510    20,738    (509)     (3,888)   25,001   16,850
 Total revenues  525,684   425,082   (14,507)  (31,125)  511,177  393,957
Shopping center and  170,120   135,607   (5,014)   (11,045)  165,106  124,562
operating expenses
Management
Companies'           45,965    46,259    -         -         45,965   46,259
operating expenses
REIT general and
administrative       12,717    10,174    -         -         12,717   10,174
expenses
Depreciation and     187,143   149,968   (4,007)   (9,269)   183,136  140,699
amortization
Interest expense   108,137   92,191    2         (6,370)   108,139  85,821
Gain on
extinguishment of    (1,943)   (120,012) -         120,012   (1,943)  -
debt, net
 Total expenses  522,139   314,187   (9,019)   93,328    513,120  407,515
Equity in income of
unconsolidated joint 110,316   49,309    -         -         110,316  49,309
ventures
Co-venture expense   (4,179)   (2,395)   -         -         (4,179)  (2,395)
(b)
Income tax benefit  1,721     1,225     -         -         1,721    1,225
Gain (loss) on
remeasurement, sale  145,942   (26,215)  (141,912) 44,184    4,030    17,969
or write down of
assets, net
 Income from
continuing           257,345   132,819   (147,400) (80,269)  109,945  52,550
operations
Discontinued
operations:
 Gain on sale,
disposition or write -         -         141,912   75,828    141,912  75,828
down of assets, net
 Income from
discontinued         -         -         5,488     4,441     5,488    4,441
operations
 Total income
from discontinued    -         -         147,400   80,269    147,400  80,269
operations
Net income          257,345   132,819   -         -         257,345  132,819
Less net income
attributable to      20,256    13,533    -         -         20,256   13,533
noncontrolling
interests
Net income
attributable to the  $237,089  $119,286  $0        $0        $237,089 $119,286
Company
Average number of
shares outstanding - 138,460   132,520                       138,460  132,520
basic
Average shares
outstanding,
assuming full        148,532   143,741                       148,532  143,741
conversion of OP
Units (c)
Average shares
outstanding - Funds
From Operations      148,653   143,832                       148,653  143,832
("FFO") - diluted
(c)
Per share income -
diluted before       -         -                             $0.72    $0.34
discontinued
operations
Net income per       $1.71     $0.90                         $1.71    $0.90
share-basic
Net income per share $1.71     $0.90                         $1.71    $0.90
- diluted
Dividend declared    $1.16     $1.10                         $1.16    $1.10
per share
FFO - basic (c) (d) $257,379  $332,385                      $257,379 $332,385
FFO - diluted (c)    $257,379  $332,385                      $257,379 $332,385
(d)
FFO per share-       $1.73     $2.31                         $1.73    $2.31
basic (c) (d)
FFO per share-       $1.73     $2.31                         $1.73    $2.31
diluted (c) (d)
Adjusted FFO
("AFFO") per share-  $1.73     $1.50                         $1.73    $1.50
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 six months ended June 30, 2013
    and 2012.
(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
    convertedinto shares of Company common stock. Conversion of the OP units
    not owned by the Company has been assumed for purposes of calculating
(c) FFOper share and the weighted average number of shares outstanding. The
    computation of average shares for FFO - diluted includes the effect of
    shareand 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 assupplemental
    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 andsales 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 six months ended June 30, 2012. 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 bythe
    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 $16.4 million. AFFO excludes the gain on
    extinguishment of debt on Prescott Gateway for the three and six months
    ended June 30, 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 Six Months
                                Ended June 30,        Ended June 30,
                                Unaudited             Unaudited
                                2013        2012        2013       2012
Net income attributable to the  $218,997    $133,354    $237,089   $119,286
Company
Adjustments to reconcile net
income attributable to the
Company to FFO - basic and
diluted:
 Noncontrolling interests in  15,902      11,294      17,244     10,106
OP
 (Gain) loss on
remeasurement, sale or write    (141,108)   (9,512)     (145,942)  26,215
down of consolidated assets,
net
 plus (loss) gain on
undepreciated asset sales -     (10)        -           2,238      -
consolidated assets
 plus non-controlling
interests share of (loss) gain
on remeasurement, sale orwrite (9)         (17)        3,163      3,538
down of consolidated joint
ventures, net
 (Gain) loss on
remeasurement, sale or write
down of assets                  (73,035)    354         (73,016)   (11,157)
fromunconsolidated entities
(pro rata), net
 plus gain on
undepreciated asset sales -     486         -           484        -
unconsolidated entities (pro
rata)
 Depreciation and
amortization on consolidated    93,984      73,003      187,143    149,968
assets
 Less depreciation and
amortization allocable to       (4,603)     (4,578)     (9,137)    (9,428)
noncontrolling interests on
consolidated joint ventures
 Depreciation and
amortization on joint ventures  22,815      25,553      44,147     50,310
(pro rata)
 Less: depreciation on        (3,014)     (3,239)     (6,034)    (6,453)
personal property
Total FFO - basic and diluted   $130,405    $226,212    $257,379   $332,385
Additional adjustments to
arrive at AFFO - diluted (d):
 Shoppingtown Mall           -           36          -          396
 Valley View Center          -           (103,745)   -          (101,116)
 Prescott Gateway            -           (16,350)    -          (16,350)
Total AFFO- diluted             $130,405    $106,153    $257,379   $215,315
Reconciliation of EPS to FFO
and AFFO per diluted share (d):
                                For the Three Months For the Six Months
                                Ended June 30,        Ended June 30,
                                Unaudited             Unaudited
                                2013        2012        2013       2012
Earnings per share - diluted    $1.57       $1.00       $1.71      $0.90
 Per share impact of
depreciation and amortization   0.73        0.63        1.45       1.28
of real estate
 Per share impact of gain on
remeasurement, sale or write    (1.43)      (0.06)      (1.43)     0.13
down of assets
FFO per share - diluted         $0.87       $1.57       $1.73      $2.31
 Per share impact -
Shoppingtown Mall, Valley View  0.00        (0.83)      0.00       (0.81)
Center and Prescott Gateway
AFFO per share - diluted        $0.87       $0.74       $1.73      $1.50
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                For the Three Months For the Six Months
Reconciliation of Net income
attributable to the Company to  Ended June 30,        Ended June 30,
EBITDA:
                                Unaudited             Unaudited
                                2013        2012        2013       2012
Net income attributable to the  $218,997    $133,354    $237,089   $119,286
Company
 Interest expense -           54,439      45,068      108,137    92,191
consolidated assets
 Interest expense -
unconsolidated entities (pro    16,977      26,056      35,849     52,778
rata)
 Depreciation and
amortization - consolidated     93,984      73,003      187,143    149,968
assets
 Depreciation and
amortization - unconsolidated   22,815      25,553      44,147     50,310
entities (pro rata)
 Noncontrolling interests in  15,902      11,294      17,244     10,106
OP
 Less: Interest expense and
depreciation and amortization
allocable to noncontrolling     (7,447)     (7,503)     (14,741)   (15,279)
interests on consolidated joint
ventures
 Gain on extinguishment of    (1,943)     (120,356)   (1,943)    (120,012)
debt - consolidated entities
 (Gain) loss on
remeasurement, sale or write    (141,108)   (9,512)     (145,942)  26,215
down of assets - consolidated
assets, net
 (Gain) loss on
remeasurement, sale or write    (73,035)    354         (73,016)   (11,157)
down of assets - unconsolidated
entities (pro rata), net
 Add: Non-controlling
interests share of (loss) gain (9)         (17)        3,163      3,538
on sale of consolidated assets,
net
 Income tax benefit           (1,477)     (3,075)     (1,721)    (1,225)
 Distributions on preferred   183         208         367        416
units
EBITDA (e)                    $198,278    $174,427    $395,776   $357,135
Reconciliation of EBITDA to
Same Centers - Net Operating
Income ("NOI"):
                                For the Three Months For the Six Months
                                Ended June 30,        Ended June 30,
                                Unaudited             Unaudited
                                2013        2012        2013       2012
EBITDA (e)                      $198,278    $174,427    $395,776   $357,135
Add: REIT general and           6,693       5,655       12,717     10,174
administrative expenses
 Management Companies'   (10,301)    (9,657)     (20,451)   (20,872)
revenues
 Management Companies'   22,816      23,734      45,965     46,259
operating expenses
 Lease termination
income, straight-line and
above/below market              (2,602)     (4,105)     (4,879)    (9,401)
adjustmentsto minimum rents of
comparable centers
 EBITDA of               (35,052)    (18,209)    (68,904)   (36,955)
non-comparable centers
Same Centers - NOI (f)          $179,832    $171,845    $360,224   $346,340

    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
    EBITDAto be an appropriate supplemental measure to net income because it
(e) helps investors understand the ability of the Company to incur and service
    debtand make capital expenditures. EBITDA should not be construed as an
    alternative to operating income as an indicator of the Company's
    operatingperformance, 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 leasetermination income, straight-line
    and above/below market adjustments to minimum rents.

SOURCE Macerich Company

Website: http://www.macerich.com
Contact: Thomas O'Hern, Senior Executive Vice President and Chief Financial
Officer, (310) 394-6000
 
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