SANTA MONICA, CA—The Macerich Company (NYSE Symbol: MAC) has 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:

-- Mall 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.
-- The releasing spreads for the year ended December 31, 2012 were up
15.4%.
-- Mall portfolio occupancy was 93.8% at December 31, 2012 compared to
92.7% at December 31, 2011.
-- AFFO per share-diluted for the year was $3.18, a 10.4% increase over
2011.
-- During 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.