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SANTA MONICA, Calif., November. 5, 2020 /PRNewswire/ --The Macerich Visitor (NYSE: MAC, the "Company") today appear results of operations for the quarter concluded September xxx, 2020, which included net loss owing to the Company of $22.2 million or $0.xv per share-diluted for the quarter ended September xxx, 2020 compared to net income of $46.4 million or $0.33 per share-diluted attributable to the Company for the quarter ended September 30, 2019. For the 3rd quarter 2020, funds from operations ("FFO")-diluted, excluding financing expense in connection with Chandler Freehold was $83.4 meg or $0.52 per share-diluted compared to $133.2 million or $0.88 per share-diluted for the quarter ended September xxx, 2019. A description and reconciliation of earnings per share ("EPS")-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt is included within the fiscal tables accompanying this press release.

Macerich (PRNewsFoto/Macerich)

Results and Highlights:

All properties in the portfolio have resumed operations as of Oct vii, 2020.
Rent collections continued to ameliorate, with collection rates increasing to approximately 81% in October of 2020 and eighty% in the third quarter of 2020, up from approximately 61% in the 2nd quarter of 2020.
Mall portfolio occupancy, including closed centers, was 90.viii% at September thirty, 2020, compared to 91.3% at June 30, 2020.
Mall tenant annual sales per square foot for the portfolio was $718 for the twelve months ended September xxx, 2020, compared to $800 for the twelve months ended September 30, 2019. This sales metric excludes the period of COVID-19 closure for each tenant.
Boilerplate rent per foursquare foot increased ane.8% to $62.29 at September 30, 2020, compared to $61.xvi at September 30, 2019.

"We are a major employer and tax generator within all of our markets, and our properties are abode to thousands of modest businesses. After seven months of partial closures, we are pleased to finally have our entire portfolio open and operational. The reopening of our malls enabled u.s. to evangelize sequential improvement in rent collections and continued progress in our negotiations with retailers," said the Company's Chief Executive Officer, Tom O'Hern. "Looking ahead, we are confident that our high quality portfolio in strong gateway markets will continue to be coveted equally the retail community reestablishes its foundation amidst the ongoing COVID-19 pandemic. We are partnering with our tenants to set up for what volition exist a very unique holiday season and shopping environment. We will remain vigilant managing our properties to prioritize the health and safety of our shoppers, employees, tenants and service providers, and to adhere to CDC and to local and state jurisdictional mandates relating to COVID-19."

Operational and Liquidity Update:

With the reopening of three indoor malls in Los Angeles Canton on October 7, all of the Company'due south backdrop are now open and operational. During the tertiary quarter, in addition to several development openings described afterwards, the Company historic numerous new retail store openings, including among others:

Adidas and Tory Burch Outlet at Fashion Outlets of Niagara
Amazon Books and Tempur-Pedic at FlatIron Crossing
Madewell and Westward Elm at La Encantada
Amazon 4-Star, Upper-case letter One Café, Golden Goose, Indochino, Levi's and Warby Parker at Scottsdale Manner Square
Warby Parker at Twenty 9th Street
Aerie at Vintage Faire Mall

Excluding the Visitor's three indoor Los Angeles County assets, which only recently opened, approximately 93% of the square footage that was open prior to COVID-19 is now open up and operating. Cash receipts continued to meliorate, increasing to approximately 80% in the third quarter of 2020 from approximately 61% in the second quarter of 2020. As of November 2, 2020, the Company has collected approximately 81% of hire for October. With continued improvement in operating cash flow, liquidity also continued to better. Cash and cash equivalents increased from $573 million at June thirty, 2020 to $630 meg as of September 30, 2020.

Redevelopment:

While the Visitor has reduced its planned 2020 development expenditures by approximately $100 meg, piece of work continues to progress on selected projects. Notably:

One Westside in Los Angeles, a 584,000 square foot creative office redevelopment continues on schedule with a planned delivery to Google in early 2022
Restoration Hardware Gallery opened at The Hamlet at Corte Madera in Corte Madera, CA
Comcast, Dick's Sporting Goods ("Dick'due south") and Round One opened within the bulk of the former Sears store at Deptford Mall in Deptford, NJ
Dick's opened inside a portion of the quondam Sears store at Vintage Faire Mall in Modesto, CA
Dick's opened in a newly expanded footprint within a portion of the sometime Forever 21 store at Danbury Fair in Danbury, CT
Saratoga Hospital opened within the former Sears shop at Wilton Mall in Saratoga Springs, NY.

Financing Activity:

The Company'due south articulation venture has secured a commitment for a $95 million loan on Tysons Vita, the residential tower at Tysons Corner. This x-yr loan will carry interest at a fixed interest rate of 3.30%, and is expected to close in Nov. This loan volition provide incremental liquidity to the Company of approximately $47.0 one thousand thousand at the Visitor's share.

The Company has secured an extension of the $191.0 million loan on Danbury Fair to Apr i, 2021. The loan amount and interest rate are unchanged following that extension.

The Company has agreed to terms with the lender of the $103.nine 1000000 loan on Fashion Outlets of Niagara, and anticipates closing shortly on a 3-year extension to Oct 2023. The Company expects that the loan amount and interest rate will remain unchanged following that extension.

Dividend:

The Company'due south Board declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on December 3, 2020 to stockholders of record at the shut of business on Nov 9, 2020.

Virtually Macerich :

Macerich is a fully integrated, self-managed and cocky-administered real estate investment trust, which focuses on the conquering, leasing, management, evolution and redevelopment of regional malls throughout the United States.

Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail backdrop in many of the land's most attractive, densely populated markets with significant presence in the West Declension, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #one GRESB ranking in the North American Retail Sector for five direct years (2015 – 2019). Boosted information almost Macerich can exist obtained from the Company's website at world wide web.Macerich.com.

Investor Conference Telephone 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 (Investors Section). The phone call begins on November v, 2020 at 10:00 AM Pacific Fourth dimension. To listen to the call, please go to the website at least 15 minutes prior to the phone call in gild to register and download sound software if needed. An online replay at www.macerich.com (Investors Section) will exist available for one year after the telephone call.

The Company will publish a supplemental fiscal information bundle which will be bachelor at www.macerich.com in the Investors Section. It will also exist furnished to the SEC as part of a Current Report on Form 8-1000.

Note : This release contains statements that constitute forwards-looking statements which can exist identified by the apply of words, such equally "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that whatever such forward-looking statements are non guarantees of future performance and involve risks, uncertainties and other factors that may crusade bodily results, performance or achievements of the Visitor to vary materially from those predictable, expected or projected. Such factors include, amid others, general industry, also as national, regional and local economic and business conditions, which will, amongst other things, bear upon 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, involvement rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, amidst other things, competition from other companies, retail formats and technology, risks of existent estate development and redevelopment, and acquisitions and dispositions; the adverse impact of the novel coronavirus (COVID-nineteen) 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 deportment and initiatives (including legislative and regulatory changes); ecology 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 Class 10-K for the yr ended December 31, 2019 and our Quarterly Report on Form ten-Q for the quarter ended June 30, 2020 for a give-and-take of such risks and uncertainties, which discussion is incorporated herein past reference. The Company does non intend, and undertakes no obligation, to update any forwards-looking information to reflect events or circumstances later on the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

(Run across attached tables)

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


Results of Operations:
	For the Three Months		For the Nine Months
	Ended September 30,		Ended September thirty,
	Unaudited		Unaudited
	2020	2019	2020	2019
Revenues:
Leasing revenue	$175,506	$214,260	$554,981	$636,290
Other income	iv,334	6,889	sixteen,595	20,054
Management Companies' revenues	6,004	nine,978	19,807	29,277

Full revenues	185,844	231,127	591,383	685,621

Expenses:
Shopping heart and operating expenses	64,680	69,328	192,538	203,024
Management Companies' operating expenses	13,031	15,514	45,697	50,220
Leasing expenses	5,544	vii,162	19,622	22,344
REIT general and administrative expenses	7,589	5,285	22,652	16,835
Depreciation and amortization	78,605	82,787	241,112	246,640
Interest expense (a)	37,184	xiv,799	65,292	90,265
Loss on extinguishment of debt	-	-	-	351

Total expenses	206,633	194,875	586,913	629,679

Disinterestedness in (loss) income of unconsolidated joint ventures	(12,513)	fourteen,582	(16,988)	34,082
Income revenue enhancement (expense) benefit	(ane,106)	(678)	684	(one,703)
Proceeds (loss) on auction or write down of assets, net	11,786	(131)	(28,784)	(xv,506)

Net (loss) income	(22,622)	50,025	(40,618)	72,815
Less net (loss) income attributable to noncontrolling interests	(431)	3,654	(833)	ii,886
Net (loss) income owing to the Company	($22,191)	$46,371	($39,785)	$69,929

Weighted average number of shares outstanding - basic	149,626	141,368	145,071	141,325
Weighted average shares outstanding, bold full conversion of OP Units (b)	160,509	151,784	155,694	151,740
Weighted boilerplate shares outstanding - Funds From Operations ("FFO") - diluted (b)	160,509	151,784	155,694	151,740

Earnings per share ("EPS") - bones	($0.15)	$0.33	($0.28)	$0.49
EPS - diluted	($0.15)	$0.33	($0.28)	$0.49

Dividend paid per share	$0.fifteen	$0.75	$1.forty	$two.25

FFO - bones and diluted (b) (c)	$98,471	$170,579	$360,021	$453,723
FFO - basic and diluted, excluding financing expense in connection with
Chandler Freehold (b) (c)	$83,367	$133,242	$266,584	$388,817
FFO - basic and diluted, excluding financing expense in connection with
Chandler Freehold and loss on extinguishment of debt (b) (c)	$83,367	$133,242	$266,584	$389,168

FFO per share - basic and diluted (b) (c)	$0.61	$ane.12	$ii.31	$2.99
FFO per share - basic and diluted, excluding financing expense in connectedness with
Chandler Freehold (b) (c)	$0.52	$0.88	$i.71	$2.56
FFO per share - bones and diluted, excluding financing expense in connexion with
Chandler Freehold and loss on extinguishment of debt (b) (c)	$0.52	$0.88	$ane.71	$two.56

THE MACERICH Visitor
Financial HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


(a) The Visitor accounts for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") articulation venture equally a financing
arrangement. As a upshot, the Company has included in interest expense (i) a credit of $15,502 and $96,793 to adapt for the modify in the fair value
of the financing organization obligation during the three and nine months ended September 30, 2020, respectively; and a credit of $39,455 and $seventy,977
to adapt for the alter in the off-white value of the financing arrangement obligation during the iii and nine months concluded September 30, 2019, respectively;
(ii) distributions of ($398) and $885 to its partner representing the partner's share of cyberspace (loss) income for the three and nine months ending September 30,
2020, respectively; and $1,278 and $5,157 to its partner representing the partner's share of cyberspace income for the three and nine months ended September 30,
2019, respectively; and (3) distributions of $398 and $3,356 to its partner in excess of the partner's share of net income for the 3 and nine months
ended September xxx, 2020, respectively; and $2,118 and $6,071 to its partner in excess of the partner'south share of net income for the iii and nine months
concluded September thirty, 2019, respectively.

(b) The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can exist converted
into shares of Company common stock. Conversion of the OP units non owned by the Visitor has been assumed for purposes of calculating FFO
per share and the weighted average number of shares outstanding. The ciphering 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 mutual units to the extent they are dilutive to the calculation.

(c) The Company uses FFO in add-on to net income to report its operating and financial results and considers FFO and FFO-diluted as
supplemental measures for the real estate manufacture and a supplement to More often than not Accustomed Accounting Principles ("GAAP") measures.
The National Clan of Real Manor Investment Trusts ("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP),
excluding gains (or losses) from sales of properties, plus existent estate related depreciation and acquittal, damage write-downs of real manor
and write-downs of investments in an chapter where the write-downs have been driven by a subtract in the value of real estate held by the
affiliate and after adjustments for unconsolidated articulation ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the
aforementioned basis.

The Company accounts for its joint venture in Chandler Freehold as a financing system. 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 backlog of their pro rata
share of net income.

The Visitor also presents FFO excluding financing expense in connectedness with Chandler Freehold and loss on extinguishment of debt.

FFO and FFO on a diluted footing are useful to investors in comparing operating and financial results between periods. This is especially true since FFO
excludes real estate depreciation and acquittal, as the Visitor believes existent estate values fluctuate based on market conditions rather than
depreciating in value ratably on a direct-line basis over fourth dimension. The Visitor believes that such a presentation as well provides investors with a more
meaningful measure of its operating results in comparison to the operating results of other existent estate investment trusts ("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 functioning equally they show a more than meaningful and consistent comparing of the Company'southward
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 discover most useful in measuring the dilutive impact of outstanding convertible securities.

The Company further believes that FFO does not represent cash period from operations every bit divers by GAAP, should non be considered as an culling
to cyberspace income (loss) equally defined by GAAP, and is non indicative of cash available to fund all cash menstruation needs. The Visitor as well cautions that FFO as
presented, may not be comparable to similarly titled measures reported by other REITs.

THE MACERICH Company
Fiscal HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


Reconciliation of net (loss) income owing to the Company to FFO attributable to	For the Three Months		For the Nine Months
common stockholders and unit holders - basic and diluted, excluding financing expense in	Concluded September 30,		Ended September thirty,
connection with Chandler Freehold and loss on extinguishment of debt (c):	Unaudited		Unaudited
	2020	2019	2020	2019
Net (loss) income owing to the Visitor	($22,191)	$46,371	($39,785)	$69,929
Adjustments to reconcile net (loss) income attributable to the Company to FFO attributable to common
stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP	(ane,618)	3,427	(2,912)	5,151
(Gain) loss on auction or write downward of consolidated assets, cyberspace	(11,786)	131	28,784	15,506
Add: proceeds on undepreciated asset sales from consolidated assets	12,362	81	12,402	615
Loss on write down of consolidated non-real manor assets	(1,361)	-	(4,154)	-
Noncontrolling interests share of gain (loss) on sale or write-down of consolidated articulation ventures, cyberspace	929	-	929	(3,369)
Loss (gain) on auction or write downwards of assets from unconsolidated joint ventures (pro rata), net	71	(3)	77	381
Depreciation and amortization on consolidated avails	78,605	82,787	241,112	246,640
Less depreciation and amortization allocable to noncontrolling interests
in consolidated joint ventures	(three,855)	(3,746)	(11,472)	(11,067)
Depreciation and acquittal on unconsolidated joint ventures (pro rata)	50,775	45,465	146,702	141,670
Less: depreciation on personal holding	(3,460)	(3,934)	(11,662)	(11,733)

FFO attributable to mutual stockholders and unit holders - basic and diluted	98,471	170,579	360,021	453,723

Financing expense in connectedness with Chandler Freehold	(fifteen,104)	(37,337)	(93,437)	(64,906)

FFO owing to mutual stockholders and unit of measurement holders, excluding financing expense in
connection with Chandler Freehold - basic and diluted	83,367	133,242	266,584	388,817

Loss on extinguishment of debt	-	-	-	351

FFO owing to common stockholders and unit of measurement holders, excluding financing expense in connection
with Chandler Freehold and loss on extinguishment of debt - diluted	$83,367	$133,242	$266,584	$389,168


Reconciliation of EPS to FFO per share - diluted (c):
	For the 3 Months		For the Nine Months
	Ended September 30,		Ended September 30,
	Unaudited		Unaudited
	2020	2019	2020	2019
EPS - diluted	($0.fifteen)	$0.33	($0.28)	$0.49
Per share touch of depreciation and acquittal of real estate	0.76	0.79	2.34	2.41
Per share impact of loss on sale or write down of assets, internet	-	-	0.25	0.09
FFO per share - basic and diluted	$0.61	$1.12	$2.31	$ii.99
Per share bear on of financing expense in connection with Chandler Freehold.	(0.09)	(0.24)	(0.threescore)	(0.43)
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold	$0.52	$0.88	$ane.71	$2.56
Per share impact of loss on extinguishment of debt	-	-	-	-
FFO per share - bones and diluted, excluding financing expense in connection with Chandler Freehold
and loss on extinguishment of debt	$0.52	$0.88	$1.71	$2.56

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


Reconciliation of Net (loss) income attributable to the Company to Adapted EBITDA:
	For the Iii Months		For the Nine Months
	Ended September 30,		Ended September 30,
	Unaudited		Unaudited
	2020	2019	2020	2019

Internet (loss) income attributable to the Company	($22,191)	$46,371	($39,785)	$69,929
Interest expense - consolidated assets	37,184	14,799	65,292	90,265
Involvement expense - unconsolidated articulation ventures (pro rata)	26,882	25,552	80,199	78,974
Depreciation and amortization - consolidated assets	78,605	82,787	241,112	246,640
Depreciation and amortization - unconsolidated joint ventures (pro rata)	50,775	45,465	146,702	141,670
Noncontrolling interests in the OP	(ane,618)	3,427	(2,912)	5,151
Less: Interest expense and depreciation and acquittal
allocable to noncontrolling interests in consolidated articulation ventures	(vii,216)	(8,743)	(23,670)	(26,222)
Loss on extinguishment of debt	-	-	-	351
(Gain) loss on sale or write down of assets, cyberspace - consolidated avails	(11,786)	131	28,784	15,506
Loss (gain) on sale or write down of avails, cyberspace - unconsolidated joint ventures (pro rata)	71	(iii)	77	381
Add: Noncontrolling interests share of gain (loss) on auction or write-downward of consolidated articulation ventures, net	929	-	929	(3,369)
Income tax expense (do good)	ane,106	678	(684)	1,703
Distributions on preferred units	90	100	281	301
Adapted EBITDA (d)	$152,831	$210,564	$496,325	$621,280



Reconciliation of Adjusted EBITDA to Net Operating Income ("NOI") and to NOI - Same Centers:
	For the 3 Months		For the Nine Months
	Ended September 30,		Concluded September xxx,
	Unaudited		Unaudited
	2020	2019	2020	2019
Adapted EBITDA (d)	$152,831	$210,564	$496,325	$621,280
REIT full general and administrative expenses	seven,589	v,285	22,652	sixteen,835
Direction Companies' revenues	(six,004)	(9,978)	(19,807)	(29,277)
Management Companies' operating expenses	13,031	xv,514	45,697	l,220
Leasing expenses, including joint ventures at pro rata	6,043	8,147	21,432	25,170
Straight-line and above/below market adjustments	(9,887)	(eight,850)	(22,691)	(23,538)
NOI - All Centers	163,603	220,682	543,608	660,690
NOI of non-Aforementioned Centers	(two,191)	(iii,697)	(v,929)	(xx,368)
NOI - Same Centers (e)	161,412	216,985	537,679	640,322
Lease termination income of Same Centers	(ix,050)	(1,404)	(12,777)	(5,309)
NOI - Same Centers, excluding lease termination income (e)	$ 152,362	$ 215,581	$ 524,902	$ 635,013

NOI - Same Centers percentage change, excluding lease termination income (e)	-29.32%		-17.34%


(d) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (proceeds) on
remeasurement, sale or write downwardly of avails, loss (proceeds) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata
share. Direction considers Adapted EBITDA to exist an appropriate supplemental measure to net income considering it helps investors empathize the ability of
the Visitor to incur and service debt and make upper-case letter expenditures. The Company believes that Adjusted EBITDA should non exist construed as an culling
to operating income as an indicator of the Company'south operating performance, or to cash flows from operating activities (equally adamant in accordance
with GAAP) or as a measure of liquidity. The Company likewise cautions that Adjusted EBITDA, as presented, may not exist comparable to similarly titled measurements
reported by other companies.

(e) The Company presents Same Middle NOI considering the Company believes it is useful for investors to evaluate the operating performance of comparable centers.
Same Center NOI is calculated using full Adjusted EBITDA and eliminating the affect 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.