Slide 1: Macerich Abbreviated Presentation, March 31, 2015
(NYSE: MAC) an S&P 500 Company March 31, 2015 Abbreviated
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER This document contains information constituting forward-looking statements 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
Slide 3: Management and Directors Have Carefully Reviewed the Proposal
MANAGEMENT AND DIRECTORS HAVE CAREFULLY REVIEWED THE PROPOSAL 1 MACERICH The Macerich Board of Directors, working with financial and legal advisors, has undertaken a thorough and deliberate review of Simon's offer Retained Deutsche Bank, Goldman Sachs and JP Morgan as financial advisors Hired Eastdi
Slide 4: Management and Directors Have Carefully Reviewed the Proposal (Continued)
MANAGEMENT AND DIRECTORS HAVE CAREFULLY REVIEWED THE PROPOSAL (CONTINUED) 2 MACERICH The Macerich Board of Directors considered a number of key factors including, among others, the Company’s Unparalleled collection of assets in the most desirable and highest barrier-to-entry markets Successful track
Slide 5: High Quality Assets
Percentage of portfolio 2015 forecast pro rata NOI HIGH QUALITY ASSETS 3 Source: Company filings IRREPLACEABLE PORTFOLIO 90% of NOI is generated from the top 40 ‘A’ quality malls Sales psf: $618
Slide 6: Cap Rates for Last Class 'A' Retail Sale or Investment Transactions
CAP RATES FOR LAST 10 CLASS ‘A’ RETAIL SALE OR INVESTMENT TRANSACTIONS 4 IRREPLACEABLE PORTFOLIO Select recent transactions include Ala Moana Center and International Plaza among other malls The lack of precedent transactions has increased the scarcity value for the finite trophy mall asset class No
Slide 7: Strong NOI Growth Will Drive Long-Term Value Creation
STRONG NOI GROWTH WILL DRIVE LONG-TERM VALUE CREATION 5 SIGNIFICANT UPSIDE POTENTIAL Macerich’s NOI is expected to grow by 8% from 2015E to 2016E as a result of Same Center NOI growth and development projects coming online ($ in millions) $967(a) $1,040(a) +$73 / +8% (a) Excludes straight line rent
Slide 8: Robust Development and Redevelopment
Property Sales psf Exceed Estimated Completion Date (a) Stabilized Yield(a)(b)(c) Total Pro rata Project Cost (a)(c) Tysons Corner Center Tysons Corner, VA $800 Q3 2014 - Q2 2015 8% $262 Scottsdale Fashion Square Scottsdale, AZ 700 Q3 2015 10% 15 Broadway Plaza Walnut Creek, CA 700 Q4 2015 - Q2 2017
Slide 9: Tysons Corner Center
TYSONS CORNER CENTER 7 SIGNIFICANT UPSIDE POTENTIAL Project Statistics Project Description Mixed-use expansion / densification Office (527,000 SF) / Multifamily (430 units) / Hyatt Hotel (300 room) Served by the expanded METRO line (opened July 2014) and tied together by a 1.5-acre Plaza Existing Sq
Slide 10: Tysons Corner Center (Continued)
Project Statistics Trade area Trade area includes three of the top 5 wealthiest counties in the U.S. Household income Median household incomes over $100K are double the national average Population Growth Population growth of 7.5% over the next 5 years (double the U.S average) Visitors 25 million vis
Slide 11: Broadway Plaza
BROADWAY PLAZA 9 SIGNIFICANT UPSIDE POTENTIAL Project Statistics Project Description 235,000 SF expansion and complete center renovation with façade upgrades for remaining buildings, hardscrape / landscape throughout Square Feet 774,000 (existing), 1,000,000 (post-expansion) Existing Sales PSF Excee
Slide 12: Green Acres Mall
GREEN ACRES MALL 10 SIGNIFICANT UPSIDE POTENTIAL Project Statistics Project Description Adding a 340,000 SF two level, big box, power center Existing Square Feet 1,791,000 Existing Sales PSF $577 Sales PSF Ownership 100% Project Cost $108 million Stabilized Yield 10% Expected Delivery 4Q16 Project R
Slide 13: Track Record of Historical Development Returns
Fashion Outlets of Chicago Fashion Outlets of Niagara Tysons Tower Project Description Project Description Project Description 529,000 SF ground-up outlet-center development with tenant sales of $651 psf in its first year (the top two-thirds of tenants doing over $800 psf) 175,000 SF expansion of an