

	Initial Cost to Company									Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Chandler Fashion Center	$	24,188	$	223,143	$	—	$	21,764		$	24,188	$	237,835	$	6,043	$	1,029	$	269,095	$	111,436	$	157,659
Danbury Fair Mall	130,367		316,951		—		117,155			142,751		409,786		11,414		522		564,473		156,784		407,689
Desert Sky Mall	9,447		37,245		12		4,757			9,082		40,949		1,430		—		51,461		11,953		39,508
Eastland Mall	22,050		151,605		—		11,683			21,400		161,402		2,174		362		185,338		33,928		151,410
Estrella Falls	10,550		—		—		71,511			10,524		14,265		—		57,272		82,061		2,132		79,929
Fashion Outlets of Chicago	—		—		—		268,088			40,575		222,769		4,358		386		268,088		57,473		210,615
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		104,604			22,936		307,958		2,430		—		333,324		74,062		259,262
The Marketplace at Flagstaff	—		—		—		45,610			—		45,610		—		—		45,610		23,524		22,086
Freehold Raceway Mall	164,986		362,841		—		125,383			168,098		474,466		10,507		139		653,210		191,173		462,037
Fresno Fashion Fair	17,966		72,194		—		47,183			17,966		115,731		2,603		1,043		137,343		55,422		81,921
Green Acres Mall	156,640		321,034		—		187,974			179,274		474,438		10,424		1,512		665,648		107,532		558,116
Inland Center	8,321		83,550		—		29,278			10,291		110,618		129		111		121,149		17,815		103,334
Kings Plaza Shopping Center	209,041		485,548		20,000		256,943			200,686		675,872		43,408		51,566		971,532		95,071		876,461
La Cumbre Plaza	18,122		21,492		—		15,699			13,856		40,425		474		558		55,313		23,950		31,363
Macerich Management Co.	1,150		10,475		26,562		54,559			3,878		13,618		71,853		3,397		92,746		55,776		36,970
MACWH, LP	—		25,771		—		19,072			11,557		27,455		—		5,831		44,843		9,832		35,011
NorthPark Mall	7,746		74,661		—		14,202			7,885		88,125		584		15		96,609		20,502		76,107
Oaks, The	32,300		117,156		—		259,772			56,387		349,426		3,085		330		409,228		150,737		258,491
Pacific View	8,697		8,696		—		137,039			7,854		144,501		2,043		34		154,432		71,282		83,150
Paradise Valley Mall	33,445		128,485		—		30,716			36,473		152,516		2,709		948		192,646		79,166		113,480
Queens Center	251,474		1,039,922		—		43,506			256,786		1,074,030		3,721		365		1,334,902		119,104		1,215,798
Santa Monica Place	26,400		105,600		—		338,853			48,374		412,436		8,189		1,854		470,853		132,506		338,347
SanTan Adjacent Land	29,414		—		—		5,156			21,923		—		—		12,647		34,570		—		34,570
SanTan Village Regional Center	7,827		—		—		208,509			6,344		207,590		1,657		745		216,336		92,694		123,642
SouthPark Mall	7,035		38,215		—		(7,977		)	2,899		33,696		319		359		37,273		13,889		23,384
Southridge Center	6,764		—		—		8,257			2,295		12,358		122		246		15,021		6,072		8,949
Stonewood Center	4,948		302,527		—		9,920			4,935		312,258		196		6		317,395		40,127		277,268
Superstition Springs Center	10,928		112,718		—		8,751			10,928		120,641		708		120		132,397		20,223		112,174
Superstition Springs Power Center	1,618		4,420		—		269			1,618		4,630		59		—		6,307		2,009		4,298
Tangerine (Marana), The Shops at	36,158		—		—		(8,059		)	16,922		—		—		11,177		28,099		—		28,099
The Macerich Partnership, L.P.	—		2,534		—		5,050			—		—		7,365		219		7,584		926		6,658
See accompanying report of independent registered public accounting firm.



	Initial Cost to Company								Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Towne Mall	6,652		31,184		—		5,343		6,877		35,708		495		99		43,179		16,062		27,117
Tucson La Encantada	12,800		19,699		—		56,522		12,800		75,422		716		83		89,021		43,880		45,141
Valley Mall	16,045		26,098		—		14,065		15,616		40,185		407		—		56,208		10,319		45,889
Valley River Center	24,854		147,715		—		24,119		23,487		157,244		1,643		14,314		196,688		60,515		136,173
Victor Valley, Mall of	15,700		75,230		—		53,101		20,080		121,973		1,919		59		144,031		53,532		90,499
Vintage Faire Mall	14,902		60,532		—		59,564		17,647		115,230		1,759		362		134,998		72,801		62,197
Wilton Mall	19,743		67,855		—		27,044		19,810		93,673		1,159		—		114,642		40,771		73,871
Other freestanding stores	5,926		31,785		—		10,151		5,927		41,579		296		60		47,862		18,064		29,798
Other land and development properties	33,795		—		—		23,510		25,749		—		—		31,556		57,305		—		57,305
	$	1,406,580	$	4,717,020	$	46,574	$	2,708,646	$	1,506,678	$	6,966,418	$	206,398	$	199,326	$	8,878,820	$	2,093,044	$	6,785,776

Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows:



Buildings and improvements	5 - 40 years
Tenant improvements	5 - 7 years
Equipment and furnishings	5 - 7 years

The changes in total real estate assets for the three years ended December 31, 2018 are as follows:



	2018			2017			2016
Balances, beginning of year	$	9,127,533		$	9,209,211		$	10,689,656
Additions	246,719			202,280			254,604
Dispositions and retirements	(495,432		)	(283,958		)	(1,735,049		)
Balances, end of year	$	8,878,820		$	9,127,533		$	9,209,211

The aggregate cost of the property included in the table above for federal income tax purposes was $8,363,296 (unaudited) at December 31, 2018.

The changes in accumulated depreciation for the three years ended December 31, 2018 are as follows:



	2018			2017			2016
Balances, beginning of year	$	2,018,303		$	1,851,901		$	1,892,744
Additions	275,236			277,917			277,270
Dispositions and retirements	(200,495		)	(111,515		)	(318,113		)
Balances, end of year	$	2,093,044		$	2,018,303		$	1,851,901

See accompanying report of independent registered public accounting firm.