THE MACERICH COMPANY

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2012

(Dollars in thousands)

	Initial Cost to Company								Gross Amount at Which Carried at Close of Period

	Initial Cost to Company						Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period												Total Cost Net of Accumulated Depreciation
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
Arrowhead Towne Center	$	36,687	$	386,662	$	—	$	350	$	36,687	$	386,817	$	195	$	—	$	423,699	$	1,892	$	421,807
Black Canyon Auto Park		20,610		—		—		4,042		14,141		—		—		10,511		24,652		—		24,652
Capitola Mall		20,395		59,221		—		9,314		20,392		66,942		1,388		208		88,930		25,791		63,139
Chandler Fashion Center		24,188		223,143		—		10,963		24,188		230,500		3,507		99		258,294		68,444		189,850
Chesterfield Towne Center		18,517		72,936		2		42,325		18,517		112,217		3,027		19		133,780		61,654		72,126
Danbury Fair Mall		130,367		316,951		—		86,798		142,751		386,153		4,897		315		534,116		78,546		455,570
Deptford Mall		48,370		194,250		—		30,399		61,029		208,957		1,482		1,551		273,019		37,334		235,685
Desert Sky Mall		9,447		37,245		12		1,275		9,447		38,017		506		9		47,979		2,580		45,399
Eastland Mall		22,050		151,605		—		1,463		22,066		152,804		248		—		175,118		4,672		170,446
Estrella Falls		10,550		—		—		71,395		10,747		38		—		71,160		81,945		7		81,938
Fashion Outlets of Chicago		—		—		—		164,902		—		—		—		164,902		164,902		—		164,902
Fashion Outlets of Niagara Falls USA		18,581		210,139		—		8,519		18,581		209,842		31		8,785		237,239		11,218		226,021
Fiesta Mall		19,445		99,116		—		32,395		31,968		118,790		198		—		150,956		29,207		121,749
Flagstaff Mall		5,480		31,773		—		16,729		5,480		48,104		398		—		53,982		13,052		40,930
Flagstaff Mall, The Marketplace at		—		—		—		52,836		—		52,830		6		—		52,836		11,745		41,091
FlatIron Crossing		109,851		333,540		—		983		102,339		334,387		61		7,587		444,374		3,119		441,255
Freehold Raceway Mall		164,986		362,841		—		91,128		168,098		447,671		2,667		519		618,955		104,446		514,509
Fresno Fashion Fair		17,966		72,194		—		44,653		17,966		115,242		1,605		—		134,813		47,718		87,095
Great Northern Mall		12,187		62,657		—		7,229		12,635		68,970		468		—		82,073		17,810		64,263
Green Tree Mall		4,947		14,925		332		35,712		4,947		50,093		876		—		55,916		39,538		16,378
Kings Plaza Shopping Center		209,041		485,548		20,000		465		209,041		485,884		20,123		6		715,054		1,311		713,743
La Cumbre Plaza		18,122		21,492		—		22,523		17,280		44,457		208		192		62,137		16,152		45,985
Lake Square Mall		6,386		14,739		—		92		6,390		14,713		114		—		21,217		540		20,677

See accompanying report of independent registered public accounting firm

	Initial Cost to Company									Gross Amount at Which Carried at Close of Period

	Initial Cost to Company						Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at Close of Period												Total Cost Net of Accumulated Depreciation
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
Macerich Management Co.		—		8,685		26,562		39,297			1,878		6,425		64,178		2,063		74,544		51,860		22,684
MACWH, LP		—		25,771		—		24,807			11,557		31,267		164		7,590		50,578		5,735		44,843
Mervyn's (former locations)		27,281		109,769		—		18,394			27,280		127,275		313		576		155,444		19,756		135,688
Northgate Mall		8,400		34,865		841		98,917			13,414		126,308		3,111		190		143,023		49,406		93,617
Northridge Mall		20,100		101,170		—		13,375			20,100		112,913		1,233		399		134,645		32,038		102,607
NorthPark Mall		7,746		74,661		—		2,805			7,885		77,174		53		100		85,212		2,758		82,454
Oaks, The		32,300		117,156		—		233,662			56,064		324,318		2,242		494		383,118		75,857		307,261
Pacific View		8,697		8,696		—		127,568			7,854		135,357		1,750		—		144,961		44,823		100,138
Panorama Mall		4,373		17,491		—		6,640			4,857		22,801		421		425		28,504		7,179		21,325
Paradise Valley Mall		24,565		125,996		—		41,842			35,921		154,132		2,163		187		192,403		46,139		146,264
Paradise Village Ground Leases		8,880		2,489		—		(6,264	)		3,870		1,235		—		—		5,105		280		4,825
Promenade at Casa Grande		15,089		—		—		100,944			11,360		104,626		47		—		116,033		23,513		92,520
Paradise Village Office Park II		1,150		1,790		—		3,574			2,300		3,919		295		—		6,514		2,190		4,324
Rimrock Mall		8,737		35,652		—		13,775			8,737		48,696		731		—		58,164		21,097		37,067
Rotterdam Square		7,018		32,736		—		3,408			7,285		35,612		265		—		43,162		9,766		33,396
Salisbury, The Centre at		15,290		63,474		31		27,334			15,284		89,609		1,236		—		106,129		38,657		67,472
Santa Monica Place		26,400		105,600		—		283,344			48,374		359,314		7,499		157		415,344		35,291		380,053
SanTan Adjacent Land		29,414		—		—		4,756			29,506		—		—		4,664		34,170		—		34,170
SanTan Village Regional Center		7,827		—		—		189,997			6,344		190,778		702		—		197,824		51,864		145,960
Somersville Towne Center		4,096		20,317		1,425		13,647			4,099		34,785		554		47		39,485		22,962		16,523
SouthPark Mall		7,035		38,215		—		134			7,017		38,235		32		100		45,384		1,678		43,706
South Plains Mall		23,100		92,728		—		28,258			23,100		120,031		955		—		144,086		44,283		99,803
South Towne Center		19,600		78,954		—		27,389			20,360		104,112		1,320		151		125,943		43,025		82,918
Southridge Mall		6,764		—		—		11,615			6,302		2,212		10		9,855		18,379		34		18,345
Tangerine (Marana), The Shops at		36,158		—		—		(2,283	)		16,922		—		—		16,953		33,875		—		33,875
The Macerich Partnership, L.P.		—		2,534		—		14,276			902		7,461		6,378		2,069		16,810		3,038		13,772
Towne Mall		6,652		31,184		—		2,515			6,877		33,238		236		—		40,351		9,099		31,252

See accompanying report of independent registered public accounting firm

	Initial Cost to Company								Gross Amount at Which Carried at Close of Period

	Initial Cost to Company						Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period												Total Cost Net of Accumulated Depreciation
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
Tucson La Encantada		12,800		19,699		—		55,358		12,800		74,865		192		—		87,857		32,158		55,699
Twenty Ninth Street		—		37,843		64		210,409		23,599		223,790		927		—		248,316		77,382		170,934
Valley Mall		16,045		26,098		—		3,557		15,616		30,035		47		2		45,700		1,074		44,626
Valley River Center		24,854		147,715		—		13,449		24,854		159,558		1,303		303		186,018		34,257		151,761
Victor Valley, Mall of		15,700		75,230		—		40,432		20,080		108,829		1,566		887		131,362		25,341		106,021
Vintage Faire Mall		14,902		60,532		—		53,086		17,647		109,736		1,137		—		128,520		47,060		81,460
Westside Pavilion		34,100		136,819		—		70,422		34,100		201,394		5,674		173		241,341		74,948		166,393
Wilton Mall		19,743		67,855		—		12,981		19,810		76,359		1,105		3,305		100,579		17,518		83,061
500 North Michigan Avenue		12,851		55,358		—		197		12,851		55,482		32		41		68,406		1,933		66,473
Other land and development properties		44,686		4,420		—		50,324		31,125		8,568		83		59,655		99,431		2,385		97,046

		1,480,516		4,912,479		49,269		2,570,441		1,572,621		6,913,877		149,959		376,249		9,012,706		1,533,160		7,479,546

See accompanying report of independent registered public accounting firm

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, 2012 are as follows:

	2012			2011			2010

Balances, beginning of year	$	7,489,735		$	6,908,507		$	6,697,259
Additions		1,909,530			784,717			239,362
Dispositions and retirements		(386,559	)		(203,489	)		(28,114	)

Balances, end of year	$	9,012,706		$	7,489,735		$	6,908,507

The changes in accumulated depreciation for the three years ended December 31, 2012 are as follows:

	2012			2011			2010

Balances, beginning of year	$	1,410,692		$	1,234,380		$	1,039,320
Additions		241,231			223,630			206,913
Dispositions and retirements		(118,763	)		(47,318	)		(11,853	)

Balances, end of year	$	1,533,160		$	1,410,692		$	1,234,380