Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III-Real Estate and Accumulated Depreciation

Schedule III-Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2011

(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
Black Canyon Auto Park	$	20,600	$	—	$	—	$	7,102		$	19,555	$	—	$	—	$	8,147	$	27,702	$	—	$	27,702
Black Canyon Retail		—		—		—		518			—		—		—		518		518		—		518
Borgata, The		3,667		28,080		—		(11,512	)		1,162		18,946		127		—		20,235		11,360		8,875
Cactus Power Center		15,374		—		—		17,632			12,358		—		—		20,648		33,006		—		33,006
Capitola Mall		20,395		59,221		—		8,644			20,392		66,690		1,107		71		88,260		23,909		64,351
Carmel Plaza		9,080		36,354		—		15,841			9,080		52,001		194		—		61,275		18,864		42,411
Chandler Fashion Center		24,188		223,143		—		7,959			24,188		228,938		2,083		81		255,290		62,157		193,133
Chesterfield Towne Center		18,517		72,936		2		40,621			18,517		110,818		2,423		318		132,076		56,468		75,608
Coolidge Holding		—		—		—		73			—		—		—		73		73		—		73
Danbury Fair Mall		130,367		316,951		—		82,236			141,795		379,143		4,155		4,461		529,554		65,256		464,298
Deptford Mall		48,370		194,250		—		26,373			61,029		206,421		1,164		379		268,993		30,910		238,083
Desert Sky Mall		9,447		37,245		12		630			9,447		37,585		298		4		47,334		1,424		45,910
Eastland Mall		22,050		151,605		—		—			22,050		151,605		—		—		173,655		—		173,655
Estrella Falls		10,550		—		—		68,468			10,747		38		—		68,233		79,018		4		79,014
Estrella Falls, The Market at		—		—		—		9,675			—		9,675		—		—		9,675		1,129		8,546
Fashion Outlets of Chicago		—		—		—		8,591			—		—		—		8,591		8,591		—		8,591
Fashion Outlets of Niagara		18,581		210,139		—		152			18,581		209,876		—		415		228,872		3,616		225,256
Fiesta Mall		19,445		99,116		—		56,573			36,601		138,341		192		—		175,134		25,149		149,985
Flagstaff Mall		5,480		31,773		—		16,307			5,480		47,558		349		173		53,560		11,206		42,354
Flagstaff Mall, The Marketplace at		—		—		—		52,836			—		52,830		6		—		52,836		9,370		43,466
Freehold Raceway Mall		164,986		362,841		—		87,342			168,098		443,611		2,582		878		615,169		87,906		527,263
Fresno Fashion Fair		17,966		72,194		—		43,572			17,966		114,262		1,504		—		133,732		43,970		89,762
Great Northern Mall		12,187		62,657		—		7,541			12,635		68,607		408		735		82,385		16,121		66,264
Green Tree Mall		4,947		14,925		332		35,414			4,947		49,800		871		—		55,618		37,529		18,089
Hilton Village		—		19,067		—		1,266			—		20,206		127		—		20,333		3,762		16,571
La Cumbre Plaza		18,122		21,492		—		21,647			17,280		43,753		228		—		61,261		13,546		47,715
Lake Square Mall		6,386		14,739		—		—			6,386		14,739		—		—		21,125		—		21,125

See accompanying reports of independent registered public accounting firms

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2011

(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
Macerich Cerritos Adjacent, LLC		—		6,448		—		(5,692	)		—		756		—		—		756		212		544
Macerich Management Company		—		2,237		26,562		47,309			1,907		5,709		62,889		5,603		76,108		45,392		30,716
MACWH, LP		—		25,771		—		24,361			10,777		30,704		223		8,428		50,132		4,823		45,309
Mervyn's (former locations)		37,252		119,850		—		17,177			37,253		127,011		302		9,713		174,279		16,575		157,704
Northgate Mall		8,400		34,865		841		97,010			13,414		124,583		3,077		42		141,116		43,879		97,237
Northridge Mall		20,100		101,170		—		13,227			20,100		113,197		1,200		—		134,497		29,092		105,405
NorthPark Mall		7,746		74,661		—		—			7,746		74,661		—		—		82,407		—		82,407
Oaks, The		32,300		117,156		—		231,420			56,064		322,398		2,135		279		380,876		62,729		318,147
One Scottsdale		—		—		—		90			—		—		—		90		90		—		90
Pacific View		8,697		8,696		—		124,909			7,854		132,719		1,729		—		142,302		39,971		102,331
Panorama Mall		4,373		17,491		—		5,232			4,857		21,416		359		464		27,096		6,287		20,809
Paradise Valley Mall		24,565		125,996		—		41,416			35,921		154,057		1,999		—		191,977		40,121		151,856
Paradise Village Ground Leases		8,880		2,489		—		(5,570	)		4,516		1,283		—		—		5,799		251		5,548
Prasada		6,365		—		—		21,874			6,531		—		—		21,708		28,239		—		28,239
Prescott Gateway		5,733		49,778		—		8,653			5,733		58,189		242		—		64,164		18,507		45,657
Prescott Peripheral		—		—		—		5,586			1,345		4,241		—		—		5,586		1,023		4,563
Promenade at Casa Grande		15,089		—		—		100,433			11,360		104,115		47		—		115,522		18,568		96,954
PVOP II		1,150		1,790		—		3,532			2,300		3,877		295		—		6,472		2,003		4,469
Rimrock Mall		8,737		35,652		—		11,877			8,737		46,703		738		88		56,266		19,520		36,746
Rotterdam Square		7,018		32,736		—		2,864			7,285		35,025		308		—		42,618		8,593		34,025

See accompanying reports of independent registered public accounting firms

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2011

(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
Salisbury, The Center at		15,290		63,474		31		25,902			15,284		87,390		834		1,189		104,697		35,193		69,504
Santa Monica Place		26,400		105,600		—		282,841			48,374		359,681		6,723		63		414,841		20,185		394,656
SanTan Village Regional Center		7,827		—		—		189,310			6,344		190,091		702		—		197,137		41,190		155,947
SanTan Adjacent Land		29,414		—		—		4,439			29,506		—		—		4,347		33,853		—		33,853
Somersville Towne Center		4,096		20,317		1,425		13,798			4,099		34,995		542		—		39,636		21,685		17,951
South Park Mall		7,035		38,215		—		—			7,035		38,215		—		—		45,250		—		45,250
South Plains Mall		23,100		92,728		—		25,417			23,100		115,158		972		2,015		141,245		39,694		101,551
South Towne Center		19,600		78,954		—		25,992			20,360		103,039		1,147		—		124,546		39,813		84,733
SouthRidge Mall		6,764		—		—		—			6,764		—		—		—		6,764		—		6,764
Superstition Springs Power Center		1,618		4,420		—		(11	)		1,618		4,326		83		—		6,027		1,090		4,937
Superstition Springs Land		9,273		—		—		—			9,273		—		—		—		9,273		—		9,273
The Macerich Partnership, L.P		—		2,534		—		16,393			902		5,880		5,847		6,298		18,927		2,059		16,868
The Shops at Tangerine (Marana)		36,158		—		—		(3,015	)		16,922		—		—		16,221		33,143		—		33,143
Towne Mall		6,652		31,184		—		2,130			6,890		32,927		149		—		39,966		7,908		32,058
Tucson La Encantada		12,800		19,699		—		55,280			12,800		74,787		192		—		87,779		28,292		59,487
Twenty Ninth Street		—		37,843		64		207,895			23,599		221,288		915		—		245,802		67,824		177,978

See accompanying reports of independent registered public accounting firms

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2011

(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
Valley Mall		16,045		26,098		—		—		16,045		26,098		—		—		42,143		—		42,143
Valley River Center		24,854		147,715		—		11,945		24,854		158,450		1,210		—		184,514		29,046		155,468
Valley View Center		17,100		68,687		—		48,965		23,764		108,472		2,212		304		134,752		46,712		88,040
Victor Valley, Mall of		15,700		75,230		—		46,097		22,564		111,593		1,402		1,468		137,027		24,157		112,870
Vintage Faire Mall		14,902		60,532		—		51,893		17,647		108,674		1,006		—		127,327		41,850		85,477
Wadell Center West		12,056		—		—		4,619		—		—		—		16,675		16,675		—		16,675
Westcor / Queen Creek		—		—		—		350		—		—		—		350		350		—		350
Westside Pavilion		34,100		136,819		—		69,480		34,100		200,734		5,551		14		240,399		67,860		172,539
Wilton Mall		19,743		67,855		—		8,482		19,811		75,371		250		648		96,080		14,932		81,148

	$	1,157,637	$	3,863,418	$	29,269	$	2,439,411	$	1,273,649	$	5,883,256	$	123,098	$	209,732	$	7,489,735	$	1,410,692	$	6,079,043

See accompanying reports of independent registered public accounting firms

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2011

(Dollars in thousands)

Depreciation of the Company's investment in buildings and improvements reflected in the statements of income 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, 2011 are as follows:

			2010			2009

Balances, beginning of year	6,908,507		$	6,697,259		$	7,355,703
Additions	784,717			239,362			241,025
Dispositions and retirements	(203,489	)		(28,114	)		(899,469	)

Balances, end of year	7,489,735		$	6,908,507		$	6,697,259

The changes in accumulated depreciation for the three years ended December 31, 2011 are as follows:

	2011			2010			2009

Balances, beginning of year	$	1,234,380		$	1,039,320		$	984,384
Additions		223,630			206,913			224,279
Dispositions and retirements		(47,318	)		(11,853	)		(169,343	)

Balances, end of year	$	1,410,692		$	1,234,380		$	1,039,320

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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