

	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
Cascade Mall	$	19,253	$	9,671	$	—	$	(8,495	)	$	12,728	$	7,616	$	85	$	—	$	20,429	$	1,250	$	19,179
Chandler Fashion Center	24,188		223,143		—		17,987			24,188		235,804		5,326		—		265,318		98,095		167,223
Danbury Fair Mall	130,367		316,951		—		105,275			142,751		402,975		6,682		185		552,593		130,195		422,398
Desert Sky Mall	9,447		37,245		12		4,364			9,082		40,869		1,117		—		51,068		8,534		42,534
Eastland Mall	22,050		151,605		—		9,944			22,066		160,374		1,041		118		183,599		23,376		160,223
Estrella Falls	10,550		—		—		69,998			10,747		13,874		—		55,927		80,548		231		80,317
Fashion Outlets of Chicago	—		—		—		259,054			40,575		215,298		3,020		161		259,054		34,610		224,444
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		111,293			22,963		314,797		2,218		35		340,013		50,599		289,414
The Marketplace at Flagstaff	—		—		—		45,887			—		45,885		2		—		45,887		20,613		25,274
Freehold Raceway Mall	164,986		362,841		—		107,159			168,098		460,606		6,281		1		634,986		164,369		470,617
Fresno Fashion Fair	17,966		72,194		—		40,263			17,966		109,817		2,393		247		130,423		49,038		81,385
Green Acres Mall	156,640		321,034		—		161,617			176,464		442,960		7,850		12,017		639,291		57,449		581,842
Inland Center	8,321		83,550		—		22,217			8,280		100,189		23		5,596		114,088		7,298		106,790
Kings Plaza Shopping Center	209,041		485,548		20,000		83,783			198,066		451,167		26,936		122,203		798,372		57,537		740,835
La Cumbre Plaza	18,122		21,492		—		24,017			17,280		45,691		361		299		63,631		22,331		41,300
Macerich Management Co.	1,150		10,475		26,562		42,629			3,878		11,856		64,612		470		80,816		54,147		26,669
MACWH, LP	—		25,771		—		17,807			11,557		27,455		—		4,566		43,578		8,411		35,167
Northgate Mall	8,400		34,865		841		104,911			13,414		132,373		3,095		135		149,017		72,362		76,655
NorthPark Mall	7,746		74,661		—		9,852			7,885		83,894		480		—		92,259		14,256		78,003
Oaks, The	32,300		117,156		—		260,689			56,387		350,481		3,031		246		410,145		125,906		284,239
Pacific View	8,697		8,696		—		129,548			7,854		136,674		2,332		81		146,941		63,783		83,158
Paradise Valley Mall	33,445		128,485		—		35,982			39,382		155,283		2,416		831		197,912		69,249		128,663
Promenade at Casa Grande	15,089		—		—		61,137			5,382		70,779		65		—		76,226		38,130		38,096
Queens Center	251,474		1,039,922		—		17,307			256,786		1,049,545		2,063		309		1,308,703		58,875		1,249,828
Santa Monica Place	26,400		105,600		—		326,644			48,374		401,826		7,903		541		458,644		100,790		357,854
SanTan Adjacent Land	29,414		—		—		7,498			30,506		—		—		6,406		36,912		—		36,912
SanTan Village Regional Center	7,827		—		—		197,498			6,344		197,552		1,402		27		205,325		82,599		122,726
SouthPark Mall	7,035		38,215		—		24,628			7,479		61,668		408		323		69,878		9,371		60,507
Southridge Center	6,764		—		—		20,674			6,422		20,721		130		165		27,438		3,937		23,501
Stonewood Center	4,948		302,527		—		6,344			4,935		308,712		64		108		313,819		19,891		293,928
Superstition Springs Center	10,928		112,718		—		7,214			10,928		119,566		366		—		130,860		11,623		119,237
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
Superstition Springs Power Center	1,618		4,420		—		290			1,618		4,627		83		—		6,328		1,739		4,589
Tangerine (Marana), The Shops at	36,158		—		—		(8,852		)	16,922		—		—		10,384		27,306		—		27,306
The Macerich Partnership, L.P.	—		2,534		—		26,237			—		5		10,823		17,943		28,771		2,126		26,645
Towne Mall	6,652		31,184		—		4,587			6,877		35,011		506		29		42,423		13,960		28,463
Tucson La Encantada	12,800		19,699		—		55,372			12,800		74,492		558		21		87,871		40,241		47,630
Valley Mall	16,045		26,098		—		12,048			15,616		37,359		364		852		54,191		6,203		47,988
Valley River Center	24,854		147,715		—		22,820			24,854		168,547		1,969		19		195,389		54,723		140,666
Victor Valley, Mall of	15,700		75,230		—		52,659			20,080		121,458		2,051		—		143,589		44,179		99,410
Vintage Faire Mall	14,902		60,532		—		57,668			17,647		113,955		1,435		65		133,102		66,308		66,794
Westside Pavilion	34,100		136,819		—		72,966			34,100		201,441		5,827		2,517		243,885		100,870		143,015
Wilton Mall	19,743		67,855		—		26,198			19,810		92,834		1,152		—		113,796		32,064		81,732
500 North Michigan Avenue	12,851		55,358		—		9,313			10,991		51,370		205		14,956		77,522		9,699		67,823
Other freestanding stores	5,926		43,180		—		10,153			5,926		52,972		361		—		59,259		19,177		40,082
Other land and development properties	33,795		—		—		34,211			31,582		4,241		—		32,183		68,006		1,757		66,249
	$	1,496,273	$	4,965,128	$	47,415	$	2,700,395		$	1,607,590	$	7,134,619	$	177,036	$	289,966	$	9,209,211	$	1,851,901	$	7,357,310

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, 2016 are as follows:



	2016			2015			2014
Balances, beginning of year	$	10,689,656		$	12,777,882		$	9,181,338
Additions	254,604			392,575			4,042,409
Dispositions and retirements	(1,735,049		)	(2,480,801		)	(445,865		)
Balances, end of year	$	9,209,211		$	10,689,656		$	12,777,882

The aggregate gross cost of the property included in the table above for federal income tax purposes was $6,079,675 (unaudited) at December 31, 2016.

The changes in accumulated depreciation for the three years ended December 31, 2016 are as follows:



	2016			2015			2014
Balances, beginning of year	$	1,892,744		$	1,709,992		$	1,559,572
Additions	277,270			354,977			289,178
Dispositions and retirements	(318,113		)	(172,225		)	(138,758		)
Balances, end of year	$	1,851,901		$	1,892,744		$	1,709,992

See accompanying report of independent registered public accounting firm.