Oct. 21, 2009 (PR Newswire) --

SANTA MONICA, Calif., Oct. 21 /PRNewswire-FirstCall/ -- The Macerich Company (NYSE: MAC) today announced that the company has revised its earnings guidance for 2009.

2009 Guidance Update

Management is providing revised guidance for both FFO per share-diluted and EPS for 2009. The revised guidance reflects the impact of the recently completed joint ventures and non-core asset sales. The reconciliation from the prior guidance is reflected below:

Low End         High End
-------         --------
Previous FFO per share guidance                 $4.25            $4.55
Impact of joint ventures
completed in 3Q 2009 (1)                        (.12)            (.12)
Impact of sales of non core assets
during 2009(2)                                  (.05)            (.05)
Impairment charge incurred in 2Q 2009(3)         (.28)            (.28)

Potential offering of 12 million
common shares                                   (.13)            (.13)
Impact of reducing expected same
center EBITDA to -1.0% to -1.50%                (.10)            (.10)
Other factors including impact of
issuing stock dividends                         (.07)            (.07)
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Revised FFO per share estimate
for 2009:                                      $3.50            $3.80
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(1) Includes recently announced joint ventures involving the following
properties: Queens Center, FlatIron Crossings Mall, Freehold Raceway
Mall, and Chandler Fashion Center.
(2) Year-to-date, the company has completed the sale of non core assets in
the amount of $95MM.