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Business Description
The Macerich Company is a self-administered and self-managed real estate investment trust that is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. The Company conducts all of its operations through The Macerich Partnership, L.P. (the Operating Partnership). Macerich is the sole general partner of the Operating Partnership. As of December 31, 2003, the Operating Partnership owned or had an ownership interest in 58 regional shopping centers, 18 community shopping centers and two development properties aggregating approximately 58 million square feet of gross leasable area. The property management, leasing and redevelopment of the Macerich portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, Macerich Management Company, Westcor Partners, LLC, Macerich Westcor Management, LLC and Westcor Partners of Colorado, LLC.

Financial Information
For the nine months ended 9/30/04, revenues rose 10% to $380.7 million. Net income from continuing operations applicable to Common fell 19% to $51.9 million. Revenues reflect an increase in rental income received. Earnings were offset by increased property taxes, insurance, and other recoverable expenses.