Exhibit 99.1

Funds From Operations ("FFO") and Adjusted Funds From Operations ("AFFO")

Our Company uses FFO in addition to net income to report our operating and financial results and considers FFO and FFO-diluted as supplemental
measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO
as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and
amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the
affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

Adjusted
FFO ("AFFO") excludes the FFO impact of Shoppingtown Mall and Valley View Center for the year ended December 31, 2012. In December 2011, our Company conveyed Shoppingtown Mall to the
lender by a deed-in-lieu of foreclosure. In July 2010, a court-appointed receiver assumed operational control of Valley View Center and responsibility for managing all aspects of the property. Valley
View Center was sold by the receiver on April 23, 2012, and the related non-recourse mortgage loan obligation was fully extinguished on that date, resulting in a gain on extinguishment of debt
of $104.0 million. On May 31, 2012,
our Company conveyed Prescott Gateway to the lender by a deed-in-lieu of foreclosure and the debt was forgiven resulting in a gain on extinguishment of debt of $16.3 million. AFFO excludes the
gain on extinguishment of debt on Prescott Gateway for the twelve months ended December 31, 2012.

FFO
and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and
amortization, as our Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Our Company believes that
such a presentation also provides investors with a more meaningful measure of our operating results in comparison to the operating results of other REITs. Our Company believes that AFFO and AFFO on a
diluted basis provide useful supplemental information regarding our Company's performance as they show a more meaningful and consistent comparison of our Company's operating performance and allow
investors to more easily compare our Company's results without taking into account non-cash credits and charges on properties controlled by either a receiver or loan servicer. Our Company believes
that FFO and AFFO on a diluted basis are measures investors find most useful in measuring the dilutive impact of outstanding convertible securities.

Our
Company believes that FFO and AFFO do not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income as defined by GAAP, and are not
indicative of cash available to fund all cash flow needs. Our Company also cautions that FFO and AFFO, as presented, may not be comparable to similarly titled measures reported by other real estate
investment trusts.

Management
compensates for the limitations of FFO and AFFO by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of FFO and AFFO and a
reconciliation of FFO and AFFO and FFO and AFFO-diluted to net income available to common stockholders. Management believes that to further understand our Company's performance, FFO and AFFO should be
compared with our Company's reported net income and considered in addition to cash flows in accordance with GAAP, as presented in our Company's consolidated financial statements. See the Original
Filing.

---



The
following reconciles net income attributable to our Company to FFO and FFO-diluted for the years ended December 31, 2014, 2013 and 2012 and FFO and FFOdiluted to AFFO and
AFFOdiluted for the same periods (dollars and shares in thousands):

2014

2013

2012Net income attributable to our Company

$
1,499,042

$
420,090

$
337,426Adjustments to reconcile net income attributable to our Company to FFObasic:Noncontrolling interests in the Operating Partnership


105,584


29,637


27,359(Gain) loss on sale or write down of consolidated assets, net


(73,440
)

(207,105
)

40,381Gain on remeasurement of consolidated assets


(1,423,136
)

(51,205
)

(199,956
)Add: gain (loss) on undepreciated assetsconsolidated assets


1,396


2,546


(390
)Add: noncontrolling interests share of gain (loss) on sale of assetsconsolidated joint ventures


146


(2,082
)

1,899Loss (gain) on sale or write down of assetsunconsolidated joint ventures(1)


1,237


(94,372
)

(2,019
)Add: gain on sale of undepreciated assetsunconsolidated joint ventures(1)


2,621


602


1,163Depreciation and amortization on consolidated assets


378,716


374,425


307,193Less: noncontrolling interests in depreciation and amortizationconsolidated joint ventures


(20,700
)

(19,928
)

(18,561
)Depreciation and amortizationunconsolidated joint ventures(1)


82,570


86,866


96,228Less: depreciation on personal property


(11,282
)

(11,900
)

(12,861
)​
​
​
​
​
​
​
​
​
​
​FFObasic and diluted


542,754


527,574


577,862Loss (gain) on early extinguishment of debt, netconsolidated assets


9,551


(2,684
)

(Gain) loss on early extinguishment of debt, netunconsolidated joint ventures(1)





(352
)

​
​
​
​
​
​
​
​
​
​
​FFO excluding early extinguishment of debt, netdiluted


552,305


524,538


577,862Shoppingtown Mall








422Valley View Center








(101,105
)Prescott Gateway








(16,296
)​
​
​
​
​
​
​
​
​
​
​AFFO and AFFOdiluted

$
552,305

$
524,538

$
460,883​
​
​
​
​
​
​
​
​
​
​​
​
​
​
​
​
​
​
​
​
​​
​
​
​
​
​
​
​
​
​
​Weighted average number of FFO shares outstanding for:FFObasic(2)


153,224


149,444


144,937Adjustments for the impact of dilutive securities in computing FFOdiluted:Share and unit-based compensation


147


82


​
​
​
​
​
​
​
​
​
​
​FFOdiluted(3)


153,371


149,526


144,937​
​
​
​
​
​
​
​
​
​
​​
​
​
​
​
​
​
​
​
​
​​
​
​
​
​
​
​
​
​
​
​


(1)Unconsolidated
assets are presented at our Company's pro rata share.(2)Calculated
based upon basic net income as adjusted to reach basic FFO. During the years ended December 31, 2014, 2013 and 2012, there were
10.1 million, 9.8 million and 10.9 million OP Units outstanding, respectively.(3)The
computation of FFO and AFFOdiluted shares outstanding includes the effect of share and unit-based compensation plans and the senior notes
using the treasury stock method. It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the FFO and AFFO-diluted computation.


---



The
following reconciles net income per share attributable to common stockholdersdiluted to FFO per sharediluted and AFFO per sharediluted for the years ended
December 31, 2014, 2013 and 2012:

2014

2013

2012Net income per share attributable to common stockholdersdiluted

$
10.45

$
3.00

$
2.51Per share impact of depreciation and amortization of real estate


2.81


2.88


2.57Per share impact of gain on remeasurement, sale or write down of assets, net


(9.72
)

(2.35
)

(1.09
)​
​
​
​
​
​
​
​
​
​
​FFO per sharediluted


3.54


3.53


3.99Per share impact of loss (gain) on early extinguishment of debt, net


0.06


(0.02
)

​
​
​
​
​
​
​
​
​
​
​FFO per share excluding early extinguishment of debtdiluted


3.60


3.51


3.99Per share impactShoppingtown Mall, Valley View Center and Prescott Gateway








(0.81
)​
​
​
​
​
​
​
​
​
​
​AFFOdiluted

$
3.60

$
3.51

$
3.18​
​
​
​
​
​
​
​
​
​
​​
​
​
​
​
​
​
​
​
​
​​
​
​
​
​
​
​
​
​
​
​


---



QuickLinks