# EDGAR Filing Document

**Accession Number:** 0000912242
**File Stem:** 0000912242-25-000074
**Filing Date:** 2025-11
**Character Count:** 101896
**Document Hash:** a80ea22fe4113209d798ea1ad4cf64b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000912242-25-000074.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0000912242-25-000074

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MACERICH CO
- **CENTRAL INDEX KEY:** 0000912242
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 954448705
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12504
- **FILM NUMBER:** 251449195

**BUSINESS ADDRESS:**
- **STREET 1:** 401 WILSHIRE BLVD
- **STREET 2:** STE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 3103946000

**MAIL ADDRESS:**
- **STREET 1:** 401 WILSHIRE BLVD SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

?xml version='1.0' encoding='ASCII'? mac-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 4, 2025**

**THE MACERICH COMPANY**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **1-12504** | **95-4448705** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission <br>File Number)** | **(IRS Employer <br>Identification No.)** |

---

**401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401**

**(Address of principal executive offices) (Zip code)**

**Registrant's telephone number, including area code (310) 394-6000**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| **Common stock of The Macerich Company, $0.01 par value per share** | **MAC** | **The New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**ITEM 2.02**&nbsp;&nbsp;&nbsp;&nbsp;**RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On November 4, 2025, The Macerich Company (the "Company") released its financial results for the three and nine months ended September 30, 2025 by posting to its website a financial supplement containing financial and operating information of the Company ("Earnings Results & Supplemental Information") and such Earnings Results & Supplemental Information is furnished as Exhibit 99.1 hereto.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

**ITEM 7.01**&nbsp;&nbsp;&nbsp;&nbsp;**REGULATION FD DISCLOSURE.**

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

**ITEM 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL STATEMENTS AND EXHIBITS.**

Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

(a), (b) and (c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibit.

Exhibit Index attached hereto and incorporated herein by reference.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **EXHIBIT** <br>**<u>NUMBER</u>** | **<u>NAME</u>** |
| 99.1 | <u>[Earnings Results & Supplemental Information for the Three and](a2025q3-exhibit9911.htm)[Nine](a2025q3-exhibit9911.htm)[Months Ended](a2025q3-exhibit9911.htm)[September](a2025q3-exhibit9911.htm)[30, 2025](a2025q3-exhibit9911.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | THE MACERICH COMPANY |
| | By: Daniel Swanstrom |
| November 4, 2025 | /s/ Daniel Swanstrom |
| Date | Senior Executive Vice President, |
|  | Chief Financial Officer |
|  | and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Earnings Results & Supplemental Information**

**For the Three and Nine Months Ended September 30, 2025**

![mac_bookxearningsreleasecoa.jpg](mac_bookxearningsreleasecoa.jpg)

**The Macerich Company**

**Earnings Results & Supplemental Information**

**For the Three and Nine Months Ended September 30, 2025**

**Table of Contents**

All information included in this supplemental financial package is unaudited, unless otherwise indicated.

---

| | |
|:---|:---|
|  | **Page No.** |
| **[Executive Summary & Financial Highlights](#i46239e6abdb6450784b6ba1754e90eae_7)** | [1](#i46239e6abdb6450784b6ba1754e90eae_7) |
| [Executive Summary](#i46239e6abdb6450784b6ba1754e90eae_10) | [1](#i46239e6abdb6450784b6ba1754e90eae_10) |
| [Financial Highlights](#i46239e6abdb6450784b6ba1754e90eae_13) | [4](#i46239e6abdb6450784b6ba1754e90eae_16) |
| **[Capital Information](#i46239e6abdb6450784b6ba1754e90eae_28)** | [8](#i46239e6abdb6450784b6ba1754e90eae_28) |
| [Capital Information and Market Capitalization](#i46239e6abdb6450784b6ba1754e90eae_31) | [8](#i46239e6abdb6450784b6ba1754e90eae_31) |
| [Changes in Total Common and Equivalent Shares/Units](#i46239e6abdb6450784b6ba1754e90eae_34) | [9](#i46239e6abdb6450784b6ba1754e90eae_34) |
| **[Financial Data](#i46239e6abdb6450784b6ba1754e90eae_37)** | [10](#i46239e6abdb6450784b6ba1754e90eae_37) |
| [Consolidated Statements of Operations (Unaudited)](#i46239e6abdb6450784b6ba1754e90eae_40) | [10](#i46239e6abdb6450784b6ba1754e90eae_40) |
| [Consolidated Balance Sheet (Unaudited)](#i46239e6abdb6450784b6ba1754e90eae_43) | [11](#i46239e6abdb6450784b6ba1754e90eae_43) |
| [Non-GAAP Pro Rata Financial Information (Unaudited)](#i46239e6abdb6450784b6ba1754e90eae_46) | [12](#i46239e6abdb6450784b6ba1754e90eae_46) |
| [Supplemental FFO Information](#i46239e6abdb6450784b6ba1754e90eae_58) | [15](#i46239e6abdb6450784b6ba1754e90eae_58) |
| [Capital Expenditures](#i46239e6abdb6450784b6ba1754e90eae_61) | [16](#i46239e6abdb6450784b6ba1754e90eae_61) |
| [Asset Dispositions / Loan Give-Backs](#i46239e6abdb6450784b6ba1754e90eae_64) | [17](#i46239e6abdb6450784b6ba1754e90eae_64) |
| **[Operational Data](#i46239e6abdb6450784b6ba1754e90eae_67)** | [18](#i46239e6abdb6450784b6ba1754e90eae_67) |
| Trailing Twelve Month [Sales Per Square Foot](#i46239e6abdb6450784b6ba1754e90eae_70) | [18](#i46239e6abdb6450784b6ba1754e90eae_70) |
| [Portfolio Occupancy](#i46239e6abdb6450784b6ba1754e90eae_76) | [19](#i46239e6abdb6450784b6ba1754e90eae_76) |
| [Average Base Rent Per Square Foot](#i46239e6abdb6450784b6ba1754e90eae_79) | [20](#i46239e6abdb6450784b6ba1754e90eae_79) |
| [Cost of Occupancy](#i46239e6abdb6450784b6ba1754e90eae_82) | [21](#i46239e6abdb6450784b6ba1754e90eae_82) |
| [Percentage of Net Operating Income by State](#i46239e6abdb6450784b6ba1754e90eae_85) | [22](#i46239e6abdb6450784b6ba1754e90eae_85) |
| [Property Listing](#i46239e6abdb6450784b6ba1754e90eae_88) | [23](#i46239e6abdb6450784b6ba1754e90eae_88) |
| [Joint Venture List](#i46239e6abdb6450784b6ba1754e90eae_91) | [26](#i46239e6abdb6450784b6ba1754e90eae_91) |
| **[Balance Sheet](#i46239e6abdb6450784b6ba1754e90eae_94)** | [27](#i46239e6abdb6450784b6ba1754e90eae_97) |
| [Net Debt to Adjusted EBITDA](#i46239e6abdb6450784b6ba1754e90eae_97) | [27](#i46239e6abdb6450784b6ba1754e90eae_97) |
| [Debt Summary](#i46239e6abdb6450784b6ba1754e90eae_100) | [28](#i46239e6abdb6450784b6ba1754e90eae_100) |
| [Outstanding Debt by Maturity Date](#i46239e6abdb6450784b6ba1754e90eae_103) | [29](#i46239e6abdb6450784b6ba1754e90eae_103) |
| **[Development and Redevelopment Pipeline Forecast](#i46239e6abdb6450784b6ba1754e90eae_106)** | [31](#i46239e6abdb6450784b6ba1754e90eae_106) |
| **[Corporate Information](#i46239e6abdb6450784b6ba1754e90eae_109)** | [32](#i46239e6abdb6450784b6ba1754e90eae_109) |

---

**The Macerich Company**

**Executive Summary**

**September 30, 2025**

![macerich-blka.jpg](macerich-blka.jpg)

We own 39 million square feet of real estate consisting primarily of interests in 37 regional retail centers that serve as community

cornerstones. As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S.

markets, our portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington,

D.C. corridor. We are firmly dedicated to advancing environmental goals, social good and sound corporate governance. As a

recognized leader in sustainability, The Macerich Company (the "Company") has achieved a #1 GRESB ranking for the North American

retail sector for ten consecutive years.

**<u>Results for the Quarter:</u>**

The net loss attributable to the Company was $87.4 million, or $0.34 per share-diluted, during the third quarter of 2025, compared to

net loss attributable to the Company of $108.2 million, or $0.50 per share-diluted, for the quarter ended September 30, 2024.The

change in net loss between the third quarter of 2025 compared to the same period in 2024 is primarily due to the Company recognizing

gains on sales of assets in the third quarter of 2025 on Lakewood Center for $21.1 million and Atlas Park for $11.9 million (at the

Company's pro rata share).

Funds from Operations ("FFO") excluding financing expense in connection with Chandler Freehold, accrued default interest expense

and loss on non-real estate investments was $93.4 million, or $0.35 per share-diluted, during the third quarter of 2025, compared to

$86.0 million, or $0.38 per share-diluted, for FFO excluding financing expense in connection with Chandler Freehold, accrued default

interest expense and loss on non-real estate investments for the quarter ended September 30, 2024.

Go-Forward Portfolio Centers net operating income ("NOI"), excluding lease termination income, increased 1.7% in the third quarter of

2025 compared to the third quarter of 2024.

Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended September 30, 2025

were $867 compared to $849 for the twelve months ended June 30, 2025 and $834 for the twelve months ended September 30, 2024.

Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended

September 30, 2025 were $905.

Portfolio occupancy as of September 30, 2025 was 93.4%, a 0.3% decrease compared to the 93.7% occupancy rate at September 30,

2024 and a 1.4% increase compared to the 92.0% occupancy rate at June 30, 2025. Go-Forward Portfolio Center occupancy as of

September 30, 2025 was 94.3%.

During the third quarter of 2025, we signed leases for 1.5 million square feet, an 81% increase in leased square footage compared to

the third quarter of 2024, on a comparable center basis.

New store leases are expected to produce total gross revenue of approximately $99 million at our share in excess of the revenue

generated in 2024 from prior uses in those same spaces. This new store leasing pipeline, which includes approximately $6 million of

total gross revenue from Crabtree Mall, represents a cumulative and incremental estimate and includes open stores, leases signed not

open, and leases in documentation that will or have commenced from 2024 through 2028.

Base rent re-leasing spreads were 5.9% greater than expiring base rent for the trailing twelve months ended September 30, 2025. This

was the sixteenth consecutive quarter of positive base rent leasing spreads.

**<u>Balance Sheet:</u>**

During the third quarter of 2025, we were actively engaged in numerous transactions, including the following financing, capital raising

and disposition activity:

On July 30, 2025, the Company's joint venture closed on the sale of Atlas Park for $72 million. We used our portion of the net proceeds

from this sale to repay our portion of the $65 million loan on the property that had an effective interest rate of approximately 9.3% and

a 2026 maturity date.

On August 7, 2025, we closed on an approximately $160 million two-year term loan with two, one-year extension options on Crabtree

Mall. The new loan bears interest at a rate of SOFR + 250. We used a portion of the net proceeds from this financing to fully repay

borrowings on the revolving line of credit associated with the purchase of Crabtree Mall, which we acquired in June 2025.

**The Macerich Company**

**Executive Summary**

**September 30, 2025**

On August 18, 2025, we closed on the sale of Lakewood Center for $332 million, including the assumption by the buyer of the $317

million loan on the property that had a June 2026 maturity date. We used the net proceeds to Macerich of approximately $5 million for

general corporate purposes.

On August 20, 2025, we closed on the sale of Valley Mall for $22 million. The mall was unencumbered and we used the net proceeds of

approximately $21 million for general corporate purposes.

During the third quarter of 2025, we sold 2.8 million shares of common stock for approximately $50 million of net proceeds through

our at the market (ATM) program at a weighted average price of $18.03 per share.

As of the date of this filing, we had approximately $1 billion of liquidity, including $650 million of available capacity on our $650 million

revolving line of credit.

**Fiscal Year 2024**<br>**Guidance**<br>

**<u>Dividend:</u>**

On October 30, 2025, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on

December 29, 2025 to stockholders of record at the close of business on December 15, 2025.

**<u>Investor Conference Call:</u>**

We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The

Macerich Company's website at www.macerich.com (Investors Section). The call begins on November 4, 2025 at 2:00 p.m. Pacific Time.

To listen to the call, please visit the website at least 15 minutes prior to the call-in order to register and download audio software if

needed. An online replay can be accessed at www.macerich.com (Investors Section) until November 18, 2025.

**<u>About Macerich and this Document:</u>**

The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition,

leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company is the

sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited

partnership (the "Operating Partnership") and conducts all of its operations through the Operating Partnership and the Company's

management companies.

As of the date of this filing, the Operating Partnership owned or had an ownership interest in 39 million square feet of gross leasable

area ("GLA") consisting primarily of interests in 37 regional retail centers, and one community/power shopping center. These 38

centers are referred to hereinafter as the "Centers" unless the context requires otherwise. All references to the Company in this

document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the

context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio

as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go-

Forward Portfolio Centers are subject to change.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/,

as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

Additional information about Macerich can be found though social media platforms such as LinkedIn and Twitter.

The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis,

minus the Company's partners' share of the measure from its consolidated joint ventures (calculated based upon the partners'

percentage ownership interest); plus (ii) the Company's share of the measure from its unconsolidated joint ventures (calculated based

upon the Company's percentage ownership interest). Management believes that these measures provide useful information to

investors regarding its financial condition and/or results of operations because they include the Company's share of the applicable

amount from unconsolidated joint ventures and exclude the Company's partners' share from consolidated joint ventures, in each case

presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various

measures in this manner can help investors better understand the Company's financial condition and/or results of operations after

taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property

level performance and to make decisions about resource allocations. The Company's economic interest (as distinct from its legal

ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership

interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account

balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company

does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and

expenses, from these unconsolidated joint ventures does not represent the Company's legal claim to such items.

**The Macerich Company**

**Executive Summary**

**September 30, 2025**

**<u>Note:</u>** This document contains statements that constitute forward-looking statements, which can be identified by the use of words,

such as "will," "expects," "anticipates," "assumes," "believes," "estimated," "guidance," "projects," "scheduled" and similar expressions

that do not relate to historical matters, and includes expectations regarding the Company's future operational results, including the

Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion

activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve

risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially

from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional

and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among

other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor

or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on

the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the

Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing, and operating

expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats

and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and

construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious

disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its

tenants; the liquidity of real estate investments; government shutdowns and other governmental actions and initiatives (including

legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which

could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange

Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of such risks and

uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-

looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to

update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence

of unanticipated events unless required by law to do so.

(See attached tables)

**THE MACERICH COMPANY**

**FINANCIAL HIGHLIGHTS**

**(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)**

**Results of Operations:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** <br>**September 30,** | **For the Three Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| Leasing revenue | $237232 | $203448 | $705604 | $593061 |
| Other income | 10623 | 9689 | 30409 | 29372 |
| Management Companies' revenues | 5407 | 7087 | 16266 | 22095 |
| Total revenues | 253262 | 220224 | 752279 | 644528 |
| Expenses: |  |  |  |  |
| Shopping center and operating expenses  | 79755 | 75128 | 244766 | 219761 |
| Management Companies' operating expenses  | 20171 | 18843 | 62825 | 57492 |
| Leasing expenses  | 10635 | 9862 | 32478 | 29974 |
| REIT general and administrative expenses  | 6928 | 6010 | 22338 | 20649 |
| Depreciation and amortization  | 90904 | 73299 | 271966 | 213326 |
| Interest expense (a) | 72699 | 57099 | 213698 | 149054 |
| Total expenses | 281092 | 240241 | 848071 | 690256 |
| Equity in income (loss) of unconsolidated joint ventures  | 9759 | (74931) | 8485 | (205044) |
| Income tax benefit (expense) | 710 | (545) | 1720 | 421 |
| (Loss) gain on sale or write down of assets, net (a) | (72634) | (16605) | (97106) | 272306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | (89995) | (112098) | (182693) | 21955 |
| Less net (loss) income attributable to noncontrolling interests | (2635) | (3909) | (4304) | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income attributable to the Company | $(87360) | $(108189) | $(178389) | $17090 |
| Weighted average number of shares outstanding - basic | 254130 | 218420 | 253407 | 216884 |
| Weighted average shares outstanding - Funds From Operations ("FFO") - <br>diluted (b) <br>| 264845 | 228409 | 264224 | 226945 |
| Earnings per share ("EPS") - basic  | $(0.34) | $(0.50) | $(0.71) | $0.08 |
| EPS - diluted  | $(0.34) | $(0.50) | $(0.71) | $0.08 |
| Dividend paid per share  | $0.17 | $0.17 | $0.51 | $0.51 |
| FFO - basic and diluted (b) (c) | $88591 | $81225 | $253541 | $247470 |
| FFO - basic and diluted, excluding financing expense in connection with <br>Chandler Freehold, accrued default interest expense and loss on non-real <br>estate investments(b) (c)<br>| $93399 | $85968 | $268065 | $248665 |
| FFO per share - basic and diluted (b) (c) | $0.33 | $0.36 | $0.96 | $1.09 |
| FFO per share - basic and diluted, excluding financing expense in connection <br>with Chandler Freehold, accrued default interest expense and loss on non-<br>real estate investments(b) (c)<br>| $0.35 | $0.38 | $1.01 | $1.10 |

---

**THE MACERICH COMPANY**

**FINANCIAL HIGHLIGHTS**

**(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)**

(a)Prior to June 13, 2024, the Company accounted for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture as

a financing arrangement. As a result, the Company included in interest expense (i) $0 and a credit of $13,795 to adjust for the change in the fair value of the

financing arrangement obligation during the three and nine months ended September 30, 2024, respectively; (ii) distributions of $0 and $1,565 to its partner

representing the partner's share of net income for the three and nine months ended September 30, 2024, respectively; and (iii) distributions of $0 and $966 to its

partner in excess of the partner's share of net income for the three and nine months ended September 30, 2024, respectively. On November 16, 2023, the

Company acquired its partners' interest in Freehold Raceway Mall and as a result that property is no longer part of the financing arrangement and is 100% owned

by the Company. On June 13, 2024, the partnership agreement between the Company and its partner was amended. As a result of this modification, the Company

no longer accounts for its investment in Chandler Fashion Center as a financing arrangement and deconsolidated the joint venture and recorded a gain on sale of

asset of $334.3 million during the three months ended June 30, 2024. Effective June 13, 2024, the Company accounts for its investment in Chandler Fashion Center

under the equity method of accounting. References to "Chandler Freehold" for the period November 16, 2023 through June 13, 2024 shall be deemed to only refer

to Chandler Fashion Center.

(b)The Operating Partnership has operating partnership units ("OP Units"). OP Units can be converted into shares of Company common stock. Conversion of the OP

Units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The

computation of average shares for FFO-diluted includes the effect of share and unit-based compensation plans. It also assumes conversion of MACWH, LP preferred

and common units to the extent they are dilutive to the calculation.

(c)The Company uses FFO in addition to net income to report its 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 sales of 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.

Prior to June 13, 2024, the Company accounted for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the

Company recognized financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their

pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excluded

the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net

income.

The Company also presents FFO excluding financing expense in connection with Chandler Freehold, gain or loss on extinguishment of debt, accrued default interest

expense and gain or loss on non-real estate investments.

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 the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on

a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in

comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold,

impact associated with extinguishment of debt, accrued default interest expense and impact of non-cash changes in the market value of non-real estate

investments provides useful supplemental information regarding the Company's performance as it shows a more meaningful and consistent comparison of the

Company's operating performance and allows investors to more easily compare the Company's results. On March 19, 2024, the Company closed on a three-year

extension of the Fashion Outlets of Niagara non-recourse loan and all default interest expense was reversed. Effective April 9, 2024, default interest expense has

been accrued on the non-recourse loan on Santa Monica Place. GAAP requires that the Company accrue default interest expense, which is not expected to be paid

and is expected to be reversed once a loan is modified or once title to the mortgaged loan collateral is transferred. The Company believes that the accrual of default

interest on non-recourse loans, and the related reversal thereof should be excluded. The Company holds certain non-real estate investments that are subject to

mark to market changes every quarter. These investments are not core to the Company's business, and the changes to market value and the related gain or loss are

entirely non-cash in nature. As a result, the Company believes that the gain or loss on non-real estate investments should be excluded.

The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income

(loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be

comparable to similarly titled measures reported by other REITs.

**THE MACERICH COMPANY**

**FINANCIAL HIGHLIGHTS**

**(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)**

**Reconciliation of Net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders - basic** 

**and diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-**

**real estate investments (c):**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** <br>**September 30,** | **For the Three Months Ended** <br>**September 30,** | **For the Three Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
|  | **2025** |  | **2024** | **2025** | **2024** |
| Net (loss) income attributable to the Company | $(87360) |  | ($108189) | ($178389) | $17090 |
| Adjustments to reconcile net (loss) income attributable to the Company to FFO <br>attributable to common stockholders and unit holders - basic and diluted:<br>|  |  |  |  |  |
| Noncontrolling interests in the OP | (3695) |  | (5056) | (7609) | 791 |
| Loss (gain) on sale or write down of consolidated assets, net | 72634 |  | 16605 | 97106 | (272306) |
| Add: gain on undepreciated asset sales from consolidated assets | 1229 |  | 222 | 2309 | 455 |
| Noncontrolling interests share of gain on sale or write-down of consolidated <br>joint ventures, net<br>|  |  |  |  | 330 |
| (Gain) loss on sale or write down of assets from unconsolidated joint ventures <br>(pro rata), net<br>| (11939) |  | 66969 | (9880) | 176150 |
| Add: gain (loss) on undepreciated asset sales from unconsolidated joint <br>ventures (pro rata)<br>|  |  | 53 | (291) | 1129 |
| Depreciation and amortization on consolidated assets  | 90904 |  | 73299 | 271966 | 213326 |
| Less depreciation and amortization allocable to noncontrolling interests in <br>consolidated joint ventures<br>| (577) |  | (561) | (1711) | (3817) |
| Depreciation and amortization on unconsolidated joint ventures (pro rata)  | 28858 |  | 39524 | 85377 | 119531 |
| Less: depreciation on personal property  | (1463) |  | (1641) | (5337) | (5209) |
| FFO attributable to common stockholders and unit holders - basic and diluted | 88591 |  | 81225 | 253541 | 247470 |
| Financing expense in connection with Chandler Freehold |  |  |  |  | (12829) |
| Accrued default interest expense | 3067 | 3 | 3067 | 9100 | 4789 |
| Loss on non-real estate investments | 1741 | 2 | 1676 | 5424 | 9235 |
| FFO attributable to common stockholders and unit holders, excluding financing <br>expense in connection with Chandler Freehold, accrued default interest <br>expense and loss on non-real estate investments - basic and diluted<br>| $93399 |  | $85968 | $268065 | $248665 |

---

**Reconciliation of EPS to FFO per share—diluted (c):**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** <br>**September 30,** | **For the Three Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
|  | **2025** | **2024** | **2025** | **2024** |
| EPS - diluted | $(0.34) | $(0.50) | $(0.71) | $0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share impact of depreciation and amortization of real estate | 0.44 | 0.49 | 1.33 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share impact of loss (gain) on sale or write down of assets, net | 0.23 | 0.37 | 0.34 | (0.42) |
| FFO per share - basic and diluted | 0.33 | 0.36 | 0.96 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share impact of financing expense in connection with Chandler Freehold |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share impact of accrued default interest expense | 0.01 | 0.01 | 0.03 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share impact of loss on non-real estate investments | 0.01 | 0.01 | 0.02 | 0.05 |
| FFO per share - basic and diluted, excluding financing expense in connection with <br>Chandler Freehold, accrued default interest expense and loss on non-real estate <br>investments<br>| $0.35 | $0.38 | $1.01 | $1.10 |

---

**THE MACERICH COMPANY**

**FINANCIAL HIGHLIGHTS**

**(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)**

**Reconciliation of Net (loss) income attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI -** 

**Go-Forward Portfolio Centers:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** <br>**September 30,** | **For the Three Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to the Company | $(87360) | $(108189) | ($178389) | $17090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense - consolidated assets | 72699 | 57099 | 213698 | 149054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense - unconsolidated joint ventures (pro rata) | 20312 | 35166 | 63193 | 104417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization - consolidated assets | 90904 | 73299 | 271966 | 213326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization - unconsolidated joint ventures (pro rata) | 28858 | 39524 | 85377 | 119531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in the OP | (3695) | (5056) | (7609) | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Interest expense and depreciation and amortization allocable<br>&nbsp;&nbsp;&nbsp;&nbsp;to noncontrolling interests in consolidated joint ventures<br>| (937) | (919) | (2790) | (8811) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale or write down of assets, net - consolidated assets | 72634 | 16605 | 97106 | (272306) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale or write down of assets, net - unconsolidated joint <br>ventures (pro rata)<br>| (11939) | 66969 | (9880) | 176150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Noncontrolling interests share of gain on sale or write-down of <br>consolidated joint ventures, net<br>|  |  |  | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (710) | 545 | (1720) | (421) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on preferred units | 87 | 87 | 261 | 261 |
| Adjusted EBITDA (a) | 180853 | 175130 | 531213 | 499412 |
| &nbsp;&nbsp;&nbsp;&nbsp;REIT general and administrative expenses | 6928 | 6010 | 22338 | 20649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Companies' revenues | (5407) | (7087) | (16266) | (22095) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Companies' operating expenses  | 20171 | 18843 | 62825 | 57492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing expenses, including joint ventures at pro rata | 11209 | 10606 | 34595 | 32238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other (income) expenses (b) | (1759) | (3383) | (9908) | (1458) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line and above/below market adjustments  | (3714) | (2714) | (7879) | (1878) |
| NOI - All Centers | 208281 | 197405 | 616918 | 584360 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI of non-Go-Forward Portfolio Centers (c) | (27550) | (21058) | (77123) | (60052) |
| NOI - Go-Forward Portfolio Centers (c) | 180731 | 176347 | 539795 | 524308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease termination income of Go-Forward Portfolio Centers | (1922) | (596) | (7518) | (1929) |
| NOI - Go-Forward Portfolio Centers, excluding lease termination income (c) | $178809 | $175751 | $532277 | $522379 |
| NOI - Go-Forward Portfolio Centers percentage change, including lease <br>termination income (c)<br>| 2.5% |  | 3.0% |  |
| NOI - Go-Forward Portfolio Centers percentage change, excluding lease <br>termination income (c)<br>| 1.7% |  | 1.9% |  |

---

(a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss

(gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt, and preferred dividends and includes joint ventures at their pro

rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability

of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative

to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with

GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements

reported by other companies.

(b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income (expense), interest income, non-real estate

investments, and other assets.

(c) NOI – Go-Forward PortfolioCenters represents the NOI from the Go-Forward Portfolio Centers as defined on page 25 (See note (c) of the Company's Property

Listing Table), excluding Crabtree Mall for purposes of this calculation, as it was acquired on June 23, 2025 and was not held for the same period in 2024. The

Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing operating performance of the Company. Go-

Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies' revenues and operating expenses,

leasing expenses (including joint ventures at pro rata), the Company's REIT general and administrative expenses, corporate and other income and expenses and

the straight-line and above/below market adjustments and subtracting out NOI from non-Go-Forward Portfolio Centers. The Company also presents NOI – Go-

Forward Portfolio Centers, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without

the impact of lease termination income. For purposes of this calculation, the non-Go-Forward Portfolio Centers includes Crabtree Mall.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Capital Information and Market Capitalization**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Period Ended** | |
|  | **9/30/2025** | **12/31/2024** | **12/31/2023** |
|  | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** |
| Closing common stock price per share | $18.20 | $19.92 | $15.43 |
| 52 week high | $22.27 | $22.27 | $16.54 |
| 52 week low | $12.48 | $12.99 | $8.77 |
| **Shares outstanding at end of period** |  |  |  |
| Class A non participating convertible preferred units | 99565 | 99565 | 99565 |
| Common shares and partnership units | 266870488 | 263739694 | 226095455 |
| Total common and equivalent shares/units outstanding | 266970053 | 263839259 | 226195020 |
| **Portfolio capitalization data** |  |  |  |
| Total portfolio debt, including joint ventures at pro rata | $6601760 | $6647576 | $6919579 |
| Equity market capitalization | 4858855 | 5255678 | 3490189 |
| Total market capitalization | $11460615 | $11903254 | $10409768 |
| Debt as a percentage of total market capitalization | 57.6% | 55.9% | 66.5% |

---

![chart-38cbaeaa563d4f43b11a.gif](chart-38cbaeaa563d4f43b11a.gif)

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Changes in Total Common and Equivalent Shares/Units**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Partnership** <br>**Units**<br>| **Company** <br>**Common Shares**<br>| **Class A** <br>**Non-**<br>**Participating** <br>**Convertible** <br>**Preferred Units**<br>| **Total** <br>**Common** <br>**and** <br>**Equivalent** <br>**Shares/**<br>**Units**<br>|
| Balance as of December 31, 2024 | 10814198 | 252925496 | 99565 | 263839259 |
| Conversion of partnership units to common shares | (6100) | 6100 |  |  |
| Issuance of stock/partnership units from restricted stock issuance <br>or other share or unit-based plans<br>| 73363 | 98829 |  | 172192 |
| Balance as of March 31, 2025 | 10881461 | 253030425 | 99565 | 264011451 |
| Issuance of stock/partnership units from restricted stock issuance <br>or other share or unit-based plans<br>|  | 168818 |  | 168818 |
| Balance as of June 30, 2025 | 10881461 | 253199243 | 99565 | 264180269 |
| Conversion of partnership units to cash | (250) |  |  | (250) |
| Conversion of partnership units to common shares | (306916) | 306916 |  |  |
| Issuance of shares from at-the-market ("ATM") program |  | 2783330 |  | 2783330 |
| Issuance of stock/partnership units from restricted stock issuance <br>or other share or unit-based plans<br>|  | 6704 |  | 6704 |
| Balance as of September 30, 2025 | 10574295 | 256296193 | 99565 | 266970053 |

---

**THE MACERICH COMPANY**

**CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
|  | **For the Three** <br>**Months Ended** <br>**September 30,**<br>**2025** | **For the Nine** <br>**Months Ended** <br>**September 30,**<br>**2025** |
| Revenues: |  |  |
| Leasing revenue | $237232 | $705604 |
| Other income | 10623 | 30409 |
| Management Companies' revenues | 5407 | 16266 |
| Total revenues | 253262 | 752279 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopping center and operating expenses | 79755 | 244766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Companies' operating expenses | 20171 | 62825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing expenses | 10635 | 32478 |
| &nbsp;&nbsp;&nbsp;&nbsp;REIT general and administrative expenses | 6928 | 22338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 90904 | 271966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 72699 | 213698 |
| Total expenses | 281092 | 848071 |
| Equity in income of unconsolidated joint ventures | 9759 | 8485 |
| Income tax benefit | 710 | 1720 |
| Loss on sale or write down of assets, net | (72634) | (97106) |
| Net loss | (89995) | (182693) |
| Less net loss attributable to noncontrolling interests | (2635) | (4304) |
| **Net loss attributable to the Company**  | **$(87360)** | **$(178389)** |

---

**THE MACERICH COMPANY**

**CONSOLIDATED BALANCE SHEET (UNAUDITED)**

**As of September 30, 2025**

**(Dollars in thousands)**

---

| | |
|:---|:---|
| ASSETS: |  |
| Property, net (a) | $6730869 |
| Cash and cash equivalents | 290162 |
| Restricted cash | 90441 |
| Tenant and other receivables, net | 129880 |
| Right-of-use assets, net | 111813 |
| Deferred charges and other assets, net | 341915 |
| Due from affiliates | 1709 |
| Investments in unconsolidated joint ventures | 727139 |
| Total assets | $8423928 |
| LIABILITIES AND EQUITY: |  |
| Mortgage notes payable | $5076908 |
| Accounts payable and accrued expenses | 128426 |
| Lease liabilities | 69732 |
| Other accrued liabilities | 368006 |
| Distributions in excess of investments in unconsolidated joint ventures | 199308 |
| Total liabilities | 5842380 |
| Commitments and contingencies |  |
| Equity: |  |
| Stockholders' equity: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6223906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (3715452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (11) |
| Total stockholders' equity | 2511004 |
| Noncontrolling interests | 70544 |
| Total equity | 2581548 |
| Total liabilities and equity | $8423928 |

---

(a)Includes construction in progress of $300,762 for September 30, 2025.

**THE MACERICH COMPANY**

**NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)**

**(DOLLARS IN THOUSANDS)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**<br>**September 30, 2025** | **For the Three Months Ended**<br>**September 30, 2025** | **For the Nine Months Ended**<br>**September 30, 2025** | **For the Nine Months Ended**<br>**September 30, 2025** |
|  | **Noncontrolling** <br>**Interests of** <br>**Consolidated** <br>**Joint Ventures (a)**<br>| **Company's** <br>**Share of** <br>**Unconsolidated** <br>**Joint Ventures**<br>| **Noncontrolling** <br>**Interests of** <br>**Consolidated** <br>**Joint Ventures (a)**<br>| **Company's** <br>**Share of** <br>**Unconsolidated** <br>**Joint Ventures**<br>|
| Revenues: |  |  |  |  |
| Leasing revenue | $(1396) | $73151 | $(4158) | $218647 |
| Other income | (921) | 1163 | (2815) | 10478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | (2317) | 74314 | (6973) | 229125 |
| Expenses: |  |  |  |  |
| Shopping center and operating expenses  | (308) | 26738 | (834) | 79789 |
| Leasing expense | (12) | 586 | (44) | 2161 |
| Depreciation and amortization  | (577) | 28858 | (1711) | 85377 |
| Interest expense  | (360) | 20312 | (1079) | 63193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | (1257) | 76494 | (3668) | 230520 |
| Equity in income of unconsolidated joint ventures |  | (9759) |  | (8485) |
| Gain on sale or write down of assets, net |  | 11939 |  | 9880 |
| Net income | (1060) |  | (3305) |  |
| Less net income attributable to noncontrolling interests | (1060) |  | (3305) |  |
| Net income attributable to the Company | $— | $— | $— | $— |

---

(a)Represents the Company's partners' share of consolidated joint ventures.

**THE MACERICH COMPANY**

**NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)**

**(DOLLARS IN THOUSANDS)**

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Noncontrolling** <br>**Interests of** <br>**Consolidated** <br>**Joint Ventures (a)**<br>| **Company's Share** <br>**of Unconsolidated** <br>**Joint Ventures**<br>|
| ASSETS: |  |  |
| Property, net (b) | $(18701) | $2026151 |
| Cash and cash equivalents | (1388) | 51433 |
| Restricted cash |  | 16547 |
| Tenant and other receivables, net | (206) | 51783 |
| Right-of-use assets, net |  | 65801 |
| Deferred charges and other assets, net | (707) | 34932 |
| Due from affiliates | 34 | (874) |
| Investments in unconsolidated joint ventures, at equity |  | (727139) |
| Total assets | $(20968) | $1518634 |
| LIABILITIES AND EQUITY: |  |  |
| Mortgage notes payable | $(33083) | $1557935 |
| Accounts payable and accrued expenses | (347) | 29050 |
| Lease liabilities |  | 62824 |
| Other accrued liabilities | (20527) | 68133 |
| Distributions in excess of investments in unconsolidated joint ventures |  | (199308) |
| Total liabilities | (53957) | 1518634 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 32989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 32989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $(20968) | $1518634 |

---

(a)Represents the Company's partners' share of consolidated joint ventures.

(b)This includes $113 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $124,091 of construction in

progress relating to the Company's share from unconsolidated joint ventures.

**THE MACERICH COMPANY**

**NON GAAP PRO RATA SCHEDULE OF LEASING REVENUE (unaudited)**

**(Dollars in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** |
|  | **Consolidated** | **Non-**<br>**Controlling** <br>**Interests (a)**<br>| **Company's** <br>**Consolidated** <br>**Share**<br>| **Company's** <br>**Share of** <br>**Unconsolidated** <br>**Joint Ventures**<br>| **Company's** <br>**Total** <br>**Share**<br>|
| Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Minimum rents (b) | $155016 | $(999) | $154017 | $50227 | $204244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage rents | 6912 | (30) | 6882 | 3156 | 10038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant recoveries | 69373 | (366) | 69007 | 18063 | 87070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6886 | (15) | 6871 | 1700 | 8571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense  | (955) | 14 | (941) | 5 | (936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total leasing revenue | $237232 | $(1396) | $235836 | $73151 | $308987 |
|  | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
|  | **Consolidated** | **Non-**<br>**Controlling** <br>**Interests (a)**<br>| **Company's** <br>**Consolidated** <br>**Share**<br>| **Company's** <br>**Share of** <br>**Unconsolidated** <br>**Joint Ventures**<br>| **Company's** <br>**Total** <br>**Share**<br>|
| Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Minimum rents (b) | $470629 | $(3010) | $467619 | $151342 | $618961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage rents | 15315 | (55) | 15260 | 6425 | 21685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant recoveries | 203468 | (1031) | 202437 | 56033 | 258470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 19503 | (83) | 19420 | 5283 | 24703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | (3311) | 21 | (3290) | (436) | (3726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total leasing revenue | $705604 | $(4158) | $701446 | $218647 | $920093 |

---

(a)Represents the Company's partners' share of consolidated joint ventures.

(b)Includes lease termination income, straight-line rental income and above/below market adjustments to minimum rents.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Supplemental FFO Information(a)**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2025** | **2024** |
| Straight-line rent receivable | $134.2 | $152.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** <br>**September 30,** | **For the Three Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Lease termination income (b) | $2.0 | $0.5 | $7.8 | $1.8 |
| Straight-line rental income (expense) (b) | $2.8 | $1.5 | $3.6 | $(2.4) |
| Business development and parking income (c) | $14.2 | $14.0 | $42.1 | $41.5 |
| Gain on sales or write down of undepreciated assets | $1.2 | $0.3 | $2.0 | $1.6 |
| Amortization of acquired above and below-market leases, net revenue (b) | $0.9 | $1.2 | $4.3 | $4.3 |
| Amortization of debt discounts, net (d) | $(7.5) | $(4.2) | $(25.8) | $(7.2) |
| Bad debt expense (income) (b) | $0.9 | $(0.6) | $3.7 | $5.1 |
| Leasing expense | $11.2 | $10.6 | $34.6 | $32.2 |
| Interest capitalized (d) | $5.4 | $7.6 | $18.0 | $23.1 |
| Employee severance costs (e) | $0.3 | $0.1 | $2.4 | $0.8 |
| Legal claims settlement income (expense), net (f) | $(1.4) | $— | $3.9 | $— |
| Chandler Freehold financing arrangement (d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions equal to partners' share of net income (loss)  | $— | $— | $— | $1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of partners' share of net income (g) |  |  |  | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment (g) |  |  |  | (13.8) |
| Total Chandler Freehold financing arrangement expense (d) | $— | $— | $— | $(11.2) |

---

(a)All joint venture amounts included at pro rata.

(b)Included in leasing revenue.

(c)Included in leasing revenue and other income.

(d)Included in interest expense.

(e)Included in management companies' operating expenses.

(f)Included in other income.

(g)The Company presents FFO excluding the expenses related to changes in fair value of the financing arrangement and the payments to such joint venture partner

less than or in excess of their pro rata share of net income. Effective with the quarter ending September 30, 2024, these accounting adjustments are no longer

applicable due to the Company accounting for its investment in Chandler Fashion Center under the equity method of accounting effective June 13, 2024.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Capital Expenditures(a)**

**(Dollars in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended** <br>**September 30,** | **For the Nine Months Ended** <br>**September 30,** | **For the Twelve Months Ended** <br>**December 31,** | **For the Twelve Months Ended** <br>**December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
| **Consolidated Centers** |  |  |  |  |
| Acquisitions of property (b) | $290.0 | $41.8 | $170.8 | $46.7 |
| Property improvements | 15.8 | 27.8 | 43.3 | 36.3 |
| Development, redevelopment, expansions and renovations of Centers | 74.8 | 66.9 | 104.5 | 94.6 |
| Tenant allowances | 19.4 | 12.7 | 20.6 | 27.1 |
| Deferred leasing charges | 3.3 | 3.3 | 4.4 | 5.6 |
| **Total** | $403.3 | $152.5 | $343.6 | $210.3 |
| **Unconsolidated Joint Venture Centers** |  |  |  |  |
| Property improvements | $5.0 | $9.8 | $14.4 | $17.6 |
| Development, redevelopment, expansions and renovations of Centers | 52.8 | 27.4 | 39.8 | 58.1 |
| Tenant allowances | 11.6 | 12.8 | 21.0 | 18.5 |
| Deferred leasing charges | 2.9 | 3.8 | 5.6 | 4.6 |
| **Total** | $72.3 | $53.8 | $80.8 | $98.8 |

---

(a)All joint venture amounts at pro rata.

(b)Breakdown of acquisitions of property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Acquisition**<br> **Date**<br>| **For the Nine Months** <br>**Ended September 30,** | **For the Nine Months** <br>**Ended September 30,** | **For the Twelve Months** <br>**Ended December 31,** | **For the Twelve Months** <br>**Ended December 31,** |
|  |  | **2025** | **2024** | **2024** | **2023** |
| Acquisition of Crabtree Mall | 6-23-2025<br> (c) | $290.0 | $— | $— | $— |
| Acquisition of the Company's joint venture partner's 40% interest in <br>Lakewood Center, Los Cerritos Center and Washington Square<br>| 10-24-2024 |  |  | 129.0 |  |
| Acquisition of former Sears parcel at Inland Center | 5-17-2024 |  | 5.4 | 5.4 |  |
| Acquisition of the Company's joint venture partner's 40% interest in <br>Arrowhead Towne Center and South Plains Mall<br>| 5-14-2024 |  | 36.4 | 36.4 |  |
| Acquisition of the Company's joint venture partner's 50% interest in <br>five former Sears parcels. These five parcels are located at Chandler <br>Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los <br>Cerritos Center and Washington Square<br>| 5-18-2023 |  |  |  | 46.7 |
| **Total** |  | $290.0 | $41.8 | $170.8 | $46.7 |

---

(c) This represents the gross purchase price excluding closing adjustments and other related transaction costs.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Asset Dispositions / Loan Give-Backs** 

**(Dollars in millions)**

The following is a summary of the Company's Asset Dispositions and Loan Givebacks for the nine months ended September 30, 2025,

and for the twelve months ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property/Location** | **Disposition** <br>**Date**<br>| **Gross Sale** <br>**Price**<br> **(at 100%)**<br>| **Gross Sale** <br>**Price** <br>**(at Company's** <br>**Share)**<br>| **Reduction of** <br>**Debt** <br>**(at Company's** <br>**Share)**<br>|
| **<u>I. Asset Dispositions</u>** |  |  |  |  |
| Valley Mall, Harrisonburg, Virginia | 08-20-2025 | $22.1 | $22.1 | $— |
| Lakewood Center, Lakewood, California | 08-18-2025 | 332.1 | 332.1 | 317.1 |
| Atlas Park, The Shops at, Queens, New York | 07-30-2025 | 72.0 | 36.0 | 32.5 |
| Paradise Valley Mall, Phoenix, Arizona  | 06-30-2025<br> (a) | 5.5 | 5.5 | 3.1 |
| 1010-1016 Market Street parcels at Fashion District Philadelphia, <br>Philadelphia, Pennsylvania <br>| 06-30-2025 | 10.8 | 10.8 |  |
| Former department store parcel at Washington Square, Petaluma, <br>California<br>| 06-11-2025 | 2.6 | 2.6 |  |
| Paradise Valley Office Park, Phoenix, Arizona  | 05-28-2025 | 6.2 | 6.2 |  |
| SouthPark Mall, Moline, Illinois | 04-30-2025 | 10.5 | 10.5 |  |
| Various parcels at Santan Adjacent, Gilbert, Arizona | 04-28-2025 | 24.5 | 24.5 |  |
| Portillo's parcel at Santan Adjacent, Gilbert, Arizona | 04-16-2025 | 3.0 | 3.0 |  |
| Wilton Mall, Saratoga Springs, New York | 03-27-2025 | 24.8 | 24.8 |  |
| The Oaks, Thousand Oaks, California | 12-10-2024 | 157.0 | 157.0 | 147.8 |
| Southridge Mall, Des Moines, Iowa | 11-25-2024 | 4.0 | 4.0 |  |
| Biltmore Fashion Park, Phoenix, Arizona  | 07-31-2024<br> (b) | 110.0 | 110.0 |  |
| Former department store parcel at Valle Vista Mall, Harlingen, Texas | 06-28-2024 | 7.1 | 7.1 |  |
| Country Club Plaza, Kansas City, Missouri  | 06-28-2024<br> (c) | 175.6 | 147.7 | 147.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** |  | $967.8 | $903.9 | $648.2 |
| Various land parcels (undepreciated asset sales), including separate <br>transactions with certain joint venture partners:<br>|  |  |  |  |
| For the nine months ending September 30, 2025 | 2025<br> (d) | $30.7 | $13.4 | $— |
| For the twelve months ending December 31, 2024 | 2024<br> (d) | 36.3 | 6.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** |  | 67.0 | 19.7 | $— |
| **Total - Asset Dispositions** |  | $1034.8 | $923.6 | $648.2 |
| **<u>II. Loan Give-Backs</u>** |  |  |  |  |
| Santa Monica Place, Santa Monica, California | Pending<br> (e) | $300.0 | $300.0 | $300.0 |
| **Total - Loan Give-Backs** |  | $300.0 | $300.0 | $300.0 |
| **Grand Total - Asset Dispositions/Loan Give-Backs (f)** |  | $1334.8 | $1223.6 | $948.2 |

---

(a) The Company sold its 5% joint venture partnership interest in the property.

(b)The Company sold its 50% joint venture partnership interest in the property.

(c)The total sales price for Country Club Plaza was $175.6 million. Concurrent with the sale, the remaining amount owed by the joint venture under the $295.5

million loan ($147.7 million at the Company's share) was forgiven by the lender.

(d) These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO.

(e) For purposes of this schedule, the Company has included Santa Monica Place. The Company has completed transition of the property to a receiver but is still

owner of record.

(f)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Trailing Twelve Month Sales Per Square Foot (a)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated Centers** | **Unconsolidated** <br>**Joint Venture** <br>**Centers**<br>| **Total** <br>**Centers**<br>| **Total** <br>**Go-Forward** <br>**Portfolio Centers**<br>|
| 9/30/2025 | $787 | $1049 | $867 | $905 |
| 9/30/2024 | $708 | $1018 | $834 | $890 |
| 12/31/2024 | $743 | $1054 | $837 | $895 |

---

(a)Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that have occupied such stores for a minimum of

12 months. Sales per square foot are based on tenants 10,000 square feet and under for retail Centers. Sales per square foot excludes Community Centers and

Santa Monica Place.

![chart-cda6006e2d6c4469971a.gif](chart-cda6006e2d6c4469971a.gif)

---

| | |
|:---|:---|
| **Total Centers** | **Total Go-Forward Portfolio Centers** |

---

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Portfolio Occupancy(a)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Period Ended</u>** | **Consolidated** <br>**Centers**<br>| **Unconsolidated** <br>**Joint Venture** <br>**Centers**<br>| **Total** <br>**Centers**<br>| **Total Go-Forward** <br>**Portfolio Centers**<br>|
| 9/30/2025 | 92.4% | 95.2% | 93.4% | 94.3% |
| 9/30/2024 | 93.4% | 94.0% | 93.7% | 94.3% |
| 12/31/2024 | 93.7% | 95.0% | 94.1% | 94.6% |
| 12/31/2023 | 93.6% | 93.5% | 93.5% | 94.4% |

---

(a)Portfolio Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Portfolio Occupancy excludes Community

Centers, Santa Monica Place, and spaces under redevelopment.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Average Base Rent Per Square Foot (a)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Base Rent** <br>**PSF(b)**<br>| **Average Base Rent** <br>**PSF on Leases** <br>**Executed During** <br>**the Twelve** <br>**Months Ended(c)**<br>| **Average Base Rent** <br>**PSF on Leases** <br>**Expiring During the** <br>**Twelve** <br>**Months Ended(d)**<br>|
| **Consolidated Centers** |  |  |  |
| 9/30/2025 | $67.24 | $65.98 | $64.48 |
| 9/30/2024 | $63.04 | $61.69 | $58.75 |
| 12/31/2024 | $65.62 | $61.16 | $61.45 |
| 12/31/2023 | $61.66 | $58.97 | $50.14 |
| **Unconsolidated Joint Venture Centers** |  |  |  |
| 9/30/2025 | $79.32 | $82.43 | $67.20 |
| 9/30/2024 | $74.39 | $80.29 | $62.53 |
| 12/31/2024 | $76.11 | $86.78 | $64.79 |
| 12/31/2023 | $70.42 | $64.42 | $55.74 |
| **All Retail Centers** |  |  |  |
| 9/30/2025 | $69.64 | $68.75 | $64.89 |
| 9/30/2024 | $66.45 | $66.98 | $59.86 |
| 12/31/2024 | $67.72 | $67.74 | $62.27 |
| 12/31/2023 | $64.68 | $61.00 | $52.04 |
| **Go-Forward Portfolio Centers** |  |  |  |
| 9/30/2025 | $71.65 | $70.60 | $67.75 |
| 9/30/2024 | $70.76 | $70.10 | $64.22 |
| 12/31/2024 | $71.69 | $70.64 | $65.78 |

---

(a)Average base rent per square foot is based on spaces 10,000 square feet and under, excluding Santa Monica Place; and Fashion District Philadelphia is excluded

from 2024 and prior. All joint venture amounts are included at pro rata.

(b)Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other

adjustments or allowances that have been granted to the tenants. Go-Forward Portfolio Centers average base rent is based on pro rata ownership as of September

30, 2025.

(c)The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Cost of Occupancy**

---

| | | |
|:---|:---|:---|
|  | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **September 30, 2025** | **December 31, 2024** |
| **Consolidated Centers** |  |  |
| Minimum rents | 8.1% | 8.1% |
| Percentage rents | 0.7% | 0.6% |
| Expense recoveries (a) | 3.1% | 3.1% |
| **Total** | 11.9% | 11.8% |
| **Unconsolidated Joint Venture Centers** |  |  |
| Minimum rents | 7.6% | 7.6% |
| Percentage rents | 1.0% | 1.0% |
| Expense recoveries (a) | 3.3% | 3.2% |
| **Total** | 11.9% | 11.8% |
| **All Centers** |  |  |
| Minimum rents | 7.9% | 7.8% |
| Percentage rents | 0.8% | 0.8% |
| Expense recoveries (a) | 3.2% | 3.2% |
| **Total** | 11.9% | 11.8% |
| **Go-Forward Portfolio Centers** |  |  |
| Minimum rents | 8.0% | 8.0% |
| Percentage rents | 0.8% | 0.8% |
| Expense recoveries (a) | 3.3% | 3.3% |
| **Total** | 12.1% | 12.1% |

---

(a)Represents real estate tax and common area maintenance charges.

**The Macerich Company**

**Supplemental Financial and Operating Information (unaudited)**

**Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State**

---

| | |
|:---|:---|
| **<u>State</u>** | **% of Go-Forward** <br>**Portfolio Centers** <br>**Pro Rata Real** <br>**Estate NOI (a)**<br>|
| California | 23.3% |
| Arizona | 20.2% |
| New York | 18.9% |
| Pennsylvania & Virginia | 10.8% |
| New Jersey & Connecticut | 9.1% |
| Oregon | 7.4% |
| Colorado & Illinois | 6.0% |
| Other (b) | 4.3% |
| Total | 100.0% |

---

(a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending September 30, 2025 Pro Rata Real Estate NOI excludes Crabtree Mall, and straight-

line and above/below market adjustments to minimum rents. Go-Forward Portfolio Centers trailing twelve months ending September 30, 2025 Pro Rata Real

Estate NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including

joint ventures at pro rata).

(b)"Other" includes Indiana, Iowa, North Dakota, and Texas.

**The Macerich Company**

**Property Listing**

**September 30, 2025**

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by

the Company.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Count** | **Company's** <br>**Ownership(a)**<br>| **Name of** <br>**Center/Location**<br>| **Year of Original** <br>**Construction/**<br>**Acquisition**<br>| **Year of Most** <br>**Recent Expansion/**<br>**Renovation**<br>| **Total** <br>**GLA(b)**<br>|
|  | **CONSOLIDATED CENTERS:** | **CONSOLIDATED CENTERS:** |  |  |  |
| 1 | 100% | Arrowhead Towne Center(c)<br>Glendale, Arizona<br>| 1993/2002 | 2015 | 1078000 |
| 2 | 100% | Crabtree Mall(c)<br>Raleigh, North Carolina<br>| 1972/2025 | ongoing | 1319000 |
| 3 | 100% | Danbury Fair Mall(c)<br>Danbury, Connecticut<br>| 1986/2005 | 2016 | 1271000 |
| 4 | 100% | Desert Sky Mall(c) <br>Phoenix, Arizona<br>| 1981/2002 | 2007 | 737000 |
| 5 | 100% | Eastland Mall(c)(d)<br>Evansville, Indiana<br>| 1978/1998 | 1996 | 1016000 |
| 6 | 100% | Fashion District Philadelphia(c)<br>Philadelphia, Pennsylvania<br>| 1977/2014 | 2019 | 723000 |
| 7 | 100% | Fashion Outlets of Chicago(c) <br>Rosemont, Illinois<br>| 2013/— |  | 529000 |
| 8 | 100% | Fashion Outlets of Niagara Falls USA<br>Niagara Falls, New York<br>| 1982/2011 | 2014 | 685000 |
| 9 | 100% | Freehold Raceway Mall(c)<br>Freehold, New Jersey<br>| 1990/2005 | 2007 | 1533000 |
| 10 | 100% | Fresno Fashion Fair(c) <br>Fresno, California<br>| 1970/1996 | 2006 | 974000 |
| 11 | 100% | Green Acres Mall(c)(d)<br>Valley Stream, New York<br>| 1956/2013 | ongoing | 2076000 |
| 12 | 100% | Inland Center(c) <br>San Bernardino, California<br>| 1966/2004 | 2016 | 670000 |
| 13 | 100% | Kings Plaza Shopping Center(c)(d)<br>Brooklyn, New York<br>| 1971/2012 | 2018 | 1097000 |
| 14 | 100% | La Cumbre Plaza(d)<br>Santa Barbara, California<br>| 1967/2004 | 1989 | 325000 |
| 15 | 100% | Los Cerritos Center(c)(e) <br>Cerritos, California<br>| 1971/1999 | 2016 | 1011000 |
| 16 | 100% | NorthPark Mall(c)<br>Davenport, Iowa<br>| 1973/1998 | 2001 | 900000 |
| 17 | 100% | Pacific View(c) <br>Ventura, California<br>| 1965/1996 | 2001 | 883000 |
| 18 | 100% | Queens Center(c)(d) <br>Queens, New York<br>| 1973/1995 | 2004 | 966000 |
| 19 | 100% | Santa Monica Place(f) <br>Santa Monica, California<br>| 1980/1999 | ongoing | 533000 |
| 20 | 84.9% | SanTan Village Regional Center(c) <br>Gilbert, Arizona<br>| 2007/— | 2018 | 1187000 |
| 21 | 100% | South Plains Mall(c) <br>Lubbock, Texas<br>| 1972/1998 | 2017 | 1313000 |
| 22 | 100% | Stonewood Center(c)(d)<br>Downey, California<br>| 1953/1997 | 1991 | 925000 |
| 23 | 100% | Superstition Springs Center(c) <br>Mesa, Arizona<br>| 1990/2002 | 2002 | 950000 |

---

**The Macerich Company**

**Property Listing**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Count** | **Company's** <br>**Ownership(a)**<br>| **Name of** <br>**Center/Location**<br>| **Year of Original** <br>**Construction/**<br>**Acquisition**<br>| **Year of Most** <br>**Recent Expansion/**<br>**Renovation**<br>| **Total** <br>**GLA(b)**<br>|
| 24 | 100% | Valley River Center(c)<br>Eugene, Oregon<br>| 1969/2006 | 2007 | 813000 |
| 25 | 100% | Victor Valley, Mall of(c) <br>Victorville, California<br>| 1986/2004 | 2012 | 576000 |
| 26 | 100% | Vintage Faire Mall(c) <br>Modesto, California<br>| 1977/1996 | 2020 | 915000 |
| 27 | 100% | Washington Square(c)(e) <br>Portland, Oregon<br>| 1974/1999 | 2005 | 1300000 |
|  |  | **Total Consolidated Centers** |  |  | 26305000 |
| **UNCONSOLIDATED JOINT VENTURE CENTERS:** | **UNCONSOLIDATED JOINT VENTURE CENTERS:** | **UNCONSOLIDATED JOINT VENTURE CENTERS:** | **UNCONSOLIDATED JOINT VENTURE CENTERS:** | **UNCONSOLIDATED JOINT VENTURE CENTERS:** | **UNCONSOLIDATED JOINT VENTURE CENTERS:** |
| 28 | 50% | Broadway Plaza(c) <br>Walnut Creek, California<br>| 1951/1985 | 2016 | 996000 |
| 29 | 50.1% | Chandler Fashion Center(c) <br>Chandler, Arizona<br>| 2001/2002 | 2023 | 1412000 |
| 30 | 50.1% | Corte Madera, The Village at(c) <br>Corte Madera, California<br>| 1985/1998 | 2020 | 502000 |
| 31 | 51% | Deptford Mall(c) <br>Deptford, New Jersey<br>| 1975/2006 | 2020 | 1008000 |
| 32 | 51% | Flatiron Crossing(c) <br>Broomfield, Colorado<br>| 2000/2002 | ongoing | 1390000 |
| 33 | 50% | Kierland Commons(c) <br>Phoenix, Arizona<br>| 1999/2005 | 2003 | 439000 |
| 34 | 50% | Scottsdale Fashion Square(c) <br>Scottsdale, Arizona<br>| 1961/2002 | ongoing | 1878000 |
| 35 | 51% | Twenty Ninth Street(d) <br>Boulder, Colorado<br>| 1963/1979 | 2007 | 685000 |
| 36 | 50% | Tysons Corner Center(c) <br>Tysons Corner, Virginia<br>| 1968/2005 | 2014 | 1842000 |
| 37 | 19% | West Acres <br>Fargo, North Dakota<br>| 1972/1986 | 2001 | 673000 |
|  |  | **Total Unconsolidated Joint Venture Centers** |  |  | 10825000 |
|  |  | **Total Retail Centers** |  |  | 37130000 |
| **COMMUNITY / POWER CENTER:** | **COMMUNITY / POWER CENTER:** | **COMMUNITY / POWER CENTER:** | **COMMUNITY / POWER CENTER:** | **COMMUNITY / POWER CENTER:** | **COMMUNITY / POWER CENTER:** |
| 1 | 50% | Boulevard Shops(g) <br>Chandler, Arizona<br>| 2001/2002 | 2004 | 205000 |
|  |  | **Total Community / Power Center** |  |  | 205000 |
| **OTHER ASSETS:** | **OTHER ASSETS:** | **OTHER ASSETS:** | **OTHER ASSETS:** | **OTHER ASSETS:** | **OTHER ASSETS:** |
|  | 100% | Various(h) |  |  | 83000 |
|  | 50% | Scottsdale Fashion Square-Office(c)(g) <br>Scottsdale, Arizona<br>| 1984/2002 | 2016 | 121000 |
|  | 50% | Scottsdale Fashion Square-Caesars Republic <br>Hotel(c)(g) <br>Scottsdale, Arizona<br>| 2024 | 2024 | 245000 |
|  | 50% | Tysons Corner Center-Office(c)(g) <br>Tysons Corner, Virginia<br>| 1999/2005 | 2012 | 171000 |
|  | 50% | Hyatt Regency Tysons Corner Center(c)(g) <br>Tysons Corner, Virginia<br>| 2015 | 2015 | 290000 |
|  | 50% | Tysons Tower(c)(g) <br>Tysons Corner, Virginia<br>| 2014 | 2014 | 547000 |

---

**The Macerich Company**

**Property Listing**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Count** | **Company's** <br>**Ownership(a)**<br>| **Name of** <br>**Center/Location**<br>| **Year of Original** <br>**Construction/**<br>**Acquisition**<br>| **Year of Most** <br>**Recent Expansion/**<br>**Renovation**<br>| **Total** <br>**GLA(b)**<br>|
|  | 50% | VITA Tysons Corner Center(c)(g) <br>Tysons Corner, Virginia<br>| 2015 | 2015 | 399000 |
|  |  | **Total Other Assets** |  |  | 1856000 |
|  |  | **Grand Total** |  |  | 39191000 |

---

The Company owned or had an ownership interest in 37 retail centers (including office, hotel and residential space adjacent to these shopping centers), and one

community/power shopping center. With the exception of the Centers indicated with footnote (d) in the table above, the underlying land controlled by the Company is

owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

(a)The Company's ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) in the Joint Venture List regarding the legal versus

economic ownership of joint venture entities.

(b)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(c)These Centers represent the Company's go-forward portfolio Centers as described in the Path Forward Plan (the "Go-Forward Portfolio Centers"). The Go-Forward

Portfolio Centers are subject to change.

(d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.

(e)On October 24, 2024, the Company acquired its partner's 40% interest in the Pacific Premier Retail Trust portfolio, which included Washington Square and Los

Cerritos Center. Both assets are wholly owned by the Company.

(f)The Company has completed transition of the property to a receiver, but is still the owner on record.

(g)Included in Unconsolidated Joint Venture Centers.

(h)Included in Consolidated Centers.

**The Macerich Company**

**Joint Venture List** 

**September 30, 2025**

The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by

the Company. This list of properties includes unconsolidated joint ventures and consolidated joint ventures. The percentages shown are

the effective legal ownership and economic ownership interests of the Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Properties** | **Legal** <br>**Ownership(a)**<br>| **Economic** <br>**Ownership(b)**<br>| **Joint Venture** | **Total GLA(c)** |
| Boulevard Shops | 50% | 50% | Propcor II Associates, LLC | 205000 |
| Broadway Plaza | 50% | 50% | Macerich HHF Broadway Plaza LLC | 996000 |
| Chandler Fashion Center(d)(e) | 50.1% | 50.1% | Freehold Chandler Holdings LP | 1412000 |
| Corte Madera, The Village at | 50.1% | 50.1% | Corte Madera Village, LLC | 502000 |
| Deptford Mall | 51% | 51% | Macerich HHF Centers LLC | 1008000 |
| FlatIron Crossing(f) | 51% | 51% | Macerich HHF Centers LLC | 1390000 |
| Hyatt Regency Tysons Corner Center | 50% | 50% | Tysons Corner Hotel I LLC | 290000 |
| Kierland Commons | 50% | 50% | Kierland Commons Investment LLC | 439000 |
| Los Angeles Premium Outlets | 50% | 50% | CAM-CARSON LLC |  |
| SanTan Village Regional Center | 84.9% | 84.9% | Westcor SanTan Village LLC | 1187000 |
| Scottsdale Fashion Square | 50% | 50% | Scottsdale Fashion Square Partnership | 1878000 |
| Scottsdale Fashion Square-Office | 50% | 50% | Scottsdale Fashion Square Partnership | 121000 |
| Scottsdale Fashion Square-Hotel | 50% | 50% | Scottsdale Fashion Square Partnership | 245000 |
| Twenty Ninth Street | 51% | 51% | Macerich HHF Centers LLC | 685000 |
| Tysons Corner Center | 50% | 50% | Tysons Corner LLC | 1842000 |
| Tysons Corner Center-Office | 50% | 50% | Tysons Corner Property LLC | 171000 |
| Tysons Tower | 50% | 50% | Tysons Corner Property LLC | 547000 |
| VITA Tysons Corner Center | 50% | 50% | Tysons Corner Property LLC | 399000 |
| West Acres | 19% | 19% | West Acres Development, LLP | 673000 |

---

(a)This column reflects the Company's legal ownership in the listed properties. Legal ownership may, at times, not equal the Company's economic interest in the

listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances,

allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership

interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the

Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or

remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or

capital or liquidation proceeds.

(b)Economic ownership represents the allocation of cash flow to the Company, except as noted below. In cases where the Company receives a current cash

distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage

is shown in this column. The Company's economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings,

partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(d)This Center has a former Sears store, which was acquired from joint venture partner Seritage Growth Properties and is now wholly owned and controlled by the

Company. The GLA of the former Sears store, or tenant replacing the former Sears store, at this Center is included in Total GLA at the center level.

(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership or a loan refinancing event, distributions are made in the following

order: pro rata 49.9% to the third-party partner and 50.1% to the Company until a 14% internal rate of return on and of certain capital expenditures is received; to

the Company until it receives approximately $38.0 million; and, thereafter, pro rata 49.9% to the third-party partner and 50.1% to the Company.

(f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%.

**The Macerich Company**

**Net Debt to Adjusted EBITDA**

**As of September 30, 2025 (Unaudited)** 

**(Dollars in Thousands, at Company's Pro Rata Share)**

---

| | | |
|:---|:---|:---|
| Total Company's Pro Rata Share of Debt |  | $6601760<br>(a) |
| Less: Cash, including joint ventures at the Company's share |  | (340207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash, including joint ventures at the Company's share | $(106988) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: Restricted Cash that is not loan cash collateral | 52027 |  |
| Less: Restricted Cash - loan cash collateral |  | (54961)<br> (b) |
| Less: Debt for Santa Monica Place (lender-controlled) |  | (300000) |
| Net Debt |  | 5906592<br> (c) |
| Adjusted EBITDA (trailing twelve months) | $739008 | (d) |
| Plus: Leasing expenses (trailing twelve months) | 46509 | (e) |
| Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments <br>(trailing twelve months)<br>| 9096 | (f) |
| Plus: adjustment for acquisitions and dispositions (trailing twelve months) | (33513) | (g) |
| Plus: Other adjustments (trailing twelve months) | (126) | (h) |
| Adjusted EBITDA, as further modified (trailing twelve months) |  | $760974 |
| Net Debt to Adjusted EBITDA, as further modified |  | 7.76x<br> (i) |

---

(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the

principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the

related debt in a manner that approximates the effective interest method. As of September 30, 2025, the Company's pro rata share of unamortized debt discounts

and loan finance costs were $38.7 million and $27.4 million, respectively.

(b)Represents Restricted Cash that is held by lenders for various purposes, which effectively serves as cash collateral to the underlying loan until the cash is recouped

into liquid resources by the borrower.

(c)Net Debt is a non-GAAP measure which represents Debt less Cash and Restricted Cash. Management believes that the presentation of Net Debt provides useful

information to investors because it reviews Net Debt as part of its management of the Company's overall liquidity, financial flexibility, capital structure and financial

leverage.

(d)Adjusted EBITDA for the trailing twelve months is calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Add:* | *Subtract:* | *Add:* |  |
|  | For the Nine Months <br>Ended<br>| For the Nine Months <br>Ended<br>| For the Twelve <br>Months Ended<br>| Trailing Twelve <br>Months<br>|
|  | September 30, 2025 | September 30, 2024 | December 31, 2024 | September 30, 2025 |
| Adjusted EBITDA, as reported | $531213  | $499412  | $707207  | $739008  |
| For a reconciliation of net loss to Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 see page 7 and for the twelve months ended <br>December 31, 2024, see the Company's Supplemental Information for the fourth quarter on the Company's website. | For a reconciliation of net loss to Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 see page 7 and for the twelve months ended <br>December 31, 2024, see the Company's Supplemental Information for the fourth quarter on the Company's website. | For a reconciliation of net loss to Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 see page 7 and for the twelve months ended <br>December 31, 2024, see the Company's Supplemental Information for the fourth quarter on the Company's website. | For a reconciliation of net loss to Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 see page 7 and for the twelve months ended <br>December 31, 2024, see the Company's Supplemental Information for the fourth quarter on the Company's website. | For a reconciliation of net loss to Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 see page 7 and for the twelve months ended <br>December 31, 2024, see the Company's Supplemental Information for the fourth quarter on the Company's website. |

---

(e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally

staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful

information to investors because it allows them to more easily compare the Company's results to other REIT's.

(f)The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the

Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or

loss on non-real estate investments should be excluded from Adjusted EBITDA.

(g)Represents the net forward EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisitions of: i) Arrowhead Towne

Center, ii) South Plains Mall; iii) Lakewood Center, iv) Los Cerritos Center, v) Washington Square and Square Too and vi) Crabtree Mall; B) the dispositions of i)

Country Club Plaza, ii) Biltmore Fashion Park, iii) the stand-alone parcel at Valle Vista Mall, iv) Southridge Mall, v) The Oaks, vi) Wilton Mall, vii) SouthPark Mall, viii)

Atlas Park, ix) Lakewood Center, x) Valley Mall, xi) the stand alone parcel at Washington Square in Petaluma, Ca.; and xii) other outparcel sales; and C) loans in

default for which the Company anticipates transferring title to the underlying property for Santa Monica Place.

(h)Represents the adjustment for employee severance costs and legal claims settlement income, net.

(i)Net Debt to Adjusted EBITDA, as further modified, is calculated using net debt as of period end divided by Adjusted EBITDA, as further modified, for the twelve

months then ended. Management uses this ratio to evaluate the Company's capital structure and financial leverage. This ratio is also commonly used in the

Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital

structure and financial leverage.

**The Macerich Company**

**Supplemental Financial and Operating Information (Unaudited)**

**Debt Summary (at Company's pro rata share) (a)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Fixed Rate** | **Floating Rate** | **Total** |
|  | **Dollars in thousands** | **Dollars in thousands** | **Dollars in thousands** |
| Mortgage notes payable | $4621252 | $455656 | $5076908 |
| Bank and other notes payable |  |  |  |
| Total debt per Consolidated Balance Sheet | 4621252 | 455656 | 5076908 |
| Adjustments: |  |  |  |
| Less: Noncontrolling interests share of debt from consolidated joint ventures | (33083) |  | (33083) |
| Adjusted Consolidated Debt | 4588169 | 455656 | 5043825 |
| Add: Company's share of debt from unconsolidated joint ventures | 1546086 | 11849 | 1557935 |
| Total Company's Pro Rata Share of Debt | $6134255 | $467505 | $6601760 |
| Weighted average interest rate | 5.27% | 6.48% | 5.36% |
| Weighted average maturity (years) |  |  | 3.46 |

---

(a)The Company's pro rata share of debt represents (i) consolidated debt, minus the Company's partners' share of the amount from consolidated joint ventures

(calculated based upon the partners' percentage ownership interest); plus (ii) the Company's share of debt from unconsolidated joint ventures (calculated based

upon the Company's percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company's

financial condition because it includes the Company's share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company's

partners' share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its

pro rata share of debt in this manner can help investors better understand the Company's financial condition after taking into account the Company's economic

interest in these joint ventures. The Company's pro rata share of debt should not be considered as a substitute to the Company's total debt determined in

accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial

information prepared in accordance with GAAP.

**The Macerich Company**

**Supplemental Financial and Operating Information (Unaudited)**

**Outstanding Debt by Maturity Date**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **<u>Center/Entity (dollars in thousands)</u>** | **Maturity** <br>**Date**<br>| **Effective** <br>**Interest** <br>**Rate (a)**<br>| **Fixed** | **Floating** | **Total Debt** <br>**Balance (a)**<br>|
| **<u>I. Consolidated Assets:</u>** |  |  |  |  |  |
| South Plains Mall (b) | 11/06/25 | 7.97% | $198880 | $— | $198880 |
| Vintage Faire Mall | 03/06/26 | 3.55% | 214565 |  | 214565 |
| Fashion Outlets of Niagara Falls USA  | 10/06/26 | 6.52% | 77849 |  | 77849 |
| Fresno Fashion Fair | 11/01/26 | 3.67% | 324801 |  | 324801 |
| Los Cerritos Center  | 11/01/27 | 5.77% | 470902 |  | 470902 |
| Green Acres Mall | 01/06/28 | 6.62% | 363961 |  | 363961 |
| Arrowhead Towne Center  | 02/01/28 | 6.75% | 352588 |  | 352588 |
| SanTan Village Regional Center (c) | 07/01/29 | 4.34% | 186583 |  | 186583 |
| Freehold Raceway Mall  | 11/01/29 | 3.94% | 399335 |  | 399335 |
| Queens Center  | 11/06/29 | 5.45% | 523238 |  | 523238 |
| Kings Plaza Shopping Center  | 01/01/30 | 3.71% | 531289 |  | 531289 |
| Fashion Outlets of Chicago | 02/01/31 | 4.61% | 299531 |  | 299531 |
| Pacific View | 05/06/32 | 5.45% | 69913 |  | 69913 |
| Danbury Fair Mall  | 02/06/34 | 6.59% | 152376 |  | 152376 |
| Victor Valley, Mall of  | 09/06/34 | 6.85% | 84005 |  | 84005 |
| Washington Square | 04/06/35 | 5.63% | 338353 |  | 338353 |
| **Total Fixed Rate Debt for Consolidated Assets** |  | **5.23%** | **$4588169** | **$—** | **$4588169** |
| Santa Monica Place (d)  | 12/09/24 | 6.11% | $— | $300000 | $300000 |
| The Macerich Partnership, L.P. - Line of Credit (e),(f) | 02/01/28 |  |  |  |  |
| Crabtree Mall (e) | 08/06/29 | 7.15% |  | 155656 | 155656 |
| **Total Floating Rate Debt for Consolidated Assets** |  | **6.46%** | **$—** | **$455656** | **$455656** |
| **Total Debt for Consolidated Assets** |  | **5.34%** | **$4588169** | **$455656** | **$5043825** |
| **<u>II. Unconsolidated Assets (At Company's pro rata share):</u>** |  |  |  |  |  |
| Twenty Ninth Street (51%) | 02/06/26 | 4.10% | $76500 | $— | $76500 |
| Deptford Mall (51%)  | 04/03/26 | 4.00% | 68680 |  | 68680 |
| Kierland Commons (50%)  | 04/01/27 | 3.98% | 92913 |  | 92913 |
| Scottsdale Fashion Square (50%)  | 03/06/28 | 6.28% | 349410 |  | 349410 |
| Corte Madera, The Village at (50.1%)  | 09/01/28 | 3.53% | 105889 |  | 105889 |
| Tysons Corner Center (50%) | 12/06/28 | 6.89% | 351773 |  | 351773 |
| Chandler Fashion Center (50.1%)  | 07/01/29 | 7.15% | 137287 |  | 137287 |
| West Acres - Development (19%)  | 10/10/29 | 3.72% | 1408 |  | 1408 |
| Tysons Tower (50%) | 10/11/29 | 3.38% | 94747 |  | 94747 |
| Broadway Plaza (50%)  | 04/01/30 | 4.19% | 210957 |  | 210957 |
| Tysons VITA (50%) | 12/01/30 | 3.43% | 44721 |  | 44721 |
| West Acres (19%)  | 03/01/32 | 4.61% | 11801 |  | 11801 |
| **Total Fixed Rate Debt for Unconsolidated Assets** |  | **5.40%** | **$1546086** | **$—** | **$1546086** |
| Boulevard Shops (50%)  | 12/05/28 | 7.11% |  | 11849 | 11849 |
| **Total Floating Rate Debt for Unconsolidated Assets** |  | **7.11%** | **$—** | **$11849** | **$11849** |
| **Total Debt for Unconsolidated Assets** |  | **5.41%** | **$1546086** | **$11849** | **$1557935** |
| **Total Debt** |  | **5.36%** | **$6134255** | **$467505** | **$6601760** |
| **Percentage to Total** |  |  | **92.92%** | **7.08%** | **100.00%** |

---

**The Macerich Company**

**Supplemental Financial and Operating Information (Unaudited)**

**Outstanding Debt by Maturity Date**

(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the

principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the

related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the

debt discounts and loan finance costs.

(b)The Company expects that this loan will be in technical default as of November 6, 2025, as the Company continues negotiations with the lender on the terms of

the loan.

(c)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%.

(d)The Company has completed transition of the property to a receiver, but is still the owner of record.

(e)The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior

to these dates.

(f) As of September 30, 2025, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $8.8 million, which are netted

against balances outstanding or reclassified as an asset when there are no borrowings outstanding on the credit facility, which was the case at September 30,

2025. 31

**The Macerich Company**

**Supplemental Financial and Operating Information (Unaudited)**

**Development and Redevelopment Pipeline Forecast**

**(Dollars in millions)**

**As of September 30, 2025**

**In-Process Developments and Redevelopments:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Project Type** | **Total Cost (a)(b)** <br>**at 100%** | **Total Cost (a)(b)** <br>**at 100%** | **Ownership %**<br>| **Pro Rata Total** <br>**Cost (a)(b)** | **Pro Rata Total** <br>**Cost (a)(b)** | **Pro Rata** <br>**Capitalized** <br>**Costs** <br>**Incurred-to-**<br>**Date(b)**<br>| **Expected** <br>**Opening (a)**<br>| **Stabilized** <br>**Yield (a)(b)(c)**<br>|
| FlatIron Crossing<br>Broomfield, CO <br>| Development of luxury, multi-family <br>residential units, new/repurposed <br>retail and food & beverage uses, and a <br>community plaza, and redevelopment <br>of the vacant former Nordstrom store.<br>| $245 | $265 | 43.4% and 51% <br>(d)<br>| $125 | $135 | $23 | 2027/2029 <br>(e)<br>| 6.75% - 7.75% <br>(f)<br>|
| Green Acres Mall<br>Valley Stream, NY<br>| Redevelopment of northeast quadrant <br>of mall property, new exterior shops <br>and façade, approx. 375,000 sf of <br>leasing including new grocery use, <br>redevelopment of vacant anchor <br>building and demolition of another <br>vacant anchor building.<br>| $130 | $150 | 100% | $130 | $150 | $31 | 2026/2027 <br>(g)<br>| 12.5% - 13.5% |
| Scottsdale Fashion <br>Square<br>Scottsdale, AZ<br>| Redevelopment of two-level <br>Nordstrom wing with luxury-focused <br>retail and restaurant uses<br>| $84 | $90 | 50% | $42 | $45 | $32 | 2024-2027 <br>(h)<br>| 17% - 18% |
| TOTAL |  | $459 | $505 |  | $297 | $330 | $86 |  |  |

---

(a)Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure in the Executive Summary for factors that

may affect the information provided in this table.

(b)This excludes GAAP allocations of non-cash and indirect costs.

(c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect

costs.

(d)The Company's ownership percentage in the residential project is expected to be 43.4% until stabilization in 2029 and 51% thereafter. Ownership interest in the

balance of the property other than the residential component is 51%.

(e)The community plaza/former Nordstrom is expected to open in 2027, and stabilization is estimated to occur in 2029 for residential and 2030-2031 for retail

components.

(f)After considering estimated residential financing, the Company's estimated share of net equity is $70 - $80 million and the Company's estimated levered,

stabilized yield is 7.0% - 8.0%.

(g)The majority of tenants are expected to open in 2026, with one anchor tenant expected to open in 2027.

(h)The opening will be in phases which began in 2024. The vast majority of the remaining not yet opened tenants, are expected to be open in 2026, with a few

remaining tenants expected to open in early 2027.

**The Macerich Company**

**Corporate Information**

**Stock Exchange Listing**

New York Stock Exchange

Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2025, 2024 and 2023 and

dividends per share of common stock declared and paid by quarter:

---

| | | | |
|:---|:---|:---|:---|
|  | **Market Quotation** <br>**per Share** | **Market Quotation** <br>**per Share** | **Dividends** |
| **<u>Quarter Ended:</u>** | **High** | **Low** | **Declared** <br>**and Paid**<br>|
| March 31, 2023 | $14.51 | $8.77 | $0.17 |
| June 30, 2023 | $11.58 | $9.05 | $0.17 |
| September 30, 2023 | $12.99 | $10.65 | $0.17 |
| December 31, 2023 | $16.54 | $9.21 | $0.17 |
| March 31, 2024 | $17.69 | $14.66 | $0.17 |
| June 30, 2024 | $17.20 | $12.99 | $0.17 |
| September 30, 2024 | $18.33 | $13.85 | $0.17 |
| December 31, 2024 | $22.27 | $17.29 | $0.17 |
| March 31, 2025 | $21.12 | $15.71 | $0.17 |
| June 30, 2025 | $17.94 | $12.48 | $0.17 |
| September 30, 2025 | $18.94 | $15.89 | $0.17 |

---

**Dividend Reinvestment Plan**

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which

also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at

877-373-6374.

---

| | |
|:---|:---|
| **Corporate Headquarters** | **Transfer Agent** |
| The Macerich Company | Computershare |
| 401 Wilshire Boulevard, Suite 700 | P.O. Box 43006 |
| Santa Monica, California 90401 | Providence, RI 02940-3006 |
| 310-394-6000 | 877-373-6374 |
| www.macerich.com | 1-781-575-2879 International calls |
|  | <u>www.computershare.com</u> |

---

**Macerich Website**

For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com.

**Investor Relations**

Alexandra Johnstone

Vice President, Finance

Phone: 214-373-5252

<u>IR@macerich.com</u>