# EDGAR Filing Document

**Accession Number:** 0000912242
**File Stem:** 0001193125-25-311453
**Filing Date:** 2025-12
**Character Count:** 17962
**Document Hash:** 2ef98e2ad461eeb1f72f7aa504fa28a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-311453.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001193125-25-311453

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251208

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**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:** 251557046

**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'? 8-K

### 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): December 8, 2025

## THE MACERICH COMPANY

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

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| | | |
|:---|:---|:---|
| **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:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange<br>on which registered** |
| Common stock of The Macerich Company, $0.01 par value per share MAC | The New York Stock Exchange |

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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 ☐

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. ☐

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| | |
|:---|:---|
| **ITEM 7.01** | **REGULATION FD DISCLOSURE.**  |

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On December 8, 2025, The Macerich Company (the "Company") made available on the Investor Relations section of its website, investing.macerich.com, a business update presentation to be used for investor meetings at the Nareit REITWorld conference being held in Dallas, Texas from December 8<sup>th</sup> to December 10<sup>th</sup>. A copy of the presentation is attached hereto as Exhibit 99.1. The information set forth in this Item 7.01 and in the presentation, attached hereto as Exhibit 99.1, is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

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| | |
|:---|:---|
| **ITEM 9.01** | **FINANCIAL STATEMENTS AND EXHIBITS.**  |

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| | |
|:---|:---|
| **EXHIBIT**<br> **NUMBER** | **DESCRIPTION** |
| 99.1 | [Nareit Business Update Presentation](d40627dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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#### 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.

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| | |
|:---|:---|
|  | THE MACERICH COMPANY |
|  | By: Daniel E. Swanstrom II |
| <u>December 8, 2025</u> | /s/ Daniel E. Swanstrom II |
| Date | Senior Executive Vice President, Chief Financial Officer and Treasurer |

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## Exhibit 99.1

![](g40627ex99_1p1g1.jpg)

Exhibit 99.1 MACERICH NAREIT BUSINESS UPDATE December 2025 NYSE: MAC \| Macerich.com Scottsdale Fashion Square \| Scottsdale, AZ

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![](g40627ex99_1p2g1.jpg)

LEGAL DISCLAIMER Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, such as "will," "expects," "pro forma", "anticipates," "assumes," "believes," "estimated," "guidance," "potential," "target," "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, including growth rates and acquisition and disposition goals, 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; 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. 2 Copyright© 2025 Macerich

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![](g40627ex99_1p3g1.jpg)

RECORD-BREAKING LEASING ACTIVITY STRONG LEASING PRODUCTIVITY & MOMENTUM Strong leasing volumes and productivity (1) (1) FY 2024 YTD 3Q25 3.2M 5.4M New and Renewal Space Signed 789 888 Signed Leases 197 195 Store Openings 65 65 New-to-Macerich Brands (2) Leased Occupancy as of 4Q24 vs. 3Q25 94.6% 94.3% Go-Forward 92.0% 90.4% Go-Forward Physical Occupancy as of 4Q24 vs. 3Q25 Executive Leasing Committee has reviewed 61% more new deals by count and 128% more by square footage 2025 year-to-date than during the same period last year (1) Both periods represent the Total Portfolio as of September 30, 2025, unless otherwise noted. 3 (2) 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. Copyright© 2025 Macerich

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![](g40627ex99_1p4g1.jpg)

2024 – 2025 TENANT OPENINGS 300+ NEW STORES OPEN FOOD & BEVERAGE LUXURY INTERNATIONAL Hermès – Scottsdale Fashion Catch – Scottsdale Fashion JD Sports – Chandler Fashion, Green Acres Loro Piana – Scottsdale Fashion Laderach – Fashion Outlets of Chicago, Cheesecake Factory, The – Tysons Corner Louis Vuitton (Expansion) – Scottsdale Fashion Freehold Élephante – Scottsdale Fashion Hermès \| Scottsdale Fashion Square Swarovski – Tysons Corner Lululemon – FlatIron Kung Fu Tea – Green Acres Zadig & Voltaire – Scottsdale Fashion Mango – Washington Square Kura Sushi – Freehold Mejuri – Broadway, Kierland, Tysons Corner, Original Joe's – Broadway Washington Square Poke Island Grill – Queens RETAIL Miniso – Danbury, Desert Sky, Fashion Outlets Society Swan – Scottsdale Fashion Abercrombie & Fitch – Broadway, Corte Madera of Chicago, Valley River, Victor Valley Altar'd State – Tysons Corner Pop Mart – Broadway, Fashion Outlets of DIGITALLY NATIVE & EMERGING BRANDS Anthropologie – FlatIron Chicago, Los Cerritos, Queens, Washington Alo Yoga – SanTan Village A\|X Armani Exchange – Queens Square Arc'Teryx – Fashion Outlets of Chicago Barnes & Noble – Fresno Fashion, Tysons Corner Primark – Queens Beyond Yoga – Corte Madera Bath & Body Works – FlatIron Sandro – Fashion Outlets of Chicago Garage – Arrowhead, Tysons Corner Coach – Danbury, Scottsdale Fashion Gorjana – Chandler Fashion, Scottsdale Fashion, Foot Locker – Danbury, Green Acres, Washington Tysons Corner Square LARGE FORMAT Reformation – Tysons Corner Gap – Scottsdale, Tysons Caesar's Republic Hotel – Scottsdale Fashion Round1 \| Danbury Fair Rothy's – Broadway Plaza James Avery – Arrowhead, Chandler Fashion Dick's House of Sport – Freehold Skims – Tysons Corner Kendra Scott – Arrowhead Freehold Athletic Club – Freehold Lego – FlatIron TravisMathew – Chandler Fashion Level 99 – Tysons Corner Levi's – Tysons Corner Round1 Bowling & Amusement – Chandler Pacsun – Danbury, Queens EXPERIENTIAL/OTHER Fashion, Danbury Fair Rivian – Broadway, Tysons Corner Kawaii Klaw's – Stonewood Target – Danbury Fair True Religion – Kings, Queens Kidz 4 Fun – Deptford Victoria's Secret – FlatIron, Fashion Outlets of Sweet Play – FlatIron Chicago ULTA Beauty – Fashion Outlets of Chicago Vuori – Broadway, Chandler Fashion Vida Spa – Arrowhead, Chandler Fashion \*January 1, 2024 – October 31, 2025 4 Rivian \| Tysons Corner Center Copyright© 2025 Macerich

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![](g40627ex99_1p5g1.jpg)

LEASING SPEEDOMETER AHEAD OF PLAN NEW LEASE DEAL COMPLETION PERCENTAGE The five-year plan has ~1,000 new tenant openings, with ~750 either 1. Leasing dashboard tool to committed (~600) or in LOI negotiations (~150) improve visibility and efficiency 2. Tracks revenue completion percentage for all new YEAR-END 2024 MAY 2025 leasing activity in the 39% Complete 60% Complete NOVEMBER 2025 5-Year Plan 71% Complete 3. As of November 2025, the AHEAD OF 70% YEAR-END Company is ahead of 2025 TARGET schedule with 71% complete against initial target of 70% by year-end 2025 MID-2026 TARGET 85% Complete FULL OPPORTUNITY 100% Complete MACERICH LEASING SPEEDOMETER - NEW LEASE DEAL COMPLETION % 5 Copyright© 2025 Macerich

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![](g40627ex99_1p6g1.jpg)

SUBSTANTIAL LEASING PIPELINE TO DRIVE GROWTH SIGNED NOT OPEN (SNO) PIPELINE SUMMARY (1) ~$100 million of in-place SNO committed – Includes new store leases which have or will commence from 2024 through 2028, and are expected to produce total gross revenue of ~$100 million in excess of the revenue generated in the same spaces during 2024 ~$140 million in cumulative total SNO potential - On track to achieve the ultimate opportunity of ~$140 million in cumulative SNO potential, representing an additional ~$40 million to the current committed SNO pipeline of ~$100 million ~$140 MILLION SNO PIPELINE – ESTIMATED ANNUAL CONTRIBUTION $140 $45-50 $40 $40-45 $10-15 $30 $25-30 $20 $100 $30 $30 $20 $20 (ii) 2025 2026 2027 2028 Total 2025 - 2028 Not at scale Committed Uncommitted Data as of November 2025 (1) This new store leasing pipeline represents a cumulative estimate and includes open stores, leases signed not open and leases in documentation. The amounts are based on the permanent tenant revenues in the Go-Forward 6 Portfolio, including development/redevelopment and excluding anticipated dispositions/give-backs. The Company estimates the SNO flow through to NOI to be approximately 80%. (2) Through 3Q25, ~$15 million of SNO realized (against ~20 million estimate for 2025). Copyright© 2025 Macerich ($ in millions)

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![](g40627ex99_1p7g1.jpg)

NEW ANCHORS EXPECTED TO DRIVE TRAFFIC, SALES & INLINE LEASING ANCHORS OPENING BY YEAR 12 Committed or in LOI negotiations for 30 out of 30 anchor and big box replacements ~1.3M SF (1) • 30 anchors totaling 2.9 million square feet to replace outdated or vacant retail 7 7 • Estimated $750 million in annual sales ~700K SF ~600K SF 4 ~300K SF 2025 2026 2027 2028 Dick's House of Sport at Freehold replacing Level99 at Tysons replacing Barnes & Noble Lord & Taylor and Old Navy Opened September 2025 Opened October 2025 Most successful opening among all Level99 Strongest opening out of 34 Dick's House of locations Sport locations 7 (1) Tenants > 40K Square Feet; 30 anchors projected to open in Path Forward Plan between 2025 to 2028 Copyright© 2025 Macerich

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![](g40627ex99_1p8g1.jpg)

Path Forward Plan estimated to increase permanent occupancy by 500bps ü Curated mix of top-tier and emerging brands – elevating the customer PATH FORWARD PLAN PROJECTED experience PERMANENT PHYSICAL OCCUPANCY ü Boost traffic and engagement – maximizing center productivity 100% ü Significant rent uplift when converting temporary to permanent 95% 95% 95% 94% 94% 94% 94% 91% 91% 6% 90% 90% (1) 90% 89% 6% 8% 8% 7% 85% 88% 80% 85% 83% 82% 82% 75% 2024 2025 2026 2027 2028 Permanent Occupancy Temporary Occupancy Leased Occupancy The Go-Forward Portfolio Physical Occupancy represents the average percentage of occupied mall and freestanding GLA projected for each year. The Go-Forward Portfolio Leased Occupancy represents the average percentage of 8 leased (including signed not open) mall and freestanding GLA projected for each year. (1) Total Physical Occupancy temporary decrease primarily in 1H26 resulting from planned downtime for new permanent tenants (build-outs and under construction). Copyright© 2025 Macerich

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![](g40627ex99_1p9g1.jpg)

SIGNIFICANT PROGRESS ON LEVERAGE REDUCTION PATH FORWARD ASSET SALES AND GIVE-BACK SUMMARY OUTPARCELS COMPLETED AND UNDER CONTRACT → (~$135 million) MALLS COMPLETED → (~$1.2 billion) ü~$135 million sold or under contract against 2025 target of $100-$150 million ü Santa Monica Place - defaulted on $300 million loan ü~$57 million land sales closed and ~$16 million under contract ü The Oaks - closed on $157 million sale ($148 million debt) ü~$16 million outparcel sales closed and ~$47 million under contract ü Country Club Plaza - closed on $147 million short sale and discounted payoff ü Biltmore Fashion Park - closed on $110 million sale OUTPARCELS IN PROGRESS → (~$375-$475 million) ü Wilton Mall - closed on $25 million sale q Ongoing sale of outparcels, freestanding retail, non-enclosed malls and land totaling up to $375-$475 million ü SouthPark Mall - closed on $11 million sale q Outparcels (NOI generating): Approximately $350 -$400 million range ü Southridge Mall - closed on $4 million sale q Land: Approximately $25-$75 million range ü Shops at Atlas Park – closed on $36 million sale ($32 million debt) ü Lakewood Center – closed on $332 million sale ($317 million debt) ü Valley Mall – closed on $22 million sale TOTAL PLAN → ~$2B final goal MALLS IN PROGRESS → (~$200-$300 million) DISPOSITION CAP RATE EXPECATIONS q Several additional Eddy mall sales or give-backs totaling up to q REMAINING EDDY MALLS: 11 – 12% $200-$300 million → ~$1.4-$1.5 billion of goal q REMAINING OUTPARCEL SALES (ex. Land): 7 – 8% As of December 8, 2025 9 Copyright© 2025 Macerich

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![](g40627ex99_1p10g1.jpg)

MACERICH (NYSE: MAC) ONE OF THE NATION'S LEADING OWNERS, OPERATORS & DEVELOPERS OF MAJOR RETAIL PROPERTIES IN ATTRACTIVE U.S. MARKETS, INCLUDING CALIFORNIA, PHOENIX/SCOTTSDALE, PACIFIC NORTHWEST, GREATER NEW YORK, NORTH CAROLINA AND WASHINGTON, D.C. 10