8-K
Macerich Co (MAC)
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): February 18, 2026
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 ☐
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 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 18, 2026, The Macerich Company (the “Company”) released its financial results for the three and twelve months ended December 31, 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 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 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.
(d) Exhibit.
Exhibit Index attached hereto and incorporated herein by reference.
EXHIBIT INDEX
| EXHIBIT<br><br>NUMBER | NAME |
|---|---|
| 99.1 | Earnings Results & Supplemental Information for the Three andTwelveMonths EndedDecember 31,2025 |
| 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 | |
| February 18, 2026 | /s/ Daniel Swanstrom |
| Date | Senior Executive Vice President, |
| Chief Financial Officer | |
| and Treasurer |
4
2025 Q4- Exhibit 99.1 (1) Exhibit 99.1
Earnings Results & Supplemental Information
For the Three and Twelve Months Ended December 31, 2025
The Macerich Company
Earnings Results & Supplemental Information
For the Three and Twelve Months Ended December 31, 2025
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
| Page No. | |
|---|---|
| Executive Summary & Financial Highlights | 1 |
| Executive Summary | 1 |
| Financial Highlights | 4 |
| Capital Information | 8 |
| Capital Information and Market Capitalization | 8 |
| Changes in Total Common and Equivalent Shares/Units | 9 |
| Financial Data | 10 |
| Consolidated Statements of Operations (Unaudited) | 10 |
| Consolidated Balance Sheet (Unaudited) | 11 |
| Non-GAAP Pro Rata Financial Information (Unaudited) | 12 |
| Supplemental FFO Information | 15 |
| Capital Expenditures | 16 |
| Asset Dispositions / Loan Give-Backs | 17 |
| Operational Data | 18 |
| Trailing Twelve Month Sales Per Square Foot | 18 |
| Portfolio Occupancy | 19 |
| Average Base Rent Per Square Foot | 20 |
| Cost of Occupancy | 21 |
| Percentage of Net Operating Income by State | 22 |
| Property Listing | 23 |
| Joint Venture List | 26 |
| Balance Sheet | 27 |
| Net Debt to Adjusted EBITDA | 27 |
| Debt Summary | 28 |
| Outstanding Debt by Maturity Date | 29 |
| Development and Redevelopment Pipeline Forecast | 31 |
| Corporate Information | 32 |
1
The Macerich Company
Executive Summary
December 31, 2025
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. Developing and managing properties that serve as community cornerstones, we currently own 39 million square feet of real
estate, consisting primarily of interests in 38 retail centers. We are firmly dedicated to driving long-term shareholder value and to
advancing environmental goals, social good and sound corporate governance.
Results for the Quarter:
The net loss attributable to the Company was $18.8 million, or $0.07 per share-diluted, during the fourth quarter of 2025, compared to
net loss attributable to the Company of $211.2 million, or $0.89 per share-diluted, for the quarter ended December 31, 2024. The
change in net loss between the fourth quarter of 2025 compared to the same period in 2024 is primarily due to the Company
recognizing losses on sale or write down of assets, net in the fourth quarter of 2024.
Funds from Operations (“FFO”) excluding financing expense in connection with Chandler Freehold, accrued default interest expense
and gain on non-real estate investments was $128.9 million, or $0.48 per share-diluted, during the fourth quarter of 2025, compared to
$116.7 million, or $0.47 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 December 31, 2024. FFO for the fourth quarter of 2025
included legal claims settlement income partially offset by corporate expenses related to annual incentive bonus payouts above-target
levels, which resulted in a net impact of approximately $8.4 million, or $0.03 per share-diluted.
Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.7% in the fourth quarter
of 2025 compared to the fourth quarter of 2024. For the year ended December 31, 2025, Go-Forward Portfolio Centers NOI, excluding
lease termination income, increased 1.8% compared to the year ended December 31, 2024.
Portfolio tenant sales per square foot for space less than 10,000 square feet for the twelve months ended December 31, 2025 were
$881 compared to $867 for the twelve months ended September 30, 2025 and $837 for the twelve months ended December 31, 2024.
Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended December 31,
2025 were $921.
Leased portfolio occupancy as of December 31, 2025 was 94.0%, a 0.1% decrease compared to the 94.1% occupancy rate at December
31, 2024 and a 0.6% increase compared to the 93.4% occupancy rate at September 30, 2025. Go-Forward Portfolio Center leased
occupancy as of December 31, 2025 was 94.9%.
During the fourth quarter of 2025, we signed leases for 1.4 million square feet, a 36% increase in leased square footage compared to
the fourth quarter of 2024, on a comparable center basis. For the year, we signed leases for 7.1 million square feet on a comparable
center basis, an 85% increase over 2024 and a new company record.
New store leases are expected to produce total gross revenue of approximately $107 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 $8 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 6.7% greater than expiring base rent for the trailing twelve months ended December 31, 2025. This
was the seventeenth consecutive quarter of positive base rent leasing spreads.
Management Commentary:
“2025 was a pivotal year for Macerich,” noted Jack Hsieh, President and Chief Executive Officer, Macerich. “We entered the year with
clear objectives under our Path Forward Plan—simplifying the business, driving operational performance improvement, and reducing
leverage. The milestones we achieved this year—leasing volume well ahead of plan, all 30 anchors committed, $1.3 billion in
dispositions completed—demonstrate that the Path Forward Plan is no longer just a plan. It's in execution, with tangible results across
every pillar."
“The heavy lifting of de-risking the plan is substantially complete. For 2026, our focus will be on completing our leasing pipeline,
ensuring tenants are moved in and commencing rent on time, solidifying remaining lease expirations, completing the targeted
dispositions and continuing to evaluate new acquisition opportunities that are accretive to the plan in a disciplined manner.”
2
The Macerich Company
Executive Summary
December 31, 2025
Balance Sheet:
During the fourth quarter of 2025 and in 2026 to date, we were actively engaged in numerous transactions, including the following
financing and disposition activity:
We completed outparcel and land sales totaling $42.3 million, which included the sale of the retail strip center at Washington Square
on December 19, 2025, for $25.8 million.
We are under contract for the sale of La Cumbre Plaza for approximately $11 million with an expected closing in the second quarter of
2026.
On February 6, 2026, the Company completed a four-year extension of the $200 million loan for South Plains Mall. The loan carries a
stated rate of 4.22% and matures on November 6, 2029.
As of the date of this filing, we had approximately $990 million of liquidity, including $650 million of available capacity on our $650
million revolving line of credit.
| Fiscal Year 2024<br><br>Guidance |
|---|
Dividend:
On February 12, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on March
30, 2026 to stockholders of record at the close of business on March 16, 2026.
Investor Conference Call:
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 February 18, 2026 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).
About Macerich and this Document:
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
3
The Macerich Company
Executive Summary
December 31, 2025
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.
Note: 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)
4
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
| For the Three Months Ended<br><br>December 31, | For the Twelve Months Ended<br><br>December 31, | |||
|---|---|---|---|---|
| Unaudited | Unaudited | |||
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Leasing revenue | $245,160 | $257,392 | $950,764 | $850,453 |
| Other income | 10,104 | 8,565 | 40,513 | 37,937 |
| Management Companies' revenues | 6,440 | 7,719 | 22,706 | 29,814 |
| Total revenues | 261,704 | 273,676 | 1,013,983 | 918,204 |
| Expenses: | ||||
| Shopping center and operating expenses | 81,564 | 87,107 | 326,330 | 306,868 |
| Management Companies' operating expenses | 21,819 | 24,567 | 84,644 | 82,059 |
| Leasing expenses | 14,148 | 11,366 | 46,626 | 41,340 |
| REIT general and administrative expenses | 9,201 | 7,496 | 31,539 | 28,145 |
| Depreciation and amortization | 85,117 | 81,454 | 357,083 | 294,780 |
| Interest expense (a) | 69,844 | 70,933 | 283,542 | 219,987 |
| Gain on extinguishment of debt | — | (14,403) | — | (14,403) |
| Total expenses | 281,693 | 268,520 | 1,129,764 | 958,776 |
| Equity in income (loss) of unconsolidated joint ventures | 27,461 | 7,692 | 35,946 | (197,352) |
| Income tax benefit | 473 | 879 | 2,193 | 1,300 |
| (Loss) gain on sale or write down of assets, net | (26,311) | (233,347) | (123,417) | 38,959 |
| Net loss | (18,366) | (219,620) | (201,059) | (197,665) |
| Less net income (loss) attributable to noncontrolling interests | 394 | (8,410) | (3,910) | (3,545) |
| Net loss attributable to the Company | $(18,760) | $(211,210) | $(197,149) | $(194,120) |
| Weighted average number of shares outstanding - basic | 256,618 | 236,619 | 254,216 | 221,845 |
| Weighted average shares outstanding - Funds From Operations ("FFO")<br><br>- diluted (b) | 267,188 | 246,505 | 264,972 | 231,864 |
| Earnings per share ("EPS") - basic | $(0.07) | $(0.89) | $(0.78) | $(0.88) |
| EPS - diluted | $(0.07) | $(0.89) | $(0.78) | $(0.88) |
| Dividend paid per share | $0.17 | $0.17 | $0.68 | $0.68 |
| FFO - basic and diluted (b) (c) | $125,390 | $126,214 | $378,931 | $373,684 |
| FFO - basic and diluted, excluding financing expense in connection with<br><br>Chandler Freehold, accrued default interest expense and (gain) loss on<br><br>non-real estate investments(b) (c) | $128,906 | $116,670 | $396,971 | $365,335 |
| FFO per share - basic and diluted (b) (c) | $0.47 | $0.51 | $1.43 | $1.61 |
| FFO per share - basic and diluted, excluding financing expense in<br><br>connection with Chandler Freehold, accrued default interest expense<br><br>and (gain) loss on non-real estate investments(b) (c) | $0.48 | $0.47 | $1.50 | $1.58 |
5
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) a credit of $13,795 to adjust for the change in the fair value of the financing
arrangement obligation during the twelve months ended December 31, 2024; (ii) distributions of $1,565 to its partner representing the partner's share of net
income for the twelve months ended December 31, 2024; and (iii) distributions of $966 to its partner in excess of the partner's share of net income for the twelve
months ended December 31, 2024. 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. Effective November 6, 2025, default interest expense has been accrued on the non-recourse loan at
South Plains Mall. The Company is required under GAAP to accrue default interest expense, which is expected to be reversed or paid, once a loan is modified or
once title to the mortgaged loan collateral is transferred. The Company believes that default interest on non-recourse loans, and any 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.
6
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net loss 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 (gain) loss on non-
real estate investments (c):
| For the Three Months Ended December 31, | For the Twelve Months Ended<br><br>December 31, | |||
|---|---|---|---|---|
| Unaudited | Unaudited | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net loss attributable to the Company | (18,760) | ($211,210) | ($197,149) | ($194,120) |
| Adjustments to reconcile net loss attributable to the Company to FFO<br><br>attributable to common stockholders and unit holders - basic and diluted: | ||||
| Noncontrolling interests in the OP | (735) | (9,557) | (8,344) | (8,766) |
| Loss (gain) on sale or write down of consolidated assets, net | 26,311 | 233,347 | 123,417 | (38,959) |
| Add: gain on undepreciated asset sales from consolidated assets | 4,236 | 675 | 6,545 | 1,130 |
| Noncontrolling interests share of (loss) gain on sale or write-down of<br><br>consolidated joint ventures, net | (42) | — | (42) | 330 |
| Loss (gain) on sale or write down of assets from unconsolidated joint ventures<br><br>(pro rata), net | 1,581 | 3,939 | (8,299) | 180,089 |
| Add: Gain on undepreciated asset sales from unconsolidated joint ventures<br><br>(pro rata) | 860 | 514 | 569 | 1,643 |
| Depreciation and amortization on consolidated assets | 85,117 | 81,454 | 357,083 | 294,780 |
| Less depreciation and amortization allocable to noncontrolling interests in<br><br>consolidated joint ventures | (583) | (565) | (2,294) | (4,382) |
| Depreciation and amortization on unconsolidated joint ventures (pro rata) | 28,837 | 29,209 | 114,214 | 148,740 |
| Less: depreciation on personal property | (1,432) | (1,592) | (6,769) | (6,801) |
| FFO attributable to common stockholders and unit holders - basic and diluted | 125,390 | 126,214 | 378,931 | 373,684 |
| Financing expense in connection with Chandler Freehold | — | — | — | (12,829) |
| Gain on extinguishment of debt | — | (14,403) | — | (14,403) |
| Accrued default interest expense | 4,311 | 3,067 | 13,411 | 7,856 |
| (Gain) loss on non-real estate investments | (795) | 1,792 | 4,629 | 11,027 |
| FFO attributable to common stockholders and unit holders, excluding financing<br><br>expense in connection with Chandler Freehold, accrued default interest<br><br>expense and (gain) loss on non-real estate investments - basic and diluted | 128,906 | $116,670 | $396,971 | $365,335 |
All values are in US Dollars.
Reconciliation of EPS to FFO per share—diluted (c):
| For the Three Months Ended<br><br>December 31, | For the Twelve Months<br><br>Ended December 31, | |||
|---|---|---|---|---|
| Unaudited | Unaudited | |||
| 2025 | 2024 | 2025 | 2024 | |
| EPS - diluted | $(0.07) | $(0.89) | $(0.78) | $(0.88) |
| Per share impact of depreciation and amortization of real estate | 0.42 | 0.45 | 1.75 | 1.86 |
| Per share impact of loss on sale or write down of assets, net | 0.12 | 0.95 | 0.46 | 0.63 |
| FFO per share - basic and diluted | 0.47 | 0.51 | 1.43 | 1.61 |
| Per share impact of financing expense in connection with Chandler Freehold | — | — | — | (0.05) |
| Per share impact of gain on extinguishment of debt and accrued default interest<br><br>expense | 0.01 | (0.05) | 0.05 | (0.03) |
| Per share impact of (gain) loss on non-real estate investments | — | 0.01 | 0.02 | 0.05 |
| FFO per share - basic and diluted, excluding financing expense in connection with<br><br>Chandler Freehold, accrued default interest expense and (gain) loss on non-real<br><br>estate investments | $0.48 | $0.47 | $1.50 | $1.58 |
7
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net loss 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><br>December 31, | For the Twelve Months<br><br>Ended December 31, | |||
|---|---|---|---|---|
| Unaudited | Unaudited | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net loss attributable to the Company | $(18,760) | $(211,210) | ($197,149) | ($194,120) |
| Interest expense - consolidated assets | 69,844 | 70,933 | 283,542 | 219,987 |
| Interest expense - unconsolidated joint ventures (pro rata) | 19,908 | 25,800 | 83,101 | 130,217 |
| Depreciation and amortization - consolidated assets | 85,117 | 81,454 | 357,083 | 294,780 |
| Depreciation and amortization - unconsolidated joint ventures (pro rata) | 28,837 | 29,209 | 114,214 | 148,740 |
| Noncontrolling interests in the OP | (735) | (9,557) | (8,344) | (8,766) |
| Less: Interest expense and depreciation and amortization allocable to<br><br>noncontrolling interests in consolidated joint ventures | (942) | (925) | (3,732) | (9,736) |
| Gain on extinguishment of debt | — | (14,403) | — | (14,403) |
| Loss (gain) on sale or write down of assets, net - consolidated assets | 26,311 | 233,347 | 123,417 | (38,959) |
| Loss (gain) on sale or write down of assets, net - unconsolidated joint<br><br>ventures (pro rata) | 1,581 | 3,939 | (8,299) | 180,089 |
| Add: Noncontrolling interests share of (loss) gain on sale or write-down of<br><br>consolidated joint ventures, net | (42) | — | (42) | 330 |
| Income tax benefit | (473) | (879) | (2,193) | (1,300) |
| Distributions on preferred units | 87 | 87 | 348 | 348 |
| Adjusted EBITDA (a) | 210,733 | 207,795 | 741,946 | 707,207 |
| REIT general and administrative expenses | 9,201 | 7,496 | 31,539 | 28,145 |
| Management Companies' revenues | (6,440) | (7,719) | (22,706) | (29,814) |
| Management Companies' operating expenses | 21,819 | 24,567 | 84,644 | 82,059 |
| Leasing expenses, including joint ventures at pro rata | 14,738 | 11,914 | 49,333 | 44,152 |
| Corporate and other income (b) | (21,667) | (4,088) | (31,575) | (5,546) |
| Straight-line and above/below market adjustments | (3,827) | (4,094) | (11,706) | (5,972) |
| NOI - All Centers | 224,557 | 235,871 | 841,475 | 820,231 |
| NOI of non-Go-Forward Portfolio Centers (c) | (25,850) | (40,735) | (102,968) | (100,791) |
| NOI - Go-Forward Portfolio Centers (c) | 198,707 | 195,136 | 738,507 | 719,440 |
| Lease termination income of Go-Forward Portfolio Centers | (1,179) | (844) | (8,697) | (2,773) |
| NOI - Go-Forward Portfolio Centers, excluding lease termination income (c) | $197,528 | $194,292 | $729,810 | $716,667 |
| NOI - Go-Forward Portfolio Centers percentage change, including lease<br><br>termination income (c) | 1.8% | 2.7% | ||
| NOI - Go-Forward Portfolio Centers percentage change, excluding lease<br><br>termination income (c) | 1.7% | 1.8% |
(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, interest income, non-real estate
investments, and other assets.
(c) NOI – Go-Forward Portfolio Centers 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.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
| Period Ended | |||
|---|---|---|---|
| 12/31/2025 | 12/31/2024 | 12/31/2023 | |
| (dollars in thousands, except per share data) | |||
| Closing common stock price per share | $18.46 | $19.92 | $15.43 |
| 52 week high | $21.12 | $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 | 99,565 | 99,565 | 99,565 |
| Common shares and partnership units | 268,604,506 | 263,739,694 | 226,095,455 |
| Total common and equivalent shares/units outstanding | 268,704,071 | 263,839,259 | 226,195,020 |
| Portfolio capitalization data | |||
| Total portfolio debt, including joint ventures at pro rata | $6,590,774 | $6,647,576 | $6,919,579 |
| Equity market capitalization | 4,960,277 | 5,255,678 | 3,490,189 |
| Total market capitalization | $11,551,051 | $11,903,254 | $10,409,768 |
| Debt as a percentage of total market capitalization | 57.1% | 55.9% | 66.5% |
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
| Partnership<br><br>Units | Company<br><br>Common Shares | Class A<br><br>Non-Participating<br><br>Convertible<br><br>Preferred Units | Total<br><br>Common<br><br>and<br><br>Equivalent Shares/<br><br>Units | |
|---|---|---|---|---|
| Balance as of December 31, 2024 | 10,814,198 | 252,925,496 | 99,565 | 263,839,259 |
| Conversion of partnership units to common shares | (6,100) | 6,100 | — | — |
| Issuance of stock/partnership units from restricted stock issuance<br><br>or other share or unit-based plans | 73,363 | 98,829 | — | 172,192 |
| Balance as of March 31, 2025 | 10,881,461 | 253,030,425 | 99,565 | 264,011,451 |
| Issuance of stock/partnership units from restricted stock issuance<br><br>or other share or unit-based plans | — | 168,818 | — | 168,818 |
| Balance as of June 30, 2025 | 10,881,461 | 253,199,243 | 99,565 | 264,180,269 |
| Conversion of partnership units to cash | (250) | — | — | (250) |
| Conversion of partnership units to common shares | (306,916) | 306,916 | — | — |
| Issuance of shares from at-the-market ("ATM") program | — | 2,783,330 | — | 2,783,330 |
| Issuance of stock/partnership units from restricted stock issuance<br><br>or other share or unit-based plans | — | 6,704 | — | 6,704 |
| Balance as of September 30, 2025 | 10,574,295 | 256,296,193 | 99,565 | 266,970,053 |
| Conversion of partnership units to common shares | (61,676) | 61,676 | — | — |
| Issuance of shares from at-the-market ("ATM") program | — | 276,531 | — | 276,531 |
| Issuance of stock/partnership units from restricted stock issuance<br><br>or other share or unit-based plans | 1,100,974 | 356,513 | — | 1,457,487 |
| Balance as of December 31, 2025 | 11,613,593 | 256,990,913 | 99,565 | 268,704,071 |
10
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)
| For the Three<br><br>Months Ended<br><br>December 31, | For the Twelve<br><br>Months Ended<br><br>December 31, | |
|---|---|---|
| 2025 | 2025 | |
| Revenues: | ||
| Leasing revenue | $245,160 | $950,764 |
| Other income | 10,104 | 40,513 |
| Management Companies' revenues | 6,440 | 22,706 |
| Total revenues | 261,704 | 1,013,983 |
| Expenses: | ||
| Shopping center and operating expenses | 81,564 | 326,330 |
| Management Companies' operating expenses | 21,819 | 84,644 |
| Leasing expenses | 14,148 | 46,626 |
| REIT general and administrative expenses | 9,201 | 31,539 |
| Depreciation and amortization | 85,117 | 357,083 |
| Interest expense | 69,844 | 283,542 |
| Total expenses | 281,693 | 1,129,764 |
| Equity in income of unconsolidated joint ventures | 27,461 | 35,946 |
| Income tax benefit | 473 | 2,193 |
| Loss on sale or write down of assets, net | (26,311) | (123,417) |
| Net loss | (18,366) | (201,059) |
| Less net income (loss) attributable to noncontrolling interests | 394 | (3,910) |
| Net loss attributable to the Company | $(18,760) | $(197,149) |
11
THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of December 31, 2025
(Dollars in thousands)
| ASSETS: | |
|---|---|
| Property, net (a) | $6,688,128 |
| Cash and cash equivalents | 280,246 |
| Restricted cash | 92,717 |
| Tenant and other receivables, net | 145,721 |
| Right-of-use assets, net | 108,918 |
| Deferred charges and other assets, net | 343,431 |
| Due from affiliates | 2,449 |
| Investments in unconsolidated joint ventures | 707,075 |
| Total assets | $8,368,685 |
| LIABILITIES AND EQUITY: | |
| Mortgage notes payable | $5,068,946 |
| Accounts payable and accrued expenses | 125,210 |
| Lease liabilities | 66,979 |
| Other accrued liabilities | 386,092 |
| Distributions in excess of investments in unconsolidated joint ventures | 194,388 |
| Total liabilities | 5,841,615 |
| Commitments and contingencies | |
| Equity: | |
| Stockholders' equity: | |
| Common stock | 2,569 |
| Additional paid-in capital | 6,224,127 |
| Accumulated deficit | (3,777,816) |
| Accumulated other comprehensive loss | (9) |
| Total stockholders' equity | 2,448,871 |
| Noncontrolling interests | 78,199 |
| Total equity | 2,527,070 |
| Total liabilities and equity | $8,368,685 |
(a)Includes construction in progress of $323,142 for December 31, 2025.
12
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
| For the Three Months Ended<br><br>December 31, 2025 | For the Twelve Months Ended<br><br>December 31, 2025 | |||
|---|---|---|---|---|
| Noncontrolling<br><br>Interests of<br><br>Consolidated<br><br>Joint Ventures (a) | Company's<br><br>Share of<br><br>Unconsolidated<br><br>Joint Ventures | Noncontrolling<br><br>Interests of<br><br>Consolidated<br><br>Joint Ventures (a) | Company's<br><br>Share of<br><br>Unconsolidated<br><br>Joint Ventures | |
| Revenues: | ||||
| Leasing revenue | $(1,456) | $80,719 | $(5,614) | $299,366 |
| Other income | (920) | 25,095 | (3,735) | 35,573 |
| Total revenues | (2,376) | 105,814 | (9,349) | 334,939 |
| Expenses: | ||||
| Shopping center and operating expenses | (246) | 27,420 | (1,081) | 107,209 |
| Leasing expense | (17) | 607 | (61) | 2,768 |
| Depreciation and amortization | (583) | 28,837 | (2,294) | 114,214 |
| Interest expense | (359) | 19,908 | (1,437) | 83,101 |
| Total expenses | (1,205) | 76,772 | (4,873) | 307,292 |
| Equity in income of unconsolidated joint ventures | — | (27,461) | — | (35,946) |
| (Loss) gain on sale or write down of assets, net | 42 | (1,581) | 42 | 8,299 |
| Net income | (1,129) | — | (4,434) | — |
| Less net income attributable to noncontrolling interests | (1,129) | — | (4,434) | — |
| Net income attributable to the Company | $— | $— | $— | $— |
(a) Represents the Company’s partners’ share of consolidated joint ventures.
13
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
| As of December 31, 2025 | ||
|---|---|---|
| Noncontrolling<br><br>Interests of<br><br>Consolidated<br><br>Joint Ventures (a) | Company's Share<br><br>of Unconsolidated<br><br>Joint Ventures | |
| ASSETS: | ||
| Property, net (b) | $(18,737) | $2,006,066 |
| Cash and cash equivalents | (1,585) | 43,007 |
| Restricted cash | — | 15,309 |
| Tenant and other receivables, net | (156) | 59,628 |
| Right-of-use assets, net | — | 65,503 |
| Deferred charges and other assets, net | (716) | 36,512 |
| Due from affiliates | 26 | (1,328) |
| Investments in unconsolidated joint ventures, at equity | — | (707,075) |
| Total assets | $(21,168) | $1,517,622 |
| LIABILITIES AND EQUITY: | ||
| Mortgage notes payable | $(33,084) | $1,554,912 |
| Accounts payable and accrued expenses | (295) | 25,752 |
| Lease liabilities | — | 63,115 |
| Other accrued liabilities | (20,159) | 68,231 |
| Distributions in excess of investments in unconsolidated joint ventures | — | (194,388) |
| Total liabilities | (53,538) | 1,517,622 |
| Equity: | ||
| Stockholders' equity | — | — |
| Noncontrolling interests | 32,370 | — |
| Total equity | 32,370 | — |
| Total liabilities and equity | $(21,168) | $1,517,622 |
(a)Represents the Company's partners' share of consolidated joint ventures.
(b)This includes $228 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $139,957 of construction
in progress relating to the Company's share from unconsolidated joint ventures.
14
THE MACERICH COMPANY
NON GAAP PRO RATA SCHEDULE OF LEASING REVENUE (unaudited)
(Dollars in thousands)
| For the Three Months Ended December 31, 2025 | |||||
|---|---|---|---|---|---|
| Consolidated | Non-<br><br>Controlling<br><br>Interests (a) | Company's<br><br>Consolidated<br><br>Share | Company's<br><br>Share of<br><br>Unconsolidated<br><br>Joint Ventures | Company's<br><br>Total<br><br>Share | |
| Revenues: | |||||
| Minimum rents (b) | $151,870 | $(988) | $150,882 | $51,479 | $202,361 |
| Percentage rents | 19,308 | (79) | 19,229 | 7,391 | 26,620 |
| Tenant recoveries | 65,228 | (336) | 64,892 | 18,784 | 83,676 |
| Other | 10,076 | (51) | 10,025 | 3,091 | 13,116 |
| Bad debt expense | (1,322) | (2) | (1,324) | (26) | (1,350) |
| Total leasing revenue | $245,160 | $(1,456) | $243,704 | $80,719 | $324,423 |
| For the Twelve Months Ended December 31, 2025 | |||||
| Consolidated | Non-<br><br>Controlling<br><br>Interests (a) | Company's<br><br>Consolidated<br><br>Share | Company's<br><br>Share of<br><br>Unconsolidated<br><br>Joint Ventures | Company's<br><br>Total<br><br>Share | |
| Revenues: | |||||
| Minimum rents (b) | $622,501 | $(3,997) | $618,504 | $202,821 | $821,325 |
| Percentage rents | 34,622 | (134) | 34,488 | 13,816 | 48,304 |
| Tenant recoveries | 268,696 | (1,368) | 267,328 | 74,817 | 342,145 |
| Other | 29,578 | (134) | 29,444 | 8,374 | 37,818 |
| Bad debt expense | (4,633) | 19 | (4,614) | (462) | (5,076) |
| Total leasing revenue | $950,764 | $(5,614) | $945,150 | $299,366 | $1,244,516 |
(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.
15
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
(Dollars in millions)
| As of December 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| Straight-line rent receivable | $137.0 | $136.1 | For the Three Months<br><br>Ended December 31, | For the Twelve Months<br><br>Ended December 31, | ||||
| --- | --- | --- | --- | --- | ||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Lease termination income (b) | $1.2 | $1.8 | $9.0 | $3.6 | ||||
| Straight-line rental income (expense) (b) | $3.2 | $1.8 | $6.8 | $(0.6) | ||||
| Business development and parking income (c) | $18.1 | $19.0 | $60.2 | $60.5 | ||||
| Gain on sales or write down of undepreciated assets | $5.1 | $1.2 | $7.1 | $2.8 | ||||
| Amortization of acquired above and below-market leases, net revenue (b) | $0.6 | $2.3 | $4.9 | $6.6 | ||||
| Amortization of debt discounts, net (d) | $(5.3) | $(7.2) | $(31.1) | $(14.4) | ||||
| Bad debt expense (b) | $1.4 | $1.8 | $5.1 | $6.9 | ||||
| Leasing expense | $14.7 | $11.9 | $49.3 | $44.1 | ||||
| Interest capitalized (d) | $5.5 | $8.2 | $23.5 | $31.3 | ||||
| Employee severance costs (e) | $0.2 | $4.7 | $2.6 | $5.5 | ||||
| Legal claims settlement income, net (f) | $16.1 | $3.3 | $20.0 | $3.3 | ||||
| Chandler Freehold financing arrangement (d): | ||||||||
| Distributions equal to partners' share of net income (loss) | $— | $— | $— | $1.6 | ||||
| Distributions in excess of partners' share of net income (g) | — | — | — | 1.0 | ||||
| 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.
16
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures(a)
(Dollars in millions)
| For the Twelve Months Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Consolidated Centers | |||
| Acquisitions of property (b) | $290.0 | $170.8 | $46.7 |
| Property improvements | 34.6 | 43.3 | 36.3 |
| Development, redevelopment, expansions and renovations of Centers | 100.2 | 104.5 | 94.6 |
| Tenant allowances | 31.4 | 20.6 | 27.1 |
| Deferred leasing charges | 5.5 | 4.4 | 5.6 |
| Total | $461.7 | $343.6 | $210.3 |
| Unconsolidated Joint Venture Centers | |||
| Property improvements | $9.3 | $14.4 | $17.6 |
| Development, redevelopment, expansions and renovations of Centers | 77.7 | 39.8 | 58.1 |
| Tenant allowances | 14.3 | 21.0 | 18.5 |
| Deferred leasing charges | 3.6 | 5.6 | 4.6 |
| Total | $104.9 | $80.8 | $98.8 |
(a)All joint venture amounts at pro rata.
(b)Breakdown of acquisitions of property:
| Acquisition<br><br>Date | For the Twelve Months Ended December 31, | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | |||
| Acquisition of Crabtree Mall | 6-23-2025 | (c) | $290.0 | $— | $— |
| Acquisition of the Company's joint venture partner's 40% interest in<br><br>Lakewood Center, Los Cerritos Center and Washington Square | 10-24-2024 | — | 129.0 | — | |
| Acquisition of former Sears parcel at Inland Center | 5-17-2024 | — | 5.4 | — | |
| Acquisition of the Company's joint venture partner's 40% interest in<br><br>Arrowhead Towne Center and South Plains Mall | 5-14-2024 | — | 36.4 | — | |
| Acquisition of the Company’s joint venture partner's 50% interest in five<br><br>former Sears parcels. These five parcels are located at Chandler Fashion<br><br>Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center<br><br>and Washington Square | 5-18-2023 | — | — | 46.7 | |
| Total | $290.0 | $170.8 | $46.7 |
(c) This represents the gross purchase price excluding closing adjustments and other related transaction costs.
17
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 twelve months ended December 31, 2025,
and for the twelve months ended December 31, 2024:
| Property/Location | Disposition<br><br>Date | Gross Sale<br><br>Price<br><br>(at 100%) | Gross Sale<br><br>Price<br><br>(at Company's<br><br>Share) | Reduction of<br><br>Debt<br><br>(at Company's<br><br>Share) | |
|---|---|---|---|---|---|
| I. Asset Dispositions | |||||
| Washington Square Too Retail Strip Center, Portland, Oregon | 12-19-2025 | $25.8 | $25.8 | $— | |
| Outparcel at Washington Square, Portland, Oregon | 12-10-2025 | 5.4 | 5.4 | — | |
| Outparcel at Los Cerritos Center, Cerritos, California | 11-17-2025 | 5.0 | 5.0 | 4.5 | |
| 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 | (a) | 5.5 | 5.5 | 3.1 |
| 1010-1016 Market Street parcels at Fashion District Philadelphia,<br><br>Philadelphia, Pennsylvania | 06-30-2025 | 10.8 | 10.8 | — | |
| Former department store parcel at Washington Square, Petaluma,<br><br>California | 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 | (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 | (c) | 175.6 | 147.7 | 147.7 |
| Subtotal | $1,004.0 | $940.1 | $652.7 | ||
| Various land parcels (undepreciated asset sales), including separate<br><br>transactions with certain joint venture partners: | |||||
| For the twelve months ending December 31, 2025 | 2025 | (d) | $38.1 | $19.5 | $— |
| For the twelve months ending December 31, 2024 | 2024 | (d) | 36.3 | 6.3 | — |
| Subtotal | 74.4 | 25.8 | $— | ||
| Total - Asset Dispositions | $1,078.4 | $965.9 | $652.7 | ||
| II. Loan Give-Backs | |||||
| Santa Monica Place, Santa Monica, California | Pending | (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) | $1,378.4 | $1,265.9 | $952.7 |
(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.
18
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Trailing Twelve Month Sales Per Square Foot (a)
| Consolidated Centers | Unconsolidated<br><br>Joint Venture<br><br>Centers | Total<br><br>Centers | Total<br><br>Go-Forward<br><br>Portfolio Centers | |
|---|---|---|---|---|
| 12/31/2025 | $795 | $1,073 | $881 | $921 |
| 12/31/2024 | $743 | $1,054 | $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.
| Total Centers | Total Go-Forward Portfolio Centers |
|---|
19
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Portfolio Occupancy(a)
| Period Ended | Consolidated<br><br>Centers | Unconsolidated<br><br>Joint Venture<br><br>Centers | Total<br><br>Centers | Total Go-Forward<br><br>Portfolio Centers |
|---|---|---|---|---|
| 12/31/2025 | 93.5% | 94.9% | 94.0% | 94.9% |
| 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.
20
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot (a)
| Average Base Rent<br><br>PSF(b) | Average Base Rent<br><br>PSF on Leases<br><br>Executed During<br><br>the Twelve<br><br>Months Ended(c) | Average Base Rent<br><br>PSF on Leases<br><br>Expiring During the<br><br>Twelve<br><br>Months Ended(d) | |
|---|---|---|---|
| Consolidated Centers | |||
| 12/31/2025 | $66.92 | $66.54 | $64.94 |
| 12/31/2024 | $65.62 | $61.16 | $61.45 |
| 12/31/2023 | $61.66 | $58.97 | $50.14 |
| Unconsolidated Joint Venture Centers | |||
| 12/31/2025 | $79.47 | $86.41 | $67.92 |
| 12/31/2024 | $76.11 | $86.78 | $64.79 |
| 12/31/2023 | $70.42 | $64.42 | $55.74 |
| All Retail Centers | |||
| 12/31/2025 | $69.47 | $69.77 | $65.39 |
| 12/31/2024 | $67.72 | $67.74 | $62.27 |
| 12/31/2023 | $64.68 | $61.00 | $52.04 |
| Go-Forward Portfolio Centers | |||
| 12/31/2025 | $71.31 | $71.30 | $67.92 |
| 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 December
31, 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.
21
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
| For the Twelve Months Ended | ||
|---|---|---|
| December 31, 2025 | December 31, 2024 | |
| Consolidated Centers | ||
| Minimum rents | 8.1% | 8.1% |
| Percentage rents | 0.6% | 0.6% |
| Expense recoveries (a) | 3.1% | 3.1% |
| Total | 11.8% | 11.8% |
| Unconsolidated Joint Venture Centers | ||
| Minimum rents | 7.4% | 7.6% |
| Percentage rents | 0.9% | 1.0% |
| Expense recoveries (a) | 3.3% | 3.2% |
| Total | 11.6% | 11.8% |
| All Centers | ||
| Minimum rents | 7.8% | 7.8% |
| Percentage rents | 0.7% | 0.8% |
| Expense recoveries (a) | 3.2% | 3.2% |
| Total | 11.7% | 11.8% |
| Go-Forward Portfolio Centers | ||
| Minimum rents | 7.9% | 8.0% |
| Percentage rents | 0.7% | 0.8% |
| Expense recoveries (a) | 3.2% | 3.3% |
| Total | 11.8% | 12.1% |
(a)Represents real estate tax and common area maintenance charges.
22
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State
| State | % of Go-Forward<br><br>Portfolio Centers<br><br>Pro Rata Real<br><br>Estate NOI (a) |
|---|---|
| California | 24.2% |
| Arizona | 21.2% |
| New York | 17.1% |
| Pennsylvania & Virginia | 9.9% |
| New Jersey & Connecticut | 9.4% |
| Oregon | 7.3% |
| Colorado & Illinois | 6.7% |
| Other (b) | 4.2% |
| Total | 100.0% |
(a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending December 31, 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 December 31, 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 and Texas.
23
The Macerich Company
Property Listing
December 31, 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><br>Ownership(a) | Name of<br><br>Center/Location | Year of Original<br><br>Construction/<br><br>Acquisition | Year of Most<br><br>Recent Expansion/<br><br>Renovation | Total<br><br>GLA(b) |
|---|---|---|---|---|---|
| CONSOLIDATED CENTERS: | |||||
| 1 | 100% | Arrowhead Towne Center(c)<br><br>Glendale, Arizona | 1993/2002 | 2015 | 1,078,000 |
| 2 | 100% | Crabtree Mall(c)<br><br>Raleigh, North Carolina | 1972/2025 | ongoing | 1,321,000 |
| 3 | 100% | Danbury Fair Mall(c)<br><br>Danbury, Connecticut | 1986/2005 | 2016 | 1,275,000 |
| 4 | 100% | Desert Sky Mall(c)<br><br>Phoenix, Arizona | 1981/2002 | 2007 | 638,000 |
| 5 | 100% | Eastland Mall(c)(d)<br><br>Evansville, Indiana | 1978/1998 | 1996 | 1,013,000 |
| 6 | 100% | Fashion District Philadelphia(c)<br><br>Philadelphia, Pennsylvania | 1977/2014 | 2019 | 723,000 |
| 7 | 100% | Fashion Outlets of Chicago(c)<br><br>Rosemont, Illinois | 2013/— | — | 529,000 |
| 8 | 100% | Fashion Outlets of Niagara Falls USA<br><br>Niagara Falls, New York | 1982/2011 | 2014 | 685,000 |
| 9 | 100% | Freehold Raceway Mall(c)<br><br>Freehold, New Jersey | 1990/2005 | 2007 | 1,653,000 |
| 10 | 100% | Fresno Fashion Fair(c)<br><br>Fresno, California | 1970/1996 | 2006 | 974,000 |
| 11 | 100% | Green Acres Mall(c)(d)<br><br>Valley Stream, New York | 1956/2013 | ongoing | 1,913,000 |
| 12 | 100% | Inland Center(c)<br><br>San Bernardino, California | 1966/2004 | 2016 | 894,000 |
| 13 | 100% | Kings Plaza Shopping Center(c)(d)<br><br>Brooklyn, New York | 1971/2012 | 2018 | 1,097,000 |
| 14 | 100% | La Cumbre Plaza(d)<br><br>Santa Barbara, California | 1967/2004 | 1989 | 325,000 |
| 15 | 100% | Los Cerritos Center(c)(e)<br><br>Cerritos, California | 1971/1999 | 2016 | 1,287,000 |
| 16 | 100% | NorthPark Mall(c)<br><br>Davenport, Iowa | 1973/1998 | 2001 | 900,000 |
| 17 | 100% | Pacific View(c)<br><br>Ventura, California | 1965/1996 | 2001 | 883,000 |
| 18 | 100% | Queens Center(c)(d)<br><br>Queens, New York | 1973/1995 | 2004 | 964,000 |
| 19 | 100% | Santa Monica Place(f)<br><br>Santa Monica, California | 1980/1999 | ongoing | 357,000 |
| 20 | 84.9% | SanTan Village Regional Center(c)<br><br>Gilbert, Arizona | 2007/— | 2018 | 1,187,000 |
| 21 | 100% | South Plains Mall(c)<br><br>Lubbock, Texas | 1972/1998 | 2017 | 1,313,000 |
| 22 | 100% | Stonewood Center(c)(d)<br><br>Downey, California | 1953/1997 | 1991 | 925,000 |
| 23 | 100% | Superstition Springs Center(c)<br><br>Mesa, Arizona | 1990/2002 | 2002 | 794,000 |
24
The Macerich Company
Property Listing
December 31, 2025
| Count | Company’s<br><br>Ownership(a) | Name of<br><br>Center/Location | Year of Original<br><br>Construction/<br><br>Acquisition | Year of Most<br><br>Recent Expansion/<br><br>Renovation | Total<br><br>GLA(b) |
|---|---|---|---|---|---|
| 24 | 100% | Valley River Center(c)<br><br>Eugene, Oregon | 1969/2006 | 2007 | 813,000 |
| 25 | 100% | Victor Valley, Mall of(c)<br><br>Victorville, California | 1986/2004 | 2012 | 576,000 |
| 26 | 100% | Vintage Faire Mall(c)<br><br>Modesto, California | 1977/1996 | 2020 | 1,069,000 |
| 27 | 100% | Washington Square(c)(e)<br><br>Portland, Oregon | 1974/1999 | 2005 | 1,129,000 |
| Total Consolidated Centers | 26,315,000 | ||||
| UNCONSOLIDATED JOINT VENTURE CENTERS: | |||||
| 28 | 50% | Broadway Plaza(c)<br><br>Walnut Creek, California | 1951/1985 | 2016 | 993,000 |
| 29 | 50.1% | Chandler Fashion Center(c)<br><br>Chandler, Arizona | 2001/2002 | 2023 | 1,412,000 |
| 30 | 50.1% | Corte Madera, The Village at(c)<br><br>Corte Madera, California | 1985/1998 | 2020 | 502,000 |
| 31 | 51% | Deptford Mall(c)<br><br>Deptford, New Jersey | 1975/2006 | 2020 | 1,011,000 |
| 32 | 51% | Flatiron Crossing(c)<br><br>Broomfield, Colorado | 2000/2002 | ongoing | 1,399,000 |
| 33 | 50% | Kierland Commons(c)<br><br>Phoenix, Arizona | 1999/2005 | 2003 | 439,000 |
| 34 | 50% | Scottsdale Fashion Square(c)<br><br>Scottsdale, Arizona | 1961/2002 | ongoing | 1,879,000 |
| 35 | 51% | Twenty Ninth Street(d)<br><br>Boulder, Colorado | 1963/1979 | 2007 | 685,000 |
| 36 | 50% | Tysons Corner Center(c)<br><br>Tysons Corner, Virginia | 1968/2005 | 2014 | 1,918,000 |
| 37 | 19% | West Acres<br><br>Fargo, North Dakota | 1972/1986 | 2001 | 673,000 |
| Total Unconsolidated Joint Venture Centers | 10,911,000 | ||||
| Total Retail Centers | 37,226,000 | ||||
| COMMUNITY / POWER CENTER: | |||||
| 1 | 50% | Boulevard Shops(g)<br><br>Chandler, Arizona | 2001/2002 | 2004 | 205,000 |
| Total Community / Power Center | 205,000 | ||||
| OTHER ASSETS: | |||||
| 100% | Various(h) | — | — | 83,000 | |
| 50% | Scottsdale Fashion Square-Office(c)(g)<br><br>Scottsdale, Arizona | 1984/2002 | 2016 | 121,000 | |
| 50% | Scottsdale Fashion Square-Caesars Republic<br><br>Hotel(c)(g)<br><br>Scottsdale, Arizona | 2024 | 2024 | 245,000 | |
| 50% | Tysons Corner Center-Office(c)(g)<br><br>Tysons Corner, Virginia | 1999/2005 | 2012 | 171,000 | |
| 50% | Hyatt Regency Tysons Corner Center(c)(g)<br><br>Tysons Corner, Virginia | 2015 | 2015 | 290,000 | |
| 50% | Tysons Tower(c)(g)<br><br>Tysons Corner, Virginia | 2014 | 2014 | 547,000 |
25
The Macerich Company
Property Listing
December 31, 2025
| Count | Company’s<br><br>Ownership(a) | Name of<br><br>Center/Location | Year of Original<br><br>Construction/<br><br>Acquisition | Year of Most<br><br>Recent Expansion/<br><br>Renovation | Total<br><br>GLA(b) |
|---|---|---|---|---|---|
| 50% | VITA Tysons Corner Center(c)(g)<br><br>Tysons Corner, Virginia | 2015 | 2015 | 399,000 | |
| Total Other Assets | 1,856,000 | ||||
| Grand Total | 39,287,000 |
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 occupied 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.
26
The Macerich Company
Joint Venture List
December 31, 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><br>Ownership(a) | Economic<br><br>Ownership(b) | Joint Venture | Total GLA(c) |
|---|---|---|---|---|
| Boulevard Shops | 50% | 50% | Propcor II Associates, LLC | 205,000 |
| Broadway Plaza | 50% | 50% | Macerich HHF Broadway Plaza LLC | 993,000 |
| Chandler Fashion Center(d)(e) | 50.1% | 50.1% | Freehold Chandler Holdings LP | 1,412,000 |
| Corte Madera, The Village at | 50.1% | 50.1% | Corte Madera Village, LLC | 502,000 |
| Deptford Mall | 51% | 51% | Macerich HHF Centers LLC | 1,011,000 |
| FlatIron Crossing(f) | 51% | 51% | Macerich HHF Centers LLC | 1,399,000 |
| Hyatt Regency Tysons Corner Center | 50% | 50% | Tysons Corner Hotel I LLC | 290,000 |
| Kierland Commons | 50% | 50% | Kierland Commons Investment LLC | 439,000 |
| SanTan Village Regional Center | 84.9% | 84.9% | Westcor SanTan Village LLC | 1,187,000 |
| Scottsdale Fashion Square | 50% | 50% | Scottsdale Fashion Square Partnership | 1,879,000 |
| Scottsdale Fashion Square-Office | 50% | 50% | Scottsdale Fashion Square Partnership | 121,000 |
| Scottsdale Fashion Square-Hotel | 50% | 50% | Scottsdale Fashion Square Partnership | 245,000 |
| Twenty Ninth Street | 51% | 51% | Macerich HHF Centers LLC | 685,000 |
| Tysons Corner Center | 50% | 50% | Tysons Corner LLC | 1,918,000 |
| Tysons Corner Center-Office | 50% | 50% | Tysons Corner Property LLC | 171,000 |
| Tysons Tower | 50% | 50% | Tysons Corner Property LLC | 547,000 |
| VITA Tysons Corner Center | 50% | 50% | Tysons Corner Property LLC | 399,000 |
| West Acres | 19% | 19% | West Acres Development, LLP | 673,000 |
(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%.
27
The Macerich Company
Net Debt to Adjusted EBITDA
As of December 31, 2025 (Unaudited)
(Dollars in Thousands, at Company's Pro Rata Share)
| Total Company's Pro Rata Share of Debt | |
|---|---|
| Less: Cash, including joint ventures at the Company's share | |
| Restricted Cash, including joint ventures at the Company's share | (108,026) |
| Exclude: Restricted Cash that is not loan cash collateral | 48,458 |
| Less: Restricted Cash - loan cash collateral | |
| Less: Debt for Santa Monica Place (lender-controlled) | |
| Net Debt | |
| Adjusted EBITDA | 741,946 |
| Plus: Leasing expenses | 49,333 |
| Plus: EBITDA Impact from investment losses on non-real estate investments | 5,894 |
| Plus: adjustment for acquisitions and dispositions | (19,925) |
| Plus: Other adjustments | (17,398) |
| Adjusted EBITDA, as further modified | |
| Net Debt to Adjusted EBITDA, as further modified |
All values are in US Dollars.
(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 December 31, 2025, the Company's pro rata share of unamortized debt discounts
and loan finance costs were $33.4 million and $25.4 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)See page 7 for a reconciliation of net loss to Adjusted EBITDA for the twelve months ended December 31, 2025 and 2024.
(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 Adjusted EBITDA for: A) the acquisition of: Crabtree Mall; B) the dispositions of i)
Wilton Mall, ii) SouthPark Mall, iii) Atlas Park, iv) Lakewood Center, v) Valley Mall, vi) the stand alone parcel at Washington Square in Petaluma, CA. vii) the retail
strip center at Washington Square in Portland, Oregon, and viii) other outparcel sales; and C) the loan 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.
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company's pro rata share) (a)
| As of December 31, 2025 | |||
|---|---|---|---|
| Fixed Rate | Floating Rate | Total | |
| Dollars in thousands | |||
| Mortgage notes payable | $4,613,153 | $455,793 | $5,068,946 |
| Bank and other notes payable | — | — | — |
| Total debt per Consolidated Balance Sheet | 4,613,153 | 455,793 | 5,068,946 |
| Adjustments: | |||
| Less: Noncontrolling interests share of debt from consolidated joint ventures | (33,084) | — | (33,084) |
| Adjusted Consolidated Debt | 4,580,069 | 455,793 | 5,035,862 |
| Add: Company’s share of debt from unconsolidated joint ventures | 1,543,051 | 11,861 | 1,554,912 |
| Total Company’s Pro Rata Share of Debt | $6,123,120 | $467,654 | $6,590,774 |
| Weighted average interest rate | 5.15% | 5.80% | 5.20% |
| Weighted average maturity (years) | 3.23 |
(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.
29
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
| As of December 31, 2025 | |||||
|---|---|---|---|---|---|
| Center/Entity (dollars in thousands) | Maturity<br><br>Date | Effective<br><br>Interest<br><br>Rate (a) | Fixed | Floating | Total Debt<br><br>Balance (a) |
| I. Consolidated Assets: | |||||
| South Plains Mall (b) | 11/06/25 | 4.22% | $200,000 | $— | $200,000 |
| Vintage Faire Mall | 03/06/26 | 3.55% | 212,728 | — | 212,728 |
| Fashion Outlets of Niagara Falls USA | 10/06/26 | 6.52% | 76,995 | — | 76,995 |
| Fresno Fashion Fair | 11/01/26 | 3.67% | 324,851 | — | 324,851 |
| Los Cerritos Center | 11/01/27 | 5.77% | 465,727 | — | 465,727 |
| Green Acres Mall | 01/06/28 | 6.62% | 364,632 | — | 364,632 |
| Arrowhead Towne Center | 02/01/28 | 6.75% | 352,776 | — | 352,776 |
| SanTan Village Regional Center (c) | 07/01/29 | 4.34% | 186,603 | — | 186,603 |
| Freehold Raceway Mall | 11/01/29 | 3.94% | 399,376 | — | 399,376 |
| Queens Center | 11/06/29 | 5.45% | 523,346 | — | 523,346 |
| Kings Plaza Shopping Center | 01/01/30 | 3.71% | 528,906 | — | 528,906 |
| Fashion Outlets of Chicago | 02/01/31 | 4.61% | 299,554 | — | 299,554 |
| Pacific View | 05/06/32 | 5.45% | 69,691 | — | 69,691 |
| Danbury Fair Mall | 02/06/34 | 6.59% | 152,455 | — | 152,455 |
| Victor Valley, Mall of | 09/06/34 | 6.85% | 84,033 | — | 84,033 |
| Washington Square | 04/06/35 | 5.63% | 338,396 | — | 338,396 |
| Total Fixed Rate Debt for Consolidated Assets | 5.07% | $4,580,069 | $— | $4,580,069 | |
| Santa Monica Place (d) | 12/09/24 | 5.27% | $— | $300,000 | $300,000 |
| The Macerich Partnership, L.P. - Line of Credit (e),(f) | 02/01/28 | — | — | — | — |
| Crabtree Mall (e) | 08/06/29 | 6.74% | — | 155,793 | 155,793 |
| Total Floating Rate Debt for Consolidated Assets | 5.77% | $— | $455,793 | $455,793 | |
| Total Debt for Consolidated Assets | 5.13% | $4,580,069 | $455,793 | $5,035,862 | |
| II. Unconsolidated Assets (At Company’s pro rata share): | |||||
| Twenty Ninth Street (51%) (g) | 02/06/26 | 4.10% | $76,500 | $— | $76,500 |
| Deptford Mall (51%) | 04/03/26 | 4.00% | 67,931 | — | 67,931 |
| Kierland Commons (50%) | 04/01/27 | 3.98% | 92,232 | — | 92,232 |
| Scottsdale Fashion Square (50%) | 03/06/28 | 6.28% | 349,471 | — | 349,471 |
| Corte Madera, The Village at (50.1%) | 09/01/28 | 3.53% | 105,108 | — | 105,108 |
| Tysons Corner Center (50%) | 12/06/28 | 6.89% | 352,028 | — | 352,028 |
| Chandler Fashion Center (50.1%) | 07/01/29 | 7.15% | 137,319 | — | 137,319 |
| West Acres - Development (19%) | 10/10/29 | 3.72% | 1,399 | — | 1,399 |
| Tysons Tower (50%) | 10/11/29 | 3.38% | 94,763 | — | 94,763 |
| Broadway Plaza (50%) | 04/01/30 | 4.19% | 209,881 | — | 209,881 |
| Tysons VITA (50%) | 12/01/30 | 3.43% | 44,738 | — | 44,738 |
| West Acres (19%) | 03/01/32 | 4.61% | 11,681 | — | 11,681 |
| Total Fixed Rate Debt for Unconsolidated Assets | 5.40% | $1,543,051 | $— | $1,543,051 | |
| Boulevard Shops (50%) | 12/05/28 | 6.67% | — | 11,861 | 11,861 |
| Total Floating Rate Debt for Unconsolidated Assets | 6.67% | $— | $11,861 | $11,861 | |
| Total Debt for Unconsolidated Assets | 5.41% | $1,543,051 | $11,861 | $1,554,912 | |
| Total Debt | 5.20% | $6,123,120 | $467,654 | $6,590,774 | |
| Percentage to Total | 92.90% | 7.10% | 100.00% |
30
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)Effective November 6, 2025, the loan was in default. On February 6, 2026, the Company completed a four-year extension on the loan at the existing rate of 4.22%
and the loan matures on November 6, 2029.
(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 December 31, 2025, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $7.9 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 December 31, 2025.
(g)Effective February 6, 2026, the loan is in default. The Company's joint venture is in negotiations with the lender on the terms of this loan.
31
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of December 31, 2025
In-Process Developments and Redevelopments:
| Property | Project Type | Total Cost (a)(b)<br><br>at 100% | Pro Rata Total<br><br>Cost (a)(b) | Pro Rata Capitalized Costs Incurred-to-Date(b) | Stabilized<br><br>Yield (a)(b)(c) | ||||
|---|---|---|---|---|---|---|---|---|---|
| FlatIron Crossing<br><br>Broomfield, CO | Development of luxury, multi-family<br><br>residential units, new/repurposed<br><br>retail and food & beverage uses, and a<br><br>community plaza, and redevelopment<br><br>of the vacant former Nordstrom store. | $245 | — | 265 | $125 | — | $135 | 31 | 6.75% - 7.75%<br><br>(f) |
| Green Acres Mall<br><br>Valley Stream, NY | Redevelopment of northeast quadrant<br><br>of mall property, new exterior shops<br><br>and façade, approx. 375,000 sf of<br><br>leasing including new grocery use,<br><br>redevelopment of vacant anchor<br><br>building and demolition of another<br><br>vacant anchor building. | $130 | — | 150 | $130 | — | $150 | 43 | 12.5% - 13.5% |
| Scottsdale Fashion<br><br>Square<br><br>Scottsdale, AZ | Redevelopment of two-level<br><br>Nordstrom wing with luxury-focused<br><br>retail and restaurant uses | $84 | — | 90 | $42 | — | $45 | 34 | 17% - 18% |
| TOTAL | $459 | — | 505 | $297 | — | $330 | 108 |
All values are in US Dollars.
(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 or 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.
32
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><br>per Share | Dividends | ||
|---|---|---|---|
| Quarter Ended: | High | Low | Declared<br><br>and Paid |
| 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 |
| December 31, 2025 | $19.14 | $16.03 | $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 |
| www.computershare.com |
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
IR@macerich.com