MAC 8-K

Macerich Co (MAC)

8-K 2026-02-26 For: 2026-02-24

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Added on April 11, 2026

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Maryland	1-12504	95-4448705
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


EXHIBIT NUMBER		DESCRIPTION

10.1		Second Amended and Restated Credit Agreement, dated as of February 24, 2026, by and among the Company, as a guarantor, the Partnership, as borrower, certain subsidiary guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, BMO Capital Markets Corp., TD Securities (USA) LLC, and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunning managers, Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A., as co-syndication agents, Goldman Sachs Bank USA, BMO Bank N.A. and TD Securities Inc., as co-documentation agents, and various lenders party thereto.

10.2		Second Amended and Restated Unconditional Guaranty, dated as of February 24, 2026, by the Company in favor of Deutsche Bank AG New York Branch, as administrative agent.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


						THE MACERICH COMPANY

						By: Daniel E. Swanstrom II

February 26, 2026						/s/ Daniel E. Swanstrom II
Date						Senior Executive Vice President, Chief Financial Officer and Treasurer


		Page
ARTICLE 1.	The Credits		2

1.1.	The Revolving Commitments		2
1.2.	Loans and Borrowings		2
1.3.	Requests for Borrowings		2
1.4.	Letters of Credit		3
1.5.	Funding of Borrowings		11
1.6.	Interest Elections		12
1.7.	Termination, Reduction and Extension of the Revolving Commitments		15
1.8.	Manner of Payment of Loans; Evidence of Debt		17
1.9.	Repayment of Loans		17
1.10.	Interest		18
1.11.	Presumptions of Payment		18
1.12.	Defaulting Lenders		18

ARTICLE 2.	General Provisions Regarding Payments		21

2.1.	Payments by the Borrower		21
2.2.	Pro Rata Treatment		22
2.3.	[Reserved]		22
2.4.	Inability to Determine Rates; Alternate Rate		25
2.5.	Illegality		25
2.6.	[Reserved]		25
2.7.	Increased Costs		25
2.8.	Obligation of Lenders to Mitigate; Replacement of Lenders		27
2.9.	Funding Indemnification		27
2.10.	Taxes		28
2.11.	Fees		31
2.12.	Default Interest		33
2.13.	Computation		33
2.14.	Application of Insufficient Payments		33

ARTICLE 3.	Incremental Facility.		33

3.1.	Incremental Facility Request		33
3.2.	Facility Increase Arrangers		34
3.3.	Conditions to Effectiveness of Facility Increase		34
3.4.	Additional Facility Increase Matters		36

ARTICLE 4.	Credit Support		37

4.1.	REIT Guaranty		37


4.2.	Guaranties	37
4.3.	Pledge Agreement	37

ARTICLE 5.	Conditions Precedent	37

5.1.	Conditions Precedent to Effectiveness	37
5.2.	Each Credit Event After the Closing Date	40

ARTICLE 6.	Representations and Warranties	41

6.1.	Financial Condition	41
6.2.	No Material Adverse Effect	42
6.3.	Compliance with Laws and Agreements	42
6.4.	Organization, Powers; Authorization; Enforceability	42
6.5.	No Conflict	43
6.6.	No Material Litigation	43
6.7.	Taxes	43
6.8.	Investment Company Act	44
6.9.	Subsidiary Entities	44
6.10.	Federal Reserve Board Regulations	44
6.11.	ERISA Compliance	44
6.12.	Assets and Liens	45
6.13.	Securities Acts	45
6.14.	Consents, Etc	46
6.15.	Hazardous Materials	46
6.16.	Regulated Entities	46
6.17.	Copyrights, Patents, Trademarks and Licenses, etc.	47
6.18.	REIT Status	47
6.19.	Insurance	47
6.20.	Full Disclosure	47
6.21.	Indebtedness	47
6.22.	Real Property	47
6.23.	Brokers	48
6.24.	No Default	48
6.25.	Solvency	48
6.26.	Foreign Assets Control Regulations, FCPA, etc.	48
6.27.	Sanctions	48
6.28.	Borrowing Base Matters	49
6.29.	Security Documents.	50
6.30.	Outbound Investment Rules	51

ARTICLE 7.	Affirmative Covenants	51

7.1.	Financial Statements	51
7.2.	Certificates; Reports; Other Information	53
7.3.	Maintenance of Existence and Properties	53
7.4.	Inspection of Property; Books and Records; Discussions	54


7.5.	Notices	54
7.6.	Expenses	55
7.7.	Payment of Taxes and Charges	56
7.8.	Insurance	56
7.9.	Hazardous Materials	57
7.10.	Compliance with Laws and Contractual Obligations	58
7.11.	REIT Status	58
7.12.	Use of Proceeds	58
7.13.	Management of Projects; Management Agreements	58
7.14.	Borrowing Base Additions	59
7.15.	Borrowing Base Leases	60
7.16.	Specified Ground Leases	60
7.17.	Post-Closing Matters	64
7.18.	Additional Guarantors, Collateral, Etc.	64
7.19.	Further Assurances	65
7.20.	Account Control Agreements; Cash Management	65
7.21.	Sanctions	66

ARTICLE 8.	Negative Covenants	66

8.1.	Liens	66
8.2.	Indebtedness	68
8.3.	Fundamental Change	68
8.4.	Dispositions	69
8.5.	Investments	70
8.6.	Transactions with Partners and Affiliates	70
8.7.	Margin Regulations; Securities Laws	70
8.8.	Organizational Documents	70
8.9.	Fiscal Year	70
8.10.	Distributions	71
8.11.	Financial Covenants of Borrower Parties	71
8.12.	Outbound Investment Rules	72

ARTICLE 9.	Events of Default	72

ARTICLE 10.	The Agents	77

10.1.	Appointment	77
10.2.	Delegation of Duties	77
10.3.	Exculpatory Provisions	77
10.4.	Reliance by the Agents	78
10.5.	Notice of Default	78
10.6.	Non-Reliance on Agents and Other Lenders	79
10.7.	Indemnification; Reimbursement	80
10.8.	Agents in Their Individual Capacity	80
10.9.	Successor Administrative Agent	81
10.10.	Successor Collateral Agent	81


10.11.	Limitations on Agents’ Liability	81
10.12.	Collateral Matters and Releases; Mortgage Security Release Event; Designation of Non-Borrowing Base Assets; Protective Advances	81
10.13.	Secured Treasury Services Agreements and Secured Hedge Agreements	85
10.14.	Administrative Agent May File Proofs of Claim	85
10.15.	Erroneous Payments	86

ARTICLE 11.	Miscellaneous Provisions	90

11.1.	No Assignment by the Borrower or MAC	90
11.2.	Modification	90
11.3.	Cumulative Rights; No Waiver	92
11.4.	Entire Agreement	92
11.5.	Survival	92
11.6.	Notices	92
11.7.	Governing Law	94
11.8.	Assignments, Participations, Etc.	94
11.9.	Counterparts; Electronic Execution	97
11.10.	Sharing of Payments	98
11.11.	Confidentiality	98
11.12.	Consent to Jurisdiction	99
11.13.	Waiver of Jury Trial	99
11.14.	Indemnity	100
11.15.	Telephonic Instruction	101
11.16.	Marshalling; Payments Set Aside	101
11.17.	Set-off	102
11.18.	Severability	102
11.19.	No Third Parties Benefited	102
11.20.	No Fiduciary Duty	102
11.21.	PATRIOT Act; Beneficial Ownership Regulation	103
11.22.	Time	103
11.23.	Effectiveness of Agreement	103
11.24.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	103
11.25.	Certain ERISA Matters.	104
11.26.	Acknowledgment Regarding Any Supported QFCs	105
11.27.	Exculpation	106
11.28.	Amendment and Restatement	106

ARTICLE 12.	Definitions	107

12.1.	Defined Terms	107
12.2.	Other Interpretive Provisions	184
12.3.	Rates	185


SCHEDULES:

Schedule I		Borrowing Base Assets
Schedule II		Commitments
Schedule III		Raw Land and/or Non-Income Generating Properties
Schedule IV		Subsidiary Guarantors

Schedule 1.4		Existing Letters of Credit
Schedule 6.6		Material Litigation
Schedule 6.9		Subsidiary Entities
Schedule 6.11		ERISA
Schedule 6.14		Consents
Schedule 6.15		Environmental Reports, Etc.
Schedule 6.21		Indebtedness
Schedule 6.22		Schedule of Properties
Schedule 6.29		Filing Jurisdictions and Closing Date Collateral Exceptions
Schedule 7.13		Wholly-Owned Projects with Non-Standard Management Agreement
Schedule 7.17		Post-Closing Matters
Schedule 8.1		Additional Permitted Liens
Schedule 8.2		Indebtedness
Schedule 8.5		Investments
Schedule 8.6		Transactions with Affiliates
Schedule 8.21		Offsets for Contribution and Indemnification Obligations
Schedule 11.6		Addresses for Notices, Etc.

EXHIBITS:

Exhibit A		Form of Borrowing Request
Exhibit B		Form of Letter of Credit Request
Exhibit C		Form of Rate Request
Exhibit D		Form of Pledge Agreement
Exhibit E		Form of Assignment and Acceptance Agreement
Exhibit F		Form of Closing Certificate
Exhibit G		Form of Compliance Certificate
Exhibit H		Form of Master Management Agreement
Exhibit I		Form of Subsidiary Guaranty Agreement
Exhibit J-1		Form of U.S. Tax Compliance Certificate
Exhibit J-2		Form of U.S. Tax Compliance Certificate
Exhibit J-3		Form of U.S. Tax Compliance Certificate
Exhibit J-4		Form of U.S. Tax Compliance Certificate
Exhibit K		Form of Joinder Agreement
Exhibit L		Form of Quarterly Pricing Certificate
Exhibit M		Form of Revolving Loan Note
Exhibit N		Form of Borrowing Base Certificate
Exhibit O		Form of Assignment and Subordination of Property Management Agreements


Pricing Level	Debt Yield	Alternate Rate Spread
I	Greater than or equal to 14.00%		1.80	%
II	Less than 14.00% and greater than or equal to 12.00%		1.90	%
III	Less than 12.00%		2.20	%


Pricing Level	Total Leverage Ratio	Alternate Rate Spread
I	Less than 5.50:1.00		1.35	%
II	Greater than or equal to 5.50:1.00 and less than 6.00:1.00		1.45	%
III	Greater than or equal to 6.00:1.00		1.65	%


Pricing Level	Debt Yield	Base Rate Spread
I	Greater than or equal to 14.00%		0.80	%
II	Less than 14.00% and greater than or equal to 12.00%		0.90	%
III	Less than 12.00%		1.20	%


Pricing Level	Debt Yield	SOFR Spread
I	Greater than or equal to 14.00%		1.80	%
II	Less than 14.00% and greater than or equal to 12.00%		1.90	%
III	Less than 12.00%		2.20	%


THE MACERICH PARTNERSHIP, L.P.,
a Delaware limited partnership

By:	The Macerich Company,
	a Maryland corporation,
	its general partner

	By:	/s/ Howard Garfield
	Name:	Howard Garfield
	Title:	Senior Vice President, Finance


THE MACERICH COMPANY, a Maryland corporation

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance


Desert Sky Mall LLC East Mesa Mall L.L.C. La Cumbre Adjacent Parcel GP LLC Macerich Desert Sky Mall Holdings LLC Macerich Fresno Adjacent GP Corp. Macerich Holdings LLC Macerich La Cumbre GP LLC Macerich Management Company Macerich North Park Mall LLC Macerich SanTan Estrella Holdings Pledgor LLC Macerich Stonewood Holdings LLC Macerich Stonewood, LLC Macerich Superstition Mall Holdings LLC Macerich Valley River Center LLC Macerich Whittwood Holdings GP Corp. MVRC Holding LLC SM Eastland Mall, LLC TWC Scottsdale Corp. Westcor Realty Limited Partnership WM Inland Investors IV GP LLC

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance

La Cumbre Adjacent Parcel LP
La Cumbre Adjacent Parcel SPE LP

By: La Cumbre Adjacent Parcel GP LLC, its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance


DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent, Collateral Agent, and an Issuing Lender

By:		/s/ Darrell L. Gustafson
Name:		DARRELL L. GUSTAFSON
Title:		MANAGING DIRECTOR

By:		/s/ Peter Castro
Name:		PETER CASTRO
Title:		DIRECTOR


DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender

By:		/s/ Alison Lugo
Name:		Alison Lugo
Title: Vice President

By:		/s/ Marko Lukin
Name:		Marko Lukin
Title: Vice President


JPMORGAN CHASE BANK, N.A., as an Issuing Lender and a Lender

By:		/s/ Arthur Atte
Name: Arthur Atte
Title: Vice President


GOLDMAN SACHS BANK USA, as a Lender and an Issuing Lender

By:		/s/ Jonathan Dworkin
Name: Jonathan Dworkin
Title: Authorized Signatory


Macerich Fresno Adjacent LP

By: Macerich Fresno Adjacent GP Corp., its general partner

By		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance

Macerich La Cumbre LP
Macerich La Cumbre SPE LP

By: Macerich La Cumbre GP LLC, its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance

Macerich Whittwood Holdings LP

By: Macerich Whittwood Holdings GP Corp.,
its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance

Queens JV LP

By: Queens N GP LLC, its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance


WM Inland Investors IV LP
By: WM Inland Investors IV GP LLC, its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance

WM Inland LP

By: Macerich Inland GP LLC, its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance

Macerich Lubbock Limited Partnership

By: Macerich Lubbock GP Corp., its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance

The Westcor Company Limited Partnership

By: Westcor Realty Limited Partnership,
its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance


The Westcor Company II Limited Partnership

By: Macerich TWC II Corp.,
its general partner

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance


BMO BANK N.A., as a Lender

By:		/s/ Stephanie Beggs
Name: Stephanie Beggs
Title: Director


THE TORONTO-DOMINION BANK, NEW YORK
BRANCH, as a Lender

By:		/s/ Victoria Roberts
Name: Victoria Roberts
Title: Authorized Signatory


MORGAN STANLEY SENIOR FUNDING, INC., as a Lender

By:		/s/ Michael King
Name: Michael King
Title: Vice President


To Guarantor:		The Macerich Company 401 Wilshire Boulevard, Suite 700 Santa Monica, CA 90401 Attention: Dan Swanstrom, Chief Financial Officer Email: [* * *]

with a copy to:		The Macerich Company 401 Wilshire Boulevard, Suite 700 Santa Monica, CA 90401 Attention: Ann Menard, Chief Legal Officer [* * *]

To Administrative Agent:		Deutsche Bank AG New York Branch 1 Columbus Circle, 15th Floor New York, New York 10019 Email: [email protected]


GUARANTOR:

THE MACERICH COMPANY, a Maryland corporation

By:		/s/ Howard Garfield
Name:		Howard Garfield
Title:		Senior Vice President, Finance


ADMINISTRATIVE AGENT:

DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent

By:		/s/ Darrell L. Gustafson
Name:		Darrell L. Gustafson
Title:		Managing Director

By:		/s/ Peter Castro
Name:		Peter Castro
Title:		Director