Macerich Co DEF 14A, filed Apr 23, 2025

Macerich Co (MAC)

DEF 14A 2025-04-23 For: 2025-06-02

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Added on June 12, 2026

About this DEF 14A

Macerich Co filed this DEF 14A on April 23, 2025.

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THE MACERICH COMPANY
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒ No fee required.

☐ Fee paid previously with preliminary materials.
☐ Fee computed on table in exhibit required by Item 25(b) per exchange Act Rules 14a-6(i)(1) and 0-11.



Jackson Hsieh		Steven R. Hash
President and Chief Executive Officer		Chairman of the Board


Proxy Statement Summary			i
About Our Annual Meeting			1
Proposal 1: Election of Directors			5
Information Regarding Director Nominees			7
Corporate Governance			16
Compensation of Non-Employee Directors			24
Our Executive Officers			26
Equity Ownership of Directors, Named Executive Officers and Principal Stockholders			28
Report of the Compensation Committee			31
Compensation Discussion and Analysis			32
Executive Compensation			51
Summary Compensation Table—Fiscal Years 2022-2024			51
Grants of Plan-Based Awards—Fiscal 2024			54
Discussion of Summary Compensation and Grants of Plan-Based Awards Table			55
Outstanding Equity Awards at December 31, 2024			56
Option Exercises and Stock Vested—Fiscal 2024			57
Nonqualified Deferred Compensation—Fiscal 2024			58
Potential Payments Upon Termination or Change in Control			59
CEO Pay Ratio			63
Pay Versus Performance			64
Equity Compensation Plan Information			67
Compensation Committee Interlocks and Insider Participation			67
Audit Committee Matters			67
Report of the Audit Committee			68
Principal Accountant Fees and Services			68
Audit Committee Pre-Approval Policy			69
Proposal 2: Non-Binding Advisory Vote to Approve the Compensation of our Named Executive Officers			70
Proposal 3: Ratification of the Appointment of KPMG LLP as our Independent Registered Public Accounting Firm			71
Independent Registered Public Accounting Firm			71
Additional Matters			72
Solicitation of Proxies			72
Stockholder Proposals and Director Nominees			72
Householding of Proxy Materials			72
Other Matters			73
Forward-Looking Information			73



Proposal		Board Recommendation	Page Reference

Proposal 1	Election of Eight Directors	For all nominees	5

Proposal 2	Non-Binding Advisory Vote to Approve the Compensation of our Named Executive Officers	For	70

Proposal 3	Ratification of the Appointment of KPMG LLP as our Independent Registered Public Accounting Firm for the Fiscal Year Ending December 31, 2025	For	71

Transaction of any other business that properly comes before our Annual Meeting and any postponement or adjournment thereof


• Steven R. Hash		• Diana M. Laing

• Enrique Hernandez, Jr.		• Marianne Lowenthal

• Daniel J. Hirsch		• Devin I. Murphy

• Jackson Hsieh		• Andrea M. Stephen


		Internet: Go to the website address shown on your Proxy until 11:59 p.m., Eastern Time, the day before the Annual Meeting.


		Telephone: Call the toll-free number shown on your Proxy and follow the recorded instructions. The deadline for submitting your Proxy by telephone is 11:59 p.m., Eastern Time, the day before the Annual Meeting.


		Mail: Mark, sign, date and return your Proxy in the postage-paid envelope promptly so that it is received prior to the Annual Meeting.


BOARD OF DIRECTORS				• Seven of our director nominees are independent under the NYSE listing standards. • All of the members of our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee are independent. Our Company is managed under the direction of our Board of Directors, which is currently composed of eight members. Our Board of Directors met eight times in 2024. Each of our directors attended more than 75% of the aggregate number of meetings of our Board and of each committee on which he or she served during 2024. Our Board of Directors appointed Mr. Hsieh as a director effective March 1, 2024, concurrent with his appointment to the role of President and CEO. In addition, our Board of Directors appointed Ms. Laing to the Board effective July 18, 2024 and Mr. Murphy to the Board effective February 1, 2025.


DIRECTOR INDEPENDENCE				For a director to be considered independent, our Board must determine that the director does not have any material relationship with our Company (either directly or as a partner, stockholder or officer of an organization that has a relationship with our Company). Our Board has established Director Independence Standards to assist it in determining director independence. The Director Independence Standards establish exclusionary standards that conform to the independence requirements of the NYSE listing standards and categorical standards that identify permissible immaterial relationships between our directors and our Company. These Director Independence Standards are included in our Guidelines on Corporate Governance, which are available at www.macerich.com under “Investors—Corporate Governance.” The information contained on, or available through, our website is not incorporated by reference into this Proxy Statement. Our Board has determined that Mr. Brandt and the following seven non-employee director nominees do not have any material relationship with our Company (either directly or as a partner, stockholder or officer of an organization that has a relationship with our Company) and each is an independent director under our Director Independence Standards: Messrs. Hash, Hernandez, Hirsch and Murphy and Mses. Laing, Lowenthal and Stephen. Mr. Hsieh is not an independent director because he is a current executive-level employee of our Company.


COMMITTEE CHARTERS				The charters for the Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and the Executive Committee are available at www.macerich.com under “Investors—Corporate Governance.” The information contained on, or available through, our website is not incorporated by reference into this Proxy Statement.


Name	Fees Earned or Paid in Cash ($)⁽¹⁾		Stock Awards ($)⁽²⁾		Total ($)
Peggy Alford⁽³⁾		43,320		—		43,320
Eric K. Brandt		115,000		134,997		249,997
Steven R. Hash		209,248		197,491		406,739
Enrique Hernandez, Jr.		82,500		134,997		217,497
Daniel J. Hirsch		107,500		134,997		242,497
Diana M. Laing⁽⁴⁾		34,650		117,249		151,899
Marianne Lowenthal		85,000		134,997		219,997
Andrea M. Stephen		136,310		134,997		271,307


Name	Unvested Restricted Stock Units (#)
Eric K. Brandt		9,103
Steven R. Hash		13,317
Enrique Hernandez, Jr.		9,103
Daniel J. Hirsch		9,103
Diana M. Laing		7,251
Marianne Lowenthal		9,103
Andrea M. Stephen		9,103


Name and Address of Beneficial Owner**	Amount and Nature of Beneficial Ownership of Common Stock⁽¹⁾			Percent of Common Stock⁽²⁾			Amount and Nature of Beneficial Ownership of OP Units⁽¹⁾⁽³⁾			Percent of Common Stock and OP Units⁽⁴⁾
Eric K. Brandt		53,875	⁽⁵⁾		*			—			*
Steven R. Hash		18,445	⁽⁶⁾		*			—			*
Enrique Hernandez, Jr.		35,348	⁽⁷⁾		*			—			*
Daniel J. Hirsch		4,732	⁽⁸⁾		*			—			*
Jackson Hsieh		226,500			*			443,326	⁽⁹⁾		*
Diana M. Laing		140,134	⁽¹⁰⁾
Marianne Lowenthal		25,425	⁽¹¹⁾		*			—			*
Devin I. Murphy		7,000	⁽¹²⁾
Andrea M. Stephen		8,466	⁽¹³⁾		*			—			*
Douglas J. Healey		78,427			*			297,104	⁽¹⁴⁾		*
Ann C. Menard		20,633	⁽¹⁵⁾		*			313,637	⁽¹⁶⁾		*
Daniel E. Swanstrom II		—						113,284	⁽¹⁷⁾
All directors and executive officers as a group (12 persons)⁽¹⁸⁾		618,985			*			1,167,351			0.70	%
BlackRock, Inc.⁽¹⁹⁾		45,727,700			18.10	%		—			18.10	%
FMR LLC⁽²⁰⁾		21,923,885			8.67	%		—			8.67	%
Smead Capital Management, Inc. ⁽²¹⁾		20,504,170			8.11	%		—			8.11	%
State Street Corporation⁽²²⁾		14,387,092			5.69	%		—			5.69	%
The Vanguard Group⁽²³⁾		34,478,278			13.65	%		—			13.65	%


Component	CEO Pay Mix	Other NEO Pay Mix	Key Features

Base Salary			• Relatively low, fixed cash pay as compared to other pay elements based on the scope and complexity of each position, the officer’s experience, competitive pay levels and general economic conditions
Annual Incentive Bonus			• Variable short-term incentive • Rewards achievement of both corporate and individual performance • Measures and goals are established to align with annual strategies and operating plans designed to support our Company’s short-term financial and strategic objectives: • Corporate scorecard goals common to all executives (weighted at 75%) included: • Net Debt Reduction • Year-End Reported Occupancy • Same Center Net Operating Income (“NOI”) Growth • Disposition of Assets • Redevelopment and Leasing • Environmental Initiatives • Individual performance against pre-established goals was weighted 25%

Long-Term Equity Incentives: Performance- Based LTIP Units			• Variable long-term incentive • Program design continued in 2024 to support our multi-year business strategies and align pay delivery with performance and stockholder value • May be earned from 0% to 225% of target number of units based on performance versus Net Debt to EBITDA Reduction (weighted 65%) and three-year Year-end Occupancy goals (weighted 35%), with potential modification +/-20% based on three-year relative TSR versus publicly-traded, US-based equity REITs in the Nareit Index which are categorized as “mall” or “shopping center” REITs (the “Equity Peer REITs”)
Long-Term Equity Incentives: Service-Based LTIP Units			• Vest in equal annual installments over a three-year period to promote stockholder alignment, retention and stability of our management team. • Mr. Hsieh received a sign-on equity award that vests 50% on the third anniversary of his date of hire and 25% on each of the fourth and fifth anniversaries of his date of hire


Acadia Realty Trust		Phillips Edison & Co.

American Assets Trust		Regency Centers Corporation

Brixmor Property Group, Inc.		Retail Opportunity Investments

Douglas Emmett, Inc.		Simon Property Group, Inc.

Federal Realty Investment Trust		SITE Centers

JBG Smith Properties		SL Green Realty Corp.

Kilroy Realty Corporation		Tanger Factory Outlets

Kimco Realty Corporation		Urban Edge Properties

Kite Realty Group Trust


Named Executive Officer	2024 Base Salaries		2023 Base Salaries
Jackson Hsieh⁽¹⁾	$	1,000,000		n/a
Daniel E. Swanstrom II⁽²⁾	$	600,000		n/a
Douglas J. Healey⁽³⁾	$	600,000	$	517,260
Ann C. Menard⁽³⁾	$	600,000	$	517,260
Kenneth L. Volk⁽⁴⁾	$	500,000	$	500,000


Measure	Weighting
Net Debt to EBITDA Reduction		15	%
Year-End Reported Occupancy		10	%
Same Center NOI Growth		15	%
Disposition of Assets		10	%
Redevelopment and Leasing		15	%
Environmental Initiatives		10	%
TOTAL		75	%


																% of Target Payout
Measure	Weighting			Threshold			Target			Max			Actual			Unweighted		Weighted
Reported Year-End Occupancy		10	%		94.0	%		95.4	%		96.0	%		95.9	%		183.3%		18.3%


ii 2025 PROXY STATEMENT


		2025 PROXY STATEMENT iii


iv 2025 PROXY STATEMENT


		2025 PROXY STATEMENT v


Property/Project	Goal	Achievement
Scottsdale Fashion Square	Execute replacement leases or letters of intent for 75% of the impacted space in connection with the redevelopment of the Nordstrom wing	Achieved. Signed leases or executed letters of intent for approximately 95% of the impacted space
Store Openings	Open at least four of the following six stores/uses: 1) Danbury Fair: Target; 2) Tysons Corner: Primark; 3) Queens Center: Primark; 4) Danbury Fair: Round One; 5) Freehold Raceway: Dave & Busters; or 6) Broadway Plaza: Pinstripes	Achieved. Five of six goals completed
Deliver Space to Tenants for Construction	Deliver space to tenants for tenant construction for four of the following six key store openings planned for 2024: 1) Chandler Fashion: Round One and Seafood City (2 stores); 2) Tysons Corner: Level 99; 3) Scottsdale Fashion Square: Hermes; 5) Freehold Raceway: Metro Fitness; or 6) Green Acres: Launch	Achieved. All six goals completed
Vacant Anchor Buildings	Execute leases or letters of intent for at least two of the following three properties: 1) execute replacement lease of Broadway Plaza in former Neiman Marcus location; 2) execute replacement leases or letters of intent for Kings Plaza in at least 50% of the former Best Buy location; or 3) FlatIron Crossing in the former Nordstrom location	Goal Not Met. One of three goals completed: 1) executed lease with Restoration Hardware at Broadway Plaza; 2) not completed; 3) not completed


Objective		Achievement
Increase portfolio renewable and clean power consumption by 10% vs. 2023		Achieved. Clean and renewable power consumption is 38%, up more than 10% relative to 34% renewable power consumption achieved in 2023
Reduce portfolio energy intensity to 17.6kWh psf, an 8.5% reduction from 2021 baseline		Goal Not Met
Update Climate and Transition Risk Assessment, aligned to SBTi and ISSB		Achieved
Vet double materiality of upgraded Energy Management System and energy storage for the majority of our owned centers to evaluate the carbon reduction and expense control potential of AI-driven building operations		Achieved. Implemented at Cerritos, Arrowhead and Freehold. Completed inventory and review of all EMS systems, and developed a roadmap of upgrades to controls and EMS systems


				Payout (% of Target)
Measure	Weighting			Unweighted		Weighted
Net Debt to EBITDA Reduction		15	%		200.0%		30.0%
Year-End Reported Occupancy		10	%		183.3%		18.3%
Same Center NOI Growth		15	%		148.0%		22.2%
Disposition of Assets		10	%		100.0%		10.0%
Redevelopment and Leasing		15	%		100.0%		15.0%
Environmental Initiatives		10	%		100.0%		10.0%
TOTAL		75	%				105.5%


Name	Corporate Achievement (75%)		Individual Performance (25%)		2024 Annual Incentive Target (100%)		Payout (% of Target)		Actual Cash Bonus
Jackson Hsieh	$	1,468,125	$	489,375	$	1,500,000		130.5%	$	1,957,500
Douglas J. Healey	$	734,063	$	244,688	$	750,000		130.5%	$	978,750
Ann C. Menard	$	734,063	$	244,688	$	750,000		130.5%	$	978,750
Kenneth L. Volk	$	489,375	$	163,125	$	500,000		130.5%	$	652,500
Scott W. Kingsmore	$	734,063	$	244,688	$	750,000		130.5%	$	978,750


Net Debt to EBITDA Ratio
Year	Weighting		Threshold		Target		Maximum		Outperformance Maximum
2024		20%		8.65		8.35		8.05		7.65
2025		20%		7.80		7.50		7.20		6.80
2026		60%		7.10		6.80		6.50		6.10
Percentage Earned*				50%		100%		150%		225%


Year-End Reported Occupancy and Year-End Permanent Occupancy
			Year-End Reported Occupancy						Year-End Permanent Occupancy
Year	Weighting		Threshold		Target		Maximum		Outperformance Maximum
Year-End 2024		20%		94.0%		95.4%		95.9%		88.8%	89.0%	89.5%	90.0%
Year-End 2025		20%		94.3%		95.7%		96.2%		89.3%	89.5%	90.0%	90.5%
Year End 2026		60%		94.6%		96.0%		96.5%		89.8%	90.0%	90.5%	91.0%
Percentage Earned*				50%		100%		150%		150%	175%	200%	225%


Macerich Relative TSR Ranking vs. Equity Peer REITs	Earned LTIP Modifier

<= 25^th Percentile		-20%

50^th Percentile		0% (no modification)

>=75^th Percentile		+20%


Position	Ownership Requirement as Multiple of Base Salary

Chief Executive Officer		6x

Other Named Executive Officers		3x


Name and Principal Position	Year		Salary ($)⁽¹⁾			Bonus ($)⁽²⁾⁽³⁾		Stock Awards ($)⁽²⁾⁽⁴⁾		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)⁽⁵⁾		All Other Compensation ($)⁽⁶⁾		Total ($)

Jackson Hsieh		2024		811,538	⁽⁷⁾		1,957,500		11,499,966		—		104,308		14,373,312
Chief Executive Officer and President

Daniel E. Swanstrom II		2024		83,077	⁽⁸⁾		375,000		1,499,993		—		16,917		1,974,987
Senior Executive Vice President, Chief
Financial Officer and Treasurer

Douglas J. Healey		2024		600,000			978,750		1,385,909		—		34,592		2,999,251
Senior Executive Vice President,		2023		517,260	⁽⁹⁾		1,237,500		1,099,987		—		29,064		2,883,811
Head of Leasing		2022		500,000			633,000		1,099,983		—		22,541		2,255,524

Ann C. Menard		2024		600,000			978,750		1,652,445		—		90,858		3,322,053
Senior Executive Vice President,		2023		517,260	⁽⁹⁾		1,275,000		1,099,987		—		58,704		2,950,951
Chief Legal Officer and Secretary		2022		500,000			633,000		1,099,983		—		71,611		2,304,594

Kenneth L. Volk		2024		500,000			652,500		799,557		—		55,916		2,007,973
Executive Vice President,
Business Development

Thomas E. O’Hern		2024		160,192	⁽¹⁰⁾		—		343,997		—		224,045		728,234
Former Chief Executive Officer		2023		850,000			2,890,000		5,999,983		—		85,726		9,825,709
		2022		850,000			1,939,700		5,999,975		—		79,717		8,869,392

Scott W. Kingsmore		2024		538,714	⁽¹¹⁾		978,750		1,385,909		—		167,014		3,070,387
Former Senior Executive Vice President,		2023		517,260	⁽⁹⁾		1,237,500		1,299,989		—		73,504		3,128,253
Chief Financial Officer and Treasurer		2022		500,000			633,000		1,299,979		—		77,649		2,510,628


Jackson Hsieh	$	4,224,986
Douglas J. Healey	$	649,985
Ann C. Menard	$	774,997
Kenneth L. Volk	$	374,984
Thomas E. O’Hern	$	249,746
Scott W. Kingsmore	$	649,985


Jackson Hsieh	$	7,274,980
Daniel E. Swanstrom II	$	1,499,993
Douglas J. Healey	$	735,924
Ann C. Menard	$	877,448
Kenneth L. Volk	$	424,573
Thomas E. O’Hern	$	94,251
Scott W. Kingsmore	$	735,924


	Matching Contributions under 401(k) Plan $		Matching Contributions under Nonqualified Deferred Compensation Plan $		Life Insurance Premiums $		Other Welfare Benefit Premiums $		Use of Private Aircraft $		Other Employment Related Matters $
Jackson Hsieh		13,800		—		3,490		15,172		71,846		—
Daniel E. Swanstrom II		13,800		—		9		3,108		—		—
Douglas J. Healey		13,800		—		2,051		18,741		—		—
Ann C. Menard		13,800		56,250		2,067		18,741		—		—
Kenneth L. Volk		13,800		21,750		1,625		18,741		—		—
Thomas E. O’Hern		13,800		4,806		944		7,608		—		196,887
Scott W. Kingsmore		13,800		55,610		1,423		18,741		—		77,440


					Estimate Future Payouts Under Equity Incentive Plan Awards ⁽¹⁾						All Other Stock Awards: Number of Shares of Stock or Units (#)⁽²⁾		Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾
Name	Grant Date		Approval Date		Threshold (#)		Target (#)		Maximum (#)				Grant Date Fair Value of Stock and Option Awards ($)⁽³⁾

Jackson Hsieh		3/1/2024		2/12/2024		104,450		261,124		587,529		—		4,224,986

		3/1/2024		2/12/2024		—		—		—		138,634		2,274,984
		3/1/2024		2/12/2024		—		—		—		304,692		4,999,996

Daniel E. Swanstrom II		11/16/2024		10/29/2024		—		—		—		77,399		1,499,993

Douglas J. Healey		2/15/2024		2/12/2024		14,968		37,420		84,195		—		649,985
		2/15/2024		2/12/2024		—		—		—		42,125		735,924

Ann C. Menard		2/15/2024		2/12/2024		17,847		44,617		100,388				774,997
		2/15/2024		2/12/2024		—		—		—		50,226		877,448

Kenneth L. Volk		2/15/2024		2/12/2024		8,635		21,588		48,573				374,984
		2/15/2024		2/12/2024								24,303		424,573

Thomas E. O’Hern		2/15/2024		2/12/2024		5,751		14,378		32,351		—		249,746
		2/15/2024		2/12/2024		—		—		—		5,395		94,251

Scott W. Kingsmore		2/15/2024		2/12/2024		14,968		37,420		84,195		—		649,985
		2/15/2024		2/12/2024		—		—		—		42,125		735,924


	Stock Awards
Name	Number of Shares or Units of Stock That Have Not Vested (#) ⁽¹⁾		Market Value of Shares or Units of Stock That Have Not Vested ($) ⁽²⁾		Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)^{(3) (4)}		Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) ⁽⁵⁾
Jackson Hsieh		464,877		9,260,343		431,368		8,598,229
Daniel E. Swanstrom II		113,284		2,256,617		—		—
Douglas J. Healey		73,026		1,454,688		111,715		2,225,361
Ann C. Menard		80,294		1,599,456		123,612		2,462,349
Kenneth L. Volk		44,831		893,034		69,432		1,383,088
Thomas E. O’Hern		194,847		3,881,352		428,734		8,540,372
Scott W. Kingsmore		30,382		650,209		120,350		2,397,367


	2023 Service- Based LTIP Units^(a)		2024 Service- Based LTIP Units^(b)		2023 Performance- Based LTIP Units^(c)		2024 Performance- Based LTIP Units^(d)		2024 Service- Based Inducement Awards
Jackson Hsieh		—		92,423		—		67,762		304,692	^(e)
Daniel E. Swanstrom II		—		—		—		—		113,284	^(f)
Douglas J. Healey		16,282		28,084		18,950		9,710		—
Ann C. Menard		16,282		33,484		18,950		11,578		—
Kenneth L. Volk		11,101		16,202		11,926		5,602		—
Thomas E. O’Hern		44,405		3,597		143,114		3,731		—
Scott W. Kingsmore		—		—		20,672		9,710		—


	Stock Awards
Name	Number of Shares Acquired on Vesting (#) ⁽¹⁾		Value Realized on Vesting ($) ⁽¹⁾
Jackson Hsieh		46,211		920,523
Daniel E. Swanstrom II		—		—
Douglas J. Healey		70,635		1,407,049
Ann C. Menard		73,335		1,460,833
Kenneth L. Volk		46,689		930,045
Thomas E. O’Hern		318,159		6,337,727
Scott W. Kingsmore		80,925		1,612,026


Name	Executive Contributions in 2024 ($) ⁽¹⁾		Registrant Contributions in 2024 ($) ⁽²⁾		Aggregate Earnings in 2024 ($) ⁽³⁾		Aggregate Withdrawals/ Distributions during 2024 ($)			Aggregate Balance at 12/31/2024 ($) ⁽⁴⁾
Jackson Hsieh		—		—		—		—			—
Daniel E. Swanstrom II		—		—		—		—			—
Douglas J. Healey		—		—		—		—			—
Ann C. Menard		656,250		56,250		214,519		—			1,963,400
Kenneth L. Volk		145,000		21,750		463,430		(328,069	)		3,579,749
Thomas E. O’Hern		32,038		4,806		892,965		(1,311,791	)		5,991,490
Scott W. Kingsmore		370,731		55,610		616,790		(186,309	)		5,632,303


	Cash Severance ($)			Miscellaneous Benefits ($)			Awards ($)			Life Insurance Proceeds ($)		Total ($)

Jackson Hsieh

Termination with cause		—			—			—			—		—

Qualifying termination		6,500,000	⁽¹⁾		39,982	⁽²⁾		13,112,121	⁽³⁾		—		19,652,103

Resignation		—			—			—			—		—

Retirement		—			—			13,112,121	⁽³⁾		—		13,112,121

Death		383,548	⁽⁴⁾		—			13,211,121	⁽⁵⁾		2,000,000		15,594,669

Disability		383,548	⁽⁴⁾		—			13,211,121	⁽⁵⁾		—		13,211,121

Change in control/Termination		9,000,000	⁽⁶⁾		58,723	⁽⁷⁾		13,112,121	⁽³⁾		—		22,170,844

Daniel E. Swanstrom II

Termination with cause		—			—						—		—

Qualifying termination		2,775,000	⁽⁸⁾		30,612	⁽⁹⁾		1,541,788	⁽³⁾		—		4,347,400

Resignation		—			—			—			—		—

Retirement		—			—			1,541,788	⁽³⁾		—		1,541,788

Death		—			—			513,929	⁽⁵⁾		1,200,000		1,713,929

Disability		—			—			513,929	⁽⁵⁾		—		513,929

Change in control/Termination		4,800,000	⁽⁶⁾		58,723	⁽⁷⁾		1,541,788	⁽³⁾		—		6,400,511

Douglas J. Healey

Termination with cause		—			—			—			—		—

Qualifying termination		3,035,250	⁽⁸⁾		30,612	⁽⁹⁾		1,798,046	⁽³⁾		—		4,863,908

Resignation		—			—			—			—		—

Retirement		—			—			2,627,886	⁽³⁾		—		2,627,886

Death		—			—			2,038,706	⁽⁵⁾		1,200,000		3,238,706

Disability		—			—			2,038,706	⁽⁵⁾		—		2,038,706

Change in control/Termination		5,320,500	⁽⁶⁾		58,723	⁽⁷⁾		2,627,886	⁽³⁾		—		8,007,109

Ann C. Menard

Termination with cause		—			—			—			—		—

Qualifying termination		3,046,500	⁽⁸⁾		30,612	⁽⁹⁾		1,953,402	⁽³⁾		—		5,030,514

Resignation		—			—			—			—		—

Retirement		—			—			2,878,818	⁽³⁾		—		2,878,818

Death		—			—			2,217,926	⁽⁵⁾		1,200,000		3,417,926

Disability		—			—			2,217,926	⁽⁵⁾		—		2,217,926

Change in control/Termination		5,343,000	⁽⁶⁾		58,723	⁽⁷⁾		2,878,818	⁽³⁾		—		8,280,541



(a)	(b)						(c)			(d)		(e)		(f)		(g)		(h)			(i)

Year (1)	Summary Compensation Table Total for Jackson Hsieh		Compensation Actually Paid to Jackson Hsieh(2)(3)		Summary Compensation Table Total for Thomas O’Hern		Compensation Actually Paid to Thomas O’Hern (2)(3)			Average Summary Compensation Table Total for Other NEOs		Average Compensation Actually Paid to Other NEOs (2)(3)		Value of Initial Fixed $100 Investment Based on:				GAAP Net (Loss) Income ($mil.)			Same Center NOI Growth (excluding Lease Termination Income) (5)
Year (1)	Summary Compensation Table Total for Jackson Hsieh		Compensation Actually Paid to Jackson Hsieh(2)(3)		Summary Compensation Table Total for Thomas O’Hern		Compensation Actually Paid to Thomas O’Hern (2)(3)			Average Summary Compensation Table Total for Other NEOs		Average Compensation Actually Paid to Other NEOs (2)(3)		Total Shareholder Return		Peer Group Total Shareholder Return (4)		GAAP Net (Loss) Income ($mil.)

2024	$	14,373,312	$	13,656,145	$	728,234	$	10,141,662		$	2,674,879	$	3,500,215	$	104.63	$	124.22	($	195.0	)		0.2	%

2023					$	9,825,709	$	11,517,786		$	4,042,434	$	4,724,185	$	77.80	$	108.96	($	274.1	)		4.5	%

2022					$	8,869,392	$	(252,422	)	$	3,342,368	$	877,865	$	53.40	$	98.55	($	66.1	)		7.5	%

2021					$	8,246,379	$	10,266,668		$	3,434,396	$	4,143,732	$	78.04	$	113.65	$	14.3			6.1	%

2020					$	8,375,998	$	4,019,314		$	2,896,357	$	1,631,776	$	46.32	$	74.82	($	230.2	)		(21.6	)%



	2024 (1)(2)								2023 (1)(2)						2022 (1)(2)						2021 (1)(2)						2020 (1)(2)

	Hsieh			O’Hern			Average Other NEOs		PEO			Average Other NEOs			PEO			Average Other NEOs			PEO			Average Other NEOs			PEO			Average Other NEOs

Summary Compensation Table Total	$	14,373,312		$	728,234		$	2,674,879	$	9,825,709		$	4,042,434		$	8,869,392		$	3,342,368		$	8,246,379		$	3,434,396		$	8,375,998		$	2,896,357

Minus Change in Pension Value Reported in Summary Compensation Table	$	0		$	0		$	0	$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0

Plus Pension Value Service Cost	$	0		$	0		$	0	$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0

Minus Stock Award and Option Value Reported in Summary Compensation Table for the Covered Year	($	11,499,966	)	($	343,997	)	$	1,344,763	($	5,999,983	)	($	1,774,986	)	($	5,999,975	)	($	1,774,984	)	($	4,499,985	)	($	1,462,492	)	($	5,999,968	)	($	1,518,730	)

Plus (Minus) Year-End Fair Value of Awards Granted During Year that are Outstanding and Unvested at Year-End	$	9,593,102		$	164,298		$	911,847	$	2,884,910		$	979,668		$	1,506,347		$	499,102		$	5,389,360		$	1,723,130		$	1,746,585		$	420,694

Plus (Minus) Year-over-Year Change in Fair Value of Awards Granted in Any Prior Year that are Outstanding and Unvested at Year-End	$	0		$	5,598,203		$	566,375	$	895,363		$	244,815		($	2,919,938	)	($	839,400	)	$	483,215		$	126,226		($	121,969	)	($	119,756	)

Plus Fair Value at Vesting Date of Awards Granted and Vested During the Year	$	920,523		$	35,816		$	20,853	$	685,154		$	302,605		$	325,808		$	143,894		$	607,306		$	293,531		$	198,174		$	66,882

Plus (Minus) Change in Fair Value from End of Prior Year to Vesting Date of Awards Granted in Any Prior Fiscal Year that Vested During the Year	$	0		$	3,160,831		$	360,723	$	3,226,634		$	929,649		($	2,034,056	)	($	493,115	)	$	40,394		$	28,941		($	179,505	)	($	113,673	)

Minus Fair Value at End of Prior Year of Awards Granted in Prior Years that were Forfeited During the Year	$	0		$	0		$	0	$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0

Plus Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	$	269,174		$	798,277		$	120,301	$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	0

Note Compensation Actually Paid	$	13,656,145		$	10,141,662		$	3,500,215	$	11,517,786		$	4,724,185		($	252,422	)	$	877,865		$	10,266,668		$	4,143,732		$	4,019,314		$	1,631,776