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  4. [8-K] MACERICH CO Reports Material Event

Macerich: $325M Fresno Fashion Fair loan enters default

Two property loans entered default after quarter-end, while Macerich reported $2.2 billion of liquidity as of November 4, 2026.

Available on EDGAR Accepted by SEC EDGAR
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(High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Macerich (MAC) reported a third-quarter 2026 net loss attributable to the Company of $16.7 million, or $0.06 per diluted share, compared with an $87.4 million loss, or $0.34 per diluted share, a year earlier; it attributed the lower loss primarily to a gain on asset sales. FFO, as adjusted, was $109.1 million, or $0.37 per diluted share, versus $96.2 million, or $0.36. Leased portfolio occupancy was 94.9% as of September 30, 2026, compared with 93.4% a year earlier.

In August, Macerich issued $775 million of 2.25% exchangeable senior notes due 2031, then used part of the proceeds to repay the $370 million Green Acres Mall mortgage. It sold Pacific View for $69.7 million, including the buyer’s assumption of the property’s $69.7 million loan. After quarter-end, the $74.4 million Fashion Outlets of Niagara Falls loan entered default effective October 6, and the $325.0 million Fresno Fashion Fair loan entered default effective November 2; Macerich said it was negotiating with both lenders. It also closed a $550 million acquisition revolver; at closing, $260 million was available based on eligible collateral. Macerich reported $2.2 billion of liquidity as of November 4, 2026. A $0.17 quarterly dividend is payable December 28 to holders of record December 14, 2026.

1 point · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 1 point

How the balance works

Positive

  • Moderate pointFFO, as adjusted, rose to $109.1 million from $96.2 million.

Negative

  • Major pointFashion Outlets of Niagara Falls’ $74.4 million loan defaulted October 6; Fresno Fashion Fair’s $325.0 million loan defaulted November 2.

Filing Explained

Actual share issuance had expanded Macerich’s common-equivalent base to 295,479,113 by September 30, 2026; 16.1 million forward-offering shares remained unsettled.

This November 4 Form 8-K furnishes third-quarter results and supplemental information; the supplement reports 295,479,113 total common and equivalent shares/units at September 30, 2026, compared with 268,704,071 at December 31, 2025.

The share roll-forward lists 3,252,163 ATM shares in the first quarter, 1,205,039 ATM shares and 22,080,000 equity-offering shares in the second quarter; issuing additional shares increases the share count and reduces existing holders’ percentage ownership, absent offsetting changes. The report excludes 16.1 million shares related to the June 2026 forward public offering from the September 30 count because settlement is for a future date; Macerich expects physical delivery for cash but may instead cash-settle or net-share-settle some or all of its obligations.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net loss attributable to the Company $16.7 million loss Third quarter of 2026; compared with an $87.4 million loss in the third quarter of 2025
FFO, as adjusted $109.1 million Third quarter of 2026; compared with $96.2 million in the third quarter of 2025
Total revenue $260.1 million Three months ended September 30, 2026
Leased portfolio occupancy 94.9% As of September 30, 2026; compared with 93.4% as of September 30, 2025
Exchangeable senior notes $775 million aggregate principal amount Issued in August 2026; 2.25% notes due 2031
Fashion Outlets of Niagara Falls loan in default $74.4 million Default effective October 6, 2026
Fresno Fashion Fair loan in default $325.0 million Default effective November 2, 2026
Quarterly cash dividend $0.17 per share Payable December 28, 2026, to stockholders of record December 14, 2026
Funds from Operations (“FFO”) financial
"Funds from Operations (“FFO”), as adjusted"
capped call transaction financial
"enter into a capped call transaction"
A capped call transaction is a package of option-like contracts a company buys to limit how many new shares it must issue if holders convert convertible securities into stock. Think of it as an insurance policy with a payout ceiling: it offsets dilution for existing shareholders up to a set stock-price cap, but stops protecting beyond that level. Investors care because it changes how many shares will circulate and how much upside the company or converters keep, affecting earnings per share and stock value.
SOFR financial
"bears interest at a rate of SOFR plus 200 basis points"
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
Net Operating Income (“NOI”) financial
"net operating income (“NOI”), excluding lease termination income"
Adjusted EBITDA financial
"Adjusted EBITDA, as further modified"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Net loss attributable to the Company $16.7 million loss Compared with an $87.4 million loss in the third quarter of 2025
Diluted earnings per share ($0.06) per share Compared with ($0.34) per share in the third quarter of 2025
FFO, as adjusted $109.1 million Compared with $96.2 million in the third quarter of 2025
FFO per share, as adjusted, diluted $0.37 per share Compared with $0.36 per share in the third quarter of 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MAC’s third-quarter 2026 results?
Macerich reported a $16.7 million net loss attributable to the Company, or $0.06 per diluted share, compared with an $87.4 million loss, or $0.34 per diluted share, a year earlier. FFO, as adjusted, was $109.1 million, or $0.37 per diluted share, versus $96.2 million, or $0.36.

Which MAC loans entered default after the third quarter of 2026?
The $74.4 million loan at Fashion Outlets of Niagara Falls entered default effective October 6, 2026, and the $325.0 million loan at Fresno Fashion Fair entered default effective November 2, 2026. Macerich said it was negotiating with the lenders on the terms of the loans.

What were the terms of Macerich’s 2026 exchangeable senior notes?
Macerich closed an offering of $775 million aggregate principal amount of 2.25% exchangeable senior notes due 2031. The initial exchange price was $28.19 per share, a premium of approximately 20%; the capped call transaction had a cap price of approximately $34.06 per share, a premium of approximately 45%.

When is MAC’s $0.17 dividend payable?
Macerich announced a $0.17 quarterly cash dividend per common share on November 2, 2026. It is payable December 28, 2026, to stockholders of record at the close of business on December 14, 2026.

What are the terms of MAC’s acquisition revolving credit facility?
Macerich closed a $550 million acquisition revolving credit facility after quarter-end. The facility has a three-year term and bears interest at SOFR plus 200 basis points; at closing, no amounts were outstanding and approximately $260 million was available based on eligible collateral.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0000912242FALSE00009122422026-02-182026-02-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2026

THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)

Maryland1-1250495-4448705
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
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 shareMACThe 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 November 4, 2026, The Macerich Company (the “Company”) released its financial results for the three and nine months ended September 30, 2026 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.

2




EXHIBIT INDEX



EXHIBIT
NUMBER
NAME
99.1
Earnings Results & Supplemental Information for the Three and Nine Months Ended September 30, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
3




SIGNATURES

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

THE MACERICH COMPANY
By: Daniel Swanstrom
November 4, 2026
/s/ Daniel Swanstrom
DateSenior Executive Vice President,
Chief Financial Officer
and Treasurer
4




Exhibit 99.1
Earnings Results & Supplemental Information
For the Three and Nine Months Ended September 30, 2026
macearningsreleasecoverv21.jpg
The Macerich Company
Earnings Results & Supplemental Information
For the Three and Nine Months Ended September 30, 2026
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
19
Trailing Twelve Month Sales Per Square Foot
19
Portfolio Occupancy
19
Average Base Rent Per Square Foot
19
Cost of Occupancy
19
Percentage of Net Operating Income by State
20
Property Listing
21
Joint Venture List
24
Balance Sheet
25
Net Debt to Adjusted EBITDA
25
Debt Summary
27
Outstanding Debt by Maturity Date
28
Development and Redevelopment Pipeline Forecast
30
Corporate Information
31
1
The Macerich Company
Executive Summary
September 30, 2026
macerich-blk.jpg
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 approximately 39 million
square feet of real estate, consisting primarily of interests in 36 regional retail centers, and one community/power shopping center. 
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 $16.7 million, or $0.06 per share-diluted, during the third quarter of 2026, compared to
net loss attributable to the Company of $87.4 million, or $0.34 per share-diluted, for the quarter ended September 30, 2025.  The
change in net loss between the third quarter of 2026 compared to the same period in 2025 is primarily due to the Company recognizing
a gain on sale of assets in the third quarter of 2026.   
Funds from Operations (“FFO”), as adjusted, was $109.1 million, or $0.37 per share-diluted, during the third quarter of 2026, compared
to $96.2 million, or $0.36 per share-diluted, for FFO, as adjusted, for the quarter ended September 30, 2025. 
Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 4.7% in the third quarter of
2026 compared to the third quarter of 2025.
Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended September 30, 2026 were
$943 compared to $867 for the twelve months ended September 30, 2025 and $919 for the twelve months ended June 30, 2026. Go-
Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended September 30,
2026 were $972.
Leased portfolio occupancy as of September 30, 2026 was 94.9%, a 1.5% increase compared to the 93.4% occupancy rate at September
30, 2025 and a 0.9% increase compared to the 94.0% occupancy rate at June 30, 2026.  Go-Forward Portfolio Centers leased occupancy
as of September 30, 2026 was 96.1%.
During the third quarter of 2026, we signed approximately 1.2 million square feet of leases on a comparable center basis, including a
16.9% year-over-year increase in new-store leased square footage.
New store leases are expected to produce total gross revenue of approximately $131 million at our share in excess of the revenue
generated in 2024 from prior uses in those same spaces. This new store leasing pipeline 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.   
   
Management Commentary:
“The third quarter results continue to demonstrate the positive impact of new store openings. With the new leasing initiative largely
completed, the results are now beginning to meaningfully show up in foot traffic, sales and NOI,” said Jack Hsieh, President and Chief
Executive Officer, Macerich. “Go-Forward Portfolio NOI grew 4.7%, our signed-not-open pipeline reached $131 million of the $140
million total opportunity and Go-Forward leased occupancy increased to 96.1%. Our leasing speedometer is at 91% and our store
openings completion is at 62%, ahead of our 60% year-end target.”
“While our strategy is driving NOI and occupancy in the centers where we have elevated and transformed the tenant mix, we are also
seeing traffic increases where we have opened new anchor tenants. Freehold Raceway Mall, Annapolis Mall and Crabtree Mall are all
seeing continued increases in the high-single-digit to mid-double-digit range since DICK’S House of Sport opened, while we’ve seen
comparable increases from Level 99 at Tysons Corner Center and Seafood City at Chandler Fashion Center. These anchor openings and
others planned through 2028 are catalysts in these wings to drive incremental foot traffic that we expect will result in more sales for
the inline tenants, giving us demand tension for the next round of leases.”
“We are executing across multiple growth engines such as leasing, redevelopment and repositioning through the elevate and transform
strategy as well as selective growth through acquisitions. Our acquisition pipeline continues to be robust, with both on- and off-market
opportunities. The criteria remain the same: accretive to the Plan, located in strong trade areas with a clear catalyst to elevate and
transform the assets all while remaining within our leverage targets. Having acquired two malls in the past year, we are under contract
on our next off-market mall acquisition, which is subject to customary closing conditions, and is expected to close by year end."
2
The Macerich Company
Executive Summary
September 30, 2026
Balance Sheet:
During the third quarter of 2026, we were actively engaged in numerous transactions, including the following financing, capital raising,
and disposition activity:
In August, we closed an offering of $775 million aggregate principal amount of 2.25% exchangeable senior notes due 2031. The offering
was upsized and included the full exercise of the initial purchasers' option to purchase up to an additional $100 million aggregate
principal amount of notes. The initial exchange price of $28.19 per share represented a premium of approximately 20%. In connection
with the pricing of the notes, we used a portion of the net proceeds to enter into a capped call transaction, which included a cap price
of approximately $34.06 per share, which represented a premium of approximately 45%. In September, we used a portion of the net
proceeds from this upsized offering to repay the $370 million mortgage loan on Green Acres Mall that had an effective interest rate of
6.6% and a January 2028 maturity date.
In September, we closed on the sale of Pacific View for $69.7 million, including the assumption by the buyer of the $69.7 million loan on
the property that had a May 2032 maturity date. We also completed land sales totaling approximately $3.9 million during the quarter.
Subsequent to quarter end, effective October 6, 2026, the $74.4 million loan at Fashion Outlets of Niagara Falls is in default. The
Company is in negotiations with the lender on the terms of this loan.
Subsequent to quarter end, effective November 2, 2026, the $325.0 million loan at Fresno Fashion Fair is in default. The Company is in
negotiations with the lender on the terms of this loan.
Subsequent to quarter end, we closed on a $550 million acquisition revolving credit facility that is primarily available to finance
acquisitions. As of the closing date, no amounts are outstanding under the facility and approximately $260 million is available to be
borrowed based on the eligible collateral securing the facility. We anticipate in the future additional properties will be added to the
facility borrowing base, as defined, that would allow us to borrow, if we choose to, up to $550 million. The acquisition revolving credit
facility has a three-year term and bears interest at a rate of SOFR plus 200 basis points.
As of the date of this filing, we had approximately $2.2 billion of liquidity, including $900 million of available capacity on our revolving
credit facility, $260 million of available capacity on our acquisition revolving credit facility and $372 million of unsettled forward equity.
Fiscal Year 2024
Guidance
Dividend:
On November 2, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on
December 28, 2026 to stockholders of record at the close of business on December 14, 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 November 4, 2026 at 2:00 p.m. Pacific Time.
The call can be accessed live over the phone by dialing the following numbers: (833) 862-0076 (Toll Free) or (412) 564-6523
(International) and through a live webcast at https://edge.media-server.com/mmc/p/oh63omrq. An online replay can be accessed at
https://investing.macerich.com.
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 approximately 39 million square feet of
gross leasable area (“GLA”) consisting primarily of interests in 36 regional retail centers, and one community/power shopping center. 
These 37 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.
3
The Macerich Company
Executive Summary
September 30, 2026
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 through social media platforms such as LinkedIn and Twitter.
The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis,
minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’
percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based
upon the Company’s percentage ownership interest).  Management believes that these measures provide useful information to
investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable
amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case
presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various
measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after
taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property
level performance and to make decisions about resource allocations.  The Company’s economic interest (as distinct from its legal
ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership
interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account
balances, allocations of profits and losses, payments of preferred returns and control over major decisions.  Additionally, the Company
does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and
expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.
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 geopolitical tensions, tariffs, 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 their 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, 2025, 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
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2026
2025
2026
2025
Revenues:
Leasing revenue
$239,929
$237,232
$699,347
$705,604
Other income
13,264
10,623
32,957
30,409
Management Companies' revenues
6,874
5,407
19,008
16,266
Total revenues
260,067
253,262
751,312
752,279
Expenses:
Shopping center and operating  expenses
85,063
79,755
246,247
244,766
Management Companies' operating  expenses
23,506
20,171
69,908
62,825
Leasing expenses
15,592
10,635
43,129
32,478
REIT general and administrative expenses
8,542
6,928
26,060
22,338
Depreciation and amortization
88,012
90,904
257,305
271,966
Interest expense
66,764
72,699
200,307
213,698
Loss on extinguishment of debt
10,368
—
10,368
—
Total expenses
297,847
281,092
853,324
848,071
Equity in income (loss) of unconsolidated joint ventures
7,013
9,759
(8,090)
8,485
Income tax (expense) benefit
(80)
710
2,066
1,720
Gain (loss) on sale or write down of assets, net
14,710
(72,634)
28,153
(97,106)
    Net loss
(16,137)
(89,995)
(79,883)
(182,693)
Less net income (loss) attributable to noncontrolling interests
597
(2,635)
272
(4,304)
    Net loss attributable to the Company
$(16,734)
$(87,360)
$(80,155)
$(178,389)
Weighted average number of shares outstanding - basic
284,079
254,130
272,037
253,407
Weighted average shares outstanding - Funds From Operations ("FFO") -
diluted (a)
296,249
264,845
283,556
264,224
Earnings per share ("EPS") - basic and diluted
$(0.06)
$(0.34)
$(0.30)
$(0.71)
Dividend paid per share
$0.17
$0.17
$0.51
$0.51
FFO - basic and diluted  (a) (b)
$87,000
$88,591
$253,730
$253,541
FFO, as adjusted  - basic and diluted (a) (b)
$109,071
$96,163
$301,904
$274,640
FFO per share - basic and diluted  (a) (b)
$0.29
$0.33
$0.89
$0.96
FFO per share, as adjusted - diluted (a) (b)
$0.37
$0.36
$1.06
$1.04
5
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(a)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 and the impact of the June 2026 forward public
offering using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.
(b)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.           
The Company also presents FFO, as adjusted. The Company calculates FFO, as adjusted, by excluding the impact of properties in receivership, default interest
expense,  gain or loss on non-real estate investments and gain or loss on extinguishment of debt.     
                                                                                                                                                         
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, as adjusted, which excludes the impact associated with properties
in receivership, default interest expense, impact of non-cash changes in the market value of non-real estate investments and loss on extinguishment of debt
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. Santa Monica Place has been under control of a court-appointed
receiver since March 18, 2025 and the Company has excluded the FFO impact from this property for all periods presented. Effective (i) April 9, 2024, default interest
expense has been accrued on the non-recourse loan on Santa Monica Place; (ii) November 6, 2025 through February 5, 2026, default interest expense was incurred
on the non-recourse loan at South Plains Mall; and  (iii) February 6, 2026, default interest expense has been accrued on the non-recourse loan at Twenty Ninth
Street. 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 and FFO, as adjusted, 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 and FFO,
as adjusted, 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, as adjusted -
basic and diluted (b):
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2026
2025
2026
2025
Net loss attributable to the Company
$(16,734)
($87,360)
($80,155)
($178,389)
Adjustments to reconcile net loss attributable to the Company to FFO
attributable to common stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP
(635)
(3,695)
(3,340)
(7,609)
(Gain) loss on sale or write down of consolidated assets, net
(14,710)
72,634
(28,153)
97,106
Add: Gain on undepreciated asset sales from consolidated assets
3,110
1,229
13,154
2,309
Noncontrolling interests share of loss on sale or write-down of consolidated
joint ventures, net
(8)
—
(25)
—
Loss (gain) on sale or write down of assets from unconsolidated joint
ventures (pro rata), net
499
(11,939)
13,602
(9,880)
Add: Loss on undepreciated asset sales from unconsolidated joint ventures
(pro rata)
—
—
—
(291)
Depreciation and amortization on consolidated assets
88,012
90,904
257,305
271,966
Less: depreciation and amortization allocable to noncontrolling interests in
consolidated joint ventures
(583)
(577)
(1,721)
(1,711)
Depreciation and amortization on unconsolidated joint ventures (pro rata)
29,583
28,858
87,461
85,377
Less: depreciation on personal property
(1,534)
(1,463)
(4,398)
(5,337)
FFO attributable to common stockholders and unit holders - basic and
diluted
87,000
88,591
253,730
253,541
Adjustments:
  Default interest expense
3,849
3,067
11,804
9,100
  Loss on non-real estate investments
706
3
1,741
8,265
5,424
  Property in receivership
7,148
2
2,764
17,737
6,575
  Loss on extinguishment of debt
10,368
—
10,368
—
FFO attributable to common stockholders and unit holders, as adjusted-
basic and diluted
$109,071
$96,163
$301,904
$274,640
Reconciliation of EPS to FFO per share, as adjusted—diluted (b):
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2026
2025
2026
2025
EPS - diluted
$(0.06)
$(0.34)
$(0.30)
$(0.71)
  Per share impact of depreciation and amortization of real estate
0.39
0.44
1.20
1.33
  Per share impact of  (gain) loss on sale or write down of assets, net
(0.04)
0.23
(0.01)
0.34
FFO per share - basic and diluted
0.29
0.33
0.89
0.96
Adjustments:
  Per share impact of default interest expense
0.01
0.01
0.04
0.03
  Per share impact of loss on non-real estate investments
—
0.01
0.03
0.02
  Per share impact of property in receivership
0.03
0.01
0.06
0.03
  Per share impact of loss on extinguishment of debt
0.04
—
0.04
—
FFO per share, as adjusted - diluted
$0.37
$0.36
$1.06
$1.04
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
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2026
2025
2026
2025
Net loss attributable to the Company
$(16,734)
$(87,360)
($80,155)
($178,389)
Interest expense - consolidated assets
66,764
72,699
200,307
213,698
Interest expense - unconsolidated joint ventures (pro rata)
20,782
20,312
61,287
63,193
Depreciation and amortization - consolidated assets
88,012
90,904
257,305
271,966
Depreciation and amortization - unconsolidated joint ventures (pro rata)
29,583
28,858
87,461
85,377
Noncontrolling interests in the OP
(635)
(3,695)
(3,340)
(7,609)
Less: Interest expense and depreciation and amortization allocable to
noncontrolling interests in consolidated joint ventures
(948)
(937)
(2,833)
(2,790)
Loss on extinguishment of debt
10,368
—
10,368
—
(Gain) loss on sale or write down of assets, net - consolidated assets
(14,710)
72,634
(28,153)
97,106
Loss (gain) on sale or write down of assets, net - unconsolidated joint
ventures (pro rata)
499
(11,939)
13,602
(9,880)
Noncontrolling interests share of loss on sale or write-down of consolidated
joint ventures, net
(8)
—
(25)
—
Income tax expense (benefit)
80
(710)
(2,066)
(1,720)
Distributions on preferred units
87
87
261
261
Adjusted EBITDA (a)
183,140
180,853
514,019
531,213
REIT general and administrative expenses
8,542
6,928
26,060
22,338
Management Companies' revenues
(6,874)
(5,407)
(19,008)
(16,266)
Management Companies' operating  expenses
23,506
20,171
69,908
62,825
Leasing expenses, including joint ventures at pro rata
16,242
11,209
45,204
34,595
Corporate and other (income) expenses (b)
(8,041)
(1,021)
(9,825)
(9,919)
Straight-line and above/below market adjustments
(6,685)
(3,714)
(13,910)
(7,879)
NOI - All Centers
209,830
209,019
612,448
616,907
NOI of non-Go-Forward Portfolio Centers (c)
(16,463)
(22,747)
(60,905)
(76,389)
NOI - Go-Forward Portfolio Centers (c)
193,367
186,272
551,543
540,518
Lease termination income of Go-Forward Portfolio Centers
(375)
(1,922)
(1,027)
(7,453)
NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)
$192,992
$184,350
$550,516
$533,065
NOI - Go-Forward Portfolio Centers percentage change, including lease
termination income (c)
3.8%
2.0%
NOI - Go-Forward Portfolio Centers percentage change, excluding lease
termination income (c)
4.7%
3.3%
(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 23 (See note (c) of the Company's Property
Listing Table), excluding Annapolis Mall  for purposes of this calculation, as this property was acquired April 30, 2026 and was not held for the entirety of the
comparable periods. For purposes of this calculation, Crabtree Mall is included in the Go-Forward Portfolio Centers beginning in the quarter for the three months
ended September 30, 2026 and 2025. 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 prorata), 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 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 include
Annapolis Mall.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
Period Ended
9/30/2026
12/31/2025
12/31/2024
(dollars in thousands, except per share data)
Closing common stock price per share
$22.36
$18.46
$19.92
52 week high
$26.68
$21.12
$22.27
52 week low
$16.03
$12.48
$12.99
Shares outstanding at end of period
Class A non participating convertible preferred units
99,565
99,565
99,565
Common shares and partnership units
295,379,548
268,604,506
263,739,694
Total common and equivalent shares/units outstanding
295,479,113
268,704,071
263,839,259
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata
$6,662,058
$6,590,774
$6,647,576
Equity market capitalization
6,606,913
4,960,277
5,255,678
Total market capitalization
$13,268,971
$11,551,051
$11,903,254
Debt as a percentage of total market capitalization
50.2%
57.1%
55.9%
chart-b15f2ce4be0d4a57b0f.gif
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
Partnership
Units
Company
Common Shares
Class A
Non-Participating
Convertible
Preferred Units
Total
Common
and
Equivalent Shares/
Units
Balance as of December 31, 2025
11,613,593
256,990,913
99,565
268,704,071
Conversion of partnership units to cash
(44,096)
—
—
(44,096)
Conversion of partnership units to common shares
(286,338)
286,338
—
—
Issuance of shares from at-the-market ("ATM") program
—
3,252,163
—
3,252,163
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
22,655
103,482
—
126,137
Balance as of March 31, 2026
11,305,814
260,632,896
99,565
272,038,275
Conversion of partnership units to common shares
(9,500)
9,500
—
—
Issuance of shares from ATM program
—
1,205,039
—
1,205,039
Issuance of shares from equity offering
—
22,080,000
—
22,080,000
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
—
148,825
—
148,825
Balance as of June 30, 2026(a)
11,296,314
284,076,260
99,565
295,472,139
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
—
6,974
—
6,974
Balance as of September 30, 2026(a)
11,296,314
284,083,234
99,565
295,479,113
(a) This excludes the 16.1 million shares relating to the June 2026 forward public offering which will be settled at a future date.
10
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)
For the Three
Months Ended
September 30,
For the Nine
Months Ended
September 30,
2026
2026
Revenues:
Leasing revenue
$239,929
$699,347
Other income
13,264
32,957
Management Companies' revenues
6,874
19,008
Total revenues
260,067
751,312
Expenses:
  Shopping center and operating expenses
85,063
246,247
  Management Companies' operating expenses
23,506
69,908
  Leasing expenses
15,592
43,129
  REIT general and administrative expenses
8,542
26,060
  Depreciation and amortization
88,012
257,305
  Interest expense
66,764
200,307
  Loss on extinguishment of debt
10,368
10,368
Total expenses
297,847
853,324
Equity in gain (loss) of unconsolidated joint ventures
7,013
(8,090)
Income tax (expense) benefit
(80)
2,066
Gain on sale or write down of assets, net
14,710
28,153
Net loss
(16,137)
(79,883)
Less net income attributable to noncontrolling interests
597
272
Net loss attributable to the Company
$(16,734)
$(80,155)
11
THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of September 30, 2026
(Dollars in thousands)
ASSETS:
Property, net (a)
$6,855,756
Cash and cash equivalents
560,767
Restricted cash
62,378
Tenant and other receivables, net
129,602
Right-of-use assets, net
101,540
Deferred charges and other assets, net
345,977
Due from affiliates
4,047
Investments in unconsolidated joint ventures
705,571
Total assets
$8,765,638
LIABILITIES AND EQUITY:
Mortgage notes payable
$4,409,716
Bank and other notes payable
758,173
Accounts payable and accrued expenses
152,229
Lease liabilities
61,422
Other accrued liabilities
386,708
Distributions in excess of investments in unconsolidated joint ventures
197,247
Total liabilities
5,965,495
Commitments and contingencies
Equity:
Stockholders' equity:
      Common stock
2,841
      Additional paid-in capital
6,719,380
      Accumulated deficit
(3,998,740)
      Accumulated other comprehensive loss
(3)
Total stockholders' equity
2,723,478
Noncontrolling interests
76,665
Total equity
2,800,143
Total liabilities and equity
$8,765,638
(a)Includes construction in progress of $334,041 for September 30, 2026.
12
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
September 30, 2026
For the Nine Months Ended
September 30, 2026
Noncontrolling
Interests of
Consolidated
Joint Ventures
(a)
Company's
Share of
Unconsolidated
Joint Ventures
(b)
Noncontrolling
Interests of
Consolidated
Joint Ventures
(a)
Company's
Share of
Unconsolidated
Joint Ventures
(b)
Revenues:
Leasing revenue
$(1,670)
$78,440
$(4,490)
$225,526
Other income
(905)
6,075
(2,949)
5,246
      Total revenues
(2,575)
84,515
(7,439)
230,772
Expenses:
Shopping center and operating  expenses
(377)
25,979
(927)
74,397
Leasing expense
(10)
659
(42)
2,115
Depreciation and amortization
(583)
29,583
(1,721)
87,461
Interest expense
(365)
20,782
(1,112)
61,287
      Total expenses
(1,335)
77,003
(3,802)
225,260
Equity in (income) loss of unconsolidated joint ventures
—
(7,013)
—
8,090
Loss on sale or write down of assets, net
8
(499)
25
(13,602)
Net income
(1,232)
—
(3,612)
—
Less net income attributable to noncontrolling interests
(1,232)
—
(3,612)
—
Net income attributable to the Company
$—
$—
$—
$—
(a)Represents the Company’s partners’ share of consolidated joint ventures.
(b)For the three and nine months ended September 30, 2026, other income includes $2.5 million and $5.3 million, respectively, of legal claims settlement
income, net. Additionally, for the three and nine months ended September 30, 2026, other income includes a reduction of $0.9 million and $11.0
million, respectively, which adjusted to market the Company's share of non-real estate investments.      
13
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
As of September 30, 2026
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's Share
of Unconsolidated
Joint Ventures
ASSETS:
Property, net (b)
$(18,326)
$1,973,407
Cash and cash equivalents
(1,171)
69,349
Restricted cash
(237)
5,089
Tenant and other receivables, net
(55)
59,573
Right-of-use assets, net
—
64,614
Deferred charges and other assets, net
(694)
35,493
Due from affiliates
35
(2,107)
Investments in unconsolidated joint ventures, at equity
—
(705,571)
Total assets
$(20,448)
$1,499,847
LIABILITIES AND EQUITY:
Mortgage notes payable
$(33,096)
$1,527,265
Accounts payable and accrued expenses
(342)
31,285
Lease liabilities
—
61,670
Other accrued liabilities
(18,515)
76,874
Distributions in excess of investments in unconsolidated joint ventures
—
(197,247)
Total liabilities
(51,953)
1,499,847
Equity:
  Stockholders' equity
—
—
  Noncontrolling interests
31,505
—
    Total equity
31,505
—
    Total liabilities and equity
$(20,448)
$1,499,847
(a)Represents the Company's partners' share of consolidated joint ventures.
(b)This includes $50 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $160,299 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 September 30, 2026
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$159,268
$(1,315)
$157,953
$53,863
$211,816
  Percentage rents
8,335
(18)
8,317
3,695
12,012
  Tenant recoveries
68,520
(352)
68,168
18,905
87,073
  Other
6,021
(25)
5,996
1,878
7,874
  Bad debt expense
(2,215)
40
(2,175)
99
(2,076)
    Total leasing revenue
$239,929
$(1,670)
$238,259
$78,440
$316,699
For the Nine Months Ended September 30, 2026
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$463,973
$(3,373)
$460,600
$156,710
$617,310
  Percentage rents
18,002
(57)
17,945
7,126
25,071
  Tenant recoveries
204,311
(1,022)
203,289
56,168
259,457
  Other
18,409
(80)
18,329
5,666
23,995
  Bad debt expense
(5,348)
42
(5,306)
(144)
(5,450)
    Total leasing revenue
$699,347
$(4,490)
$694,857
$225,526
$920,383
(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 September 30,
2026
2025
Straight-line rent receivable
$145.7
$134.2
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2026
2025
2026
2025
Lease termination income (b)
$0.4
$2.0
$1.1
$7.8
Straight-line rental income (b)
$5.2
$2.8
$10.3
$3.6
Business development and parking income (c)
$13.8
$14.2
$41.0
$42.1
Gain on sales or write down of undepreciated assets
$3.1
$1.2
$13.2
$2.0
Amortization of acquired above and below-market leases, net revenue (b)
$1.5
$0.9
$3.6
$4.3
Amortization of debt discounts, net (d)
$(4.2)
$(7.5)
$(12.5)
$(25.8)
Bad debt expense (b)
$2.1
$0.9
$5.5
$3.7
Leasing expense
$16.2
$11.2
$45.2
$34.6
Interest capitalized (d)
$5.2
$5.4
$15.9
$18.0
Employee severance costs (e)
$—
$0.3
$0.6
$2.4
Legal claims settlement income (expense), net (f)
$2.5
$(1.4)
$5.3
$3.9
(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.
16
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures(a)
(Dollars in millions)
For the Nine Months
Ended September 30,
For the Twelve Months Ended
December 31,
2026
2025
2025
2024
Consolidated Centers
Acquisitions of property (b)
$272.0
$290.0
$290.0
$170.8
Property improvements
26.5
15.8
34.6
43.3
Development, redevelopment, expansions and renovations of Centers
123.4
74.8
100.2
104.5
Tenant allowances
38.8
19.4
31.4
20.6
Deferred leasing charges
6.1
3.3
5.5
4.4
Total
$466.8
$403.3
$461.7
$343.6
Unconsolidated Joint Venture Centers
Property improvements
$6.3
$5.0
$9.3
$14.4
Development, redevelopment, expansions and renovations of Centers
70.4
52.8
77.7
39.8
Tenant allowances
17.2
11.6
14.3
21.0
Deferred leasing charges
4.3
2.9
3.6
5.6
Total
$98.2
$72.3
$104.9
$80.8
(a)All joint venture amounts at pro rata.
(b)Breakdown of acquisitions of property:
Acquisition
Date
For the Nine Months
Ended September 30,
For the Twelve Months
Ended December 31,
2026
2025
2025
2024
Acquisition of Annapolis Mall
4-30-2026
(c)
$272.0
$—
$—
$—
Acquisition of Crabtree Mall
6-23-2025
(c)
—
290.00
290.0
—
Acquisition of the Company's joint venture partner's 40% interest in
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
Arrowhead Towne Center and South Plains Mall
5-14-2024
—
—
—
36.4
Total
$272.0
$290.0
$290.0
$170.8
(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 nine months ended September 30, 2026,
and for the twelve months ended December 31, 2025 and 2024:                                                                                                 
Property/Location
Disposition
Date
Gross Sale
Price
(at 100%)
Gross Sale
Price
(at Company's
Share)
Reduction of
Debt
(at Company's
Share)
I. Asset Dispositions
Pacific View, Ventura, California
09-17-2026
$69.7
$69.7
$69.7
West Acres, Fargo, North Dakota
06-18-2026
(a)
14.3
14.3
12.9
Outparcel at Fashion Outlets of Chicago, Rosemont, Illinois
04-14-2026
0.8
0.8
—
Former department store parcel  at Freehold Raceway Mall,
Freehold, New Jersey
02-02-2026
1.5
1.5
—
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
(b)
5.5
5.5
3.1
1010-1016 Market Street parcels at Fashion District Philadelphia,
Philadelphia, Pennsylvania
06-30-2025
10.8
10.8
—
Former department store parcel  at Washington Square, Petaluma,
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
(c)
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
(d)
175.6
147.7
147.7
      Subtotal
$1,090.3
$1,026.4
$735.3
Various land parcels (undepreciated asset sales), including separate
transactions with certain joint venture partners:
For the nine months ended September 30, 2026
2026
(e)
$16.9
$16.9
$—
For the twelve months ending December 31, 2025
2025
(e)
38.1
19.5
—
For the twelve months ending December 31, 2024
2024
(e)
36.3
6.3
—
      Subtotal
91.3
42.7
$—
Total - Asset Dispositions
$1,181.6
$1,069.1
$735.3
II. Loan Give-Backs
Santa Monica Place, Santa Monica, California
Pending
(f)
$300.0
$300.0
$300.0
Total - Loan Give-Backs
$300.0
$300.0
$300.0
Grand Total - Asset Dispositions/Loan Give-Backs (g)
$1,481.6
$1,369.1
$1,035.3
18
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Asset Dispositions / Loan Give-Backs
(Dollars in millions)
(a)The Company sold its 19% joint venture partnership interest in the property for $1.4 million, and the buyer's assumption of $12.9 million of the Company's share of
debt.
(b)The Company sold its 5% joint venture partnership interest in the property. 
(c)The Company sold its 50% joint venture partnership interest in the property.   
(d)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.
(e)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO.
(f)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 the
owner of record. 
(g)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs.
                 
             
                       
                   
                                                                                           
19
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Operational Data
Consolidated
Centers
Unconsolidated
Joint Venture
Centers
Total
Centers
Total
Go-Forward
Portfolio
Centers
Sales Per Square Foot (a)
9/30/2026
$826
$1,228
$943
$972
9/30/2025
$787
$1,049
$867
$905
12/31/2025
$795
$1,073
$881
$921
Portfolio Occupancy (b)
9/30/2026
94.1%
96.4%
94.9%
96.1%
9/30/2025
92.4%
95.2%
93.4%
94.3%
12/31/2025
93.5%
94.9%
94.0%
94.9%
Average Base Rents (c)
9/30/2026
$67.14
$85.83
$70.73
$72.15
9/30/2025
$67.24
$79.32
$69.64
$71.65
12/31/2025
$66.92
$79.47
$69.47
$71.31
Cost of Occupancy
9/30/2026
Minimum rents
7.9%
6.9%
7.5%
7.6%
Percentage rents
0.6%
0.8%
0.7%
0.7%
Expense recoveries (d)
3.1%
3.0%
3.0%
3.0%
Total
11.6%
10.7%
11.2%
11.3%
12/31/2025
Minimum rents
8.1%
7.4%
7.8%
7.9%
Percentage rents
0.6%
0.9%
0.7%
0.7%
Expense recoveries (d)
3.1%
3.3%
3.2%
3.2%
Total
11.8%
11.6%
11.7%
11.8%
(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.
(b)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.
(c)Average base rent per square foot is based on spaces 10,000 square feet and under, excluding Santa Monica Place. All joint venture amounts are included at pro
rata. 
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.
(d)Represents real estate tax and common area maintenance charges.
20
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
Portfolio Centers
Pro Rata Real
Estate NOI (a)
California
21.5%
Arizona
21.2%
New York
16.9%
Pennsylvania, Virginia & North Carolina
14.1%
New Jersey & Connecticut
8.9%
Colorado & Illinois
6.8%
Oregon
6.7%
Other (b)
3.9%
Total
100.0%
(a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending September 30, 2026 Pro Rata Real Estate NOI excludes Annapolis Mall, and
straight-line and above/below market adjustments to minimum rents. Pro Rata Real Estate NOI also 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.
21
The Macerich Company
Property Listing
As of September 30, 2026
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by
the Company as of September 30, 2026.
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
CONSOLIDATED CENTERS:
1
100%
Annapolis Mall(c)
Annapolis, Maryland
1980/2026
ongoing
1,438,000
2
100%
Arrowhead Towne Center(c)
Glendale, Arizona
1993/2002
2015
1,077,000
3
100%
Crabtree Mall(c)
Raleigh, North Carolina
1972/2025
ongoing
1,315,000
4
100%
Danbury Fair Mall(c)
Danbury, Connecticut
1986/2005
2016
1,272,000
5
100%
Desert Sky Mall(c)
Phoenix, Arizona
1981/2002
2007
638,000
6
100%
Eastland Mall(c)(d)
Evansville, Indiana
1978/1998
1996
1,013,000
7
100%
Fashion District Philadelphia(c)
Philadelphia, Pennsylvania
1977/2014
2019
742,000
8
100%
Fashion Outlets of Chicago(c)
Rosemont, Illinois
2013/—
—
528,000
9
100%
Fashion Outlets of Niagara Falls USA
Niagara Falls, New York
1982/2011
2014
685,000
10
100%
Freehold Raceway Mall(c)
Freehold, New Jersey
1990/2005
2007
1,669,000
11
100%
Fresno Fashion Fair(c)
Fresno, California
1970/1996
2006
969,000
12
100%
Green Acres Mall(c)(d)
Valley Stream, New York
1956/2013
ongoing
1,875,000
13
100%
Inland Center(c)
San Bernardino, California
1966/2004
2016
894,000
14
100%
Kings Plaza Shopping Center(c)(d)
Brooklyn, New York
1971/2012
2018
1,135,000
15
100%
La Cumbre Plaza(d)
Santa Barbara, California
1967/2004
1989
325,000
16
100%
Los Cerritos Center(c)
Cerritos, California
1971/1999
2016
1,149,000
17
100%
NorthPark Mall(c)
Davenport, Iowa
1973/1998
2001
865,000
18
100%
Queens Center(c)(d)
Queens, New York
1973/1995
2004
964,000
19
100%
Santa Monica Place(e)
Santa Monica, California
1980/1999
ongoing
357,000
20
85%
SanTan Village Regional Center(c)
Gilbert, Arizona
2007/—
2018
1,183,000
21
100.0%
South Plains Mall(c)
Lubbock, Texas
1972/1998
2017
1,313,000
22
100%
Stonewood Center(c)(d)
Downey, California
1953/1997
1991
928,000
23
100%
Superstition Springs Center(c)
Mesa, Arizona
1990/2002
2002
793,000
22
The Macerich Company
Property Listing
As of September 30, 2026
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
24
100%
Valley River Center(c)
Eugene, Oregon
1969/2006
2007
812,000
25
100%
Victor Valley, Mall of(c)
Victorville, California
1986/2004
2012
576,000
26
100%
Vintage Faire Mall(c)
Modesto, California
1977/1996
2020
1,099,000
27
100%
Washington Square(c)
Portland, Oregon
1974/1999
2005
1,125,000
Total Consolidated Centers
26,739,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
28
50%
Broadway Plaza(c)
Walnut Creek, California
1951/1985
2016
994,000
29
50.1%
Chandler Fashion Center(c)
Chandler, Arizona
2001/2002
2023
1,413,000
30
50.1%
Corte Madera, The Village at(c)
Corte Madera, California
1985/1998
2020
503,000
31
51%
Deptford Mall(c)
Deptford, New Jersey
1975/2006
2020
1,040,000
32
51%
Flatiron Crossing(c)
Broomfield, Colorado
2000/2002
ongoing
1,392,000
33
50%
Kierland Commons(c)
Phoenix, Arizona
1999/2005
2003
440,000
34
50%
Scottsdale Fashion Square(c)
Scottsdale, Arizona
1961/2002
ongoing
1,862,000
35
51%
Twenty Ninth Street(d)
Boulder, Colorado
1963/1979
2007
685,000
36
50%
Tysons Corner Center(c)
Tysons Corner, Virginia
1968/2005
2014
1,920,000
Total Unconsolidated Joint Venture Centers
10,249,000
Total Retail Centers
36,988,000
COMMUNITY / POWER CENTER:
1
50%
Boulevard Shops(f)
Chandler, Arizona
2001/2002
2004
205,000
Total Community / Power Center
205,000
OTHER ASSETS:
100%
Various(g)
—
—
83,000
50%
Scottsdale Fashion Square-Office(c)(f)
Scottsdale, Arizona
1984/2002
2016
124,000
50%
Scottsdale Fashion Square-Caesars Republic Hotel(c)(f)
Scottsdale, Arizona
2024
2024
245,000
50%
Tysons Corner Center-Office(c)(f)
Tysons Corner, Virginia
1999/2005
2012
171,000
50%
Hyatt Regency Tysons Corner Center(c)(f)
Tysons Corner, Virginia
2015
2015
290,000
50%
Tysons Tower(c)(f)
Tysons Corner, Virginia
2014
2014
547,000
50%
VITA Tysons Corner Center(c)(f)
Tysons Corner, Virginia
2015
2015
399,000
Total Other Assets
1,859,000
Grand Total
39,052,000
23
The Macerich Company
Property Listing
As of September 30, 2026
The Company owned or had an ownership interest in 36 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)The Company has completed transition of the property to a receiver, but is still the owner on record.
(f)Included in Unconsolidated Joint Venture Centers.
(g)Included in Consolidated Centers.
24
The Macerich Company
Joint Venture List
September 30, 2026
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
Ownership(a)
Economic
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
994,000
Chandler Fashion Center(d)(e)
50.1%
50.1%
Freehold Chandler Holdings LP
1,413,000
Corte Madera, The Village at
50.1%
50.1%
Corte Madera Village, LLC
503,000
Deptford Mall
51%
51%
Macerich HHF Centers LLC
1,040,000
FlatIron Crossing(f)
51%
51%
Macerich HHF Centers LLC
1,392,000
Hyatt Regency Tysons Corner Center
50%
50%
Tysons Corner Hotel I LLC
290,000
Kierland Commons
50%
50%
Kierland Commons Investment LLC
440,000
SanTan Village Regional Center
84.9%
84.9%
Westcor SanTan Village LLC
1,183,000
Scottsdale Fashion Square
50%
50%
Scottsdale Fashion Square Partnership
1,862,000
Scottsdale Fashion Square-Office
50%
50%
Scottsdale Fashion Square Partnership
124,000
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
1,920,000
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
(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 tenants 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%.
25
The Macerich Company
Net Debt to Adjusted EBITDA
As of September 30, 2026 (Unaudited)
(Dollars in Thousands, at Company's Pro Rata Share)
Total Company's Pro Rata Share of Debt
$6,662,058
(a)
Less: Cash, including joint ventures at the Company's share
(628,945)
    Restricted Cash, including joint ventures at the Company's share
$(67,230)
    Exclude: Restricted Cash that is not loan cash collateral
41,421
Less: Restricted Cash - loan cash collateral
(25,809)
(b)
Less: Debt for Santa Monica Place (lender-controlled)
(300,000)
Net Debt
5,707,304
(c)
Adjusted EBITDA (trailing twelve months)
$724,752
(d)
Plus: Leasing expenses (trailing twelve months)
59,942
(e)
Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments
(trailing twelve months)
9,922
(f)
Plus: Adjustment for acquisitions and dispositions (trailing twelve months)
5,394
(g)
Plus: Other adjustments (trailing twelve months)
(21,138)
(h)
Adjusted EBITDA, as further modified (trailing twelve months)
$778,872
Net Debt to Adjusted EBITDA, as further modified
7.33x
(i)
Net Debt to Adjusted EBITDA, Pro Forma (j)
Net Debt from above
$5,707,304
Less: Net value of unsettled forward equity (j)
(372,284)
Net Debt, adjusted
5,335,020
Adjusted EBITDA from above
$778,872
Net Debt to Adjusted EBITDA, Pro Forma
6.85x
(j)
(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the
principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the
related debt in a manner that approximates the effective interest method. As of September 30, 2026, the Company's pro rata share of unamortized debt discounts
and loan finance costs were $20.9 million and $35.9 million, respectively.
(b)Represents Restricted Cash that is held by lenders for various purposes, which effectively serves as cash collateral to the underlying loan until the cash is recouped
into liquid resources by the borrower.
(c)Net Debt is a non-GAAP measure which represents Debt less Cash and Restricted Cash. Management believes that the presentation of Net Debt provides useful
information to investors because it reviews Net Debt as part of its management of the Company's overall liquidity, financial flexibility, capital structure and financial
leverage.
(d)Adjusted EBITDA for the trailing twelve months is calculated as follows:
Add:
Subtract:
Add:
For the Nine Months
Ended
For the Nine
Months Ended
For the Twelve
Months Ended
Trailing Twelve
Months
September 30, 2026
September 30, 2025
December 31, 2025
September 30, 2026
Adjusted EBITDA, as reported
$514,019
$531,213
$741,946
$724,752
For a reconciliation of net loss to Adjusted EBITDA for the nine months ended September  30, 2026 and 2025 see page 7 and for the twelve months ended
December 31, 2025, see the Company's Supplemental Information for the fourth quarter on the Company's website.
(e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally
staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful
information to investors because it allows them to more easily compare the Company's results to other REIT's.
(f)The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the
Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or
loss on non-real estate investments should be excluded from Adjusted EBITDA.
26
(g)Represents the net forward EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisition of: i) Annapolis 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, viii) West Acres Mall, ix) Pacific View; and x) 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.
(j)This assumes the net value of the unsettled forward equity offering is treated as a cash equivalent and reflects 16,100,000 of unsettled shares at an initial forward
price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. Although the Company expects to settle
the forward sale agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash settle or net
share settle all or a portion of its obligations.
27
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company's pro rata share) (a)
As of September 30, 2026
Fixed Rate
Floating Rate
Total
Dollars in thousands
Mortgage notes payable
$3,953,376
$456,340
$4,409,716
Bank and other notes payable
758,173
—
758,173
Total debt per Consolidated Balance Sheet
4,711,549
456,340
5,167,889
Adjustments:
Less: Noncontrolling interests share of debt from consolidated joint ventures
(33,096)
—
(33,096)
Adjusted Consolidated Debt
4,678,453
456,340
5,134,793
Add: Company’s share of debt from unconsolidated joint ventures
1,513,186
14,079
1,527,265
Total Company’s Pro Rata Share of Debt
$6,191,639
$470,419
$6,662,058
Weighted average interest rate
4.87%
5.84%
4.94%
Weighted average maturity (years)
3.08
(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.
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of September 30, 2026
Center/Entity (dollars in thousands)
Maturity
Date
Effective
Interest
Rate (a)
Fixed
Floating
Total Debt
Balance (a)
I. Consolidated Assets:
Fashion Outlets of Niagara Falls USA (b)
10/06/26
6.52%
$74,355
$—
$74,355
Fresno Fashion Fair (c)
11/01/26
3.67%
325,000
—
325,000
Los Cerritos Center
11/01/27
5.77%
463,424
—
463,424
Arrowhead Towne Center
02/01/28
6.75%
353,216
—
353,216
SanTan Village Regional Center (d)
07/01/29
4.34%
186,661
—
186,661
Freehold Raceway Mall
11/01/29
3.94%
399,501
—
399,501
Queens Center 
11/06/29
5.45%
523,669
—
523,669
South Plains Mall
11/06/29
4.59%
197,827
—
197,827
Kings Plaza Shopping Center 
01/01/30
3.71%
521,673
—
521,673
Fashion Outlets of Chicago
02/01/31
4.61%
299,621
—
299,621
The Macerich Partnership, L.P. - Unsecured Exchangeable Senior Notes (e)
08/15/31
2.70%
758,173
—
758,173
Danbury Fair Mall
02/06/34
6.59%
152,691
—
152,691
Victor Valley, Mall of 
09/06/34
6.85%
84,116
—
84,116
Washington Square
04/06/35
5.63%
338,526
—
338,526
Total Fixed Rate Debt for Consolidated Assets
4.65%
$4,678,453
$—
$4,678,453
Santa Monica Place (f)
12/09/24
5.34%
$—
$300,000
$300,000
Crabtree Mall (g)
08/06/29
6.72%
—
156,340
156,340
The Macerich Partnership, L.P. - Line of Credit  (g),(h)
03/01/30
—
—
—
—
Total Floating Rate Debt for Consolidated Assets
5.81%
$—
$456,340
$456,340
Total Debt for Consolidated Assets
4.75%
$4,678,453
$456,340
$5,134,793
II. Unconsolidated Assets (At Company’s pro rata share):
Twenty Ninth Street (51%) (i)
02/06/26
4.10%
$76,500
$—
$76,500
Kierland Commons (50%)
04/01/27
3.98%
90,149
—
90,149
Scottsdale Fashion Square (50%)
03/06/28
6.28%
349,654
—
349,654
Corte Madera, The Village at (50.1%)
09/01/28
3.53%
103,526
—
103,526
Tysons Corner Center (50%)
12/06/28
6.89%
352,792
—
352,792
Chandler Fashion Center (50.1%)
07/01/29
7.15%
137,417
—
137,417
Tysons Tower (50%)
10/11/29
3.38%
94,811
—
94,811
Broadway Plaza (50%)
04/01/30
4.19%
206,582
—
206,582
Tysons VITA (50%)
12/01/30
3.43%
44,787
—
44,787
Deptford Mall (51%)
05/06/31
7.57%
56,968
—
56,968
Total Fixed Rate Debt for Unconsolidated Assets
5.56%
$1,513,186
$—
$1,513,186
Boulevard Shops (50%)
12/05/28
6.65%
—
11,896
11,896
FlatIron Crossing Residential (43.35%)
09/24/30
6.50%
—
2,183
2,183
Total Floating Rate Debt for Unconsolidated Assets
6.63%
$—
$14,079
$14,079
Total Debt for Unconsolidated Assets
5.57%
$1,513,186
$14,079
$1,527,265
Total Debt
4.94%
$6,191,639
$470,419
$6,662,058
Percentage to Total
92.94%
7.06%
100.00%
29
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 October 6, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan. 
(c)Effective November 2, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan.
(d)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%. 
(e)These unsecured exchangeable senior notes were issued on August 11, 2026, in an aggregate amount of $775.0 million. The above table includes the unamortized
discount and other issuance costs totaling $16.8 million as of September 30, 2026.   
(f)The Company has completed transition of the property to a receiver, but is still the owner of record.
(g)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.
(h)As of September 30, 2026, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $16.4 million, which are netted
against balances outstanding or reclassified as an asset when there are no borrowings outstanding on the credit facility, which was the case at September 30,
2026.
(i)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.                                                                                                                                               
                                                                                                                                                 
                                                                                                                                                 
                                                                                                                                                         
                                                                                                                                                           
                                                                                                                                                       
                                                                                                                                                         
                                                                                                                                                               
                                                                                                                                                   
30
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of September 30, 2026
In-Process Developments and Redevelopments:
Property
Project Type
Total Cost (a)(b)
at 100%
Ownership
%
Pro Rata Total
Cost (a)(b)
Pro Rata
Capitalized
Costs
Incurred-to-
Date(b)
Expected
Opening (a)
Stabilized
Yield (a)(b)(c)
FlatIron Crossing
Broomfield, CO
Development of luxury, multi-family
residential units, new/repurposed
retail and food & beverage uses, and
a community plaza, and
redevelopment of the vacant former
Nordstrom store.
$245
—
$265
43.4% and 51%
(d)
$125
—
$135
$52
2027/2029
(e)
6.75% - 7.75%
(f)
Green Acres Mall
Valley Stream, NY
Redevelopment of northeast
quadrant of mall property, new
exterior shops and façade, approx.
375,000 sf of leasing including new
grocery use, redevelopment of
vacant anchor building and
demolition of another vacant anchor
building.
$130
—
$150
100%
$130
—
$150
$82
2026/2027
(g)
10% - 11%
Scottsdale Fashion
Square
Scottsdale, AZ
Redevelopment of two-level
Nordstrom wing with luxury-focused
retail and restaurant uses
$84
—
$90
50%
$42
—
$45
$37
2024-2027
(h)
17% - 18%
TOTAL
$459
—
$505
$297
—
$330
$171
(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.
31
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 2026, 2025 and 2024 and
dividends per share of common stock declared and paid by quarter:
Market Quotation
per Share
Dividends
Quarter Ended:
High
Low
Declared
and Paid
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
March 31, 2026
$20.93
$17.62
$0.17
June 30, 2026
$25.97
$19.02
$0.17
September 30, 2026
$26.68
$22.00
$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 & Investor Relations
Phone: 214-373-5252
IR@macerich.com

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