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Macerich (NYSE: MAC) boosts 2025 FFO and record leasing while de-risking portfolio

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(High)
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(Neutral)
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8-K

Rhea-AI Filing Summary

The Macerich Company reported a much smaller net loss as operating metrics and leasing improved in 2025. Net loss attributable to the company was $18.8 million, or $0.07 per diluted share, in Q4 2025 versus a net loss of $211.2 million, or $0.89 per diluted share, a year earlier, largely because 2024 included sizable losses on asset sales and write-downs.

Q4 funds from operations (FFO) excluding specified financing and investment items rose to $128.9 million, or $0.48 per diluted share, from $116.7 million, or $0.47. Go-Forward Portfolio Centers net operating income excluding lease termination income increased 1.7% year over year in Q4 and 1.8% for 2025.

Leasing momentum was strong: the company signed 1.4 million square feet of leases in Q4, up 36%, and 7.1 million square feet for the year, an 85% increase and a company record. New store leases are expected to generate about $107 million of gross revenue at Macerich’s share above 2024 levels over 2024–2028. Portfolio tenant sales per square foot for spaces under 10,000 square feet reached $881, up from $837 a year earlier, with Go-Forward Portfolio Centers at $921.

The company continued executing its “Path Forward Plan,” completing approximately $1.3 billion of asset dispositions over 2024–2025 and extending key debt, including a four-year extension of the $200 million South Plains Mall loan at a 4.22% rate. At period end, Macerich reported about $990 million of liquidity, including full availability on its $650 million revolving credit line, total pro rata debt of $6.59 billion, and net debt to adjusted EBITDA of 7.78x. A quarterly dividend of $0.17 per common share was declared, continuing the company’s consistent payout.

Positive

  • None.

Negative

  • None.

Insights

Macerich shows improving cash metrics, active de-risking, but leverage remains elevated.

Macerich delivered higher recurring cash earnings in 2025 while shrinking accounting losses. FFO excluding specified items increased to $396.97 million from $365.34 million, and Go-Forward Portfolio Centers NOI excluding lease termination income grew 1.8% for the year, indicating modest but positive underlying property performance.

Management advanced its Path Forward Plan through approximately $1.3 billion in asset sales over 2024–2025 and a four-year extension of the $200 million South Plains Mall loan at 4.22%. Liquidity of about $990 million and no revolver borrowings provide flexibility, but total pro rata debt of $6.59 billion keeps net debt to adjusted EBITDA at 7.78x.

Operationally, record leasing of 7.1 million square feet, rising sales per square foot, and positive re-leasing spreads of 6.7% support the Go-Forward portfolio thesis. Future filings detailing completion of the $107 million new-store revenue pipeline and progress on redevelopment projects like Green Acres and FlatIron Crossing will be important for assessing medium-term deleveraging potential.

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): February 18, 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 February 18, 2026, The Macerich Company (the “Company”) released its financial results for the three and twelve months ended December 31, 2025 by posting to its website a financial supplement containing financial and operating information of the Company (“Earnings Results & Supplemental Information”) and such Earnings Results & Supplemental Information is furnished as Exhibit 99.1 hereto.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 7.01    REGULATION FD DISCLOSURE.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

(a), (b) and (c) Not applicable.

(d) Exhibit.

Exhibit Index attached hereto and incorporated herein by reference.

2




EXHIBIT INDEX



EXHIBIT
NUMBER
NAME
99.1
Earnings Results & Supplemental Information for the Three and Twelve Months Ended December 31, 2025
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
February 18, 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 Twelve Months Ended December 31, 2025
coverq4eiteda.jpg
The Macerich Company
Earnings Results & Supplemental Information
For the Three and Twelve Months Ended December 31, 2025
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
Page No.
Executive Summary & Financial Highlights
1
Executive Summary
1
Financial Highlights
4
Capital Information
8
Capital Information and Market Capitalization
8
Changes in Total Common and Equivalent Shares/Units
9
Financial Data
10
Consolidated Statements of Operations (Unaudited)
10
Consolidated Balance Sheet (Unaudited)
11
Non-GAAP Pro Rata Financial Information (Unaudited)
12
Supplemental FFO Information
15
Capital Expenditures
16
Asset Dispositions / Loan Give-Backs
17
Operational Data
18
Trailing Twelve Month Sales Per Square Foot
18
Portfolio Occupancy
19
Average Base Rent Per Square Foot
20
Cost of Occupancy
21
Percentage of Net Operating Income by State
22
Property Listing
23
Joint Venture List
26
Balance Sheet
27
Net Debt to Adjusted EBITDA
27
Debt Summary
28
Outstanding Debt by Maturity Date
29
Development and Redevelopment Pipeline Forecast
31
Corporate Information
32
1
The Macerich Company
Executive Summary
December 31, 2025
macerich-blka.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 39 million square feet of real
estate, consisting primarily of interests in 38 retail centers.  We are firmly dedicated to driving long-term shareholder value and to
advancing environmental goals, social good and sound corporate governance.
Results for the Quarter:
The net loss attributable to the Company was $18.8 million, or $0.07 per share-diluted, during the fourth quarter of 2025, compared to
net loss attributable to the Company of $211.2 million, or $0.89 per share-diluted, for the quarter ended December 31, 2024. The
change in net loss between the fourth quarter of 2025 compared to the same period in 2024 is primarily due to the Company
recognizing losses on sale or write down of assets, net in the fourth quarter of 2024. 
Funds from Operations (“FFO”) excluding financing expense in connection with Chandler Freehold, accrued default interest expense
and gain on non-real estate investments was $128.9 million, or $0.48 per share-diluted, during the fourth quarter of 2025, compared to
$116.7 million, or $0.47 per share-diluted, for FFO excluding financing expense in connection with Chandler Freehold, accrued default
interest expense and loss on non-real estate investments for the quarter ended December 31, 2024. FFO for the fourth quarter of 2025
included legal claims settlement income partially offset by corporate expenses related to annual incentive bonus payouts above-target
levels, which resulted in a net impact of approximately $8.4 million, or $0.03 per share-diluted.
Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.7% in the fourth quarter
of 2025 compared to the fourth quarter of 2024. For the year ended December 31, 2025, Go-Forward Portfolio Centers NOI, excluding
lease termination income, increased 1.8% compared to the year ended December 31, 2024. 
Portfolio tenant sales per square foot for space less than 10,000 square feet for the twelve months ended December 31, 2025 were
$881 compared to $867 for the twelve months ended September 30, 2025 and $837 for the twelve months ended December 31, 2024.
Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended December 31,
2025 were $921.
Leased portfolio occupancy as of December 31, 2025 was 94.0%, a 0.1% decrease compared to the 94.1% occupancy rate at December
31, 2024 and a 0.6% increase compared to the 93.4% occupancy rate at September 30, 2025.  Go-Forward Portfolio Center leased
occupancy as of December 31, 2025 was 94.9%.
During the fourth quarter of 2025, we signed leases for 1.4 million square feet, a 36% increase in leased square footage compared to
the fourth quarter of 2024, on a comparable center basis. For the year, we signed leases for 7.1 million square feet on a comparable
center basis, an 85% increase over 2024 and a new company record.
New store leases are expected to produce total gross revenue of approximately $107 million at our share in excess of the revenue
generated in 2024 from prior uses in those same spaces. This new store leasing pipeline, which includes approximately $8 million of
total gross revenue from Crabtree Mall, represents a cumulative and incremental estimate and includes open stores, leases signed not
open, and leases in documentation that will or have commenced from 2024 through 2028.     
Base rent re-leasing spreads were 6.7% greater than expiring base rent for the trailing twelve months ended December 31, 2025. This
was the seventeenth consecutive quarter of positive base rent leasing spreads.
Management Commentary:
“2025 was a pivotal year for Macerich,” noted Jack Hsieh, President and Chief Executive Officer, Macerich. “We entered the year with
clear objectives under our Path Forward Plan—simplifying the business, driving operational performance improvement, and reducing
leverage. The milestones we achieved this year—leasing volume well ahead of plan, all 30 anchors committed, $1.3 billion in
dispositions completed—demonstrate that the Path Forward Plan is no longer just a plan. It's in execution, with tangible results across
every pillar."
“The heavy lifting of de-risking the plan is substantially complete. For 2026, our focus will be on completing our leasing pipeline,
ensuring tenants are moved in and commencing rent on time, solidifying remaining lease expirations, completing the targeted
dispositions and continuing to evaluate new acquisition opportunities that are accretive to the plan in a disciplined manner.”
2
The Macerich Company
Executive Summary
December 31, 2025
Balance Sheet:
During the fourth quarter of 2025 and in 2026 to date, we were actively engaged in numerous transactions, including the following
financing and disposition activity:
We completed outparcel and land sales totaling $42.3 million, which included the sale of the retail strip center at Washington Square
on December 19, 2025, for $25.8 million. 
We are under contract for the sale of La Cumbre Plaza for approximately $11 million with an expected closing in the second quarter of
2026.
On February 6, 2026, the Company completed a four-year extension of the $200 million loan for South Plains Mall. The loan carries a
stated rate of 4.22% and matures on November 6, 2029.
As of the date of this filing, we had approximately $990 million of liquidity, including $650 million of available capacity on our $650
million revolving line of credit.
Fiscal Year 2024
Guidance
Dividend:
On February 12, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock.  The dividend is payable on March
30, 2026 to stockholders of record at the close of business on March 16, 2026.
Investor Conference Call:
We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The
Macerich Company’s website at www.macerich.com (Investors Section). The call begins on February 18, 2026 at 2:00 p.m. Pacific Time.
To listen to the call, please visit the website at least 15 minutes prior to the call-in order to register and download audio software if
needed. An online replay can be accessed at www.macerich.com (Investors Section).
About Macerich and this Document:
The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition,
leasing, management, development and redevelopment of regional retail centers throughout the United States.  The Company is the
sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited
partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s
management companies.
As of the date of this filing, the Operating Partnership owned or had an ownership interest in 39 million square feet of gross leasable
area (“GLA”) consisting primarily of interests in 37 regional retail centers, and one community/power shopping center.  These 38
centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in this
document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the
context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio
as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go-
Forward Portfolio Centers are subject to change.
Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/,
as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. 
Additional information about Macerich can be found though social media platforms such as LinkedIn and Twitter.
The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis,
minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’
percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based
upon the Company’s percentage ownership interest).  Management believes that these measures provide useful information to
investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable
amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case
presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various
measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after
taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property
level performance and to make decisions about resource allocations.  The Company’s economic interest (as distinct from its legal
ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership
interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account
3
The Macerich Company
Executive Summary
December 31, 2025
balances, allocations of profits and losses, payments of preferred returns and control over major decisions.  Additionally, the Company
does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and
expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.
Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words,
such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions
that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the
Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion
activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve
risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially
from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional
and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among
other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor
or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on
the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the
Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing, and operating
expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats
and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and
construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious
disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its
tenants; the liquidity of real estate investments; government shutdowns and other governmental actions and initiatives (including
legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which
could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of such risks and
uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to
update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence
of unanticipated events unless required by law to do so.
(See attached tables)
4
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
Unaudited
Unaudited
2025
2024
2025
2024
Revenues:
Leasing revenue
$245,160
$257,392
$950,764
$850,453
Other income
10,104
8,565
40,513
37,937
Management Companies' revenues
6,440
7,719
22,706
29,814
Total revenues
261,704
273,676
1,013,983
918,204
Expenses:
Shopping center and operating  expenses
81,564
87,107
326,330
306,868
Management Companies' operating  expenses
21,819
24,567
84,644
82,059
Leasing expenses
14,148
11,366
46,626
41,340
REIT general and administrative expenses
9,201
7,496
31,539
28,145
Depreciation and amortization
85,117
81,454
357,083
294,780
Interest expense (a)
69,844
70,933
283,542
219,987
Gain on extinguishment of debt
—
(14,403)
—
(14,403)
Total expenses
281,693
268,520
1,129,764
958,776
Equity in income (loss) of unconsolidated joint ventures
27,461
7,692
35,946
(197,352)
Income tax benefit
473
879
2,193
1,300
(Loss) gain on sale or write down of assets, net
(26,311)
(233,347)
(123,417)
38,959
    Net loss
(18,366)
(219,620)
(201,059)
(197,665)
Less net income (loss) attributable to noncontrolling interests
394
(8,410)
(3,910)
(3,545)
    Net loss attributable to the Company
$(18,760)
$(211,210)
$(197,149)
$(194,120)
Weighted average number of shares outstanding - basic
256,618
236,619
254,216
221,845
Weighted average shares outstanding - Funds From Operations ("FFO")
- diluted (b)
267,188
246,505
264,972
231,864
Earnings per share ("EPS") - basic
$(0.07)
$(0.89)
$(0.78)
$(0.88)
EPS - diluted 
$(0.07)
$(0.89)
$(0.78)
$(0.88)
Dividend paid per share
$0.17
$0.17
$0.68
$0.68
FFO - basic and diluted (b) (c)
$125,390
$126,214
$378,931
$373,684
FFO - basic and diluted, excluding financing expense in connection with
Chandler Freehold, accrued default interest expense and (gain) loss on
non-real estate investments(b) (c)
$128,906
$116,670
$396,971
$365,335
FFO per share - basic and diluted (b) (c)
$0.47
$0.51
$1.43
$1.61
FFO per share - basic and diluted, excluding financing expense in
connection with Chandler Freehold, accrued default interest expense
and (gain) loss on non-real estate investments(b) (c)
$0.48
$0.47
$1.50
$1.58
5
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(a)Prior to June 13, 2024, the Company accounted for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture as
a financing arrangement. As a result, the Company included in interest expense (i) a credit of $13,795 to adjust for the change in the fair value of the financing
arrangement obligation during the twelve months ended December 31, 2024; (ii) distributions of $1,565 to its partner representing the partner's share of net
income for the twelve months ended December 31, 2024; and (iii) distributions of  $966 to its partner in excess of the partner's share of net income for the twelve
months ended December 31, 2024. On November 16, 2023, the Company acquired its partners' interest in Freehold Raceway Mall and as a result that property is
no longer part of the financing arrangement and is 100% owned by the Company. On June 13, 2024, the partnership agreement between the Company and its
partner was amended. As a result of this modification, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement
and deconsolidated the joint venture and recorded a gain on sale of asset of $334.3 million during the three months ended June 30, 2024. Effective June 13, 2024,
the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting. References to "Chandler Freehold" for the period
November 16, 2023 through June 13, 2024 shall be deemed to only refer to Chandler Fashion Center.
(b)The Operating Partnership has operating partnership units ("OP Units"). OP Units can be converted into shares of Company common stock. Conversion of the OP
Units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The
computation of average shares for FFO-diluted includes the effect of share and unit-based compensation plans. It also assumes conversion of MACWH, LP preferred
and common units to the extent they are dilutive to the calculation.
(c)The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the
real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts
("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related
depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a
decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are
calculated to reflect FFO on the same basis.
Prior to June 13, 2024, the Company accounted for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the
Company recognized financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their
pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excluded
the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net
income.                                                                                 
The Company also presents FFO excluding financing expense in connection with Chandler Freehold, gain or loss on extinguishment of debt, accrued default interest
expense and gain or loss on non-real estate investments.
                                                                                                                                 
FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real
estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on
a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in
comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold,
impact associated with extinguishment of debt, accrued default interest expense and impact of non-cash changes in the market value of non-real estate
investments provides useful supplemental information regarding the Company's performance as it shows a more meaningful and consistent comparison of the
Company's operating performance and allows investors to more easily compare the Company's results. On March 19, 2024, the Company closed on a three-year
extension of the Fashion Outlets of Niagara non-recourse loan and all default interest expense was reversed. Effective April 9, 2024, default interest expense has
been accrued on the non-recourse loan on Santa Monica Place. Effective November 6, 2025, default interest expense has been accrued on the non-recourse loan at
South Plains Mall. The Company is required under GAAP to accrue default interest expense, which is expected to be reversed or paid, once a loan is modified or
once title to the mortgaged loan collateral is transferred. The Company believes that default interest on non-recourse loans, and any  related reversal thereof
should be excluded. The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not
core to the Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that
the gain or loss on non-real estate investments should be excluded.
                     
The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income
(loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be
comparable to similarly titled measures reported by other REITs.
6
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net loss attributable to the Company to FFO attributable to common stockholders and unit holders - basic and
diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and (gain) loss on  non-
real estate investments (c):
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
Unaudited
Unaudited
2025
2024
2025
2024
Net loss attributable to the Company
$(18,760)
($211,210)
($197,149)
($194,120)
Adjustments to reconcile net loss attributable to the Company to FFO
attributable to common stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP
(735)
(9,557)
(8,344)
(8,766)
Loss (gain) on sale or write down of consolidated assets, net
26,311
233,347
123,417
(38,959)
Add: gain on undepreciated asset sales from consolidated assets
4,236
675
6,545
1,130
Noncontrolling interests share of (loss) gain on sale or write-down of
consolidated joint ventures, net
(42)
—
(42)
330
Loss (gain) on sale or write down of assets from unconsolidated joint ventures
(pro rata), net
1,581
3,939
(8,299)
180,089
Add: Gain on undepreciated asset sales from unconsolidated joint ventures
(pro rata)
860
514
569
1,643
Depreciation and amortization on consolidated assets
85,117
81,454
357,083
294,780
Less depreciation and amortization allocable to noncontrolling interests in
consolidated joint ventures
(583)
(565)
(2,294)
(4,382)
Depreciation and amortization on unconsolidated joint ventures (pro rata)
28,837
29,209
114,214
148,740
Less: depreciation on personal property
(1,432)
(1,592)
(6,769)
(6,801)
FFO attributable to common stockholders and unit holders - basic and diluted
125,390
126,214
378,931
373,684
Financing expense in connection with Chandler Freehold
—
—
—
(12,829)
Gain on extinguishment of debt
—
3
(14,403)
—
(14,403)
Accrued default interest expense
4,311
2
3,067
13,411
7,856
(Gain) loss on non-real estate investments
(795)
1,792
4,629
11,027
FFO attributable to common stockholders and unit holders, excluding financing
expense in connection with Chandler Freehold, accrued default interest
expense and (gain) loss on non-real estate investments - basic and diluted
$128,906
$116,670
$396,971
$365,335
Reconciliation of EPS to FFO per share—diluted (c):
For the Three Months Ended
December 31,
For the Twelve Months
Ended December 31,
Unaudited
Unaudited
2025
2024
2025
2024
EPS - diluted
$(0.07)
$(0.89)
$(0.78)
$(0.88)
  Per share impact of depreciation and amortization of real estate
0.42
0.45
1.75
1.86
  Per share impact of  loss on sale or write down of assets, net
0.12
0.95
0.46
0.63
FFO per share - basic and diluted
0.47
0.51
1.43
1.61
Per share impact of financing expense in connection with Chandler Freehold
—
—
—
(0.05)
Per share impact of gain on extinguishment of debt and accrued default interest
expense
0.01
(0.05)
0.05
(0.03)
Per share impact of (gain) loss on non-real estate investments
—
0.01
0.02
0.05
FFO per share - basic and diluted, excluding financing expense in connection with
Chandler Freehold, accrued default interest expense and (gain)  loss on non-real
estate investments
$0.48
$0.47
$1.50
$1.58
7
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net loss attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI - Go-
Forward Portfolio Centers:
For the Three Months Ended
December 31,
For the Twelve Months
Ended December 31,
Unaudited
Unaudited
2025
2024
2025
2024
Net loss attributable to the Company
$(18,760)
$(211,210)
($197,149)
($194,120)
Interest expense - consolidated assets
69,844
70,933
283,542
219,987
Interest expense - unconsolidated joint ventures (pro rata)
19,908
25,800
83,101
130,217
Depreciation and amortization - consolidated assets
85,117
81,454
357,083
294,780
Depreciation and amortization - unconsolidated joint ventures (pro rata)
28,837
29,209
114,214
148,740
Noncontrolling interests in the OP
(735)
(9,557)
(8,344)
(8,766)
Less: Interest expense and depreciation and amortization allocable to
noncontrolling interests in consolidated joint ventures
(942)
(925)
(3,732)
(9,736)
Gain on extinguishment of debt
—
(14,403)
—
(14,403)
Loss (gain) on sale or write down of assets, net - consolidated assets
26,311
233,347
123,417
(38,959)
Loss (gain) on sale or write down of assets, net - unconsolidated joint
ventures (pro rata)
1,581
3,939
(8,299)
180,089
Add: Noncontrolling interests share of (loss) gain on sale or write-down of
consolidated joint ventures, net
(42)
—
(42)
330
Income tax benefit
(473)
(879)
(2,193)
(1,300)
Distributions on preferred units
87
87
348
348
Adjusted EBITDA (a)
210,733
207,795
741,946
707,207
REIT general and administrative expenses
9,201
7,496
31,539
28,145
Management Companies' revenues
(6,440)
(7,719)
(22,706)
(29,814)
Management Companies' operating  expenses
21,819
24,567
84,644
82,059
Leasing expenses, including joint ventures at pro rata
14,738
11,914
49,333
44,152
Corporate and other income (b)
(21,667)
(4,088)
(31,575)
(5,546)
Straight-line and above/below market adjustments
(3,827)
(4,094)
(11,706)
(5,972)
NOI - All Centers
224,557
235,871
841,475
820,231
NOI of non-Go-Forward Portfolio Centers (c)
(25,850)
(40,735)
(102,968)
(100,791)
NOI - Go-Forward Portfolio Centers (c)
198,707
195,136
738,507
719,440
Lease termination income of Go-Forward Portfolio Centers
(1,179)
(844)
(8,697)
(2,773)
NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)
$197,528
$194,292
$729,810
$716,667
NOI - Go-Forward Portfolio Centers percentage change, including lease
termination income (c)
1.8%
2.7%
NOI - Go-Forward Portfolio Centers percentage change, excluding lease
termination income (c)
1.7%
1.8%
(a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss
(gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt, and preferred dividends and includes joint ventures at their pro
rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability
of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative
to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with
GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements
reported by other companies.
(b)    Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate
investments, and other assets.         
(c)    NOI – Go-Forward Portfolio Centers represents the NOI from the Go-Forward Portfolio Centers as defined on page 25 (See note (c) of the Company’s Property
Listing Table), excluding Crabtree Mall for purposes of this calculation, as it was acquired on June 23, 2025 and was not held for the same period in 2024. The
Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing operating performance of the Company.  Go-
Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses,
leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses, corporate and other income and expenses and
the straight-line and above/below market adjustments and subtracting out NOI from non-Go-Forward Portfolio Centers. The Company also presents NOI – Go-
Forward Portfolio Centers, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without
the impact of lease termination income. For purposes of this calculation, the non-Go-Forward Portfolio Centers includes Crabtree Mall.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
Period Ended
12/31/2025
12/31/2024
12/31/2023
(dollars in thousands, except per share data)
Closing common stock price per share
$18.46
$19.92
$15.43
52 week high
$21.12
$22.27
$16.54
52 week low
$12.48
$12.99
$8.77
Shares outstanding at end of period
Class A non participating convertible preferred units
99,565
99,565
99,565
Common shares and partnership units
268,604,506
263,739,694
226,095,455
Total common and equivalent shares/units outstanding
268,704,071
263,839,259
226,195,020
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata
$6,590,774
$6,647,576
$6,919,579
Equity market capitalization
4,960,277
5,255,678
3,490,189
Total market capitalization
$11,551,051
$11,903,254
$10,409,768
Debt as a percentage of total market capitalization
57.1%
55.9%
66.5%
chart-c3eb797aeef74551903a.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, 2024
10,814,198
252,925,496
99,565
263,839,259
Conversion of partnership units to common shares
(6,100)
6,100
—
—
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
73,363
98,829
—
172,192
Balance as of March 31, 2025
10,881,461
253,030,425
99,565
264,011,451
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
—
168,818
—
168,818
Balance as of June 30, 2025
10,881,461
253,199,243
99,565
264,180,269
Conversion of partnership units to cash
(250)
—
—
(250)
Conversion of partnership units to common shares
(306,916)
306,916
—
—
Issuance of shares from at-the-market ("ATM") program
—
2,783,330
—
2,783,330
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
—
6,704
—
6,704
Balance as of September 30, 2025
10,574,295
256,296,193
99,565
266,970,053
Conversion of partnership units to common shares
(61,676)
61,676
—
—
Issuance of shares from at-the-market ("ATM") program
—
276,531
—
276,531
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
1,100,974
356,513
—
1,457,487
Balance as of December 31, 2025
11,613,593
256,990,913
99,565
268,704,071
10
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)
For the Three
Months Ended
December 31,
For the Twelve
Months Ended
December 31,
2025
2025
Revenues:
Leasing revenue
$245,160
$950,764
Other income
10,104
40,513
Management Companies' revenues
6,440
22,706
Total revenues
261,704
1,013,983
Expenses:
  Shopping center and operating expenses
81,564
326,330
  Management Companies' operating expenses
21,819
84,644
  Leasing expenses
14,148
46,626
  REIT general and administrative expenses
9,201
31,539
  Depreciation and amortization
85,117
357,083
  Interest expense
69,844
283,542
Total expenses
281,693
1,129,764
Equity in income of unconsolidated joint ventures
27,461
35,946
Income tax benefit
473
2,193
Loss on sale or write down of assets, net
(26,311)
(123,417)
Net loss
(18,366)
(201,059)
Less net income (loss) attributable to noncontrolling interests
394
(3,910)
Net loss attributable to the Company
$(18,760)
$(197,149)
11
THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of December 31, 2025
(Dollars in thousands)
ASSETS:
Property, net (a)
$6,688,128
Cash and cash equivalents
280,246
Restricted cash
92,717
Tenant and other receivables, net
145,721
Right-of-use assets, net
108,918
Deferred charges and other assets, net
343,431
Due from affiliates
2,449
Investments in unconsolidated joint ventures
707,075
Total assets
$8,368,685
LIABILITIES AND EQUITY:
Mortgage notes payable
$5,068,946
Accounts payable and accrued expenses
125,210
Lease liabilities
66,979
Other accrued liabilities
386,092
Distributions in excess of investments in unconsolidated joint ventures
194,388
Total liabilities
5,841,615
Commitments and contingencies
Equity:
Stockholders' equity:
      Common stock
2,569
      Additional paid-in capital
6,224,127
      Accumulated deficit
(3,777,816)
      Accumulated other comprehensive loss
(9)
Total stockholders' equity
2,448,871
Noncontrolling interests
78,199
Total equity
2,527,070
Total liabilities and equity
$8,368,685
(a)Includes construction in progress of $323,142 for December 31, 2025.
12
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
December 31, 2025
For the Twelve Months Ended
December 31, 2025
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's
Share of
Unconsolidated
Joint Ventures
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's
Share of
Unconsolidated
Joint Ventures
Revenues:
Leasing revenue
$(1,456)
$80,719
$(5,614)
$299,366
Other income
(920)
25,095
(3,735)
35,573
      Total revenues
(2,376)
105,814
(9,349)
334,939
Expenses:
Shopping center and operating  expenses
(246)
27,420
(1,081)
107,209
Leasing expense
(17)
607
(61)
2,768
Depreciation and amortization
(583)
28,837
(2,294)
114,214
Interest expense
(359)
19,908
(1,437)
83,101
      Total expenses
(1,205)
76,772
(4,873)
307,292
Equity in income of unconsolidated joint ventures
—
(27,461)
—
(35,946)
(Loss) gain on sale or write down of assets, net
42
(1,581)
42
8,299
Net income
(1,129)
—
(4,434)
—
Less net income attributable to noncontrolling interests
(1,129)
—
(4,434)
—
Net income attributable to the Company
$—
$—
$—
$—
(a) Represents the Company’s partners’ share of consolidated joint ventures.
13
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
As of December 31, 2025
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's Share
of Unconsolidated
Joint Ventures
ASSETS:
Property, net (b)
$(18,737)
$2,006,066
Cash and cash equivalents
(1,585)
43,007
Restricted cash
—
15,309
Tenant and other receivables, net
(156)
59,628
Right-of-use assets, net
—
65,503
Deferred charges and other assets, net
(716)
36,512
Due from affiliates
26
(1,328)
Investments in unconsolidated joint ventures, at equity
—
(707,075)
Total assets
$(21,168)
$1,517,622
LIABILITIES AND EQUITY:
Mortgage notes payable
$(33,084)
$1,554,912
Accounts payable and accrued expenses
(295)
25,752
Lease liabilities
—
63,115
Other accrued liabilities
(20,159)
68,231
Distributions in excess of investments in unconsolidated joint ventures
—
(194,388)
Total liabilities
(53,538)
1,517,622
Equity:
  Stockholders' equity
—
—
  Noncontrolling interests
32,370
—
    Total equity
32,370
—
    Total liabilities and equity
$(21,168)
$1,517,622
(a)Represents the Company's partners' share of consolidated joint ventures.
(b)This includes $228 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $139,957 of construction
in progress relating to the Company's share from unconsolidated joint ventures.           
14
THE MACERICH COMPANY
NON GAAP PRO RATA SCHEDULE OF LEASING REVENUE (unaudited)
(Dollars in thousands)
For the Three Months Ended December 31, 2025
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$151,870
$(988)
$150,882
$51,479
$202,361
  Percentage rents
19,308
(79)
19,229
7,391
26,620
  Tenant recoveries
65,228
(336)
64,892
18,784
83,676
  Other
10,076
(51)
10,025
3,091
13,116
  Bad debt expense
(1,322)
(2)
(1,324)
(26)
(1,350)
    Total leasing revenue
$245,160
$(1,456)
$243,704
$80,719
$324,423
For the Twelve Months Ended December 31, 2025
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$622,501
$(3,997)
$618,504
$202,821
$821,325
  Percentage rents
34,622
(134)
34,488
13,816
48,304
  Tenant recoveries
268,696
(1,368)
267,328
74,817
342,145
  Other
29,578
(134)
29,444
8,374
37,818
  Bad debt expense
(4,633)
19
(4,614)
(462)
(5,076)
    Total leasing revenue
$950,764
$(5,614)
$945,150
$299,366
$1,244,516
(a)Represents the Company’s partners’ share of consolidated joint ventures.
(b)Includes lease termination income, straight-line rental income and above/below market adjustments to minimum rents.
15
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
(Dollars in millions)
As of December 31,
2025
2024
Straight-line rent receivable
$137.0
$136.1
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2025
2024
2025
2024
Lease termination income (b)
$1.2
$1.8
$9.0
$3.6
Straight-line rental income (expense) (b)
$3.2
$1.8
$6.8
$(0.6)
Business development and parking income (c)
$18.1
$19.0
$60.2
$60.5
Gain on sales or write down of undepreciated assets
$5.1
$1.2
$7.1
$2.8
Amortization of acquired above and below-market leases, net revenue (b)
$0.6
$2.3
$4.9
$6.6
Amortization of debt discounts, net (d)
$(5.3)
$(7.2)
$(31.1)
$(14.4)
Bad debt expense (b)
$1.4
$1.8
$5.1
$6.9
Leasing expense
$14.7
$11.9
$49.3
$44.1
Interest capitalized (d)
$5.5
$8.2
$23.5
$31.3
Employee severance costs (e)
$0.2
$4.7
$2.6
$5.5
Legal claims settlement income, net (f)
$16.1
$3.3
$20.0
$3.3
Chandler Freehold financing arrangement (d):
  Distributions equal to partners' share of net income (loss)
$—
$—
$—
$1.6
  Distributions in excess of partners' share of net income (g)
—
—
—
1.0
  Fair value adjustment (g)
—
—
—
(13.8)
Total Chandler Freehold financing arrangement expense (d)
$—
$—
$—
$(11.2)
(a)All joint venture amounts included at pro rata.
(b)Included in leasing revenue.
(c)Included in leasing revenue and other income.
(d)Included in interest expense.
(e)Included in management companies' operating expenses.
(f)Included in other income.
(g)The Company presents FFO excluding the expenses related to changes in fair value of the financing arrangement and the payments to such joint venture partner
less than or in excess of their pro rata share of net income. Effective with the quarter ending September 30, 2024, these accounting adjustments are no longer
applicable due to the Company accounting for its investment in Chandler Fashion Center under the equity method of accounting effective June 13, 2024.
16
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures(a)
(Dollars in millions)
For the Twelve Months Ended December 31,
2025
2024
2023
Consolidated Centers
Acquisitions of property (b)
$290.0
$170.8
$46.7
Property improvements
34.6
43.3
36.3
Development, redevelopment, expansions and renovations of Centers
100.2
104.5
94.6
Tenant allowances
31.4
20.6
27.1
Deferred leasing charges
5.5
4.4
5.6
Total
$461.7
$343.6
$210.3
Unconsolidated Joint Venture Centers
Property improvements
$9.3
$14.4
$17.6
Development, redevelopment, expansions and renovations of Centers
77.7
39.8
58.1
Tenant allowances
14.3
21.0
18.5
Deferred leasing charges
3.6
5.6
4.6
Total
$104.9
$80.8
$98.8
(a)All joint venture amounts at pro rata.
(b)Breakdown of acquisitions of property:
Acquisition
Date
For the Twelve Months Ended December 31,
2025
2024
2023
Acquisition of Crabtree Mall
6-23-2025
(c)
$290.0
$—
$—
Acquisition of the Company's joint venture partner's 40% interest in
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
—
Acquisition of the Company’s joint venture partner's 50% interest in five
former Sears parcels. These five parcels are located at Chandler Fashion
Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center
and Washington Square
5-18-2023
—
—
46.7
Total
$290.0
$170.8
$46.7
(c) This represents the gross purchase price excluding closing adjustments and other related transaction costs.
17
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Asset Dispositions / Loan Give-Backs
(Dollars in millions)
The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the twelve months ended December 31, 2025,
and for the twelve months ended December 31, 2024:
                                                                                                 
Property/Location
Disposition
Date
Gross Sale
Price
(at 100%)
Gross Sale
Price
(at Company's
Share)
Reduction of
Debt
(at Company's
Share)
I. Asset Dispositions
Washington Square Too Retail Strip Center,  Portland, Oregon
12-19-2025
$25.8
$25.8
$—
Outparcel at Washington Square, Portland, Oregon
12-10-2025
5.4
5.4
—
Outparcel at Los Cerritos Center, Cerritos, California
11-17-2025
5.0
5.0
4.5
Valley Mall, Harrisonburg, Virginia
08-20-2025
22.1
22.1
—
Lakewood Center, Lakewood, California
08-18-2025
332.1
332.1
317.1
Atlas Park, The Shops at, Queens, New York
07-30-2025
72.0
36.0
32.5
Paradise Valley Mall, Phoenix, Arizona
06-30-2025
(a)
5.5
5.5
3.1
1010-1016 Market Street parcels at Fashion District Philadelphia,
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
(b)
110.0
110.0
—
Former department store parcel  at Valle Vista Mall, Harlingen, Texas
06-28-2024
7.1
7.1
—
Country Club Plaza, Kansas City, Missouri
06-28-2024
(c)
175.6
147.7
147.7
      Subtotal
$1,004.0
$940.1
$652.7
Various land parcels (undepreciated asset sales), including separate
transactions with certain joint venture partners:
For the twelve months ending December 31, 2025
2025
(d)
$38.1
$19.5
$—
For the twelve months ending December 31, 2024
2024
(d)
36.3
6.3
—
      Subtotal
74.4
25.8
$—
Total - Asset Dispositions
$1,078.4
$965.9
$652.7
II. Loan Give-Backs
Santa Monica Place, Santa Monica, California
Pending
(e)
$300.0
$300.0
$300.0
Total - Loan Give-Backs
$300.0
$300.0
$300.0
Grand Total - Asset Dispositions/Loan Give-Backs (f)
$1,378.4
$1,265.9
$952.7
(a)The Company sold its 5% joint venture partnership interest in the property.
(b)The Company sold its 50% joint venture partnership interest in the property. 
(c)The total sales price for Country Club Plaza was $175.6 million. Concurrent with the sale, the remaining amount owed by the joint venture under the $295.5 million   
loan ($147.7 million at the Company's share) was forgiven by the lender.     
(d)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO.
(e)For purposes of this schedule, the Company has included Santa Monica Place. The Company has completed transition of the property to a receiver but is still owner
of record.     
(f)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs.                                                                                                 
18
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Trailing Twelve Month Sales Per Square Foot (a)
Consolidated Centers
Unconsolidated
Joint Venture
Centers
Total
Centers
Total
Go-Forward
Portfolio Centers
12/31/2025
$795
$1,073
$881
$921
12/31/2024
$743
$1,054
$837
$895
(a)Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that have occupied such stores for a minimum of
12 months. Sales per square foot are based on tenants 10,000 square feet and under for retail Centers. Sales per square foot excludes Community Centers and
Santa Monica Place.
chart-172ae3f97cd346e9ae5a.gif
Total Centers
Total Go-Forward Portfolio Centers
19
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Portfolio Occupancy(a)
Period Ended
Consolidated
Centers
Unconsolidated
Joint Venture
Centers
Total
Centers
Total Go-Forward
Portfolio Centers
12/31/2025
93.5%
94.9%
94.0%
94.9%
12/31/2024
93.7%
95.0%
94.1%
94.6%
12/31/2023
93.6%
93.5%
93.5%
94.4%
(a)Portfolio Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Portfolio Occupancy excludes Community
Centers, Santa Monica Place, and spaces under redevelopment.
20
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot (a)
Average Base Rent
PSF(b)
Average Base Rent
PSF on Leases
Executed During
the Twelve
Months Ended(c)
Average Base Rent
PSF on Leases
Expiring During the
Twelve
Months Ended(d)
Consolidated Centers
12/31/2025
$66.92
$66.54
$64.94
12/31/2024
$65.62
$61.16
$61.45
12/31/2023
$61.66
$58.97
$50.14
Unconsolidated Joint Venture Centers
12/31/2025
$79.47
$86.41
$67.92
12/31/2024
$76.11
$86.78
$64.79
12/31/2023
$70.42
$64.42
$55.74
All Retail Centers
12/31/2025
$69.47
$69.77
$65.39
12/31/2024
$67.72
$67.74
$62.27
12/31/2023
$64.68
$61.00
$52.04
Go-Forward Portfolio Centers
12/31/2025
$71.31
$71.30
$67.92
12/31/2024
$71.69
$70.64
$65.78
(a)Average base rent per square foot is based on spaces 10,000 square feet and under, excluding Santa Monica Place; and Fashion District Philadelphia is excluded
from 2024 and prior. All joint venture amounts are included at pro rata.
(b)Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other
adjustments or allowances that have been granted to the tenants. Go-Forward Portfolio Centers average base rent is based on pro rata ownership as of December
31, 2025.
(c)The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.
(d)The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.
21
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
For the Twelve Months Ended
December 31, 2025
December 31, 2024
Consolidated Centers
Minimum rents
8.1%
8.1%
Percentage rents
0.6%
0.6%
Expense recoveries (a)
3.1%
3.1%
Total
11.8%
11.8%
Unconsolidated Joint Venture Centers
Minimum rents
7.4%
7.6%
Percentage rents
0.9%
1.0%
Expense recoveries (a)
3.3%
3.2%
Total
11.6%
11.8%
All Centers
Minimum rents
7.8%
7.8%
Percentage rents
0.7%
0.8%
Expense recoveries (a)
3.2%
3.2%
Total
11.7%
11.8%
Go-Forward Portfolio Centers
Minimum rents
7.9%
8.0%
Percentage rents
0.7%
0.8%
Expense recoveries (a)
3.2%
3.3%
Total
11.8%
12.1%
(a)Represents real estate tax and common area maintenance charges.
22
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State
State
% of Go-Forward
Portfolio Centers
Pro Rata Real
Estate NOI (a)
California
24.2%
Arizona
21.2%
New York
17.1%
Pennsylvania & Virginia
9.9%
New Jersey & Connecticut
9.4%
Oregon
7.3%
Colorado & Illinois
6.7%
Other (b)
4.2%
Total
100.0%
(a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending December 31, 2025 Pro Rata Real Estate NOI excludes Crabtree Mall, and straight-
line and above/below market adjustments to minimum rents. Go-Forward Portfolio Centers trailing twelve months ending December 31, 2025  Pro Rata Real
Estate NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including
joint ventures at pro rata).
(b)“Other” includes Indiana, Iowa and Texas.
23
The Macerich Company
Property Listing
December 31, 2025
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by
the Company.
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
CONSOLIDATED CENTERS:
1
100%
Arrowhead Towne Center(c)
Glendale, Arizona
1993/2002
2015
1,078,000
2
100%
Crabtree Mall(c)
Raleigh, North Carolina
1972/2025
ongoing
1,321,000
3
100%
Danbury Fair Mall(c)
Danbury, Connecticut
1986/2005
2016
1,275,000
4
100%
Desert Sky Mall(c)
Phoenix, Arizona
1981/2002
2007
638,000
5
100%
Eastland Mall(c)(d)
Evansville, Indiana
1978/1998
1996
1,013,000
6
100%
Fashion District Philadelphia(c)
Philadelphia, Pennsylvania
1977/2014
2019
723,000
7
100%
Fashion Outlets of Chicago(c)
Rosemont, Illinois
2013/—
—
529,000
8
100%
Fashion Outlets of Niagara Falls USA
Niagara Falls, New York
1982/2011
2014
685,000
9
100%
Freehold Raceway Mall(c)
Freehold, New Jersey
1990/2005
2007
1,653,000
10
100%
Fresno Fashion Fair(c)
Fresno, California
1970/1996
2006
974,000
11
100%
Green Acres Mall(c)(d)
Valley Stream, New York
1956/2013
ongoing
1,913,000
12
100%
Inland Center(c)
San Bernardino, California
1966/2004
2016
894,000
13
100%
Kings Plaza Shopping Center(c)(d)
Brooklyn, New York
1971/2012
2018
1,097,000
14
100%
La Cumbre Plaza(d)
Santa Barbara, California
1967/2004
1989
325,000
15
100%
Los Cerritos Center(c)(e) 
Cerritos, California
1971/1999
2016
1,287,000
16
100%
NorthPark Mall(c)
Davenport, Iowa
1973/1998
2001
900,000
17
100%
Pacific View(c)
Ventura, California
1965/1996
2001
883,000
18
100%
Queens Center(c)(d)
Queens, New York
1973/1995
2004
964,000
19
100%
Santa Monica Place(f)
Santa Monica, California
1980/1999
ongoing
357,000
20
84.9%
SanTan Village Regional Center(c)
Gilbert, Arizona
2007/—
2018
1,187,000
21
100%
South Plains Mall(c)
Lubbock, Texas
1972/1998
2017
1,313,000
22
100%
Stonewood Center(c)(d)
Downey, California
1953/1997
1991
925,000
23
100%
Superstition Springs Center(c)
Mesa, Arizona
1990/2002
2002
794,000
24
The Macerich Company
Property Listing
December 31, 2025
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
813,000
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
1,069,000
27
100%
Washington Square(c)(e) 
Portland, Oregon
1974/1999
2005
1,129,000
Total Consolidated Centers
26,315,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
28
50%
Broadway Plaza(c)
Walnut Creek, California
1951/1985
2016
993,000
29
50.1%
Chandler Fashion Center(c)
Chandler, Arizona
2001/2002
2023
1,412,000
30
50.1%
Corte Madera, The Village at(c)
Corte Madera, California
1985/1998
2020
502,000
31
51%
Deptford Mall(c)
Deptford, New Jersey
1975/2006
2020
1,011,000
32
51%
Flatiron Crossing(c)
Broomfield, Colorado
2000/2002
ongoing
1,399,000
33
50%
Kierland Commons(c)
Phoenix, Arizona
1999/2005
2003
439,000
34
50%
Scottsdale Fashion Square(c)
Scottsdale, Arizona
1961/2002
ongoing
1,879,000
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
1,918,000
37
19%
West Acres
Fargo, North Dakota
1972/1986
2001
673,000
Total Unconsolidated Joint Venture Centers
10,911,000
Total Retail Centers
37,226,000
COMMUNITY / POWER CENTER:
1
50%
Boulevard Shops(g)
Chandler, Arizona
2001/2002
2004
205,000
Total Community / Power Center
205,000
OTHER ASSETS:
100%
Various(h)
—
—
83,000
50%
Scottsdale Fashion Square-Office(c)(g)
Scottsdale, Arizona
1984/2002
2016
121,000
50%
Scottsdale Fashion Square-Caesars Republic
Hotel(c)(g)
Scottsdale, Arizona
2024
2024
245,000
50%
Tysons Corner Center-Office(c)(g)
Tysons Corner, Virginia
1999/2005
2012
171,000
50%
Hyatt Regency Tysons Corner Center(c)(g)
Tysons Corner, Virginia
2015
2015
290,000
50%
Tysons Tower(c)(g)
Tysons Corner, Virginia
2014
2014
547,000
25
The Macerich Company
Property Listing
December 31, 2025
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
50%
VITA Tysons Corner Center(c)(g)
Tysons Corner, Virginia
2015
2015
399,000
Total Other Assets
1,856,000
Grand Total
39,287,000
The Company owned or had an ownership interest in 37 retail centers (including office, hotel and residential space adjacent to these shopping centers), and one
community/power shopping center. With the exception of the Centers indicated with footnote (d) in the table above, the underlying land controlled by the Company is
owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.
(a)The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) in the Joint Venture List regarding the legal versus
economic ownership of joint venture entities.
(b)Includes GLA attributable to anchors (whether owned or occupied non-owned) and mall and freestanding stores.
(c)These Centers represent the Company’s go-forward portfolio Centers as described in the Path Forward Plan (the “Go-Forward Portfolio Centers”). The Go-Forward
Portfolio Centers are subject to change.
(d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.
(e)On October 24, 2024, the Company acquired its partner’s 40% interest in the Pacific Premier Retail Trust portfolio, which included Washington Square and Los
Cerritos Center. Both assets are wholly owned by the Company.
(f)The Company has completed transition of the property to a receiver, but is still the owner on record.
(g)Included in Unconsolidated Joint Venture Centers.
(h)Included in Consolidated Centers.
26
The Macerich Company
Joint Venture List
December 31, 2025
The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by
the Company. This list of properties includes unconsolidated joint ventures and consolidated joint ventures. The percentages shown are
the effective legal ownership and economic ownership interests of the Company.
Properties
Legal
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
993,000
Chandler Fashion Center(d)(e)
50.1%
50.1%
Freehold Chandler Holdings LP
1,412,000
Corte Madera, The Village at
50.1%
50.1%
Corte Madera Village, LLC
502,000
Deptford Mall
51%
51%
Macerich HHF Centers LLC
1,011,000
FlatIron Crossing(f)
51%
51%
Macerich HHF Centers LLC
1,399,000
Hyatt Regency Tysons Corner Center
50%
50%
Tysons Corner Hotel I LLC
290,000
Kierland Commons
50%
50%
Kierland Commons Investment LLC
439,000
SanTan Village Regional Center
84.9%
84.9%
Westcor SanTan Village LLC
1,187,000
Scottsdale Fashion Square
50%
50%
Scottsdale Fashion Square Partnership
1,879,000
Scottsdale Fashion Square-Office
50%
50%
Scottsdale Fashion Square Partnership
121,000
Scottsdale Fashion Square-Hotel
50%
50%
Scottsdale Fashion Square Partnership
245,000
Twenty Ninth Street
51%
51%
Macerich HHF Centers LLC
685,000
Tysons Corner Center
50%
50%
Tysons Corner LLC
1,918,000
Tysons Corner Center-Office
50%
50%
Tysons Corner Property LLC
171,000
Tysons Tower
50%
50%
Tysons Corner Property LLC
547,000
VITA Tysons Corner Center
50%
50%
Tysons Corner Property LLC
399,000
West Acres
19%
19%
West Acres Development, LLP
673,000
(a)This column reflects the Company’s legal ownership in the listed properties. Legal ownership may, at times, not equal the Company’s economic interest in the
listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances,
allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership
interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the
Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or
remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or
capital or liquidation proceeds.
(b)Economic ownership represents the allocation of cash flow to the Company, except as noted below. In cases where the Company receives a current cash
distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage
is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings,
partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.
(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.
(d)This Center has a former Sears store, which was acquired from joint venture partner Seritage Growth Properties and is now wholly owned and controlled by the
Company. The GLA of the former Sears store, or tenant replacing the former Sears store, at this Center is included in Total GLA at the center level.
(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership or a loan refinancing event, distributions are made in the following
order: pro rata 49.9% to the third-party partner and 50.1% to the Company until a 14% internal rate of return on and of certain capital expenditures is received; to
the Company until it receives approximately $38.0 million; and, thereafter, pro rata 49.9% to the third-party partner and 50.1% to the Company.
(f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%.
27
The Macerich Company
Net Debt to Adjusted EBITDA
As of December 31, 2025 (Unaudited)
(Dollars in Thousands, at Company's Pro Rata Share)
Total Company's Pro Rata Share of Debt
$6,590,774
(a)
Less: Cash, including joint ventures at the Company's share
(321,668)
    Restricted Cash, including joint ventures at the Company's share
$(108,026)
    Exclude: Restricted Cash that is not loan cash collateral
48,458
Less: Restricted Cash - loan cash collateral
(59,568)
(b)
Less: Debt for Santa Monica Place (lender-controlled)
(300,000)
Net Debt
5,909,538
(c)
Adjusted EBITDA
$741,946
(d)
Plus: Leasing expenses
49,333
(e)
Plus: EBITDA Impact from investment losses on non-real estate investments
5,894
(f)
Plus: adjustment for acquisitions and dispositions
(19,925)
(g)
Plus: Other adjustments
(17,398)
(h)
Adjusted EBITDA, as further modified
$759,850
Net Debt to Adjusted EBITDA, as further modified
7.78x
(i)
(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the
principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the
related debt in a manner that approximates the effective interest method. As of December 31, 2025, the Company's pro rata share of unamortized debt discounts
and loan finance costs were $33.4 million and $25.4 million, respectively.
(b)Represents Restricted Cash that is held by lenders for various purposes, which effectively serves as cash collateral to the underlying loan until the cash is recouped
into liquid resources by the borrower.
(c)Net Debt is a non-GAAP measure which represents Debt less Cash and Restricted Cash. Management believes that the presentation of Net Debt provides useful
information to investors because it reviews Net Debt as part of its management of the Company's overall liquidity, financial flexibility, capital structure and financial
leverage.
(d)See page 7 for a reconciliation of net loss to Adjusted EBITDA for the twelve months ended December 31, 2025 and 2024.
(e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally
staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful
information to investors because it allows them to more easily compare the Company's results to other REIT's.
(f)The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the
Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or
loss on non-real estate investments should be excluded from Adjusted EBITDA.
(g)Represents the net forward EBITDA adjustment to properly account for the Adjusted EBITDA for: A) the acquisition of: Crabtree Mall;  B) the dispositions of i) 
Wilton Mall, ii) SouthPark Mall, iii) Atlas Park, iv) Lakewood Center, v) Valley Mall,  vi) the stand alone parcel at Washington Square in Petaluma, CA. vii) the retail
strip center at Washington Square in Portland, Oregon, and viii) other outparcel sales; and C) the loan in default for which the Company anticipates transferring title
to the underlying property for Santa Monica Place.
(h)Represents the adjustment for employee severance costs and legal claims settlement income, net.
(i)Net Debt to Adjusted EBITDA, as further modified, is calculated using net debt as of period end divided by Adjusted EBITDA, as further modified, for the twelve
months then ended. Management uses this ratio to evaluate the Company's capital structure and financial leverage. This ratio is also commonly used in the
Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital
structure and financial leverage.
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company's pro rata share) (a)
As of December 31, 2025
Fixed Rate
Floating Rate
Total
Dollars in thousands
Mortgage notes payable
$4,613,153
$455,793
$5,068,946
Bank and other notes payable
—
—
—
Total debt per Consolidated Balance Sheet
4,613,153
455,793
5,068,946
Adjustments:
Less: Noncontrolling interests share of debt from consolidated joint ventures
(33,084)
—
(33,084)
Adjusted Consolidated Debt
4,580,069
455,793
5,035,862
Add: Company’s share of debt from unconsolidated joint ventures
1,543,051
11,861
1,554,912
Total Company’s Pro Rata Share of Debt
$6,123,120
$467,654
$6,590,774
Weighted average interest rate
5.15%
5.80%
5.20%
Weighted average maturity (years)
3.23
(a)The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures
(calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based
upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s
financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s
partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its
pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic
interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in
accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial
information prepared in accordance with GAAP.
29
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of December 31, 2025
Center/Entity (dollars in thousands)
Maturity
Date
Effective
Interest
Rate (a)
Fixed
Floating
Total Debt
Balance (a)
I. Consolidated Assets:
South Plains Mall (b)
11/06/25
4.22%
$200,000
$—
$200,000
Vintage Faire Mall
03/06/26
3.55%
212,728
—
212,728
Fashion Outlets of Niagara Falls USA
10/06/26
6.52%
76,995
—
76,995
Fresno Fashion Fair
11/01/26
3.67%
324,851
—
324,851
Los Cerritos Center
11/01/27
5.77%
465,727
—
465,727
Green Acres Mall
01/06/28
6.62%
364,632
—
364,632
Arrowhead Towne Center
02/01/28
6.75%
352,776
—
352,776
SanTan Village Regional Center (c)
07/01/29
4.34%
186,603
—
186,603
Freehold Raceway Mall
11/01/29
3.94%
399,376
—
399,376
Queens Center 
11/06/29
5.45%
523,346
—
523,346
Kings Plaza Shopping Center 
01/01/30
3.71%
528,906
—
528,906
Fashion Outlets of Chicago
02/01/31
4.61%
299,554
—
299,554
Pacific View
05/06/32
5.45%
69,691
—
69,691
Danbury Fair Mall
02/06/34
6.59%
152,455
—
152,455
Victor Valley, Mall of 
09/06/34
6.85%
84,033
—
84,033
Washington Square
04/06/35
5.63%
338,396
—
338,396
Total Fixed Rate Debt for Consolidated Assets
5.07%
$4,580,069
$—
$4,580,069
Santa Monica Place (d)
12/09/24
5.27%
$—
$300,000
$300,000
The Macerich Partnership, L.P. - Line of Credit (e),(f)
02/01/28
—
—
—
—
Crabtree Mall (e)
08/06/29
6.74%
—
155,793
155,793
Total Floating Rate Debt for Consolidated Assets
5.77%
$—
$455,793
$455,793
Total Debt for Consolidated Assets
5.13%
$4,580,069
$455,793
$5,035,862
II. Unconsolidated Assets (At Company’s pro rata share):
Twenty Ninth Street (51%) (g)
02/06/26
4.10%
$76,500
$—
$76,500
Deptford Mall (51%)
04/03/26
4.00%
67,931
—
67,931
Kierland Commons (50%)
04/01/27
3.98%
92,232
—
92,232
Scottsdale Fashion Square (50%)
03/06/28
6.28%
349,471
—
349,471
Corte Madera, The Village at (50.1%)
09/01/28
3.53%
105,108
—
105,108
Tysons Corner Center (50%)
12/06/28
6.89%
352,028
—
352,028
Chandler Fashion Center (50.1%)
07/01/29
7.15%
137,319
—
137,319
West Acres - Development (19%)
10/10/29
3.72%
1,399
—
1,399
Tysons Tower (50%)
10/11/29
3.38%
94,763
—
94,763
Broadway Plaza (50%)
04/01/30
4.19%
209,881
—
209,881
Tysons VITA (50%)
12/01/30
3.43%
44,738
—
44,738
West Acres (19%)
03/01/32
4.61%
11,681
—
11,681
Total Fixed Rate Debt for Unconsolidated Assets
5.40%
$1,543,051
$—
$1,543,051
Boulevard Shops (50%)
12/05/28
6.67%
—
11,861
11,861
Total Floating Rate Debt for Unconsolidated Assets
6.67%
$—
$11,861
$11,861
Total Debt for Unconsolidated Assets
5.41%
$1,543,051
$11,861
$1,554,912
Total Debt
5.20%
$6,123,120
$467,654
$6,590,774
Percentage to Total
92.90%
7.10%
100.00%
30
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the
principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the
related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the
debt discounts and loan finance costs.
(b)Effective November 6, 2025, the loan was in default. On February 6, 2026, the Company completed a four-year extension on the loan at the existing rate of 4.22%
and the loan matures on November 6, 2029.
(c)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%.
(d)The Company has completed transition of the property to a receiver, but is still the owner of record.
(e)The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior
to these dates. 
(f) As of December 31, 2025, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $7.9 million, which are netted
against balances outstanding or reclassified as an asset when there are no borrowings outstanding on the credit facility, which was the case at December 31, 2025.
(g)Effective February 6, 2026, the loan is in default. The Company's joint venture is in negotiations with the lender on the terms of this loan.
                                           
31
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of December 31, 2025
In-Process Developments and Redevelopments:
Property
Project Type
Total Cost (a)(b)
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
$31
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
$43
2026/2027
(g)
12.5% - 13.5%
Scottsdale Fashion
Square
Scottsdale, AZ
Redevelopment of two-level
Nordstrom wing with luxury-focused
retail and restaurant uses
$84
—
$90
50%
$42
—
$45
$34
2024-2027
(h)
17% - 18%
TOTAL
$459
—
$505
$297
—
$330
$108
(a)Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure in the Executive Summary for factors that
may affect the information provided in this table.
(b)This excludes GAAP allocations of non-cash and indirect costs.
(c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect
costs.
(d)The Company's ownership percentage in the residential project is expected to be 43.4% until stabilization in 2029 and 51% thereafter. Ownership interest in the
balance of the property other than the residential component is 51%.
(e)The community plaza/former Nordstrom is expected to open in 2027, and stabilization is estimated to occur in 2029 for residential and 2030-2031 for retail
components.
(f)After considering estimated residential financing, the Company's estimated share of net equity is $70 - $80 million and the Company's estimated levered,
stabilized yield is  7.0% - 8.0%.
(g)The majority of tenants are expected to open in 2026 or 2027.
(h)The opening will be in phases which began in 2024. The vast majority of the remaining not yet opened tenants, are expected to be open in 2026, with a few
remaining tenants expected to open in early 2027.
32
The Macerich Company
Corporate Information
Stock Exchange Listing
New York Stock Exchange
Symbol: MAC
The following table shows high and low sales prices per share of common stock during each quarter in 2025, 2024 and 2023 and
dividends per share of common stock declared and paid by quarter:
Market Quotation
per Share
Dividends
Quarter Ended:
High
Low
Declared
and Paid
March 31, 2023
$14.51
$8.77
$0.17
June 30, 2023
$11.58
$9.05
$0.17
September 30, 2023
$12.99
$10.65
$0.17
December 31, 2023
$16.54
$9.21
$0.17
March 31, 2024
$17.69
$14.66
$0.17
June 30, 2024
$17.20
$12.99
$0.17
September 30, 2024
$18.33
$13.85
$0.17
December 31, 2024
$22.27
$17.29
$0.17
March 31, 2025
$21.12
$15.71
$0.17
June 30, 2025
$17.94
$12.48
$0.17
September 30, 2025
$18.94
$15.89
$0.17
December 31, 2025
$19.14
$16.03
$0.17
Dividend Reinvestment Plan
Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which
also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at
877-373-6374.
Corporate Headquarters
Transfer Agent
The Macerich Company
Computershare
401 Wilshire Boulevard, Suite 700
P.O. Box 43006
Santa Monica, California 90401
Providence, RI 02940-3006
310-394-6000
877-373-6374
www.macerich.com
1-781-575-2879 International calls
www.computershare.com
Macerich Website
For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit  www.macerich.com.
Investor Relations
Alexandra Johnstone
Vice President, Finance
Phone: 214-373-5252
IR@macerich.com

Source: View Original Filing on SEC EDGAR

FAQ

How did Macerich (MAC) perform financially in Q4 2025?

Macerich’s Q4 2025 net loss attributable to the company was $18.8 million, or $0.07 per diluted share, significantly better than the $211.2 million, or $0.89 loss a year earlier, mainly because prior-year results included large asset sale and write-down losses.

What were Macerich’s 2025 funds from operations (FFO) results?

For 2025, Macerich reported FFO attributable to common stockholders and unit holders of $378.9 million, or $1.43 per diluted share. FFO excluding Chandler Freehold financing expense, default interest and non-real-estate investment impacts was $397.0 million, or $1.50 per diluted share, modestly above 2024.

How strong was Macerich’s leasing activity and rent growth in 2025?

Macerich signed 7.1 million square feet of leases in 2025 on a comparable-center basis, an 85% increase over 2024 and a company record. Base rent re-leasing spreads were 6.7% higher than expiring rents over the trailing twelve months, marking the seventeenth consecutive quarter of positive spreads.

What are Macerich’s key operating metrics like sales per square foot and occupancy?

For the twelve months ended December 31, 2025, portfolio tenant sales per square foot for spaces under 10,000 square feet were $881, up from $837 a year earlier. Go-Forward Portfolio Centers reached $921. Total leased portfolio occupancy was 94.0%, with Go-Forward Centers at 94.9%.

How leveraged is Macerich and what is its current liquidity position?

Macerich reported total pro rata debt of $6.59 billion and net debt of $5.91 billion, resulting in net debt to adjusted EBITDA of 7.78x. Liquidity was approximately $990 million, including $650 million of available capacity on its revolving credit facility and cash balances.

What asset sales and loan actions did Macerich complete around 2025?

Over 2024–2025, Macerich completed about $1.3 billion of asset dispositions and loan-related transactions, including the $332.1 million sale of Lakewood Center and sales of several regional malls and outparcels. It also extended the $200 million South Plains Mall loan to November 6, 2029 at a 4.22% rate.

What dividend is Macerich paying to common shareholders in early 2026?

Macerich declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on March 30, 2026 to shareholders of record as of the close of business on March 16, 2026, continuing its recent dividend level.

Filing Exhibits & Attachments

4 documents

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Other Documents

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Macerich

NYSE:MAC

MAC Rankings

#1439 Ranked by Market Cap
#637 Ranked by Dividends
#1134 52-Week Gainer
#813 YTD Gainer
#475 Monthly Gainer
#1761 Ranked by Short %Change

MAC Latest News

Feb 18, 2026
Macerich Reports Fourth Quarter 2025 Earnings Results
Feb 12, 2026
Macerich Declares the Quarterly Dividend on Its Common Shares
Feb 10, 2026
Macerich Schedules Fourth Quarter 2025 Earnings Release and Conference Call
Jan 15, 2026
Macerich Announces Tax Treatment of 2025 Dividends
Dec 16, 2025
Von Maur Department Stores to Open First Location in New Jersey in Fall 2027

MAC Latest SEC Filings

Feb 20, 2026
[10-K] MACERICH CO Files Annual Report
Feb 18, 2026
[Form 4] MACERICH CO Insider Trading Activity
Feb 18, 2026
[Form 4] MACERICH CO Insider Trading Activity
Feb 18, 2026
[Form 4] MACERICH CO Insider Trading Activity
Feb 18, 2026
[Form 4] MACERICH CO Insider Trading Activity

MAC Stock Data

5.06B
255.05M
REIT - Retail
Real Estate Investment Trusts
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United States
SANTA MONICA