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

Macerich (NYSE: MAC) trims Q1 loss, adds Annapolis Mall and boosts liquidity

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The Macerich Company reported first‑quarter 2026 results showing a smaller loss and steady cash distributions while advancing its Path Forward Plan. Net loss attributable to the Company was $36.4 million, or $0.14 per diluted share, versus $50.1 million, or $0.20, a year earlier, mainly due to gains on asset sales.

Funds from Operations (FFO), as adjusted, was $92.4 million, or $0.34 per diluted share, compared with $89.8 million, or $0.34, in 2025, helped by approximately $10.1 million of gains on undepreciated asset sales. Go‑Forward Portfolio Centers NOI excluding lease termination income rose 1.2% year over year, while trailing‑twelve‑month tenant sales per square foot increased to $899 from $837.

The company was active on the balance sheet: it extended a $200 million South Plains Mall loan, upsized and extended its revolving credit facility to $900 million, repaid a $211.5 million Vintage Faire Mall loan, and raised about $85.6 million of gross proceeds by selling roughly 4.5 million common shares through its at‑the‑market program. It also agreed to acquire Annapolis Mall and an adjacent parcel for a combined $272 million and reported approximately $780 million of liquidity, with debt equal to 55.7% of total market capitalization and Net Debt to Adjusted EBITDA of 7.76x.

Positive

  • None.

Negative

  • None.

Insights

Macerich modestly improves earnings metrics while remaining highly leveraged but liquid.

Macerich narrowed its quarterly net loss to $36.4 million and kept FFO per share, as adjusted, at $0.34. Go‑Forward Portfolio Centers NOI excluding lease termination income increased 1.2%, and tenant sales per square foot climbed to $899, signaling gradual operating improvement.

On capital structure, the REIT refinanced and extended key loans, upsized its revolver to $900 million, repaid a $211.5 million property loan, and raised about $85.6 million via its ATM equity program. It also committed $260 million plus $12 million for Annapolis Mall, funded with cash and revolver borrowings.

Leverage remains elevated: total portfolio debt including joint ventures at pro rata is $6.45 billion, about 55.7% of total market capitalization, with Net Debt to Adjusted EBITDA at 7.76x as of March 31, 2026. Management highlights a sizeable SNO leasing pipeline and expects stronger NOI growth beginning in the second half of 2026 under its Path Forward Plan.

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, and exhibit attachments filed with this report.
Net loss attributable to the Company $36.4 million Quarter ended March 31, 2026; vs $50.1 million in 2025
FFO, as adjusted $92.4 million Quarter ended March 31, 2026; $0.34 per share-diluted
Go-Forward NOI growth 1.2% Go-Forward Portfolio Centers NOI change excluding lease termination income vs Q1 2025
Tenant sales per square foot $899 Portfolio tenant sales per square foot, spaces <10,000 sq. ft., TTM ended March 31, 2026
ATM equity raised $85.6 million Gross proceeds from sale of approximately 4.5 million common shares via ATM program in early 2026
Annapolis Mall acquisition price $272 million $260 million for mall plus $12 million for adjacent parcel, closed April 30, 2026
Liquidity $780 million Approximate total liquidity as of filing, including $650 million available on $900 million revolver
Net Debt to Adjusted EBITDA 7.76x Net Debt divided by Adjusted EBITDA, as further modified, trailing twelve months as of March 31, 2026
Debt to total market capitalization 55.7% Total portfolio debt including joint ventures at pro rata vs total market capitalization at March 31, 2026
Portfolio leased occupancy 93.4% Total portfolio leased occupancy as of March 31, 2026; Go-Forward Portfolio Centers 94.5%
Funds from Operations financial
"Funds from Operations (“FFO”), as adjusted, was $92.4 million, or $0.34 per share-diluted"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Go-Forward Portfolio Centers financial
"Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.2%"
at the market (ATM) program financial
"We sold approximately 4.5 million shares of common stock for approximately $85.6 million of gross proceeds through our at the market (ATM) program"
Adjusted EBITDA financial
"Adjusted EBITDA (a) | 151,718 | | 172,738"
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 Operating Income ("NOI") financial
"Reconciliation of Net loss attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI - Go- Forward Portfolio Centers"
Net operating income (NOI) is the money a property or business generates from its regular operations after paying ordinary running costs like maintenance, utilities, and management fees, but before interest, taxes, depreciation and major one‑time repairs. For investors it’s a basic measure of how well an asset produces steady cash—think of it as the “pocket cash” a rental property earns each year, used to compare value, set prices and estimate returns.
Non-GAAP financial
"THE MACERICH COMPANY NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
Total revenues $241.5 million
Net loss attributable to the Company $36.4 million
FFO, as adjusted $92.4 million
FFO per share, as adjusted $0.34
Guidance

Management states it expects strong NOI growth for the Go-Forward Portfolio beginning in the second half of 2026 and accelerating in 2027 and 2028 as SNO pipeline tenants open and begin paying rent.

Understanding 8-K Material Events →
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): May 6, 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 May 6, 2026, The Macerich Company (the “Company”) released its financial results for the three months ended March 31, 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 Months Ended March 31, 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
May 6, 2026
/s/ Daniel Swanstrom
DateSenior Executive Vice President,
Chief Financial Officer
and Treasurer
4




Exhibit 99.1
Earnings Results & Supplemental Information
For the Three Months Ended March 31, 2026
q1earningsreleasecover_202a.jpg
The Macerich Company
Earnings Results & Supplemental Information
For the Three Months Ended March 31, 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
18
Trailing Twelve Month Sales Per Square Foot
18
Portfolio Occupancy
18
Average Base Rent Per Square Foot
18
Cost of Occupancy
18
Percentage of Net Operating Income by State
19
Property Listing
20
Joint Venture List
23
Balance Sheet
24
Net Debt to Adjusted EBITDA
24
Debt Summary
25
Outstanding Debt by Maturity Date
26
Development and Redevelopment Pipeline Forecast
28
Corporate Information
29
1
The Macerich Company
Executive Summary
March 31, 2026
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 approximately 41 million
square feet of real estate, consisting primarily of interests in 39 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 $36.4 million, or $0.14 per share-diluted, during the first quarter of 2026, compared to
net loss attributable to the Company of $50.1 million, or $0.20 per share-diluted, for the quarter ended March 31, 2025.  The change in
net loss between the first quarter of 2026 compared to the same period in 2025 is primarily due to the Company recognizing gain on
sale or write down of assets, net in the first quarter of 2026. 
Funds from Operations (“FFO”), as adjusted, was $92.4 million, or $0.34 per share-diluted, during the first quarter of 2026, compared to
$89.8 million, or $0.34 per share-diluted, for FFO, as adjusted, for the quarter ended March 31, 2025.  FFO, as adjusted, for the first
quarter of 2026 included gain on undepreciated asset sales of approximately $10.1 million. 
Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.2% in the first quarter of
2026 compared to the first quarter of 2025.
Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended March 31, 2026 were $899
compared to $837 for the twelve months ended March 31, 2025 and $881 for the twelve months ended December 31, 2025. Go-
Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended March 31, 2026
were $941.
Leased portfolio occupancy as of March 31, 2026 was 93.4%, a 0.8% increase compared to the 92.6% occupancy rate at March 31, 2025
and a 0.6% decrease compared to the 94.0% occupancy rate at December 31, 2025.  Go-Forward Portfolio Center leased occupancy as
of March 31, 2026 was 94.5%.
During the first quarter of 2026, we signed leases for 1.6 million square feet, a 2.5% increase in leased square footage compared to the
first quarter of 2025, on a comparable center basis, excluding a multi-location anchor renewal package executed in the prior-year
period.
New store leases are expected to produce total gross revenue of approximately $116 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:
“We are now firmly in the execution and conversion stage of our Path Forward Plan in 2026,” noted Jack Hsieh, President and Chief
Executive Officer, Macerich. “Leasing remains ahead of plan with our leasing speedometer reaching 83% and the 85% target well in
sight for mid-year as expected. Our SNO pipeline has risen to $116 million and the anchor repositioning program is on track with all 30
anchors committed. Looking ahead, we expect strong NOI growth for the Go-Forward Portfolio, beginning in the second half of 2026
and accelerating meaningfully in 2027 and 2028, as the SNO pipeline tenants open and begin paying rent. When we exit the Path
Forward Plan, we expect a company with higher permanent occupancy, annual rent escalators embedded across the lease base, a
balance sheet with lower leverage, and a portfolio of irreplaceable assets in affluent markets where the best retailers in the world are
competing to be. ”
"With the recent acquisition of Annapolis Mall, we have added a market-leading asset located within a strong trade area with limited
competition. The property is undergoing a significant elevation and transformation of its merchandising plan and tenant mix, including
a new Dick’s House of Sport store opening in the Fall, and there is a clear path to durable NOI growth that is accretive to our 2028
target FFO ranges under the Path Forward Plan. This off market transaction was completed with the prior ownership group who did an
excellent job over the past two years starting a significant elevation and transformation of the center’s merchandising plan and tenant
mix. We believe applying the resources of Macerich will replicate the success we’ve experienced at Crabtree and across our Go-Forward
portfolio."
2
The Macerich Company
Executive Summary
March 31, 2026
Balance Sheet:
During the first quarter of 2026 and to date in the second quarter, we were actively engaged in numerous transactions, including the
following financing, capital raising, acquisition and disposition activity:
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.
Effective February 6, 2026, the $76.5 million loan (at the Company’s pro rata share) at Twenty Ninth Street is in default. The Company’s
joint venture is in negotiations with the lender on the terms of this loan.
On February 24, 2026, the Company closed an amended and restated $900 million revolving credit facility.  We increased the size of the
facility from $650 million to $900 million, extended the maturity from February 2027 to March 2030 (inclusive of a 12-month extension
option), and lowered the current pricing grid from a spread range of 200 to 250 basis points over SOFR to 180 to 220 basis points over
SOFR.  Upon the achievement of certain performance thresholds, the spreads will be further reduced to a range of 135 to 165 basis
points over SOFR. 
On March 6, 2026, we repaid the outstanding balance of $211.5 million on the loan on Vintage Faire Mall at maturity with cash on hand
and $100 million of borrowings on the revolving credit facility.
We completed outparcel and land sales totaling $14.5 million, which included the sale of a land parcel at Washington Square for $13.0
million. 
We sold approximately 4.5 million shares of common stock for approximately $85.6 million of gross proceeds through our at the
market (ATM) program at a weighted average price of 19.21 per share.
Subsequent to quarter end, we closed on a new $58.7 million (at Company’s share) five-year mortgage loan on Deptford Mall. The new
loan bears interest at a fixed rate of 6.95% and is interest only during the entire loan term.
On April 30, 2026, we acquired Annapolis Mall, a Class A regional mall totaling approximately 1.5 million square feet in Annapolis,
Maryland for $260 million, plus the adjacent 13.1 acre vacant Sears parcel for $12 million. The acquisition was funded with cash on
hand and $150 million of borrowings from the line of credit.
As of the date of this filing, we had approximately $780 million of liquidity, including $650 million of available capacity on our $900
million revolving credit facility.
Fiscal Year 2024
Guidance
Dividend:
On May 4, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock.  The dividend is payable on June 29,
2026 to stockholders of record at the close of business on June 15, 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 May 6, 2026 at 2:00 p.m. Pacific Time. The
call can be accessed live over the phone by dialing the following numbers: (833) 630-1956 (Toll Free) or (412) 317-1837 (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 41 million square feet of
gross leasable area (“GLA”) consisting primarily of interests in 38 regional retail centers, and one community/power shopping center. 
These 39 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
3
The Macerich Company
Executive Summary
March 31, 2026
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
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 March 31,
Unaudited
2026
2025
Revenues:
Leasing revenue
$225,976
$235,647
Other income
9,019
8,656
Management Companies' revenues
6,543
4,921
Total revenues
241,538
249,224
Expenses:
Shopping center and operating  expenses
83,251
85,163
Management Companies' operating  expenses
22,385
20,783
Leasing expenses
13,809
11,219
REIT general and administrative expenses
8,026
7,612
Depreciation and amortization
83,076
92,562
Interest expense
67,500
69,074
Total expenses
278,047
286,413
Equity in loss of unconsolidated joint ventures
(9,866)
(799)
Income tax benefit
2,641
822
Gain (loss) on sale or write down of assets, net
6,840
(13,987)
    Net loss
(36,894)
(51,153)
Less net loss attributable to noncontrolling interests
(544)
(1,030)
    Net loss attributable to the Company
$(36,350)
$(50,123)
Weighted average number of shares outstanding - basic
258,028
252,992
Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (a)
269,392
263,851
Earnings per share ("EPS") - basic
$(0.14)
$(0.20)
EPS - diluted 
$(0.14)
$(0.20)
Dividend paid per share
$0.17
$0.17
FFO - basic and diluted (a) (b)
$75,883
$80,973
FFO, as adjusted - basic and diluted (a) (b)
$92,383
$89,764
FFO per share - basic and diluted (a) (b)
$0.28
$0.31
FFO per share, as adjusted - basic and diluted (a) (b)
$0.34
$0.34
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. 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 from FFO the impact of properties in receivership, 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, as adjusted, which excludes the impact associated with properties
in receivership, 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. 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 March 31,
Unaudited
2026
2025
Net loss attributable to the Company
$(36,350)
($50,123)
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
(1,602)
(2,156)
  (Gain) loss on sale or write down of consolidated assets, net
(6,840)
13,987
  Add: Gain on undepreciated asset sales from consolidated assets
10,094
923
  Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures, net
(9)
—
  Loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net
721
1,111
  Add: Loss on undepreciated asset sales from unconsolidated joint ventures (pro rata)
—
(210)
  Depreciation and amortization on consolidated assets
83,076
92,562
  Less depreciation and amortization allocable to noncontrolling interests in consolidated joint
ventures
(567)
(564)
  Depreciation and amortization on unconsolidated joint ventures (pro rata)
28,797
27,783
  Less: depreciation on personal property
(1,437)
(2,340)
FFO attributable to common stockholders and unit holders - basic and diluted
75,883
80,973
Adjustments:
  Default interest expense
4,128
3,000
  Loss on non-real estate investments
7,019
3
3,399
  Property in receivership
5,353
2
2,392
FFO attributable to common stockholders and unit holders, as adjusted- basic and diluted
$92,383
$89,764
Reconciliation of EPS to FFO per share—diluted (b):
For the Three Months Ended March 31,
Unaudited
2026
2025
EPS - diluted
$(0.14)
$(0.20)
  Per share impact of depreciation and amortization of real estate
0.41
0.45
  Per share impact of  loss on sale or write down of assets, net
0.01
0.06
FFO per share - basic and diluted
0.28
0.31
Adjustments:
  Per share impact of default interest expense
0.01
0.01
  Per share impact of loss on non-real estate investments
0.03
0.01
  Per share impact of property in receivership
0.02
0.01
FFO per share, as adjusted - basic and diluted
$0.34
$0.34
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 March 31,
Unaudited
2026
2025
Net loss attributable to the Company
$(36,350)
$(50,123)
Interest expense - consolidated assets
67,500
69,074
Interest expense - unconsolidated joint ventures (pro rata)
19,918
22,158
Depreciation and amortization - consolidated assets
83,076
92,562
Depreciation and amortization - unconsolidated joint ventures (pro rata)
28,797
27,783
Noncontrolling interests in the OP
(1,602)
(2,156)
Less: Interest expense and depreciation and amortization allocable to noncontrolling
interests in consolidated joint ventures
(939)
(923)
(Gain) loss on sale or write down of assets, net - consolidated assets
(6,840)
13,987
Loss on sale or write down of assets, net - unconsolidated joint ventures (pro rata)
721
1,111
Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures,
net
(9)
—
Income tax benefit
(2,641)
(822)
Distributions on preferred units
87
87
Adjusted EBITDA (a)
151,718
172,738
REIT general and administrative expenses
8,026
7,612
Management Companies' revenues
(6,543)
(4,921)
Management Companies' operating  expenses
22,385
20,783
Leasing expenses, including joint ventures at pro rata
14,800
12,043
Corporate and other expenses (income) (b)
4,468
(6,703)
Straight-line and above/below market adjustments
(3,734)
(982)
NOI - All Centers
191,120
200,570
NOI of non-Go-Forward Portfolio Centers (c)
(18,249)
(25,074)
NOI - Go-Forward Portfolio Centers (c)
172,871
175,496
Lease termination income of Go-Forward Portfolio Centers
(170)
(4,799)
NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)
$172,701
$170,697
NOI - Go-Forward Portfolio Centers percentage change, including lease termination income (c)
(1.5)%
NOI - Go-Forward Portfolio Centers percentage change, excluding lease termination income (c)
1.2%
(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 22 (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
3/31/2026
12/31/2025
12/31/2024
(dollars in thousands, except per share data)
Closing common stock price per share
$18.90
$18.46
$19.92
52 week high
$20.93
$21.12
$22.27
52 week low
$12.48
$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
271,938,710
268,604,506
263,739,694
Total common and equivalent shares/units outstanding
272,038,275
268,704,071
263,839,259
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata
$6,451,780
$6,590,774
$6,647,576
Equity market capitalization
5,141,523
4,960,277
5,255,678
Total market capitalization
$11,593,303
$11,551,051
$11,903,254
Debt as a percentage of total market capitalization
55.7%
57.1%
55.9%
chart-7a950b1748c24c48824a.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
10
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)
For the Three Months Ended
March 31,
2026
Revenues:
Leasing revenue
$225,976
Other income
9,019
Management Companies' revenues
6,543
Total revenues
241,538
Expenses:
  Shopping center and operating expenses
83,251
  Management Companies' operating expenses
22,385
  Leasing expenses
13,809
  REIT general and administrative expenses
8,026
  Depreciation and amortization
83,076
  Interest expense
67,500
Total expenses
278,047
Equity in loss of unconsolidated joint ventures
(9,866)
Income tax benefit
2,641
Gain on sale or write down of assets, net
6,840
Net loss
(36,894)
Less net loss attributable to noncontrolling interests
(544)
Net loss attributable to the Company
$(36,350)
11
THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of March 31, 2026
(Dollars in thousands)
ASSETS:
Property, net (a)
$6,666,442
Cash and cash equivalents
182,034
Restricted cash
88,730
Tenant and other receivables, net
125,760
Right-of-use assets, net
106,484
Deferred charges and other assets, net
319,033
Due from affiliates
3,587
Investments in unconsolidated joint ventures
699,632
Total assets
$8,191,702
LIABILITIES AND EQUITY:
Mortgage notes payable
$4,850,655
Bank and other notes payable
81,963
Accounts payable and accrued expenses
129,537
Lease liabilities
65,149
Other accrued liabilities
352,648
Distributions in excess of investments in unconsolidated joint ventures
199,884
Total liabilities
5,679,836
Commitments and contingencies
Equity:
Stockholders' equity:
      Common stock
2,606
      Additional paid-in capital
6,293,832
      Accumulated deficit
(3,858,433)
      Accumulated other comprehensive loss
(7)
Total stockholders' equity
2,437,998
Noncontrolling interests
73,868
Total equity
2,511,866
Total liabilities and equity
$8,191,702
(a)Includes construction in progress of $307,729.
12
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
March 31, 2026
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's Share
of Unconsolidated
Joint Ventures (b)
Revenues:
Leasing revenue
$(1,417)
$71,961
Other income
(928)
(6,804)
      Total revenues
(2,345)
65,157
Expenses:
Shopping center and operating  expenses
(320)
24,578
Leasing expense
(19)
1,009
Depreciation and amortization
(567)
28,797
Interest expense
(372)
19,918
      Total expenses
(1,278)
74,302
Equity in loss of unconsolidated joint ventures
—
9,866
Loss on sale or write down of assets, net
9
(721)
Net income
(1,058)
—
Less net income attributable to noncontrolling interests
(1,058)
—
Net income attributable to the Company
$—
$—
(a)Represents the Company’s partners’ share of consolidated joint ventures.
(b)For the three months ended March 31, 2026, other income includes a $9.5 million reduction to adjust 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 March 31, 2026
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's Share
of Unconsolidated
Joint Ventures
ASSETS:
Property, net (b)
$(18,593)
$1,988,167
Cash and cash equivalents
(1,534)
51,128
Restricted cash
—
15,367
Tenant and other receivables, net
(209)
53,453
Right-of-use assets, net
—
65,209
Deferred charges and other assets, net
(720)
36,119
Due from affiliates
43
(1,886)
Investments in unconsolidated joint ventures, at equity
—
(699,632)
Total assets
$(21,013)
$1,507,925
LIABILITIES AND EQUITY:
Mortgage notes payable
$(33,084)
$1,552,246
Accounts payable and accrued expenses
(430)
30,413
Lease liabilities
—
63,573
Other accrued liabilities
(19,456)
61,577
Distributions in excess of investments in unconsolidated joint ventures
—
(199,884)
Total liabilities
(52,970)
1,507,925
Equity:
  Stockholders' equity
—
—
  Noncontrolling interests
31,957
—
    Total equity
31,957
—
    Total liabilities and equity
$(21,013)
$1,507,925
(a)Represents the Company's partners' share of consolidated joint ventures.
(b)This includes $24 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $155,764 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 March 31, 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)
$150,451
$(1,031)
$149,420
$50,842
$200,262
  Percentage rents
5,937
(24)
5,913
1,338
7,251
  Tenant recoveries
65,419
(335)
65,084
18,451
83,535
  Other
5,380
(28)
5,352
1,616
6,968
  Bad debt expense
(1,211)
1
(1,210)
(286)
(1,496)
    Total leasing revenue
$225,976
$(1,417)
$224,559
$71,961
$296,520
(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 March 31,
2026
2025
Straight-line rent receivable
$139.1
$134.5
For the Three Months Ended
March 31,
2026
2025
Lease termination income (b)
$0.2
$5.0
Straight-line rental income (expense) (b)
$2.3
$(0.2)
Business development and parking income (c)
$11.8
$12.8
Gain on sales or write down of undepreciated assets
$10.1
$0.7
Amortization of acquired above and below-market leases, net revenue (b)
$1.4
$1.2
Amortization of debt discounts, net (d)
$(4.2)
$(9.1)
Bad debt expense (b)
$1.5
$1.6
Leasing expense
$14.8
$12.0
Interest capitalized (d)
$5.2
$6.4
Employee severance costs (e)
$—
$1.8
Legal claims settlement (expense) income, net (f)
$(0.4)
$6.0
(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 Three Months Ended
March 31,
For the Twelve Months Ended
December 31,
2026
2025
2025
2024
Consolidated Centers
Acquisitions of property (b)
$—
$—
$290.0
$170.8
Property improvements
4.2
2.9
34.6
43.3
Development, redevelopment, expansions and renovations of Centers
36.5
34.0
100.2
104.5
Tenant allowances
10.8
3.9
31.4
20.6
Deferred leasing charges
2.6
1.5
5.5
4.4
Total
$54.1
$42.3
$461.7
$343.6
Unconsolidated Joint Venture Centers
Property improvements
$0.9
$1.2
$9.3
$14.4
Development, redevelopment, expansions and renovations of Centers
17.3
13.5
77.7
39.8
Tenant allowances
1.4
1.4
14.3
21.0
Deferred leasing charges
0.7
0.5
3.6
5.6
Total
$20.3
$16.6
$104.9
$80.8
(a)All joint venture amounts at pro rata.
(b)Breakdown of acquisitions of property:
Acquisition
Date
For the Three Months
Ended March 31,
For the Twelve Months
Ended December 31,
2026
2025
2025
2024
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
Total
$—
$—
$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 three months ended March 31, 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
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
(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
$1,005.5
$941.6
$652.7
Various land parcels (undepreciated asset sales), including separate
transactions with certain joint venture partners:
For the three months ended March 31, 2026
2026
(d)
$13.0
$13.0
$—
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
87.4
38.8
$—
Total - Asset Dispositions
$1,092.9
$980.4
$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)
$1,392.9
$1,280.4
$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)
Operational Data
Consolidated
Centers
Unconsolidated
Joint Venture
Centers
Total
Centers
Total
Go-Forward
Portfolio
Centers
Sales Per Square Foot (a)
3/31/2026
$811
$1,089
$899
$941
3/31/2025
$743
$1,054
$837
$898
12/31/2025
$795
$1,073
$881
$921
Portfolio Occupancy (b)
3/31/2026
92.6%
94.8%
93.4%
94.5%
3/31/2025
91.6%
94.4%
92.6%
93.8%
12/31/2025
93.5%
94.9%
94.0%
94.9%
Average Base Rents (c)
3/31/2026
$68.36
$81.56
$71.06
$72.92
3/31/2025
$66.98
$78.18
$69.21
$72.87
12/31/2025
$66.92
$79.47
$69.47
$71.31
Cost of Occupancy
3/31/2026
Minimum rents
8.0%
7.3%
7.7%
7.8%
Percentage rents
0.6%
0.9%
0.7%
0.7%
Expense recoveries (d)
3.1%
3.2%
3.2%
3.2%
Total
11.7%
11.4%
11.6%
11.7%
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. Go-Forward Portfolio Centers average base rent is based on pro rata ownership as of March 31,
2026.
(d)Represents real estate tax and common area maintenance charges.
19
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
24.4%
Arizona
21.3%
New York
16.7%
Pennsylvania & Virginia
9.9%
New Jersey & Connecticut
9.5%
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  March 31, 2026 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 March 31, 2026. 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.
20
The Macerich Company
Property Listing
As of March 31, 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 March 31, 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%
Arrowhead Towne Center(c)
Glendale, Arizona
1993/2002
2015
1,078,000
2
100%
Crabtree Mall(c)
Raleigh, North Carolina
1972/2025
ongoing
1,320,000
3
100%
Danbury Fair Mall(c)
Danbury, Connecticut
1986/2005
2016
1,274,000
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
722,000
7
100%
Fashion Outlets of Chicago(c)
Rosemont, Illinois
2013/—
—
528,000
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
1,669,000
10
100%
Fresno Fashion Fair(c)
Fresno, California
1970/1996
2006
970,000
11
100%
Green Acres Mall(c)(d)
Valley Stream, New York
1956/2013
ongoing
1,899,000
12
100%
Inland Center(c)
San Bernardino, California
1966/2004
2016
895,000
13
100%
Kings Plaza Shopping Center(c)(d)
Brooklyn, New York
1971/2012
2018
1,100,000
14
100%
La Cumbre Plaza(d)
Santa Barbara, California
1967/2004
1989
325,000
15
100%
Los Cerritos Center(c)
Cerritos, California
1971/1999
2016
1,151,000
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(e)
Santa Monica, California
1980/1999
ongoing
357,000
20
84.9%
SanTan Village Regional Center(c)
Gilbert, Arizona
2007/—
2018
1,185,000
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
795,000
21
The Macerich Company
Property Listing
As of March 31, 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
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)
Portland, Oregon
1974/1999
2005
1,136,000
Total Consolidated Centers
26,183,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
28
50%
Broadway Plaza(c)
Walnut Creek, California
1951/1985
2016
1,003,000
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
1,400,000
33
50%
Kierland Commons(c)
Phoenix, Arizona
1999/2005
2003
439,000
34
50%
Scottsdale Fashion Square(c)
Scottsdale, Arizona
1961/2002
ongoing
1,875,000
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
1,924,000
37
19%
West Acres
Fargo, North Dakota
1972/1986
2001
673,000
Total Unconsolidated Joint Venture Centers
10,924,000
Total Retail Centers
37,107,000
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
121,000
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
22
The Macerich Company
Property Listing
As of March 31, 2026
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)(f)
Tysons Corner, Virginia
2015
2015
399,000
Total Other Assets
1,856,000
Grand Total
39,168,000
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)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.
23
The Macerich Company
Joint Venture List
March 31, 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
1,003,000
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
1,400,000
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
1,185,000
Scottsdale Fashion Square
50%
50%
Scottsdale Fashion Square Partnership
1,875,000
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
1,924,000
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%.
24
The Macerich Company
Net Debt to Adjusted EBITDA
As of March 31, 2026 (Unaudited)
(Dollars in Thousands, at Company's Pro Rata Share)
Total Company's Pro Rata Share of Debt
$6,451,780
(a)
Less: Cash, including joint ventures at the Company's share
(231,628)
    Restricted Cash, including joint ventures at the Company's share
$(104,097)
    Exclude: Restricted Cash that is not loan cash collateral
48,491
Less: Restricted Cash - loan cash collateral
(55,606)
(b)
Less: Debt for Santa Monica Place (lender-controlled)
(300,000)
Net Debt
5,864,546
(c)
Adjusted EBITDA (trailing twelve months)
$720,926
(d)
Plus: Leasing expenses (trailing twelve months)
52,090
(e)
Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments
(trailing twelve months)
11,080
(f)
Plus: adjustment for acquisitions and dispositions (trailing twelve months)
(15,954)
(g)
Plus: Other adjustments (trailing twelve months)
(12,704)
(h)
Adjusted EBITDA, as further modified (trailing twelve months)
$755,438
Net Debt to Adjusted EBITDA, as further modified
7.76x
(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 March 31, 2026, the Company's pro rata share of unamortized debt discounts and
loan finance costs were $29.3 million and $44.0 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 Three
Months Ended
For the Three
Months Ended
For the Twelve
Months Ended
Trailing Twelve
Months
March 31, 2026
March 31, 2025
December 31, 2025
March 31, 2026
Adjusted EBITDA, as reported
$151,718
$172,738
$741,946
$720,926
For a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 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.
(g)Represents the net forward EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisition of: i) 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, California, 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.
25
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company's pro rata share) (a)
As of March 31, 2026
Fixed Rate
Floating Rate
Total
Dollars in thousands
Mortgage notes payable
$4,394,794
$455,861
$4,850,655
Bank and other notes payable
—
81,963
81,963
Total debt per Consolidated Balance Sheet
4,394,794
537,824
4,932,618
Adjustments:
Less: Noncontrolling interests share of debt from consolidated joint ventures
(33,084)
—
(33,084)
Adjusted Consolidated Debt
4,361,710
537,824
4,899,534
Add: Company’s share of debt from unconsolidated joint ventures
1,540,374
11,872
1,552,246
Total Company’s Pro Rata Share of Debt
$5,902,084
$549,696
$6,451,780
Weighted average interest rate
5.23%
5.77%
5.27%
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.
26
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of March 31, 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
10/06/26
6.52%
$76,114
$—
$76,114
Fresno Fashion Fair
11/01/26
3.67%
324,901
—
324,901
Los Cerritos Center
11/01/27
5.77%
464,983
—
464,983
Green Acres Mall
01/06/28
6.62%
365,303
—
365,303
Arrowhead Towne Center
02/01/28
6.75%
352,943
—
352,943
SanTan Village Regional Center (b)
07/01/29
4.34%
186,623
—
186,623
Freehold Raceway Mall
11/01/29
3.94%
399,418
—
399,418
Queens Center 
11/06/29
5.45%
523,454
—
523,454
South Plains Mall
11/06/29
4.58%
197,579
—
197,579
Kings Plaza Shopping Center 
01/01/30
3.71%
526,448
—
526,448
Fashion Outlets of Chicago
02/01/31
4.61%
299,576
—
299,576
Pacific View
05/06/32
5.45%
69,455
—
69,455
Danbury Fair Mall
02/06/34
6.59%
152,534
—
152,534
Victor Valley, Mall of 
09/06/34
6.85%
84,061
—
84,061
Washington Square
04/06/35
5.63%
338,318
—
338,318
Total Fixed Rate Debt for Consolidated Assets
5.16%
$4,361,710
$—
$4,361,710
Santa Monica Place (c)
12/09/24
5.19%
$—
$300,000
$300,000
Crabtree Mall (d)
08/06/29
6.63%
—
155,861
155,861
The Macerich Partnership, L.P. - Line of Credit (d)
03/01/30
6.16%
—
81,963
81,963
Total Floating Rate Debt for Consolidated Assets
5.76%
$—
$537,824
$537,824
Total Debt for Consolidated Assets
5.23%
$4,361,710
$537,824
$4,899,534
II. Unconsolidated Assets (At Company’s pro rata share):
Twenty Ninth Street (51%) (e)
02/06/26
4.10%
$76,500
$—
$76,500
Deptford Mall (51%) (f)
04/03/26
4.00%
67,167
—
67,167
Kierland Commons (50%)
04/01/27
3.98%
91,544
—
91,544
Scottsdale Fashion Square (50%)
03/06/28
6.28%
349,532
—
349,532
Corte Madera, The Village at (50.1%)
09/01/28
3.53%
104,719
—
104,719
Tysons Corner Center (50%)
12/06/28
6.89%
352,283
—
352,283
Chandler Fashion Center (50.1%)
07/01/29
7.15%
137,352
—
137,352
West Acres - Development (19%)
10/10/29
3.72%
1,390
—
1,390
Tysons Tower (50%)
10/11/29
3.38%
94,779
—
94,779
Broadway Plaza (50%)
04/01/30
4.19%
208,793
—
208,793
Tysons VITA (50%)
12/01/30
3.43%
44,754
—
44,754
West Acres (19%)
03/01/32
4.61%
11,561
—
11,561
Total Fixed Rate Debt for Unconsolidated Assets
5.41%
$1,540,374
$—
$1,540,374
Boulevard Shops (50%)
12/05/28
6.56%
—
11,872
11,872
Total Floating Rate Debt for Unconsolidated Assets
6.56%
$—
$11,872
$11,872
Total Debt for Unconsolidated Assets
5.42%
$1,540,374
$11,872
$1,552,246
Total Debt
5.27%
$5,902,084
$549,696
$6,451,780
Percentage to Total
91.48%
8.52%
100.00%
27
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)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%.
(c)The Company has completed transition of the property to a receiver, but is still the owner of record.
(d)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. 
(e)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.
(f)On April 7, 2026, the Company's joint venture in Deptford Mall obtained a new $115.0  million interest only loan at a fixed rate of 6.95% that matures on May 6,
2031.
                                           
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of March 31, 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
$38
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
$52
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
$34
2024-2027
(h)
17% - 18%
TOTAL
$459
—
$505
$297
—
$330
$124
(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.
29
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
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 The Macerich Company (MAC) perform financially in Q1 2026?

Macerich reduced its net loss to $36.4 million, or $0.14 per diluted share, from $50.1 million, or $0.20, a year earlier. The improvement was mainly driven by a gain on sale or write down of assets recorded in the quarter.

What were Macerich’s Funds from Operations (FFO) and FFO as adjusted for Q1 2026?

Macerich reported FFO of $75.9 million, or $0.28 per diluted share, in Q1 2026. FFO, as adjusted, was higher at $92.4 million, or $0.34 per diluted share, reflecting adjustments such as default interest, non‑real‑estate investment losses, and properties in receivership.

How are Macerich’s Go-Forward Portfolio Centers performing?

Go‑Forward Portfolio Centers NOI excluding lease termination income increased 1.2% in Q1 2026 versus Q1 2025. Portfolio tenant sales per square foot for spaces under 10,000 square feet reached $899 for the trailing twelve months, up from $837, indicating healthier tenant sales trends.

What major financing steps did Macerich take in early 2026?

Macerich extended a $200 million South Plains Mall loan to November 6, 2029, upsized its revolving credit facility from $650 million to $900 million with maturity to March 2030, and repaid a $211.5 million Vintage Faire Mall loan using cash and revolver borrowings.

What new assets did Macerich acquire, and at what cost?

On April 30, 2026, Macerich acquired Annapolis Mall, a Class A regional mall of about 1.5 million square feet, for $260 million, plus an adjacent 13.1‑acre vacant Sears parcel for $12 million. The purchase was funded with cash on hand and $150 million from its credit line.

What is Macerich’s current leverage and liquidity position?

As of this filing, Macerich had about $780 million of liquidity, including $650 million of available revolver capacity. Total portfolio debt at pro rata was $6.45 billion, representing 55.7% of total market capitalization, with Net Debt to Adjusted EBITDA at 7.76x.

What dividend did Macerich declare for Q2 2026?

On May 4, 2026, Macerich announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on June 29, 2026 to stockholders of record at the close of business on June 15, 2026.

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