Leasing surge and asset sales shape Macerich (NYSE: MAC) Path Forward

Rhea-AI Filing Summary

The Macerich Company furnished a business update alongside its appearance at Citi’s 2026 Global Property CEO Conference, highlighting record leasing momentum, a sizable signed‑not‑open pipeline and progress on its deleveraging plan.

For the full year 2025, Macerich signed 1,199 leases versus 819 in 2024, with 291 store openings versus 197 and go-forward leased occupancy rising to 94.9%. The company reports about $107 million of signed‑not‑open revenue uplift committed, with cumulative potential of roughly $140 million that it estimates will flow about 80% to NOI. A five-year plan calls for about 1,000 new tenant openings, with roughly 800 already committed or in letter‑of‑intent stage and leasing completion at 76% as of February 2026.

Macerich is also replacing 30 legacy anchors totaling 2.9 million square feet, targeting an estimated $750 million in annual sales. On the balance sheet side, it outlines a roughly $2 billion asset sale and give‑back program, with about $1.4–$1.5 billion already addressed through completed or in‑process mall and outparcel transactions.

Insights

REIT and commercial real estate analyst

Macerich outlines strong leasing gains, sizable SNO pipeline and substantial asset sales toward leverage reduction.

Macerich emphasizes operational momentum: lease signings rose from 819 in 2024 to 1,199 in 2025, with 291 store openings and go-forward leased occupancy at 94.9%. A five‑year plan for about 1,000 new tenant openings is already 76% complete as of February 2026.

The company highlights roughly $107 million of signed‑not‑open revenue uplift already committed, with total SNO potential around $140 million. Management estimates about 80% of this revenue will convert to NOI, which, if realized, would be meaningful for cash flow given typical REIT margins.

On capital structure, Macerich details a deleveraging program targeting about $2 billion of asset sales and loan resolutions, with around $1.4–$1.5 billion already completed or in progress. Actual impact will depend on execution of remaining Eddy mall and outparcel transactions at the cap rates and volumes discussed in the update.

MACERICH CO false 0000912242 0000912242 2026-03-02 2026-03-02

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): March 2, 2026

THE MACERICH COMPANY

(Exact name of registrant as specified in its charter)

Maryland		1-12504		95-4448705
(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 share		MAC		The 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 7.01 REGULATION FD DISCLOSURE.

On March 2, 2025, The Macerich Company made available on the Investor Relations section of its website, investing.macerich.com, a business update presentation to be used at Citi’s 2026 Global Property CEO Conference being held in Hollywood, Florida from March 1^st to March 4th. A copy of the presentation is attached hereto as Exhibit 99.1. The information set forth in this Item 7.01 and in the presentation, attached hereto as Exhibit 99.1, is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

EXHIBIT NUMBER		DESCRIPTION
99.1		Citi Business Update Presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 E. Swanstrom II
March 2, 2026						/s/ Daniel E. Swanstrom II
Date						Senior Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1 MACERICH CITI’S 2026 GLOBAL PROPERTY CEO CONFERENCE BUSINESS UPDATE March 2026 NYSE: MAC | Macerich.com Scottsdale Fashion Square | Scottsdale, AZ

LEGAL DISCLAIMER Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, such as “will,” “expects,” “pro forma”, “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “potential,” “target,” “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, including growth rates and acquisition and disposition goals, 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; 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. 2 Copyright © 2026 Macerich

RECORD-BREAKING LEASING ACTIVITY STRONG LEASING PRODUCTIVITY & MOMENTUM Strong leasing volumes and productivity (1) (1) FY 2024 FY 2025 3.9M 7.1M New and Renewal Space Signed 819 1,199 Signed Leases 197 291 Store Openings 65 99 New-to-Macerich Brands (2) 94.6% 94.9% Go-Forward Leased Occupancy 92.0% 90.9% Go-Forward Physical Occupancy Executive Leasing Committee has reviewed 57% more new deals by count and 159% more by square footage in 2025 than during the same period last year (1) Both periods represent the Total Portfolio on a comparable basis, as of December 31, 2025. 3 (2) 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. Copyright © 2026 Macerich

2024 – 2025 TENANT OPENINGS 400+ NEW STORES OPEN DIGITALLY NATIVE & EMERGING BRANDS LUXURY RETAIL Hermès – Scottsdale Fashion Abercrombie & Fitch – Broadway, Corte Madera Alo Yoga – Los Cerritos, SanTan Village Loro Piana – Scottsdale Fashion Aerie – Danbury, Eastland, FlatIron, SanTan, Beyond Yoga – Corte Madera Louis Vuitton (Expansion) – Scottsdale Fashion Scottsdale Fashion Edikted – Tysons Corner Altar'd State – Tysons Loro Piana | Scottsdale Fashion Square Gorjana – Chandler Fashion, Los Cerritos, INTERNATIONAL Anthropologie – FlatIron Scottsdale Fashion, Tysons Arc'Teryx – Fashion Outlets of Chicago Athleta – Los Cerritos Jack & Jones - Freehold Aritzia – Kierland, Scottsdale Fashion Barnes & Noble – Fresno Fashion, Tysons Mejuri – Broadway, Kierland, Tysons, A|X Armani Exchange – Queens Bath & Body Works – FlatIron Washington Square Garage – Arrowhead, Tysons Coach – Danbury, Scottsdale Fashion, Crabtree Reformation – Tysons JD Sports – Chandler Fashion, Green Acres Foot Locker – Danbury, Green Acres, Washington Rothy’s – Broadway Laderach – Fashion Outlets of Chicago, Freehold Square Skims – Tysons Lego – FlatIron Gap – Scottsdale Fashion, Tysons TravisMathew – Chandler Fashion Lululemon – FlatIron Hollister – Broadway Mango – Corte Madera, Washington Square James Avery – Arrowhead, Chandler Fashion EXPERIENTIAL/OTHER Miniso – Danbury, Desert Sky, Fashion Outlets of Kendra Scott – Arrowhead Freehold Athletic Club – Freehold Chicago, Valley River, Victor Valley Levi’s – Tysons Kawaii Klaw's – Stonewood Pop Mart – Broadway, Fashion Outlets of Chicago, Offline by Aerie – Danbury, FlatIron, SanTan Los Cerritos, Queens, Washington Square Kidz 4 Fun – Deptford Pacsun – Danbury, Queens Gorjana| Los Cerritos Center Samsung – Los Cerritos, Queens Sweet Play – FlatIron Rivian – Broadway, Tysons Sandro – Fashion Outlets of Chicago Vida Spa – Arrowhead, Chandler Fashion True Religion – Fashion Outlets of Chicago, Kings, Swarovski – Tysons Queens LARGE FORMAT Zadig & Voltaire – Scottsdale Fashion ULTA Beauty – Fashion Outlets of Chicago Caesars Republic Hotel – Scottsdale Fashion FOOD & BEVERAGE Victoria's Secret – Fashion Outlets of Chicago, Dick’s House of Sport – Freehold FlatIron Catch – Scottsdale Fashion Level 99 – Tysons Vuori – Broadway, Chandler Fashion Cheesecake Factory, The – Tysons Primark – Queens Élephante – Scottsdale Fashion Round1 Bowling & Amusement – Chandler Kung Fu Tea – Green Acres Fashion, Danbury Kura Sushi – Freehold Target – Danbury Original Joe’s – Broadway Poke Island Grill – Queens 4 Edikted | Tysons Corner Center Society Swan – Scottsdale Fashion *January 1, 2024 – December 31, 2025 Copyright © 2026 Macerich

LEASING SPEEDOMETER AHEAD OF PLAN NEW LEASE DEAL COMPLETION PERCENTAGE The five-year plan has ~1,000 new tenant openings, with ~800 either 1. Leasing dashboard tool to committed (~650) or in LOI negotiations (~150) improve visibility and efficiency 2. Tracks revenue completion percentage for all new YEAR-END 2024 MAY 2025 leasing activity in the 39% COMPLETE 60% COMPLETE 5-Year Plan YEAR-END 2025 74% COMPLETE VS 3. As of February 2026, the 70% TARGET Company is ahead of FEBRUARY 2026 schedule at 76% complete 76% COMPLETE MID-2026 TARGET 85% COMPLETE FULL OPPORTUNITY 100% COMPLETE MACERICH LEASING SPEEDOMETER - NEW LEASE DEAL COMPLETION % 5 Copyright © 2026 Macerich

SUBSTANTIAL LEASING PIPELINE TO DRIVE GROWTH SIGNED NOT OPEN (SNO) PIPELINE SUMMARY (1) ~$107 million of in-place SNO committed – Includes new store leases which have or will commence from 2024 through 2028, and are expected to produce total gross revenue of ~$107 million in excess of the revenue generated in the same spaces during 2024 ~$140 million in cumulative total SNO potential – On track to achieve the ultimate opportunity of ~$140 million in cumulative SNO potential, representing an additional ~$33 million to the current committed SNO pipeline of ~$107 million ~$140 MILLION SNO PIPELINE – ESTIMATED ANNUAL CONTRIBUTION $140 $45-50 $33 $40-45 $5-10 $23-28 $30 $20 $107 $35 $30 $20 $22 2025 2026 2027 2028 Total 2025 - 2028 Not at scale Committed Uncommitted Data as of February 2026 (1) This new store leasing pipeline represents a cumulative estimate and includes open stores, leases signed not open and leases in documentation. The amounts are based on the permanent tenant revenues in the Go-Forward 6 Portfolio, including development/redevelopment and excluding anticipated dispositions/give-backs. The Company estimates the SNO flow through to NOI to be approximately 80%. Copyright © 2026 Macerich ($ in millions)

NEW ANCHORS EXPECTED TO DRIVE TRAFFIC, SALES & INLINE LEASING ANCHORS OPENING BY YEAR 12 Committed for 30 out of 30 anchor and big box replacements (1) • 30 anchors totaling 2.9 million square feet to replace outdated ~1.2M SF or vacant retail 8 • We have 5 anchors open, 5 under construction, 11 executed and 9 with leases out 5 5 ~900K SF • Estimated $750 million in annual sales ~300K SF ~500K SF 2025 2026 2027 2028 Dick’s House of Sport at Freehold replacing Level99 at Tysons replacing Barnes & Noble Lord & Taylor and Old Navy Opened September 2025 Opened October 2025 Most successful opening among all Level99 Strongest opening out of 35 Dick’s House of locations Sport locations 7 (1) Tenants > 40K Square Feet; 30 anchors projected to open in Path Forward Plan between 2025 to 2028 Copyright © 2026 Macerich

Path Forward Plan estimated to increase permanent occupancy by 500bps ü Curated mix of top-tier and emerging brands – elevating the customer PATH FORWARD PLAN PROJECTED experience PERMANENT PHYSICAL OCCUPANCY ü Boost traffic and engagement – maximizing center productivity Represents an Annual Average 100% ü Significant rent uplift when converting temporary to permanent 95% 95% 95% 95% 94% 94% 94% 91% 91% 6% 90% 90% (1) 90% 89% 6% 8% 8% 7% 85% 88% 80% 85% 83% 82% 82% 75% 2024 2025 2026 2027 2028 Permanent Occupancy Temporary Occupancy Leased Occupancy The Go-Forward Portfolio Physical Occupancy represents the average percentage of occupied mall and freestanding GLA projected for each year. The Go-Forward Portfolio Leased Occupancy represents the average percentage of 8 leased (including signed not open) mall and freestanding GLA projected for each year. (1) Total Physical Occupancy temporary decrease primarily in 1H26 resulting from planned downtime for new permanent tenants (build-outs and under construction). Copyright © 2026 Macerich

SIGNIFICANT PROGRESS ON LEVERAGE REDUCTION PATH FORWARD ASSET SALES AND GIVE-BACK SUMMARY OUTPARCELS COMPLETED AND UNDER CONTRACT → (~$135 million) MALLS COMPLETED → (~$1.2 billion) ü~$135 million sold or under contract against 2025 target of $100-$150 million ü Santa Monica Place - defaulted on $300 million loan ü~$122 million land and outparcel sales closed ü The Oaks - closed on $157 million sale ($148 million debt) ü~$15 million land and outparcel sales under contract ü Country Club Plaza - closed on $147 million short sale and discounted payoff ü Additional ~$50 million land and outparcel sales in various stages of ü Biltmore Fashion Park - closed on $110 million sale negotiation ü Wilton Mall - closed on $25 million sale OUTPARCELS IN PROGRESS → (~$375-$475 million) ü SouthPark Mall - closed on $11 million sale q Ongoing sale of outparcels, freestanding retail, non-enclosed malls and land ü Southridge Mall - closed on $4 million sale totaling up to $375-$475 million ü Shops at Atlas Park - closed on $36 million sale ($32 million debt) q Outparcels (NOI generating): Approximately $350 -$400 million range ü Lakewood Center - closed on $332 million sale ($317 million debt) q Land: Approximately $25-$75 million range ü Valley Mall - closed on $22 million sale TOTAL PLAN → ~$2B final goal DISPOSITION CAP RATE EXPECTATIONS MALLS IN PROGRESS → (~$200-$300 million) q REMAINING EDDY MALLS: 11 – 12% q Several additional Eddy mall sales or give-backs totaling up to q REMAINING OUTPARCEL SALES (ex. Land): 7 – 8% $200-$300 million → ~$1.4-$1.5 billion of goal As of February 25, 2026 9 Copyright © 2026 Macerich

MACERICH (NYSE: MAC) ONE OF THE NATION’S LEADING OWNERS, OPERATORS & DEVELOPERS OF MAJOR RETAIL PROPERTIES IN ATTRACTIVE U.S. MARKETS, INCLUDING CALIFORNIA, PHOENIX/SCOTTSDALE, PACIFIC NORTHWEST, GREATER NEW YORK, NORTH CAROLINA AND WASHINGTON, D.C. 10

FAQ

What is the main purpose of Macerich (MAC) March 2026 business update?

The update explains Macerich’s recent leasing progress, signed‑not‑open pipeline, and asset sale efforts. It was prepared for Citi’s 2026 Global Property CEO Conference and outlines how leasing growth and planned dispositions support the company’s multi‑year “Path Forward” strategy for occupancy and leverage.

How strong was Macerich (MAC) leasing activity in 2025 compared with 2024?

Leasing activity accelerated in 2025, with 1,199 leases signed versus 819 in 2024 and 291 store openings versus 197. Go‑forward leased occupancy increased to 94.9%, while an executive leasing committee reviewed substantially more new deals by count and square footage than during the prior‑year period.

What is Macerich’s signed-not-open (SNO) revenue pipeline according to the update?

Macerich reports about $107 million of in‑place signed‑not‑open revenue uplift, with cumulative potential of roughly $140 million. The company expects these new stores, opening between 2024 and 2028, to generate revenue above the prior tenants and estimates approximately 80% of this will flow through to NOI.

How is Macerich (MAC) addressing legacy anchor space in its portfolio?

The company plans to replace 30 anchor and big‑box spaces totaling 2.9 million square feet. It has 5 anchors open, 5 under construction, 11 executed and 9 with leases out, and estimates these replacements could generate about $750 million in annual sales when fully operational.

What leverage reduction strategy does Macerich describe in the Path Forward plan?

Macerich outlines a roughly $2 billion program of asset sales and give‑backs, including malls and outparcels. Around $1.4–$1.5 billion is already addressed through completed or in‑process transactions, with remaining Eddy malls and income‑producing outparcels targeted at stated cap‑rate ranges.

How does Macerich’s Path Forward plan affect future occupancy levels?

The Path Forward plan is projected to increase permanent physical occupancy by about 500 basis points over several years. It relies on converting temporary tenants to permanent leases, adding new anchors and executing the leasing pipeline, with a temporary occupancy dip expected during 2026 build‑outs.

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