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The Macerich Company (NYSE: MAC) trims Q2 loss, boosts FFO and equity

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

Rhea-AI Filing Summary

The Macerich Company reported Q2 2026 results showing a narrower net loss attributable to the Company of $27.1 million, or $(0.10) per diluted share, compared with a net loss of $40.9 million, or $(0.16) per share, a year earlier, helped by a gain on sale of assets. FFO, as adjusted, rose to $100.4 million, or $0.35 per diluted share, from $88.7 million, or $0.34 per share, while Go-Forward Portfolio Centers NOI excluding lease termination income increased 3.8%.

Operational metrics strengthened, with leased portfolio occupancy at 94.0% as of June 30, 2026 (95.5% for Go-Forward Portfolio Centers), up from 92.0% a year earlier. Portfolio tenant sales per square foot for spaces under 10,000 square feet over the trailing twelve months rose to $919 from $849, and the company signed about 1.3 million square feet of leases in the quarter, supporting an estimated $124 million new-store revenue pipeline at its share through 2028.

On the balance sheet, Macerich acquired Annapolis Mall for $260 million plus a $12 million adjacent parcel and financed it partly with its revolver. It raised approximately $23.8 million of gross proceeds through its ATM program and completed a 22,080,000-share underwritten offering at $21.00, generating net proceeds of $448.2 million mainly used to repay revolver borrowings and fund investments. A 16.1 million-share forward offering at $23.90 provides additional future equity. Total portfolio debt at share was $6.34 billion, with Net Debt to Adjusted EBITDA of 7.30x (6.83x pro forma for unsettled forward equity), and liquidity was about $1.2 billion, including the full $900 million revolving credit facility. A quarterly cash dividend of $0.17 per share was declared, payable September 28, 2026.

Positive

  • FFO, as adjusted increased to $100.4 million ($0.35 per share) in Q2 2026 from $88.7 million ($0.34 per share) a year earlier, alongside 3.8% Go-Forward Portfolio NOI growth and higher occupancy, indicating stronger underlying cash-generating performance.
  • Leased portfolio occupancy improved to 94.0% and tenant sales per square foot reached $919, up from $849, supported by about 1.3 million square feet of new leasing and a $124 million signed-and-pipeline revenue opportunity.

Negative

  • Mac­erich remains loss-making on a GAAP basis, with a Q2 2026 net loss of $27.1 million, and carries substantial leverage, with Net Debt to Adjusted EBITDA at 7.30x even before only partially offsetting pro forma equity issuance.

Filing Explained

The June forward offering is not yet an issuance: the 16.1 million shares were excluded from June 30 shares outstanding and no proceeds were initially received. If physically settled, the added shares would reduce existing holders’ percentage ownership, with settlement intended by June 16, 2027 but cash or net-share settlement also permitted.

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 Q2 2026 $27.071 million Three months ended June 30, 2026; EPS diluted $(0.10) vs $(0.16) in Q2 2025
FFO, as adjusted Q2 2026 $100.449 million Three months ended June 30, 2026 vs $88.713 million in Q2 2025
FFO per share, as adjusted Q2 2026 $0.35 per share FFO per share, as adjusted, basic and diluted; $0.34 in Q2 2025
Leasing revenue Q2 2026 $233.442 million Consolidated leasing revenue for the three months ended June 30, 2026
NOI – Go-Forward Portfolio, excl. lease termination $184.821 million Q2 2026 NOI for Go-Forward Portfolio Centers excluding lease termination income; up 3.8% year over year
Leased portfolio occupancy 94.0% Leased portfolio occupancy as of June 30, 2026 vs 92.0% at June 30, 2025
Total portfolio debt including JV (pro rata) $6,342.118 million Total portfolio debt including joint ventures at pro rata as of June 30, 2026
Net Debt to Adjusted EBITDA 7.30x Net Debt to Adjusted EBITDA, as further modified, based on trailing twelve months to June 30, 2026
Quarterly dividend per share $0.17 Cash dividend declared August 4, 2026, payable September 28, 2026
Funds from Operations ("FFO") financial
"Funds from Operations (“FFO”), as adjusted, was $100.4 million, or $0.35"
Funds from operations ("FFO") is a measure used mainly for real estate companies that adjusts accounting profit to better show recurring cash-generating performance. Think of it as a landlord’s report of rent-like income: it adds back non-cash charges such as depreciation and removes one-time gains from property sales so investors can see the steady, repeatable earnings that matter for dividend coverage and valuation.
Go-Forward Portfolio Centers financial
"The Company's "Go-Forward Portfolio Centers" represents the assets included"
Net Operating Income ("NOI") financial
"Reconciliation of Net loss attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI")"
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.
Adjusted EBITDA financial
"Net Debt to Adjusted EBITDA, as further modified, is calculated using net debt"
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.
at-the-market (ATM) program financial
"we sold approximately 1.2 million shares of common stock for approximately $23.8 million of gross proceeds through our at-the-market (ATM) program"
An at-the-market (ATM) program is a way for a company to sell newly issued shares directly into the open market at the current trading price over time, rather than all at once. For investors it matters because it provides a flexible, ongoing source of capital but can dilute existing ownership and put steady selling pressure on a stock’s price—similar to a store quietly adding more items for sale at the posted price.
forward sale agreements financial
"shares were offered in connection with forward sale agreements. We did not initially receive any proceeds"
A forward sale agreement is a deal where two parties agree today to sell and buy an asset at a set price on a future date. It’s like promising to sell your car to a friend next month at today's price, regardless of how the car's value changes. These agreements help businesses lock in prices and reduce uncertainty about future costs or income.
Net loss attributable to the Company Q2 2026 $27.1 million; EPS diluted $(0.10) Improved from $40.9 million net loss and $(0.16) EPS in Q2 2025.
FFO, as adjusted Q2 2026 $100.4 million; $0.35 per diluted share Up from $88.7 million and $0.34 per share in Q2 2025.
Go-Forward Portfolio NOI excl. lease termination Q2 2026 $184.8 million Increased 3.8% compared with Q2 2025.
Leased portfolio occupancy 94.0% as of June 30, 2026 Up from 92.0% at June 30, 2025 and 93.4% at March 31, 2026.

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

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FAQ

How did The Macerich Company (MAC) perform financially in Q2 2026?
The Macerich Company reported a Q2 2026 net loss of $27.1 million, or $(0.10) per diluted share, compared with a $40.9 million, or $(0.16) per share, loss in Q2 2025, reflecting a gain on asset sales and improved underlying performance.

What was The Macerich Company (MAC) FFO in Q2 2026 versus Q2 2025?
In Q2 2026, FFO, as adjusted, was $100.4 million, or $0.35 per diluted share, up from $88.7 million, or $0.34 per share, in Q2 2025, highlighting stronger core cash earnings despite continued GAAP net losses.

What key acquisitions and capital raises did MAC complete in Q2 2026?
Macerich acquired Annapolis Mall for $260 million plus a $12 million parcel, raised about $23.8 million via its ATM program, and completed a 22,080,000-share public offering at $21.00, generating net proceeds of $448.2 million mainly used to repay its revolver and fund investments.

What are MAC’s occupancy and sales metrics as of June 30, 2026?
As of June 30, 2026, leased portfolio occupancy was 94.0% (95.5% for Go-Forward Portfolio Centers), and portfolio tenant sales per square foot for spaces under 10,000 square feet over the trailing twelve months were $919, up from $849 a year earlier.

What is The Macerich Company (MAC) leverage and liquidity position?
At June 30, 2026, Macerich had $6.34 billion of total portfolio debt at its share and a Net Debt to Adjusted EBITDA ratio of 7.30x, with about $1.2 billion of liquidity, including $900 million of available revolver capacity.

What dividend did The Macerich Company (MAC) declare for Q2 2026?
On August 4, 2026, Macerich declared a quarterly cash dividend of $0.17 per share of common stock, payable on September 28, 2026, to stockholders of record as of the close of business on September 14, 2026.

How much new leasing and pipeline revenue does MAC report?
During Q2 2026, Macerich signed approximately 1.3 million square feet of leases on a comparable-center basis. New store leases are expected to generate about $124 million of total gross revenue at Macerich’s share above 2024 levels from 2024 through 2028.
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): August 4, 2026

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

Maryland1-1250495-4448705
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code (310) 394-6000

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock of The Macerich Company, $0.01 par value per shareMACThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 4, 2026, The Macerich Company (the “Company”) released its financial results for the three and six months ended June 30, 2026 by posting to its website a financial supplement containing financial and operating information of the Company (“Earnings Results & Supplemental Information”) and such Earnings Results & Supplemental Information is furnished as Exhibit 99.1 hereto.

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

ITEM 7.01    REGULATION FD DISCLOSURE.

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

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

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

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

(d) Exhibit.

Exhibit Index attached hereto and incorporated herein by reference.

2




EXHIBIT INDEX



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




SIGNATURES

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

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




Exhibit 99.1
Earnings Results & Supplemental Information
For the Three and Six Months Ended June 30, 2026
mac_bookxearningsreleasecoa.jpg
The Macerich Company
Earnings Results & Supplemental Information
For the Three and Six Months Ended June 30, 2026
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
Page No.
Executive Summary & Financial Highlights
1
Executive Summary
1
Financial Highlights
4
Capital Information
8
Capital Information and Market Capitalization
8
Changes in Total Common and Equivalent Shares/Units
9
Financial Data
10
Consolidated Statements of Operations (Unaudited)
10
Consolidated Balance Sheet (Unaudited)
11
Non-GAAP Pro Rata Financial Information (Unaudited)
12
Supplemental FFO Information
15
Capital Expenditures
16
Asset Dispositions / Loan Give-Backs
17
Operational Data
19
Trailing Twelve Month Sales Per Square Foot
19
Portfolio Occupancy
19
Average Base Rent Per Square Foot
19
Cost of Occupancy
19
Percentage of Net Operating Income by State
20
Property Listing
21
Joint Venture List
24
Balance Sheet
25
Net Debt to Adjusted EBITDA
25
Debt Summary
27
Outstanding Debt by Maturity Date
28
Development and Redevelopment Pipeline Forecast
29
Corporate Information
30
1
The Macerich Company
Executive Summary
June 30, 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 40 million
square feet of real estate, consisting primarily of interests in 37 regional retail centers, and one community/power shopping center. 
We are firmly dedicated to driving long-term shareholder value and to advancing environmental goals, social good and sound corporate
governance.
Results for the Quarter:
The net loss attributable to the Company was $27.1 million, or $0.10 per share-diluted, during the second quarter of 2026, compared to
net loss attributable to the Company of $40.9 million, or $0.16 per share-diluted, for the quarter ended June 30, 2025.  The change in
net loss between the second quarter of 2026 compared to the same period in 2025 is primarily due to the Company recognizing a gain
on sale of assets in the second quarter of 2026. 
Funds from Operations (“FFO”), as adjusted, was $100.4 million, or $0.35 per share-diluted, during the second quarter of 2026,
compared to $88.7 million, or $0.34 per share-diluted, for FFO, as adjusted, for the quarter ended June 30, 2025. 
Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 3.8% in the second quarter
of 2026 compared to the second quarter of 2025.
Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended June 30, 2026 were $919
compared to $849 for the twelve months ended June 30, 2025 and $899 for the twelve months ended March 31, 2026. Go-Forward
Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended June 30, 2026 were $954.
Leased portfolio occupancy as of June 30, 2026 was 94.0%, a 2.0% increase compared to the 92.0% occupancy rate at June 30, 2025 and
a 0.6% increase compared to the 93.4% occupancy rate at March 31, 2026.  Go-Forward Portfolio Center leased occupancy as of June
30, 2026 was 95.5%.
During the second quarter of 2026, we signed approximately 1.3 million square feet of leases on a comparable center basis, including a
1.0% year-over-year increase in new-store leased square footage.
New store leases are expected to produce total gross revenue of approximately $124 million at our share in excess of the revenue
generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental
estimate and includes open stores, leases signed not open, and leases in documentation that will or have commenced from 2024
through 2028.   
   
Management Commentary:
“The second quarter results reflect the continued execution of our Path Forward Plan,” said Jack Hsieh, President and Chief Executive
Officer, Macerich. “Go-Forward Portfolio NOI grew 3.8%, our signed-not-open pipeline reached $124 million, and our leasing
speedometer is at 88%, exceeding our 85% mid-year target. With the leasing phase of the Path Forward Plan substantially complete, we
are focused on conversion- getting tenants built out, open and paying rent which will drive center-wide traffic, increase sales and NOI
growth."
“That scarcity of space is one of the goals of our Path Forward Plan. Roughly 90% of our Go-Forward NOI comes from Class A assets in
supply-constrained markets, our sales productivity continues to set company records, and there is effectively no new supply of regional
malls. The strongest retailers are concentrating their demand on centers like ours, and Gen Z – on pace to become the country’s largest
spending demographic and drawn to physical, experiential retail – is a sustainable tailwind. Our teams are already leasing into 2029 and
2030 as less space remains available in our best centers.”
“With the leasing and anchor repositioning components of our plan largely de-risked, our recent acquisitions represent the next phase
of value creation. At Annapolis Mall, the onboarding has gone smoothly, and the elevate-and-transform momentum is clear, with
Uniqlo now open and Dick’s House of Sport opening this fall. We enter the second half of the year ahead of schedule and with
substantial liquidity from our forward equity offering that will further strengthen our balance sheet. Our acquisition pipeline is robust
and active across both on- and off-market properties, which represent compelling opportunities to increase earnings growth and drive
shareholder value.”
2
The Macerich Company
Executive Summary
June 30, 2026
Balance Sheet:
During the second quarter of 2026, we were actively engaged in numerous transactions, including the following financing, capital
raising, acquisition and disposition activity:
In April, 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.
In April, we acquired Annapolis Mall, a Class A regional mall totaling approximately 1.4 million square feet in Annapolis, Maryland for
$260 million, plus the adjacent 13.1 acre vacant Sears parcel for $12 million. The acquisition was initially funded with cash on hand and
$150 million of borrowings from the revolving credit facility.
During the second quarter, we sold approximately 1.2 million shares of common stock for approximately $23.8 million of gross
proceeds through our at-the-market (ATM) program at a weighted average price of $19.77 per share.
In May, we closed on an underwritten public offering of 22,080,000 shares of common stock at a price to the public of $21.00 per
share, generating net proceeds of $448.2 million. The offering was upsized and included the full exercise of the underwriters’ option to
purchase additional stock. We used the proceeds to repay borrowings under our revolving credit facility, which were used primarily to
fund the acquisition of Annapolis Mall, to fund strategic leasing capital investments at Annapolis Mall, and for general corporate
purposes, including to fund acquisition opportunities.
In June,  we closed on an underwritten forward public offering of 16,100,000 shares of common stock, including the full exercise of the
underwriters’ option to purchase additional stock, at the public offering price of $23.90. All the shares were offered in connection with
forward sale agreements. We did not initially receive any proceeds from the sale of shares of our common stock by the forward
purchasers or their affiliates in the offering. We intend to physically settle the forward sale agreements no later than June 16, 2027 and
use the net proceeds we receive upon the settlement of the forward sale agreements to fund future acquisition opportunities and for
general corporate purposes.
We completed the sale of our joint venture interest in West Acres for $1.4 million, which included the buyer's assumption of $12.9
million of debt at our share. We also completed outparcel sales totaling $0.8 million. 
As of the date of this filing, we had approximately $1.2 billion of liquidity, including $900 million of available capacity on our $900
million revolving credit facility.
Fiscal Year 2024
Guidance
Dividend:
On August 4, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock.  The dividend is payable on
September 28, 2026 to stockholders of record at the close of business on September 14, 2026. 
Investor Conference Call:
We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The
Macerich Company’s website at www.macerich.com (Investors Section). The call begins on August 4, 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 40 million square feet of
gross leasable area (“GLA”) consisting primarily of interests in 37 regional retail centers, and one community/power shopping center. 
These 38 centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in
this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the
context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio
as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go-
Forward Portfolio Centers are subject to change.
3
The Macerich Company
Executive Summary
June 30, 2026
Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/,
as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. 
Additional information about Macerich can be found through social media platforms such as LinkedIn and Twitter.
The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis,
minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’
percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based
upon the Company’s percentage ownership interest).  Management believes that these measures provide useful information to
investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable
amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case
presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various
measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after
taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property
level performance and to make decisions about resource allocations.  The Company’s economic interest (as distinct from its legal
ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership
interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account
balances, allocations of profits and losses, payments of preferred returns and control over major decisions.  Additionally, the Company
does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and
expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.
Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words,
such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions
that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the
Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion
activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve
risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially
from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional
and local economic and business conditions, including the impact of geopolitical tensions, tariffs, elevated interest rates and inflation,
which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and
prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated
interest rates and their impact on the financial condition and results of operations of the Company, including as a result of any
increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost
of financing, and operating expenses; adverse changes in the real estate markets including, among other things, competition from
other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation,
supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or
outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of
operations of the Company and its tenants; the liquidity of real estate investments; government shutdowns and other governmental
actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or
other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with
the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2025, for a
discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and
undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document
or to reflect the occurrence of unanticipated events unless required by law to do so.
(See attached tables)
4
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
Unaudited
Unaudited
2026
2025
2026
2025
Revenues:
Leasing revenue
$233,442
$232,725
$459,418
$468,372
Other income
10,674
11,130
19,693
19,786
Management Companies' revenues
5,591
5,938
12,134
10,859
Total revenues
249,707
249,793
491,245
499,017
Expenses:
Shopping center and operating  expenses
77,933
79,848
161,184
165,011
Management Companies' operating  expenses
24,017
21,871
46,402
42,654
Leasing expenses
13,728
10,624
27,537
21,843
REIT general and administrative expenses
9,492
7,798
17,518
15,410
Depreciation and amortization
86,217
88,500
169,293
181,062
Interest expense
66,043
71,925
133,543
140,999
Total expenses
277,430
280,566
555,477
566,979
Equity in loss of unconsolidated joint ventures
(5,237)
(475)
(15,103)
(1,274)
Income tax (expense) benefit
(495)
188
2,146
1,010
Gain (loss) on sale or write down of assets, net
6,603
(10,484)
13,443
(24,472)
    Net loss
(26,852)
(41,544)
(63,746)
(92,698)
Less net income (loss) attributable to noncontrolling interests
219
(639)
(325)
(1,669)
    Net loss attributable to the Company
$(27,071)
$(40,905)
$(63,421)
$(91,029)
Weighted average number of shares outstanding - basic
273,715
253,085
265,916
253,039
Weighted average shares outstanding - Funds From Operations ("FFO") -
diluted (a)
285,019
263,967
277,249
263,922
Earnings per share ("EPS") - basic
$(0.10)
$(0.16)
$(0.24)
$(0.36)
EPS - diluted 
$(0.10)
$(0.16)
$(0.24)
$(0.36)
Dividend paid per share
$0.17
$0.17
$0.34
$0.34
FFO - basic and diluted  (a) (b)
$90,845
$83,977
$166,728
$164,950
FFO, as adjusted  - basic and diluted (a) (b)
$100,449
$88,713
$192,832
$178,477
FFO per share - basic and diluted  (a) (b)
$0.32
$0.32
$0.60
$0.63
FFO per share, as adjusted - basic and diluted (a) (b)
$0.35
$0.34
$0.70
$0.68
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 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
June 30,
For the Six Months Ended
June 30,
Unaudited
Unaudited
2026
2025
2026
2025
Net loss attributable to the Company
$(27,071)
($40,905)
($63,421)
($91,029)
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
(1,103)
(1,758)
(2,705)
(3,914)
(Gain) loss on sale or write down of consolidated assets, net
(6,603)
10,484
(13,443)
24,472
Add: (Loss) gain on undepreciated asset sales from consolidated assets
(50)
157
10,044
1,080
Noncontrolling interests share of loss on sale or write-down of consolidated
joint ventures, net
(9)
—
(18)
—
Loss on sale or write down of assets from unconsolidated joint ventures
(pro rata), net
12,382
948
13,103
2,059
Add: Loss on undepreciated asset sales from unconsolidated joint ventures
(pro rata)
—
(81)
—
(291)
Depreciation and amortization on consolidated assets
86,217
88,500
169,293
181,062
Less: depreciation and amortization allocable to noncontrolling interests in
consolidated joint ventures
(572)
(570)
(1,139)
(1,134)
Depreciation and amortization on unconsolidated joint ventures (pro rata)
29,081
28,736
57,878
56,519
Less: depreciation on personal property
(1,427)
(1,534)
(2,864)
(3,874)
FFO attributable to common stockholders and unit holders - basic and
diluted
90,845
83,977
166,728
164,950
Adjustments:
Default interest expense
3,827
3,033
7,955
6,033
Loss on non-real estate investments
540
3
284
7,559
3,683
Property in receivership
5,237
2
1,419
10,590
3,811
FFO attributable to common stockholders and unit holders, as adjusted-
basic and diluted
$100,449
$88,713
$192,832
$178,477
Reconciliation of EPS to FFO per share, as adjusted—diluted (b):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
Unaudited
Unaudited
2026
2025
2026
2025
EPS - diluted
$(0.10)
$(0.16)
$(0.24)
$(0.36)
  Per share impact of depreciation and amortization of real estate
0.40
0.44
0.81
0.89
  Per share impact of  loss on sale or write down of assets, net
0.02
0.04
0.03
0.10
FFO per share - basic and diluted
0.32
0.32
0.60
0.63
Adjustments:
  Per share impact of default interest expense
0.01
0.01
0.03
0.02
  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
0.04
0.02
FFO per share, as adjusted - basic and diluted
$0.35
$0.34
$0.70
$0.68
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
June 30,
For the Six Months Ended
June 30,
Unaudited
Unaudited
2026
2025
2026
2025
Net loss attributable to the Company
$(27,071)
$(40,905)
($63,421)
($91,029)
  Interest expense - consolidated assets
66,043
71,925
133,543
140,999
  Interest expense - unconsolidated joint ventures (pro rata)
20,587
20,723
40,505
42,881
  Depreciation and amortization - consolidated assets
86,217
88,500
169,293
181,062
  Depreciation and amortization - unconsolidated joint ventures (pro rata)
29,081
28,736
57,878
56,519
  Noncontrolling interests in the OP
(1,103)
(1,758)
(2,705)
(3,914)
Less: Interest expense and depreciation and amortization allocable to
noncontrolling interests in consolidated joint ventures
(946)
(930)
(1,885)
(1,853)
  (Gain) loss on sale or write down of assets, net - consolidated assets
(6,603)
10,484
(13,443)
24,472
  Loss on sale or write down of assets, net - unconsolidated joint ventures
(pro rata)
12,382
948
13,103
2,059
  Noncontrolling interests share of loss on sale or write-down of
consolidated joint ventures, net
(9)
—
(18)
—
  Income tax expense (benefit)
495
(188)
(2,146)
(1,010)
  Distributions on preferred units
87
87
174
174
Adjusted EBITDA (a)
179,160
177,622
330,878
350,360
REIT general and administrative expenses
9,492
7,798
17,518
15,410
Management Companies' revenues
(5,591)
(5,938)
(12,134)
(10,859)
Management Companies' operating  expenses
24,017
21,871
46,402
42,654
Leasing expenses, including joint ventures at pro rata
14,162
11,343
28,962
23,386
Corporate and other expenses (income) (b)
(6,252)
(2,192)
(1,784)
(8,895)
Straight-line and above/below market adjustments
(3,491)
(3,184)
(7,225)
(4,166)
NOI - All Centers
211,497
207,320
402,617
407,890
NOI of non-Go-Forward Portfolio Centers (c)
(26,194)
(28,572)
(44,443)
(53,642)
NOI - Go-Forward Portfolio Centers (c)
185,303
178,748
358,174
354,248
Lease termination income of Go-Forward Portfolio Centers
(482)
(735)
(652)
(5,534)
NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)
$184,821
$178,013
$357,522
$348,714
NOI - Go-Forward Portfolio Centers percentage change, including lease
termination income (c)
3.7%
1.1%
NOI - Go-Forward Portfolio Centers percentage change, excluding lease
termination income (c)
3.8%
2.5%
(a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss
(gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt, and preferred dividends and includes joint ventures at their pro
rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability
of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative
to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with
GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements
reported by other companies.
(b)    Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate investments,
and other assets.         
(c)    NOI - Go-Forward Portfolio Centers represents the NOI from the Go-Forward Portfolio Centers as defined on page 23 (See note (c) of the Company's Property
Listing Table), excluding Crabtree Mall and Annapolis Mall  for purposes of this calculation, as the properties were acquired on June 23, 2025 and April 30, 2026,
respectively; and were not held for the entirety of the comparable periods. The Company believes that only showing the results of the Go-Forward Portfolio
Centers better reflects the ongoing operating performance of the Company. Go-Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating
the impact of the Management Companies' revenues and operating expenses, leasing expenses (including joint ventures at prorata), the Company's REIT general
and administrative expenses, corporate and other income and expenses and the straight-line and above/below market adjustments and subtracting out NOI
from non-Go-Forward Centers. The Company also presents NOI - Go-Forward Portfolio Centers, excluding lease termination income, as the Company believes
that it is useful for investors to evaluate operating performance without the impact of lease termination income. For purposes of this calculation, the non-Go-
Forward Portfolio Centers include Crabtree Mall and Annapolis Mall.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
Period Ended
6/30/2026
12/31/2025
12/31/2024
(dollars in thousands, except per share data)
Closing common stock price per share
$25.19
$18.46
$19.92
52 week high
$25.97
$21.12
$22.27
52 week low
$15.89
$12.48
$12.99
Shares outstanding at end of period
Class A non participating convertible preferred units
99,565
99,565
99,565
Common shares and partnership units
295,372,574
268,604,506
263,739,694
Total common and equivalent shares/units outstanding
295,472,139
268,704,071
263,839,259
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata
$6,342,118
$6,590,774
$6,647,576
Equity market capitalization
7,442,943
4,960,277
5,255,678
Total market capitalization
$13,785,061
$11,551,051
$11,903,254
Debt as a percentage of total market capitalization
46.0%
57.1%
55.9%
chart-4767d54c260644e18aca.gif
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
Partnership
Units
Company
Common Shares
Class A
Non-Participating
Convertible
Preferred Units
Total
Common
and
Equivalent Shares/
Units
Balance as of December 31, 2025
11,613,593
256,990,913
99,565
268,704,071
Conversion of partnership units to cash
(44,096)
—
—
(44,096)
Conversion of partnership units to common shares
(286,338)
286,338
—
—
Issuance of shares from at-the-market ("ATM") program
—
3,252,163
—
3,252,163
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
22,655
103,482
—
126,137
Balance as of March 31, 2026
11,305,814
260,632,896
99,565
272,038,275
Conversion of partnership units to common shares
(9,500)
9,500
—
—
Issuance of shares from ATM program
—
1,205,039
—
1,205,039
Issuance of shares from equity offering
—
22,080,000
—
22,080,000
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
—
148,825
—
148,825
Balance as of June 30, 2026(a)
11,296,314
284,076,260
99,565
295,472,139
(a) This excludes the 16.1 million shares relating to the June 2026 forward public offering which will be settled at a future date.
10
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)
For the Three
Months Ended
June 30,
For the Six
Months Ended
June 30,
2026
2026
Revenues:
Leasing revenue
$233,442
$459,418
Other income
10,674
19,693
Management Companies' revenues
5,591
12,134
Total revenues
249,707
491,245
Expenses:
  Shopping center and operating expenses
77,933
161,184
  Management Companies' operating expenses
24,017
46,402
  Leasing expenses
13,728
27,537
  REIT general and administrative expenses
9,492
17,518
  Depreciation and amortization
86,217
169,293
  Interest expense
66,043
133,543
Total expenses
277,430
555,477
Equity in loss of unconsolidated joint ventures
(5,237)
(15,103)
Income tax (expense) benefit
(495)
2,146
Gain on sale or write down of assets, net
6,603
13,443
Net loss
(26,852)
(63,746)
Less net income (loss) attributable to noncontrolling interests
219
(325)
Net loss attributable to the Company
$(27,071)
$(63,421)
11
THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of June 30, 2026
(Dollars in thousands)
ASSETS:
Property, net (a)
$6,909,902
Cash and cash equivalents
227,028
Restricted cash
83,918
Tenant and other receivables, net
128,597
Right-of-use assets, net
104,026
Deferred charges and other assets, net
363,458
Due from affiliates
3,108
Investments in unconsolidated joint ventures
703,858
Total assets
$8,523,895
LIABILITIES AND EQUITY:
Mortgage notes payable
$4,848,075
Accounts payable and accrued expenses
131,585
Lease liabilities
63,437
Other accrued liabilities
374,040
Distributions in excess of investments in unconsolidated joint ventures
199,285
Total liabilities
5,616,422
Commitments and contingencies
Equity:
Stockholders' equity:
      Common stock
2,841
      Additional paid-in capital
6,758,116
      Accumulated deficit
(3,933,754)
      Accumulated other comprehensive loss
(5)
Total stockholders' equity
2,827,198
Noncontrolling interests
80,275
Total equity
2,907,473
Total liabilities and equity
$8,523,895
(a)Includes construction in progress of $305,687.
12
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
June 30, 2026
For the Six Months Ended
June 30, 2026
Noncontrolling
Interests of
Consolidated
Joint Ventures
(a)
Company's
Share of
Unconsolidated
Joint Ventures
(b)
Noncontrolling
Interests of
Consolidated
Joint Ventures
(a)
Company's
Share of
Unconsolidated
Joint Ventures
(b)
Revenues:
Leasing revenue
$(1,404)
$75,125
$(2,821)
$147,086
Other income
(1,116)
5,975
(2,044)
(829)
      Total revenues
(2,520)
81,100
(4,865)
146,257
Expenses:
Shopping center and operating  expenses
(231)
23,840
(551)
48,418
Leasing expense
(12)
447
(31)
1,456
Depreciation and amortization
(572)
29,081
(1,139)
57,878
Interest expense
(374)
20,587
(746)
40,505
      Total expenses
(1,189)
73,955
(2,467)
148,257
Equity in loss of unconsolidated joint ventures
—
5,237
—
15,103
Loss on sale or write down of assets, net
9
(12,382)
18
(13,103)
Net income
(1,322)
—
(2,380)
—
Less net income attributable to noncontrolling interests
(1,322)
—
(2,380)
—
Net income attributable to the Company
$—
$—
$—
$—
(a)Represents the Company’s partners’ share of consolidated joint ventures.
(b)For the three and six months ended June 30, 2026, other income includes $3.2 million of legal claims settlement income, net. Additionally for the three
and six months ended June 30, 2026, other income includes a reduction of $0.6 million and $10.1 million, respectively, which adjusted to market the
Company’s share of non-real estate investments.
13
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
As of June 30, 2026
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's Share
of Unconsolidated
Joint Ventures
ASSETS:
Property, net (b)
$(18,405)
$1,964,362
Cash and cash equivalents
(1,096)
72,967
Restricted cash
—
4,543
Tenant and other receivables, net
(95)
53,671
Right-of-use assets, net
—
64,924
Deferred charges and other assets, net
(719)
33,798
Due from affiliates
34
(1,716)
Investments in unconsolidated joint ventures, at equity
—
(703,858)
Total assets
$(20,281)
$1,488,691
LIABILITIES AND EQUITY:
Mortgage notes payable
$(33,091)
$1,527,134
Accounts payable and accrued expenses
(268)
29,692
Lease liabilities
—
64,035
Other accrued liabilities
(18,936)
67,115
Distributions in excess of investments in unconsolidated joint ventures
—
(199,285)
Total liabilities
(52,295)
1,488,691
Equity:
  Stockholders' equity
—
—
  Noncontrolling interests
32,014
—
    Total equity
32,014
—
    Total liabilities and equity
$(20,281)
$1,488,691
(a)Represents the Company's partners' share of consolidated joint ventures.
(b)This includes $16 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $150,775 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 June 30, 2026
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$154,256
$(1,027)
$153,229
$52,005
$205,234
  Percentage rents
3,730
(15)
3,715
2,093
5,808
  Tenant recoveries
70,372
(336)
70,036
18,812
88,848
  Other
7,007
(27)
6,980
2,172
9,152
  Bad debt expense
(1,923)
1
(1,922)
43
(1,879)
    Total leasing revenue
$233,442
$(1,404)
$232,038
$75,125
$307,163
For the Six Months Ended June 30, 2026
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$304,705
$(2,058)
$302,647
$102,847
$405,494
  Percentage rents
9,667
(39)
9,628
3,431
13,059
  Tenant recoveries
135,791
(670)
135,121
37,263
172,384
  Other
12,388
(55)
12,333
3,788
16,121
  Bad debt expense
(3,133)
1
(3,132)
(243)
(3,375)
    Total leasing revenue
$459,418
$(2,821)
$456,597
$147,086
$603,683
(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 June 30,
2026
2025
Straight-line rent receivable
$141.9
$134.0
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Lease termination income (b)
$0.5
$0.8
$0.7
$5.8
Straight-line rental income (b)
$2.9
$1.0
$5.2
$0.8
Business development and parking income (c)
$15.5
$15.0
$27.3
$27.8
(Loss) gain on sales or write down of undepreciated assets
$(0.1)
$0.1
$10.0
$0.8
Amortization of acquired above and below-market leases, net revenue (b)
$0.6
$2.2
$2.1
$3.4
Amortization of debt discounts, net (d)
$(4.2)
$(9.1)
$(8.3)
$(18.2)
Bad debt expense (b)
$1.9
$1.2
$3.4
$2.8
Leasing expense
$14.2
$11.3
$29.0
$23.3
Interest capitalized (d)
$5.6
$6.2
$10.8
$12.6
Employee severance costs (e)
$0.5
$0.3
$0.5
$2.1
Legal claims settlement income (expense), net (f)
$3.2
$(0.7)
$2.8
$5.3
(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 Six Months Ended
June 30,
For the Twelve Months Ended
December 31,
2026
2025
2025
2024
Consolidated Centers
Acquisitions of property (b)
$272.0
$290.0
$290.0
$170.8
Property improvements
13.0
7.5
34.6
43.3
Development, redevelopment, expansions and renovations of Centers
81.0
59.4
100.2
104.5
Tenant allowances
24.3
10.0
31.4
20.6
Deferred leasing charges
3.7
2.1
5.5
4.4
Total
$394.0
$369.0
$461.7
$343.6
Unconsolidated Joint Venture Centers
Property improvements
$4.6
$2.5
$9.3
$14.4
Development, redevelopment, expansions and renovations of Centers
43.5
29.4
77.7
39.8
Tenant allowances
7.2
5.8
14.3
21.0
Deferred leasing charges
2.1
1.8
3.6
5.6
Total
$57.4
$39.5
$104.9
$80.8
(a)All joint venture amounts at pro rata.
(b)Breakdown of acquisitions of property:
Acquisition
Date
For the Six Months Ended
June 30,
For the Twelve Months
Ended December 31,
2026
2025
2025
2024
Acquisition of Annapolis Mall
4-30-2026
(c)
$272.0
$—
$—
$—
Acquisition of Crabtree Mall
6-23-2025
(c)
—
290.00
290.0
—
Acquisition of the Company's joint venture partner's 40% interest in
Lakewood Center, Los Cerritos Center and Washington Square
10-24-2024
—
—
—
129.0
Acquisition of former Sears parcel at Inland Center
5-17-2024
—
—
—
5.4
Acquisition of the Company's joint venture partner's 40% interest in
Arrowhead Towne Center and South Plains Mall
5-14-2024
—
—
—
36.4
Total
$272.0
$290.0
$290.0
$170.8
(c) This represents the gross purchase price excluding closing adjustments and other related transaction costs.
17
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Asset Dispositions / Loan Give-Backs
(Dollars in millions)
The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the six months ended June 30, 2026, and for
the twelve months ended December 31, 2025 and 2024:                                                                                                 
Property/Location
Disposition
Date
Gross Sale
Price
(at 100%)
Gross Sale
Price
(at Company's
Share)
Reduction of
Debt
(at Company's
Share)
I. Asset Dispositions
West Acres, Fargo, North Dakota
06-18-2026
(a)
$14.3
$14.3
$12.9
Outparcel at Fashion Outlets of Chicago, Rosemont, Illinois
04-14-2026
0.8
0.8
—
Former department store parcel  at Freehold Raceway Mall,
Freehold, New Jersey
02-02-2026
1.5
1.5
—
Washington Square Too Retail Strip Center,  Portland, Oregon
12-19-2025
25.8
25.8
—
Outparcel at Washington Square, Portland, Oregon
12-10-2025
5.4
5.4
—
Outparcel at Los Cerritos Center, Cerritos, California
11-17-2025
5.0
5.0
4.5
Valley Mall, Harrisonburg, Virginia
08-20-2025
22.1
22.1
—
Lakewood Center, Lakewood, California
08-18-2025
332.1
332.1
317.1
Atlas Park, The Shops at, Queens, New York
07-30-2025
72.0
36.0
32.5
Paradise Valley Mall, Phoenix, Arizona
06-30-2025
(b)
5.5
5.5
3.1
1010-1016 Market Street parcels at Fashion District Philadelphia,
Philadelphia, Pennsylvania
06-30-2025
10.8
10.8
—
Former department store parcel  at Washington Square, Petaluma,
California
06-11-2025
2.6
2.6
—
Paradise Valley Office Park, Phoenix, Arizona
05-28-2025
6.2
6.2
—
SouthPark Mall,  Moline, Illinois
04-30-2025
10.5
10.5
—
Various parcels at Santan Adjacent, Gilbert, Arizona
04-28-2025
24.5
24.5
—
Portillo's parcel at Santan Adjacent, Gilbert, Arizona
04-16-2025
3.0
3.0
—
Wilton Mall, Saratoga Springs, New York
03-27-2025
24.8
24.8
—
The Oaks, Thousand Oaks, California
12-10-2024
157.0
157.0
147.8
Southridge Mall, Des Moines, Iowa
11-25-2024
4.0
4.0
—
Biltmore Fashion Park, Phoenix, Arizona 
07-31-2024
(c)
110.0
110.0
—
Former department store parcel  at Valle Vista Mall, Harlingen, Texas
06-28-2024
7.1
7.1
—
Country Club Plaza, Kansas City, Missouri
06-28-2024
(d)
175.6
147.7
147.7
      Subtotal
$1,020.6
$956.7
$665.6
Various land parcels (undepreciated asset sales), including separate
transactions with certain joint venture partners:
For the six  months ended June 30, 2026
2026
(e)
$13.0
$13.0
$—
For the twelve months ending December 31, 2025
2025
(e)
38.1
19.5
—
For the twelve months ending December 31, 2024
2024
(e)
36.3
6.3
—
      Subtotal
87.4
38.8
$—
Total - Asset Dispositions
$1,108.0
$995.5
$665.6
II. Loan Give-Backs
Santa Monica Place, Santa Monica, California
Pending
(f)
$300.0
$300.0
$300.0
Total - Loan Give-Backs
$300.0
$300.0
$300.0
Grand Total - Asset Dispositions/Loan Give-Backs (g)
$1,408.0
$1,295.5
$965.6
18
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Asset Dispositions / Loan Give-Backs
(Dollars in millions)
(a)The Company sold its 19% joint venture partnership interest in the property for $1.4 million, and the buyer's assumption of $12.9 million of the Company's share of
debt.
(b)The Company sold its 5% joint venture partnership interest in the property. 
(c)The Company sold its 50% joint venture partnership interest in the property.   
(d)The total sales price for Country Club Plaza was $175.6 million. Concurrent with the sale, the remaining amount owed by the joint venture under the $295.5 million
loan ($147.7 million at the Company's share) was forgiven by the lender.
(e)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO.
(f)For purposes of this schedule, the Company has included Santa Monica Place. The Company has completed transition of the property to a receiver but is still the
owner of record. 
(g)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs.
                 
             
                       
                   
                                                                                           
19
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Operational Data
Consolidated
Centers
Unconsolidated
Joint Venture
Centers
Total
Centers
Total
Go-Forward
Portfolio
Centers
Sales Per Square Foot (a)
6/30/2026
$809
$1,200
$919
$954
6/30/2025
$756
$1,060
$849
$906
12/31/2025
$795
$1,073
$881
$921
Portfolio Occupancy (b)
6/30/2026
93.2%
95.5%
94.0%
95.5%
6/30/2025
90.7%
94.2%
92.0%
92.8%
12/31/2025
93.5%
94.9%
94.0%
94.9%
Average Base Rents (c)
6/30/2026
$67.09
$83.63
$70.23
$71.89
6/30/2025
$67.04
$79.06
$69.46
$73.06
12/31/2025
$66.92
$79.47
$69.47
$71.31
Cost of Occupancy
6/30/2026
Minimum rents
7.9%
7.1%
7.7%
7.7%
Percentage rents
0.6%
0.9%
0.7%
0.7%
Expense recoveries (d)
3.1%
3.1%
3.1%
3.1%
Total
11.6%
11.1%
11.5%
11.5%
12/31/2025
Minimum rents
8.1%
7.4%
7.8%
7.9%
Percentage rents
0.6%
0.9%
0.7%
0.7%
Expense recoveries (d)
3.1%
3.3%
3.2%
3.2%
Total
11.8%
11.6%
11.7%
11.8%
(a)Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that have occupied such stores for a minimum of
12 months. Sales per square foot are based on tenants 10,000 square feet and under for retail Centers. Sales per square foot excludes Community Centers and
Santa Monica Place.
(b)Portfolio Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Portfolio Occupancy excludes Community
Centers, Santa Monica Place, and spaces under redevelopment.
(c)Average base rent per square foot is based on spaces 10,000 square feet and under, excluding Santa Monica Place. All joint venture amounts are included at pro
rata. 
Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other
adjustments or allowances that have been granted to the tenants.
(d)Represents real estate tax and common area maintenance charges.
20
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State
State
% of Go-Forward
Portfolio Centers
Pro Rata Real
Estate NOI (a)
California
21.6%
Arizona
20.9%
New York
17.6%
Pennsylvania, Virginia & North Carolina
14.1%
New Jersey & Connecticut
8.7%
Oregon
6.8%
Colorado & Illinois
6.4%
Other (b)
3.9%
Total
100.0%
(a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending June 30, 2026 Pro Rata Real Estate NOI excludes Annapolis Mall, and straight-line
and above/below market adjustments to minimum rents. Pro Rata Real Estate NOI also excludes REIT general and administrative expenses, management company
revenues, management company expenses and leasing expenses (including joint ventures at pro rata).
(b)“Other” includes Indiana, Iowa and Texas.
21
The Macerich Company
Property Listing
As of June 30, 2026
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by
the Company as of June 30, 2026.
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
CONSOLIDATED CENTERS:
1
100%
Annapolis Mall(c)
Annapolis, Maryland
1980/2026
ongoing
1,438,000
2
100%
Arrowhead Towne Center(c)
Glendale, Arizona
1993/2002
2015
1,077,000
3
100%
Crabtree Mall(c)
Raleigh, North Carolina
1972/2025
ongoing
1,317,000
4
100%
Danbury Fair Mall(c)
Danbury, Connecticut
1986/2005
2016
1,271,000
5
100%
Desert Sky Mall(c)
Phoenix, Arizona
1981/2002
2007
638,000
6
100%
Eastland Mall(c)(d)
Evansville, Indiana
1978/1998
1996
1,013,000
7
100%
Fashion District Philadelphia(c)
Philadelphia, Pennsylvania
1977/2014
2019
741,000
8
100%
Fashion Outlets of Chicago(c)
Rosemont, Illinois
2013/—
—
528,000
9
100%
Fashion Outlets of Niagara Falls USA
Niagara Falls, New York
1982/2011
2014
685,000
10
100%
Freehold Raceway Mall(c)
Freehold, New Jersey
1990/2005
2007
1,669,000
11
100%
Fresno Fashion Fair(c)
Fresno, California
1970/1996
2006
968,000
12
100%
Green Acres Mall(c)(d)
Valley Stream, New York
1956/2013
ongoing
1,895,000
13
100%
Inland Center(c)
San Bernardino, California
1966/2004
2016
894,000
14
100%
Kings Plaza Shopping Center(c)(d)
Brooklyn, New York
1971/2012
2018
1,099,000
15
100%
La Cumbre Plaza(d)
Santa Barbara, California
1967/2004
1989
325,000
16
100%
Los Cerritos Center(c)
Cerritos, California
1971/1999
2016
1,150,000
17
100%
NorthPark Mall(c)
Davenport, Iowa
1973/1998
2001
865,000
18
100%
Pacific View
Ventura, California
1965/1996
2001
883,000
19
100%
Queens Center(c)(d)
Queens, New York
1973/1995
2004
964,000
20
100%
Santa Monica Place(e)
Santa Monica, California
1980/1999
ongoing
357,000
21
84.9%
SanTan Village Regional Center(c)
Gilbert, Arizona
2007/—
2018
1,183,000
22
100%
South Plains Mall(c)
Lubbock, Texas
1972/1998
2017
1,313,000
23
100%
Stonewood Center(c)(d)
Downey, California
1953/1997
1991
925,000
22
The Macerich Company
Property Listing
As of June 30, 2026
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
24
100%
Superstition Springs Center(c)
Mesa, Arizona
1990/2002
2002
793,000
25
100%
Valley River Center(c)
Eugene, Oregon
1969/2006
2007
813,000
26
100%
Victor Valley, Mall of(c)
Victorville, California
1986/2004
2012
577,000
27
100%
Vintage Faire Mall(c)
Modesto, California
1977/1996
2020
1,098,000
28
100%
Washington Square(c)
Portland, Oregon
1974/1999
2005
1,125,000
Total Consolidated Centers
27,604,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
29
50%
Broadway Plaza(c)
Walnut Creek, California
1951/1985
2016
994,000
30
50.1%
Chandler Fashion Center(c)
Chandler, Arizona
2001/2002
2023
1,419,000
31
50.1%
Corte Madera, The Village at(c)
Corte Madera, California
1985/1998
2020
502,000
32
51%
Deptford Mall(c)
Deptford, New Jersey
1975/2006
2020
1,040,000
33
51%
Flatiron Crossing(c)
Broomfield, Colorado
2000/2002
ongoing
1,392,000
34
50%
Kierland Commons(c)
Phoenix, Arizona
1999/2005
2003
440,000
35
50%
Scottsdale Fashion Square(c)
Scottsdale, Arizona
1961/2002
ongoing
1,862,000
36
51%
Twenty Ninth Street(d)
Boulder, Colorado
1963/1979
2007
685,000
37
50%
Tysons Corner Center(c)
Tysons Corner, Virginia
1968/2005
2014
1,918,000
Total Unconsolidated Joint Venture Centers
10,252,000
Total Retail Centers
37,856,000
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
123,000
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
23
The Macerich Company
Property Listing
As of June 30, 2026
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
50%
VITA Tysons Corner Center(c)(f)
Tysons Corner, Virginia
2015
2015
399,000
Total Other Assets
1,858,000
Grand Total
39,919,000
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.
24
The Macerich Company
Joint Venture List
June 30, 2026
The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by
the Company. This list of properties includes unconsolidated joint ventures and consolidated joint ventures. The percentages shown are
the effective legal ownership and economic ownership interests of the Company.
Properties
Legal
Ownership(a)
Economic
Ownership(b)
Joint Venture
Total GLA(c)
Boulevard Shops
50%
50%
Propcor II Associates, LLC
205,000
Broadway Plaza
50%
50%
Macerich HHF Broadway Plaza LLC
994,000
Chandler Fashion Center(d)(e)
50.1%
50.1%
Freehold Chandler Holdings LP
1,419,000
Corte Madera, The Village at
50.1%
50.1%
Corte Madera Village, LLC
502,000
Deptford Mall
51%
51%
Macerich HHF Centers LLC
1,040,000
FlatIron Crossing(f)
51%
51%
Macerich HHF Centers LLC
1,392,000
Hyatt Regency Tysons Corner Center
50%
50%
Tysons Corner Hotel I LLC
290,000
Kierland Commons
50%
50%
Kierland Commons Investment LLC
440,000
SanTan Village Regional Center
84.9%
84.9%
Westcor SanTan Village LLC
1,183,000
Scottsdale Fashion Square
50%
50%
Scottsdale Fashion Square Partnership
1,862,000
Scottsdale Fashion Square-Office
50%
50%
Scottsdale Fashion Square Partnership
123,000
Scottsdale Fashion Square-Hotel
50%
50%
Scottsdale Fashion Square Partnership
245,000
Twenty Ninth Street
51%
51%
Macerich HHF Centers LLC
685,000
Tysons Corner Center
50%
50%
Tysons Corner LLC
1,918,000
Tysons Corner Center-Office
50%
50%
Tysons Corner Property LLC
171,000
Tysons Tower
50%
50%
Tysons Corner Property LLC
547,000
VITA Tysons Corner Center
50%
50%
Tysons Corner Property LLC
399,000
(a)This column reflects the Company’s legal ownership in the listed properties. Legal ownership may, at times, not equal the Company’s economic interest in the
listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances,
allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership
interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the
Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or
remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or
capital or liquidation proceeds.
(b)Economic ownership represents the allocation of cash flow to the Company, except as noted below. In cases where the Company receives a current cash
distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage
is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings,
partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.
(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.
(d)This Center has a former Sears store, which was acquired from joint venture partner Seritage Growth Properties and is now wholly owned and controlled by the
Company. The GLA of the former Sears store, or tenants replacing the former Sears store, at this Center is included in Total GLA at the center level.
(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership or a loan refinancing event, distributions are made in the following
order: pro rata 49.9% to the third-party partner and 50.1% to the Company until a 14% internal rate of return on and of certain capital expenditures is received; to
the Company until it receives approximately $38.0 million; and, thereafter, pro rata 49.9% to the third-party partner and 50.1% to the Company.
(f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%.
25
The Macerich Company
Net Debt to Adjusted EBITDA
As of June 30, 2026 (Unaudited)
(Dollars in Thousands, at Company's Pro Rata Share)
Total Company's Pro Rata Share of Debt
$6,342,118
(a)
Less: Cash, including joint ventures at the Company's share
(298,899)
    Restricted Cash, including joint ventures at the Company's share
$(88,461)
    Exclude: Restricted Cash that is not loan cash collateral
41,953
Less: Restricted Cash - loan cash collateral
(46,508)
(b)
Less: Debt for Santa Monica Place (lender-controlled)
(300,000)
Net Debt
5,696,711
(c)
Adjusted EBITDA (trailing twelve months)
$722,464
(d)
Plus: Leasing expenses (trailing twelve months)
54,909
(e)
Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments
(trailing twelve months)
11,292
(f)
Plus: Adjustment for acquisitions and dispositions (trailing twelve months)
7,692
(g)
Plus: Other adjustments (trailing twelve months)
(16,402)
(h)
Adjusted EBITDA, as further modified (trailing twelve months)
$779,955
Net Debt to Adjusted EBITDA, as further modified
7.30x
(i)
Net Debt to Adjusted EBITDA, Pro Forma (j)
Net Debt from above
$5,696,711
Less: Net value of unsettled forward equity (j)
(372,284)
Net Debt, adjusted
5,324,427
Adjusted EBITDA from above
$779,955
Net Debt to Adjusted EBITDA, Pro Forma
6.83x
(j)
(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the
principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the
related debt in a manner that approximates the effective interest method. As of June 30, 2026, the Company's pro rata share of unamortized debt discounts and
loan finance costs were $25.1 million and $25.3 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 Six Months
Ended
For the Six Months
Ended
For the Twelve
Months Ended
Trailing Twelve
Months
June 30, 2026
June 30, 2025
December 31, 2025
June 30, 2026
Adjusted EBITDA, as reported
$330,878
$350,360
$741,946
$722,464
For a reconciliation of net loss to Adjusted EBITDA for the six months ended June  30, 2026 and 2025 see page 7 and for the twelve months ended December
31, 2025, see the Company's Supplemental Information for the fourth quarter on the Company's website.
(e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally
staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful
information to investors because it allows them to more easily compare the Company's results to other REIT's.
(f)The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the
Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or
loss on non-real estate investments should be excluded from Adjusted EBITDA.
26
(g)Represents the net EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisition of: i) Annapolis Mall;  B) the
dispositions of i) Wilton Mall, ii) SouthPark Mall, iii) Atlas Park, iv) Lakewood Center, v) Valley Mall,  vi) the stand alone parcel at Washington Square in Petaluma,
Ca., vii) the retail strip center at Washington Square in Portland, Oregon, viii) West Acres Mall; and ix) other outparcel sales; and C) the loan in default for which the
Company anticipates transferring title to the underlying property for Santa Monica Place.
(h)Represents the adjustment for employee severance costs and legal claims settlement income, net.
(i)Net Debt to Adjusted EBITDA, as further modified, is calculated using net debt as of period end divided by Adjusted EBITDA, as further modified, for the twelve
months then ended. Management uses this ratio to evaluate the Company's capital structure and financial leverage. This ratio is also commonly used in the
Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital
structure and financial leverage.
(j)This assumes the net value of the unsettled forward equity offering is treated as a cash equivalent and reflects 16,100,000 of unsettled shares at an initial forward
price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. Although we expect to settle the
forward sale agreements entirely by the physical delivery of shares of our common stock for cash proceeds, we may also elect to cash settle or net share settle all or
a portion of our obligations.
27
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company's pro rata share) (a)
As of June 30, 2026
Fixed Rate
Floating Rate
Total
Dollars in thousands
Mortgage notes payable
$4,391,971
$456,104
$4,848,075
Bank and other notes payable
—
—
—
Total debt per Consolidated Balance Sheet
4,391,971
456,104
4,848,075
Adjustments:
Less: Noncontrolling interests share of debt from consolidated joint ventures
(33,091)
—
(33,091)
Adjusted Consolidated Debt
4,358,880
456,104
4,814,984
Add: Company’s share of debt from unconsolidated joint ventures
1,515,250
11,884
1,527,134
Total Company’s Pro Rata Share of Debt
$5,874,130
$467,988
$6,342,118
Weighted average interest rate
5.27%
5.66%
5.29%
Weighted average maturity (years)
3.03
(a)The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures
(calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based
upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s
financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s
partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its
pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic
interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in
accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial
information prepared in accordance with GAAP.
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of June 30, 2026
Center/Entity (dollars in thousands)
Maturity
Date
Effective
Interest
Rate (a)
Fixed
Floating
Total Debt
Balance (a)
I. Consolidated Assets:
Fashion Outlets of Niagara Falls USA
10/06/26
6.52%
$75,242
$—
$75,242
Fresno Fashion Fair
11/01/26
3.67%
324,950
—
324,950
Los Cerritos Center
11/01/27
5.77%
464,217
—
464,217
Green Acres Mall
01/06/28
6.62%
365,974
—
365,974
Arrowhead Towne Center
02/01/28
6.75%
353,090
—
353,090
SanTan Village Regional Center (b)
07/01/29
4.34%
186,642
—
186,642
Freehold Raceway Mall
11/01/29
3.94%
399,460
—
399,460
Queens Center 
11/06/29
5.45%
523,562
—
523,562
South Plains Mall
11/06/29
4.59%
197,653
—
197,653
Kings Plaza Shopping Center 
01/01/30
3.71%
524,072
—
524,072
Fashion Outlets of Chicago
02/01/31
4.61%
299,598
—
299,598
Pacific View
05/06/32
5.45%
69,236
—
69,236
Danbury Fair Mall
02/06/34
6.59%
152,612
—
152,612
Victor Valley, Mall of 
09/06/34
6.85%
84,089
—
84,089
Washington Square
04/06/35
5.63%
338,483
—
338,483
Total Fixed Rate Debt for Consolidated Assets
5.16%
$4,358,880
$—
$4,358,880
Santa Monica Place (c)
12/09/24
5.15%
$—
$300,000
$300,000
Crabtree Mall (d)
08/06/29
6.57%
—
156,104
156,104
The Macerich Partnership, L.P. - Line of Credit  (d),(e)
03/01/30
—%
—
—
—
Total Floating Rate Debt for Consolidated Assets
5.63%
$—
$456,104
$456,104
Total Debt for Consolidated Assets
5.21%
$4,358,880
$456,104
$4,814,984
II. Unconsolidated Assets (At Company’s pro rata share):
Twenty Ninth Street (51%) (f)
02/06/26
4.10%
$76,500
$—
$76,500
Kierland Commons (50%)
04/01/27
3.98%
90,850
—
90,850
Scottsdale Fashion Square (50%)
03/06/28
6.28%
349,593
—
349,593
Corte Madera, The Village at (50.1%)
09/01/28
3.53%
104,125
—
104,125
Tysons Corner Center (50%)
12/06/28
6.89%
352,538
—
352,538
Chandler Fashion Center (50.1%)
07/01/29
7.15%
137,384
—
137,384
Tysons Tower (50%)
10/11/29
3.38%
94,795
—
94,795
Broadway Plaza (50%)
04/01/30
4.19%
207,693
—
207,693
Tysons VITA (50%)
12/01/30
3.43%
44,771
—
44,771
Deptford Mall (51%)
05/06/31
7.53%
57,001
—
57,001
Total Fixed Rate Debt for Unconsolidated Assets
5.56%
$1,515,250
$—
$1,515,250
Boulevard Shops (50%)
12/05/28
6.50%
—
11,884
11,884
Total Floating Rate Debt for Unconsolidated Assets
6.50%
$—
$11,884
$11,884
Total Debt for Unconsolidated Assets
5.57%
$1,515,250
$11,884
$1,527,134
Total Debt
5.29%
$5,874,130
$467,988
$6,342,118
Percentage to Total
92.62%
7.38%
100.00%
(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)As of June 30, 2026, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $17.5 million, which are netted against
balances outstanding or reclassified as an asset when there are no borrowings outstanding on the credit facility, which was the case at June 30, 2026.       
                   
(f)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.                                           
29
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of June 30, 2026
In-Process Developments and Redevelopments:
Property
Project Type
Total Cost (a)(b)
at 100%
Ownership
%
Pro Rata Total
Cost (a)(b)
Pro Rata
Capitalized
Costs
Incurred-to-
Date(b)
Expected
Opening (a)
Stabilized
Yield (a)(b)(c)
FlatIron Crossing
Broomfield, CO
Development of luxury, multi-family
residential units, new/repurposed
retail and food & beverage uses, and
a community plaza, and
redevelopment of the vacant former
Nordstrom store.
$245
—
$265
43.4% and 51%
(d)
$125
—
$135
$46
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
$67
2026/2027
(g)
10% - 11%
Scottsdale Fashion
Square
Scottsdale, AZ
Redevelopment of two-level
Nordstrom wing with luxury-focused
retail and restaurant uses
$84
—
$90
50%
$42
—
$45
$37
2024-2027
(h)
17% - 18%
TOTAL
$459
—
$505
$297
—
$330
$150
(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.
30
The Macerich Company
Corporate Information
Stock Exchange Listing
New York Stock Exchange
Symbol: MAC
The following table shows high and low sales prices per share of common stock during each quarter in 2026, 2025 and 2024 and
dividends per share of common stock declared and paid by quarter:
Market Quotation
per Share
Dividends
Quarter Ended:
High
Low
Declared
and Paid
March 31, 2024
$17.69
$14.66
$0.17
June 30, 2024
$17.20
$12.99
$0.17
September 30, 2024
$18.33
$13.85
$0.17
December 31, 2024
$22.27
$17.29
$0.17
March 31, 2025
$21.12
$15.71
$0.17
June 30, 2025
$17.94
$12.48
$0.17
September 30, 2025
$18.94
$15.89
$0.17
December 31, 2025
$19.14
$16.03
$0.17
March 31, 2026
$20.93
$17.62
$0.17
June 30, 2026
$25.97
$19.02
$0.17
Dividend Reinvestment Plan
Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which
also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at
877-373-6374.
Corporate Headquarters
Transfer Agent
The Macerich Company
Computershare
401 Wilshire Boulevard, Suite 700
P.O. Box 43006
Santa Monica, California 90401
Providence, RI 02940-3006
310-394-6000
877-373-6374
www.macerich.com
1-781-575-2879 International calls
www.computershare.com
Macerich Website
For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit  www.macerich.com.
Investor Relations
Alexandra Johnstone
Vice President, Finance & Investor Relations
Phone: 214-373-5252
IR@macerich.com

Source: View Original Filing on SEC EDGAR

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