Major Retail Real Estate Deal: Macerich Adds 1.3M Sq Ft Mall to Portfolio

Rhea-AI Filing Summary

The Macerich Company (NYSE: MAC) has announced the acquisition of Crabtree Mall in Raleigh, NC for $290 million. The Class A retail property encompasses approximately 1.3 million square feet of space.

Key transaction details:

• Purchase funded through cash on hand and $100 million in borrowings from revolving credit facility
• Transaction completed on June 24, 2025
• Company released investor presentation and press release regarding the acquisition

The filing includes disclosure of investor materials made available on the company's website (investing.macerich.com) and confirms that the information provided is "furnished" rather than "filed" under Securities Exchange Act requirements. This strategic acquisition represents a significant expansion of Macerich's retail portfolio in the North Carolina market.

Positive

• Acquired Crabtree Mall, a Class A property of 1.3M sq ft in the strategic Raleigh, NC market for $290M
• Company demonstrated strong liquidity position by funding majority of acquisition with cash on hand

Negative

• Increased debt by $100M through borrowings from revolving credit facility for acquisition funding

Insights

Real Estate Portfolio Analyst

Acquisition expands portfolio with Class A mall; leverage uptick modest; earnings effect hinges on future NOI disclosure.

Crabtree Mall adds roughly 1.3 million square feet of top-tier retail space, increasing Macerich’s gross leasable area and aligning with its stated focus on high-quality assets. A single-asset purchase streamlines integration and avoids inheriting corporate-level liabilities. At $290 million, the deal implies about $223 per square foot—a figure in line with recent marquee mall trades—yet the filing provides no cap-rate or net operating income, so accretion cannot be confirmed. Funding came from existing cash and a $100 million revolver draw, sparing shareholders dilution from an equity raise but trimming liquidity. Raleigh, NC broadens geographic mix, reducing reliance on legacy West-coast properties. Until management releases occupancy, rent roll, and planned capital expenditures, the strategic benefit remains qualitative rather than quantifiable.

Capital Structure Analyst

Using $100 million of the revolving credit facility signals adequate unused capacity but lifts variable-rate exposure at a time of higher short-term rates. The $190 million cash component draws down reserves, though the filing does not quantify remaining balance, limiting visibility on liquidity headroom. Revolver borrowings are typically subject to interest-coverage and unencumbered-asset covenants; adding a Class A property should support collateral, yet incremental interest expense will weigh on coverage ratios until the mall’s cash flow begins. Management chose speed and flexibility over permanent financing; a later refinancing with fixed-rate secured debt or joint-venture capital remains possible but is not addressed here. Net effect: leverage edges up, liquidity tightens, but covenant risk appears manageable. Without NOI guidance, overall credit impact is best assessed as neutral.

MACERICH CO false 0000912242 0000912242 2025-06-24 2025-06-24

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): June 24, 2025

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 June 24, 2025, The Macerich Company (the “Company”) made available on the Investor Relations section of its website, investing.macerich.com, an investor presentation describing the Company’s acquisition of the Crabtree Mall located in Raleigh, NC. A copy of the presentation is attached hereto as Exhibit 99.1. The Company also issued a press release relating to the acquisition on June 24, 2025. A copy of the press release is attached hereto as Exhibit 99.2. The information set forth in this Item 7.01, in the presentation attached hereto as Exhibit 99.1 and in the press release attached hereto as Exhibit 99.2, 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 Exhibits 99.1 and 99.2, 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 8.01 OTHER EVENTS.

As noted above, on June 24, 2025 the Company announced the acquisition of Crabtree Mall, a Class A mall totaling approximately 1.3 million square feet in Raleigh, NC for a purchase price of $290 million. The Company funded the acquisition with cash on hand and $100.0 million of borrowings under its revolving credit facility.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

EXHIBIT NUMBER		DESCRIPTION
99.1		Investor Presentation
99.2		Press Release dated June 24, 2025
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
June 24, 2025		/s/ Daniel E. Swanstrom II
Date		Senior Executive Vice President, Chief Financial Officer and Treasurer

FAQ

How much did MAC pay for Crabtree Mall acquisition in June 2025?

MAC acquired Crabtree Mall for a purchase price of $290 million. The acquisition was announced on June 24, 2025, and was funded through a combination of cash on hand and $100 million in borrowings from the company's revolving credit facility.

What is the size and location of MAC's newly acquired Crabtree Mall property?

Crabtree Mall is a Class A mall located in Raleigh, NC, totaling approximately 1.3 million square feet of retail space.

How did MAC finance the Crabtree Mall acquisition in 2025?

MAC financed the Crabtree Mall acquisition through a combination of cash on hand and $100 million in borrowings drawn from their revolving credit facility.

When did MAC announce the Crabtree Mall acquisition?

MAC announced the Crabtree Mall acquisition on June 24, 2025. The company made the announcement through a press release and also made available an investor presentation on their website (investing.macerich.com).