All information included in this supplemental financial package is unaudited, unless otherwise indicated.

We own 42 million square feet of real estate consisting primarily of interests in 39 regional retail centers that serve as community cornerstones. 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. We are firmly dedicated to advancing environmental goals, social good and sound corporate governance. As a recognized leader in sustainability, The Macerich Company (the “Company”) has achieved a #1 GRESB ranking for the North American retail sector for ten consecutive years.

•The net loss attributable to the Company was $40.9 million, or $0.16 per share-diluted, during the second quarter of 2025, compared to the net income attributable to the Company of $252.0 million, or $1.16 per share-diluted, for the quarter ended June 30, 2024. The primary change in net (loss) income attributable to the Company between the second quarter of 2025 compared to the same period in 2024 is the gain on sale of asset of $334.3 million recorded in the three months ended June 30, 2024 related to the Chandler Fashion Center transaction.

•Funds from Operations (“FFO”) excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments was $87.3 million, or $0.33 per share-diluted, during the second quarter of 2025, compared to $88.1 million, or $0.39 per share-diluted, for FFO excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments for the quarter ended June 30, 2024.

•Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 2.4% in the second quarter of 2025 compared to the second quarter of 2024.

•Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended June 30, 2025 were $849 compared to $837 for the twelve months ended March 31, 2025 and $835 for the twelve months ended June 30, 2024. Go-forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2025 were $906.

•Portfolio occupancy as of June 30, 2025 was 92.0%, a 1.4% decrease compared to the 93.3% occupancy rate at June 30, 2024 and a 0.6% decrease compared to the 92.6% occupancy rate at March 31, 2025. The decrease was driven primarily by Forever 21 closures. Go-forward Portfolio Center occupancy as of June 30, 2025 was 92.8%.

•During the second quarter of 2025, we signed leases for 1.7 million square feet, an 137% increase in leased square footage compared to the second quarter of 2024, on a comparable center basis.

•New store leases are expected to produce total gross revenue of approximately $87 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.

•Base rent re-leasing spreads were 10.5% greater than expiring base rent for the trailing twelve months ended June 30, 2025. This was the fifteenth consecutive quarter of positive base rent leasing spreads.

During the second quarter of 2025, and subsequent-to quarter-end, we were actively engaged in numerous transactions, including the following financing, acquisition, and disposition activity:

•On April 30, 2025, we closed on the sale of SouthPark for $11 million. This asset was unencumbered.

•On June 23, 2025, we closed on the acquisition of Crabtree Mall, a market-dominant, Class A retail center totaling approximately 1.3 million square feet in Raleigh, North Carolina for approximately $290 million. The acquisition was initially funded with cash on hand and $100 million of borrowings on our revolving line of credit.

•On July 30, 2025, the Company's joint venture closed on the sale of Atlas Park for $72 million. We used our portion of the net proceeds from this sale to repay our portion of the $65 million loan on the property that had an effective interest rate of approximately 9.3% and a 2026 maturity date.

•On August 7, 2025, we closed on a previously disclosed approximately $160 million two-year term loan with two, one-year extension options on Crabtree Mall. The new loan bears interest at a rate of SOFR + 250. We used a portion of the net proceeds from this financing to fully repay borrowings on the revolving line of credit associated with the purchase of Crabtree Mall.

As of the date of this filing, we had approximately $915 million of liquidity, including $650 million of available capacity on our $650 million revolving line of credit.

			Fiscal Year 2024 Guidance

On July 31, 2025, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on September 23, 2025 to stockholders of record at the close of business on September 9, 2025.

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 11, 2025 at 2:00 p.m. Pacific Time. To listen to the call, please visit the website at least 15 minutes prior to the call-in order to register and download audio software if needed. An online replay can be accessed at www.macerich.com (Investors Section) until August 25, 2025.

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 42 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 39 regional retail centers, and one community/power shopping centers. These 40 centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go-Forward Portfolio Centers are subject to change.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found though social media platforms such as LinkedIn and Twitter.

The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.

Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected.

Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing, and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)

(a)Prior to June 13, 2024, the Company accounted for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture as a financing arrangement. As a result, the Company included in interest expense (i) a credit of $16,734 and $13,795 to adjust for the change in the fair value of the financing arrangement obligation during the three and six months ended June 30, 2024, respectively; (ii) distributions of $766 and $1,565 to its partner representing the partner's share of net income for the three and six months ended June 30, 2024, respectively; and (iii) distributions of $266 and $966 to its partner in excess of the partner's share of net income for the three and six months ended June 30, 2024, respectively. On November 16, 2023, the Company acquired its partners' interest in Freehold Raceway Mall and as a result that property is no longer part of the financing arrangement and is 100% owned by the Company. On June 13, 2024, the partnership agreement between the Company and its partner was amended. As a result of this modification, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement and deconsolidated the joint venture and recorded a gain on sale of asset of $334.3 million during the three months ended June 30, 2024. Effective June 13, 2024, the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting. References to "Chandler Freehold" for the period November 16, 2023 through June 13, 2024 shall be deemed to only refer to Chandler Fashion Center.

(b)The Operating Partnership has operating partnership units ("OP Units"). OP Units can be converted into shares of Company common stock. Conversion of the OP Units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO-diluted includes the effect of share and unit-based compensation plans. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

(c)The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts ("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

Prior to June 13, 2024, the Company accounted for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the Company recognized financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excluded the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income.

The Company also presents FFO excluding financing expense in connection with Chandler Freehold, gain or loss on extinguishment of debt, accrued default interest expense and gain or loss on non-real estate investments.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold, impact associated with extinguishment of debt, accrued default interest expense and impact of non-cash changes in the market value of non-real estate investments provides useful supplemental information regarding the Company's performance as it shows a more meaningful and consistent comparison of the Company's operating performance and allows investors to more easily compare the Company's results. On March 19, 2024, the Company closed on a three-year extension of the Fashion Outlets of Niagara non-recourse loan and all default interest expense was reversed. Effective April 9, 2024, default interest expense has been accrued on the non-recourse loan on Santa Monica Place. GAAP requires that the Company accrue default interest expense, which is not expected to be paid and is expected to be reversed once a loan is modified or once title to the mortgaged loan collateral is transferred. The Company believes that the accrual of default interest on non-recourse loans, and the related reversal thereof should be excluded. The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or loss on non-real estate investments should be excluded.

The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.

(a)     Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt, and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

(b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate     investments, and other assets.

(c) NOI – Go-Forward Portfolio Centers represents the NOI from the Go-Forward Portfolio Centers as defined on page 25 (See note (c) of the Company’s Property Listing Table), excluding Crabtree Mall, which was acquired on June 23, 2025 and was not held for the same period in 2024. The Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing operating performance of the Company. Go-Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses, leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses, corporate and other income and expenses and the straight-line and above/below market adjustments and subtracting out NOI from non-Go-Forward Portfolio Centers. The Company also presents NOI – Go-Forward Portfolio Centers, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without the impact of lease termination income.

			Partnership Units						Company Common Shares						Class A Non-Participating Convertible Preferred Units						Total Common and Equivalent Shares/ Units
Balance as of December 31, 2024			10,814,198						252,925,496						99,565						263,839,259
Conversion of partnership units to common shares			(6,100)						6,100						—						—
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans			73,363						98,829						—						172,192
Balance as of March 31, 2025			10,881,461						253,030,425						99,565						264,011,451
Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans			—						168,818						—						168,818
Balance as of June 30, 2025			10,881,461						253,199,243						99,565						264,180,269

    

(a)Includes construction in progress of $354,800.

(a)Represents the Company’s partners’ share of consolidated joint ventures.

(a)Represents the Company's partners' share of consolidated joint ventures.

(b)This includes $169 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $108,243 of construction in progress relating to the Company's share from unconsolidated joint ventures.

(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.

(a)All joint venture amounts included at pro rata.

(b)Included in leasing revenue.

(c)Included in leasing revenue and other income.

(d)Included in interest expense.

(e)Included in management companies' operating expenses.

(f)Included in other income.

(g)The Company presents FFO excluding the expenses related to changes in fair value of the financing arrangement and the payments to such joint venture partner less than or in excess of their pro rata share of net income. Effective with the quarter ending September 30, 2024, these accounting adjustments are no longer applicable due to the Company accounting for its investment in Chandler Fashion Center under the equity method of accounting effective June 13, 2024.

(a)All joint venture amounts at pro rata.

(b)Breakdown of acquisitions of property:

(c) This represents the gross purchase price excluding closing adjustments and other related transaction costs.

The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the six months ended June 30, 2025, and for the twelve months ended December 31, 2024:

Property/Location						Disposition Date						Gross Sale Price  (at 100%)						Gross Sale Price (at Company's Share)						Reduction of Debt (at Company's Share)
I. Asset Dispositions
Paradise Valley Mall, Phoenix, Arizona						06-30-2025			(a)			$	5.5					$	5.5					$	3.1
1010-1016 Market Street parcels at Fashion District Philadelphia, Philadelphia, Pennsylvania						06-30-2025						10.8						10.8						—
Former department store parcel at Washington Square, Petaluma, California						06-11-2025						2.6						2.6						—
Paradise Valley Office Park, Phoenix, Arizona						05-28-2025						6.2						6.2						—
SouthPark Mall, Moline, Illinois						04-30-2025						10.5						10.5						—
Various parcels at Santan Adjacent, Gilbert, Arizona						04-28-2025						24.5						24.5						—
Portillo's parcel at Santan Adjacent, Gilbert, Arizona						04-16-2025						3.0						3.0						—
Wilton Mall, Saratoga Springs, New York						03-27-2025						24.8						24.8						—
The Oaks, Thousand Oaks, California						12-10-2024						157.0						157.0						147.8
Southridge Mall, Des Moines, Iowa						11-25-2024						4.0						4.0						—
Biltmore Fashion Park, Phoenix, Arizona						07-31-2024			(b)			110.0						110.0						—
Former department store parcel at Valle Vista Mall, Harlingen, Texas						06-28-2024						7.1						7.1						—
Country Club Plaza, Kansas City, Missouri						06-28-2024			(c)			175.6						147.7						147.7
Subtotal												$	541.6					$	513.7					$	298.6
Various land parcels (undepreciated asset sales), including separate transactions with certain joint venture partners:
For the six months ending June 30, 2025						2025			(d)			$	28.6					$	11.3					$	—
For the twelve months ending December 31, 2024						2024			(d)			36.3						6.3						—
Subtotal												64.9						17.6						$	—
Total - Asset Dispositions												$	606.5					$	531.3					$	298.6
II. Loan Give-Backs
Santa Monica Place, Santa Monica, California						Pending			(e)			$	300.0					$	300.0					$	300.0
Total - Loan Give-Backs												$	300.0					$	300.0					$	300.0
Grand Total - Asset Dispositions/Loan Give-Backs (f)												$	906.5					$	831.3					$	598.6

(a) The Company sold its 5% joint venture partnership interest in the property.

(b)The Company sold its 50% joint venture partnership interest in the property.

(c)The total sales price for Country Club Plaza was $175.6 million. Concurrent with the sale, the remaining amount owed by the joint venture under the $295.5 million loan ($147.7 million at the Company's share) was forgiven by the lender.

(d) These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO.

(e) For purposes of this schedule, the Company has included Santa Monica Place. The Company has completed transition of the property to a receiver but is still owner of record. The above loan balance excludes loan amortization costs of $0.5 million.

(f)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs.

(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.

(a)Portfolio Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Portfolio Occupancy excludes Community Centers, Santa Monica Place, and spaces under redevelopment.

(a)Average base rent per square foot is based on spaces 10,000 square feet and under, excluding Santa Monica Place; and Fashion District Philadelphia is excluded from 2024 and prior. All joint venture amounts are included at pro rata.

(b)Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants. Go-Forward Portfolio Centers average base rent is based on pro rata ownership as of June 30, 2025.

(c)The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

(a)Represents real estate tax and common area maintenance charges.

(a)The percentage of Go-Forward Portfolio Centers 2024 Pro Rata Real Estate NOI excludes disposed properties, straight-line and above/below market adjustments to minimum rents. Go-Forward Portfolio Centers 2024 Pro Rata Real Estate NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including joint ventures at pro rata).

(b)“Other” includes Indiana, Iowa, North Dakota, and Texas.

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

The Company owned or had an ownership interest in 39 retail centers (including office, hotel and residential space adjacent to these shopping centers), and two community/power shopping centers. 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 non-owned) and mall and freestanding stores.

(c)These Centers represent the Company’s go-forward portfolio Centers as described in the Path Forward Plan (the “Go-Forward Portfolio Centers”). The Go-Forward Portfolio Centers are subject to change.

(d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.

(e)On October 24, 2024, the Company acquired its partner’s 40% interest in the Pacific Premier Retail Trust portfolio, which includes Washington Square, Los Cerritos Center, and Lakewood Center. All three assets are now wholly owned by the Company.

(f)The Company has completed transition of the property to a receiver, but is still the owner on record.

(g)Included in Unconsolidated Joint Venture Centers.

(h)On July 30, 2025, the Company's joint venture closed on the sale of Atlas Park for $72 million.

(i)Included in Consolidated Centers.

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.

(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)On July 30, 2025, the Company's joint venture closed on the sale of Atlas Park for $72 million.

(e)This Center has a former Sears store, which was acquired from joint venture partner Seritage Growth Properties and is now wholly owned and controlled by the Company. The GLA of the former Sears store, or tenant replacing the former Sears store, at this Center is included in Total GLA at the center level.

(f)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.

(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, 2025, the Company's pro rata share of unamortized debt discounts and loan finance costs were $57.7 million and $36.1 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: