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0000912242FALSE00009122422025-11-042025-11-04

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): November 4, 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 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On November 4, 2025, The Macerich Company (the “Company”) released its financial results for the three and nine months ended September 30, 2025 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
104 Cover 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
November 4, 2025
 /s/ Daniel Swanstrom
Date Senior Executive Vice President,
Chief Financial Officer
and Treasurer
4




EX-99.1 2 a2025q3-exhibit9911.htm EX-99.1 2025 Q3- Exhibit 99.1 (1)
Exhibit 99.1
Earnings Results & Supplemental Information
For the Three and Nine Months Ended September 30, 2025
mac_bookxearningsreleasecoa.jpg
The Macerich Company
Earnings Results & Supplemental Information
For the Three and Nine Months Ended September 30, 2025
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
Page No.
Trailing Twelve Month Sales Per Square Foot
1
The Macerich Company
Executive Summary
September 30, 2025
macerich-blka.jpg
We own 39 million square feet of real estate consisting primarily of interests in 37 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.
Results for the Quarter:
The net loss attributable to the Company was $87.4 million, or $0.34 per share-diluted, during the third quarter of 2025, compared to
net loss attributable to the Company of $108.2 million, or $0.50 per share-diluted, for the quarter ended September 30, 2024.The
change in net loss between the third quarter of 2025 compared to the same period in 2024 is primarily due to the Company recognizing
gains on sales of assets in the third quarter of 2025 on Lakewood Center for $21.1 million and Atlas Park for $11.9 million (at the
Company’s pro rata share). 
Funds from Operations (“FFO”) excluding financing expense in connection with Chandler Freehold, accrued default interest expense
and loss on non-real estate investments was $93.4 million, or $0.35 per share-diluted, during the third quarter of 2025, compared to
$86.0 million, or $0.38 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 September 30, 2024.
Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.7% in the third quarter of
2025 compared to the third quarter of 2024.
Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended September 30, 2025
were $867 compared to $849 for the twelve months ended June 30, 2025 and $834 for the twelve months ended September 30, 2024.
Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended
September 30, 2025 were $905.
Portfolio occupancy as of September 30, 2025 was 93.4%, a 0.3% decrease compared to the 93.7% occupancy rate at September 30,
2024 and a 1.4% increase compared to the 92.0% occupancy rate at June 30, 2025.  Go-Forward Portfolio Center occupancy as of
September 30, 2025 was 94.3%.
During the third quarter of 2025, we signed leases for 1.5 million square feet, an 81% increase in leased square footage compared to
the third quarter of 2024, on a comparable center basis.
New store leases are expected to produce total gross revenue of approximately $99 million at our share in excess of the revenue
generated in 2024 from prior uses in those same spaces. This new store leasing pipeline, which includes approximately $6 million of
total gross revenue from Crabtree Mall, 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 5.9% greater than expiring base rent for the trailing twelve months ended September 30, 2025. This
was the sixteenth consecutive quarter of positive base rent leasing spreads.
Balance Sheet:
During the third quarter of 2025, we were actively engaged in numerous transactions, including the following financing, capital raising
and disposition activity: 
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 an 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, which we acquired in June 2025.
2
The Macerich Company
Executive Summary
September 30, 2025
On August 18, 2025, we closed on the sale of Lakewood Center for $332 million, including the assumption by the buyer of the $317
million loan on the property that had a June 2026 maturity date. We used the net proceeds to Macerich of approximately $5 million for
general corporate purposes.
On August 20, 2025, we closed on the sale of Valley Mall for $22 million. The mall was unencumbered and we used the net proceeds of
approximately $21 million for general corporate purposes.
During the third quarter of 2025, we sold 2.8 million shares of common stock for approximately $50 million of net proceeds through
our at the market (ATM) program at a weighted average price of $18.03 per share.
As of the date of this filing, we had approximately $1 billion of liquidity, including $650 million of available capacity on our $650 million
revolving line of credit.
Fiscal Year 2024
Guidance
Dividend:
On October 30, 2025, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on
December 29, 2025 to stockholders of record at the close of business on December 15, 2025.
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 November 4, 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 November 18, 2025.
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 39 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.
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.
3
The Macerich Company
Executive Summary
September 30, 2025
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; 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, 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)
4
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2025
2024
2025
2024
Revenues:
Leasing revenue
$237,232
$203,448
$705,604
$593,061
Other income
10,623
9,689
30,409
29,372
Management Companies' revenues
5,407
7,087
16,266
22,095
Total revenues
253,262
220,224
752,279
644,528
Expenses:
Shopping center and operating  expenses
79,755
75,128
244,766
219,761
Management Companies' operating  expenses
20,171
18,843
62,825
57,492
Leasing expenses
10,635
9,862
32,478
29,974
REIT general and administrative expenses
6,928
6,010
22,338
20,649
Depreciation and amortization
90,904
73,299
271,966
213,326
Interest expense (a)
72,699
57,099
213,698
149,054
Total expenses
281,092
240,241
848,071
690,256
Equity in income (loss) of unconsolidated joint ventures
9,759
(74,931)
8,485
(205,044)
Income tax benefit (expense)
710
(545)
1,720
421
(Loss) gain on sale or write down of assets, net (a)
(72,634)
(16,605)
(97,106)
272,306
    Net (loss) income
(89,995)
(112,098)
(182,693)
21,955
Less net (loss) income attributable to noncontrolling interests
(2,635)
(3,909)
(4,304)
4,865
    Net (loss) income attributable to the Company
$(87,360)
$(108,189)
$(178,389)
$17,090
Weighted average number of shares outstanding - basic
254,130
218,420
253,407
216,884
Weighted average shares outstanding - Funds From Operations ("FFO") -
diluted (b)
264,845
228,409
264,224
226,945
Earnings per share ("EPS") - basic
$(0.34)
$(0.50)
$(0.71)
$0.08
EPS - diluted 
$(0.34)
$(0.50)
$(0.71)
$0.08
Dividend paid per share
$0.17
$0.17
$0.51
$0.51
FFO - basic and diluted (b) (c)
$88,591
$81,225
$253,541
$247,470
FFO - basic and diluted, excluding financing expense in connection with
Chandler Freehold, accrued default interest expense and loss on non-real
estate investments(b) (c)
$93,399
$85,968
$268,065
$248,665
FFO per share - basic and diluted (b) (c)
$0.33
$0.36
$0.96
$1.09
FFO per share - basic and diluted, excluding financing expense in connection
with Chandler Freehold, accrued default interest expense and loss on non-
real estate investments(b) (c)
$0.35
$0.38
$1.01
$1.10
5
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(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) $0 and a credit of $13,795 to adjust for the change in the fair value of the
financing arrangement obligation during the three and nine months ended September 30, 2024, respectively; (ii) distributions of $0 and $1,565 to its partner
representing the partner's share of net income for the three and nine months ended September 30, 2024, respectively; and (iii) distributions of $0 and $966 to its
partner in excess of the partner's share of net income for the three and nine months ended September 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.
6
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders - basic
and diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on  non-
real estate investments (c):
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2025
2024
2025
2024
Net (loss) income attributable to the Company
$(87,360)
($108,189)
($178,389)
$17,090
Adjustments to reconcile net (loss) income attributable to the Company to FFO
attributable to common stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP
(3,695)
(5,056)
(7,609)
791
Loss (gain) on sale or write down of consolidated assets, net
72,634
16,605
97,106
(272,306)
Add: gain on undepreciated asset sales from consolidated assets
1,229
222
2,309
455
Noncontrolling interests share of gain on sale or write-down of consolidated
joint ventures, net
—
—
—
330
(Gain) loss on sale or write down of assets from unconsolidated joint ventures
(pro rata), net
(11,939)
66,969
(9,880)
176,150
Add: gain (loss) on undepreciated asset sales from unconsolidated joint
ventures (pro rata)
—
53
(291)
1,129
Depreciation and amortization on consolidated assets
90,904
73,299
271,966
213,326
Less depreciation and amortization allocable to noncontrolling interests in
consolidated joint ventures
(577)
(561)
(1,711)
(3,817)
Depreciation and amortization on unconsolidated joint ventures (pro rata)
28,858
39,524
85,377
119,531
Less: depreciation on personal property
(1,463)
(1,641)
(5,337)
(5,209)
FFO attributable to common stockholders and unit holders - basic and diluted
88,591
81,225
253,541
247,470
Financing expense in connection with Chandler Freehold
—
—
—
(12,829)
Accrued default interest expense
3,067
3
3,067
9,100
4,789
Loss on non-real estate investments
1,741
2
1,676
5,424
9,235
FFO attributable to common stockholders and unit holders, excluding financing
expense in connection with Chandler Freehold, accrued default interest
expense and loss on non-real estate investments - basic and diluted
$93,399
$85,968
$268,065
$248,665
Reconciliation of EPS to FFO per share—diluted (c):
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2025
2024
2025
2024
EPS - diluted
$(0.34)
$(0.50)
$(0.71)
$0.08
  Per share impact of depreciation and amortization of real estate
0.44
0.49
1.33
1.43
  Per share impact of  loss (gain) on sale or write down of assets, net
0.23
0.37
0.34
(0.42)
FFO per share - basic and diluted
0.33
0.36
0.96
1.09
  Per share impact of financing expense in connection with Chandler Freehold
—
—
—
(0.06)
  Per share impact of accrued default interest expense
0.01
0.01
0.03
0.02
  Per share impact of loss on non-real estate investments
0.01
0.01
0.02
0.05
FFO per share - basic and diluted, excluding financing expense in connection with
Chandler Freehold, accrued default interest expense and loss on non-real estate
investments
$0.35
$0.38
$1.01
$1.10
7
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net (loss) income attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI -
Go-Forward Portfolio Centers:
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
Unaudited
Unaudited
2025
2024
2025
2024
Net (loss) income attributable to the Company
$(87,360)
$(108,189)
($178,389)
$17,090
  Interest expense - consolidated assets
72,699
57,099
213,698
149,054
  Interest expense - unconsolidated joint ventures (pro rata)
20,312
35,166
63,193
104,417
  Depreciation and amortization - consolidated assets
90,904
73,299
271,966
213,326
  Depreciation and amortization - unconsolidated joint ventures (pro rata)
28,858
39,524
85,377
119,531
  Noncontrolling interests in the OP
(3,695)
(5,056)
(7,609)
791
  Less: Interest expense and depreciation and amortization allocable
  to noncontrolling interests in consolidated joint ventures
(937)
(919)
(2,790)
(8,811)
  Loss (gain) on sale or write down of assets, net - consolidated assets
72,634
16,605
97,106
(272,306)
  (Gain) loss on sale or write down of assets, net - unconsolidated joint
ventures (pro rata)
(11,939)
66,969
(9,880)
176,150
  Add: Noncontrolling interests share of gain on sale or write-down of
consolidated joint ventures, net
—
—
—
330
  Income tax (benefit) expense
(710)
545
(1,720)
(421)
  Distributions on preferred units
87
87
261
261
Adjusted EBITDA (a)
180,853
175,130
531,213
499,412
  REIT general and administrative expenses
6,928
6,010
22,338
20,649
  Management Companies' revenues
(5,407)
(7,087)
(16,266)
(22,095)
  Management Companies' operating  expenses
20,171
18,843
62,825
57,492
  Leasing expenses, including joint ventures at pro rata
11,209
10,606
34,595
32,238
  Corporate and other (income) expenses (b)
(1,759)
(3,383)
(9,908)
(1,458)
  Straight-line and above/below market adjustments
(3,714)
(2,714)
(7,879)
(1,878)
NOI - All Centers
208,281
197,405
616,918
584,360
  NOI of non-Go-Forward Portfolio Centers (c)
(27,550)
(21,058)
(77,123)
(60,052)
NOI - Go-Forward Portfolio Centers (c)
180,731
176,347
539,795
524,308
  Lease termination income of Go-Forward Portfolio Centers
(1,922)
(596)
(7,518)
(1,929)
NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)
$178,809
$175,751
$532,277
$522,379
NOI - Go-Forward Portfolio Centers percentage change, including lease
termination income (c)
2.5%
3.0%
NOI - Go-Forward Portfolio Centers percentage change, excluding lease
termination income (c)
1.7%
1.9%
(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 (expense), 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 for purposes of this calculation, as it was acquired on June 23, 2025 and was not held for the same period in 2024. The
Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing operating performance of the Company.  Go-
Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses,
leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses, corporate and other income and expenses and
the straight-line and above/below market adjustments and subtracting out NOI from non-Go-Forward Portfolio Centers. The Company also presents NOI – Go-
Forward Portfolio Centers, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without
the impact of lease termination income. For purposes of this calculation, the non-Go-Forward Portfolio Centers includes Crabtree Mall.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
Period Ended
9/30/2025
12/31/2024
12/31/2023
(dollars in thousands, except per share data)
Closing common stock price per share
$18.20
$19.92
$15.43
52 week high
$22.27
$22.27
$16.54
52 week low
$12.48
$12.99
$8.77
Shares outstanding at end of period
Class A non participating convertible preferred units
99,565
99,565
99,565
Common shares and partnership units
266,870,488
263,739,694
226,095,455
Total common and equivalent shares/units outstanding
266,970,053
263,839,259
226,195,020
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata
$6,601,760
$6,647,576
$6,919,579
Equity market capitalization
4,858,855
5,255,678
3,490,189
Total market capitalization
$11,460,615
$11,903,254
$10,409,768
Debt as a percentage of total market capitalization
57.6%
55.9%
66.5%
chart-38cbaeaa563d4f43b11a.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, 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
Conversion of partnership units to cash
(250)
—
—
(250)
Conversion of partnership units to common shares
(306,916)
306,916
—
—
Issuance of shares from at-the-market ("ATM") program
—
2,783,330
—
2,783,330
Issuance of stock/partnership units from restricted stock issuance
or other share or unit-based plans
—
6,704
—
6,704
Balance as of September 30, 2025
10,574,295
256,296,193
99,565
266,970,053
10
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)
For the Three
Months Ended
September 30,
For the Nine
Months Ended
September 30,
2025
2025
Revenues:
Leasing revenue
$237,232
$705,604
Other income
10,623
30,409
Management Companies' revenues
5,407
16,266
Total revenues
253,262
752,279
Expenses:
  Shopping center and operating expenses
79,755
244,766
  Management Companies' operating expenses
20,171
62,825
  Leasing expenses
10,635
32,478
  REIT general and administrative expenses
6,928
22,338
  Depreciation and amortization
90,904
271,966
  Interest expense
72,699
213,698
Total expenses
281,092
848,071
Equity in income of unconsolidated joint ventures
9,759
8,485
Income tax benefit
710
1,720
Loss on sale or write down of assets, net
(72,634)
(97,106)
Net loss
(89,995)
(182,693)
Less net loss attributable to noncontrolling interests
(2,635)
(4,304)
Net loss attributable to the Company
$(87,360)
$(178,389)
11
THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of September 30, 2025
(Dollars in thousands)
ASSETS:
Property, net (a)
$6,730,869
Cash and cash equivalents
290,162
Restricted cash
90,441
Tenant and other receivables, net
129,880
Right-of-use assets, net
111,813
Deferred charges and other assets, net
341,915
Due from affiliates
1,709
Investments in unconsolidated joint ventures
727,139
Total assets
$8,423,928
LIABILITIES AND EQUITY:
Mortgage notes payable
$5,076,908
Accounts payable and accrued expenses
128,426
Lease liabilities
69,732
Other accrued liabilities
368,006
Distributions in excess of investments in unconsolidated joint ventures
199,308
Total liabilities
5,842,380
Commitments and contingencies
Equity:
Stockholders' equity:
      Common stock
2,561
      Additional paid-in capital
6,223,906
      Accumulated deficit
(3,715,452)
      Accumulated other comprehensive loss
(11)
Total stockholders' equity
2,511,004
Noncontrolling interests
70,544
Total equity
2,581,548
Total liabilities and equity
$8,423,928
(a)Includes construction in progress of $300,762 for September 30, 2025.
12
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
September 30, 2025
For the Nine Months Ended
September 30, 2025
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's
Share of
Unconsolidated
Joint Ventures
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's
Share of
Unconsolidated
Joint Ventures
Revenues:
Leasing revenue
$(1,396)
$73,151
$(4,158)
$218,647
Other income
(921)
1,163
(2,815)
10,478
      Total revenues
(2,317)
74,314
(6,973)
229,125
Expenses:
Shopping center and operating  expenses
(308)
26,738
(834)
79,789
Leasing expense
(12)
586
(44)
2,161
Depreciation and amortization
(577)
28,858
(1,711)
85,377
Interest expense
(360)
20,312
(1,079)
63,193
      Total expenses
(1,257)
76,494
(3,668)
230,520
Equity in income of unconsolidated joint ventures
—
(9,759)
—
(8,485)
Gain on sale or write down of assets, net
—
11,939
—
9,880
Net income
(1,060)
—
(3,305)
—
Less net income attributable to noncontrolling interests
(1,060)
—
(3,305)
—
Net income attributable to the Company
$—
$—
$—
$—
(a)Represents the Company’s partners’ share of consolidated joint ventures.
13
THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
As of September 30, 2025
Noncontrolling
Interests of
Consolidated
Joint Ventures (a)
Company's Share
of Unconsolidated
Joint Ventures
ASSETS:
Property, net (b)
$(18,701)
$2,026,151
Cash and cash equivalents
(1,388)
51,433
Restricted cash
—
16,547
Tenant and other receivables, net
(206)
51,783
Right-of-use assets, net
—
65,801
Deferred charges and other assets, net
(707)
34,932
Due from affiliates
34
(874)
Investments in unconsolidated joint ventures, at equity
—
(727,139)
Total assets
$(20,968)
$1,518,634
LIABILITIES AND EQUITY:
Mortgage notes payable
$(33,083)
$1,557,935
Accounts payable and accrued expenses
(347)
29,050
Lease liabilities
—
62,824
Other accrued liabilities
(20,527)
68,133
Distributions in excess of investments in unconsolidated joint ventures
—
(199,308)
Total liabilities
(53,957)
1,518,634
Equity:
  Stockholders' equity
—
—
  Noncontrolling interests
32,989
—
    Total equity
32,989
—
    Total liabilities and equity
$(20,968)
$1,518,634
(a)Represents the Company's partners' share of consolidated joint ventures.
(b)This includes $113 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $124,091 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 September 30, 2025
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$155,016
$(999)
$154,017
$50,227
$204,244
  Percentage rents
6,912
(30)
6,882
3,156
10,038
  Tenant recoveries
69,373
(366)
69,007
18,063
87,070
  Other
6,886
(15)
6,871
1,700
8,571
  Bad debt expense
(955)
14
(941)
5
(936)
    Total leasing revenue
$237,232
$(1,396)
$235,836
$73,151
$308,987
For the Nine Months Ended September 30, 2025
Consolidated
Non-
Controlling
Interests (a)
Company's
Consolidated
Share
Company's
Share of
Unconsolidated
Joint Ventures
Company's
Total
Share
Revenues:
  Minimum rents (b)
$470,629
$(3,010)
$467,619
$151,342
$618,961
  Percentage rents
15,315
(55)
15,260
6,425
21,685
  Tenant recoveries
203,468
(1,031)
202,437
56,033
258,470
  Other
19,503
(83)
19,420
5,283
24,703
  Bad debt expense
(3,311)
21
(3,290)
(436)
(3,726)
    Total leasing revenue
$705,604
$(4,158)
$701,446
$218,647
$920,093
(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 September 30,
2025
2024
Straight-line rent receivable
$134.2
$152.0
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2025
2024
2025
2024
Lease termination income (b)
$2.0
$0.5
$7.8
$1.8
Straight-line rental income (expense) (b)
$2.8
$1.5
$3.6
$(2.4)
Business development and parking income (c)
$14.2
$14.0
$42.1
$41.5
Gain on sales or write down of undepreciated assets
$1.2
$0.3
$2.0
$1.6
Amortization of acquired above and below-market leases, net revenue (b)
$0.9
$1.2
$4.3
$4.3
Amortization of debt discounts, net (d)
$(7.5)
$(4.2)
$(25.8)
$(7.2)
Bad debt expense (income) (b)
$0.9
$(0.6)
$3.7
$5.1
Leasing expense
$11.2
$10.6
$34.6
$32.2
Interest capitalized (d)
$5.4
$7.6
$18.0
$23.1
Employee severance costs (e)
$0.3
$0.1
$2.4
$0.8
Legal claims settlement income (expense), net (f)
$(1.4)
$—
$3.9
$—
Chandler Freehold financing arrangement (d):
  Distributions equal to partners' share of net income (loss)
$—
$—
$—
$1.6
  Distributions in excess of partners' share of net income (g)
—
—
—
1.0
  Fair value adjustment (g)
—
—
—
(13.8)
Total Chandler Freehold financing arrangement expense (d)
$—
$—
$—
$(11.2)
(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.
16
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures(a)
(Dollars in millions)
For the Nine Months Ended
September 30,
For the Twelve Months Ended
December 31,
2025
2024
2024
2023
Consolidated Centers
Acquisitions of property (b)
$290.0
$41.8
$170.8
$46.7
Property improvements
15.8
27.8
43.3
36.3
Development, redevelopment, expansions and renovations of Centers
74.8
66.9
104.5
94.6
Tenant allowances
19.4
12.7
20.6
27.1
Deferred leasing charges
3.3
3.3
4.4
5.6
Total
$403.3
$152.5
$343.6
$210.3
Unconsolidated Joint Venture Centers
Property improvements
$5.0
$9.8
$14.4
$17.6
Development, redevelopment, expansions and renovations of Centers
52.8
27.4
39.8
58.1
Tenant allowances
11.6
12.8
21.0
18.5
Deferred leasing charges
2.9
3.8
5.6
4.6
Total
$72.3
$53.8
$80.8
$98.8
(a)All joint venture amounts at pro rata.
(b)Breakdown of acquisitions of property:
Acquisition
Date
For the Nine Months
Ended September 30,
For the Twelve Months
Ended December 31,
2025
2024
2024
2023
Acquisition of Crabtree Mall
6-23-2025
(c)
$290.0
$—
$—
$—
Acquisition of the Company's joint venture partner's 40% interest in
Lakewood Center, Los Cerritos Center and Washington Square
10-24-2024
—
—
129.0
—
Acquisition of former Sears parcel at Inland Center
5-17-2024
—
5.4
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
36.4
—
Acquisition of the Company’s joint venture partner's 50% interest in
five former Sears parcels. These five parcels are located at Chandler
Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los
Cerritos Center and Washington Square
5-18-2023
—
—
—
46.7
Total
$290.0
$41.8
$170.8
$46.7
(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 nine months ended September 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
Valley Mall, Harrisonburg, Virginia
08-20-2025
$22.1
$22.1
$—
Lakewood Center, Lakewood, California
08-18-2025
332.1
332.1
317.1
Atlas Park, The Shops at, Queens, New York
07-30-2025
72.0
36.0
32.5
Paradise Valley Mall, Phoenix, Arizona
06-30-2025
(a)
5.5
5.5
3.1
1010-1016 Market Street parcels at Fashion District Philadelphia,
Philadelphia, Pennsylvania
06-30-2025
10.8
10.8
—
Former department store parcel  at Washington Square, Petaluma,
California
06-11-2025
2.6
2.6
—
Paradise Valley Office Park, Phoenix, Arizona
05-28-2025
6.2
6.2
—
SouthPark Mall,  Moline, Illinois
04-30-2025
10.5
10.5
—
Various parcels at Santan Adjacent, Gilbert, Arizona
04-28-2025
24.5
24.5
—
Portillo's parcel at Santan Adjacent, Gilbert, Arizona
04-16-2025
3.0
3.0
—
Wilton Mall, Saratoga Springs, New York
03-27-2025
24.8
24.8
—
The Oaks, Thousand Oaks, California
12-10-2024
157.0
157.0
147.8
Southridge Mall, Des Moines, Iowa
11-25-2024
4.0
4.0
—
Biltmore Fashion Park, Phoenix, Arizona 
07-31-2024
(b)
110.0
110.0
—
Former department store parcel  at Valle Vista Mall, Harlingen, Texas
06-28-2024
7.1
7.1
—
Country Club Plaza, Kansas City, Missouri
06-28-2024
(c)
175.6
147.7
147.7
      Subtotal
$967.8
$903.9
$648.2
Various land parcels (undepreciated asset sales), including separate
transactions with certain joint venture partners:
For the nine months ending September 30, 2025
2025
(d)
$30.7
$13.4
$—
For the twelve months ending December 31, 2024
2024
(d)
36.3
6.3
—
      Subtotal
67.0
19.7
$—
Total - Asset Dispositions
$1,034.8
$923.6
$648.2
II. Loan Give-Backs
Santa Monica Place, Santa Monica, California
Pending
(e)
$300.0
$300.0
$300.0
Total - Loan Give-Backs
$300.0
$300.0
$300.0
Grand Total - Asset Dispositions/Loan Give-Backs (f)
$1,334.8
$1,223.6
$948.2
(a) The Company sold its 5% joint venture partnership interest in the property.
(b)The Company sold its 50% joint venture partnership interest in the property. 
(c)The total sales price for Country Club Plaza was $175.6 million. Concurrent with the sale, the remaining amount owed by the joint venture under the $295.5
million loan ($147.7 million at the Company's share) was forgiven by the lender.   
 
(d) These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO.
(e) For purposes of this schedule, the Company has included Santa Monica Place. The Company has completed transition of the property to a receiver but is still
owner of record.
   
(f)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs.                                                                                                 
18
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Trailing Twelve Month Sales Per Square Foot (a)
Consolidated Centers
Unconsolidated
Joint Venture
Centers
Total
Centers
Total
Go-Forward
Portfolio Centers
9/30/2025
$787
$1,049
$867
$905
9/30/2024
$708
$1,018
$834
$890
12/31/2024
$743
$1,054
$837
$895
(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.
chart-cda6006e2d6c4469971a.gif
Total Centers
Total Go-Forward Portfolio Centers
19
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Portfolio Occupancy(a)
Period Ended
Consolidated
Centers
Unconsolidated
Joint Venture
Centers
Total
Centers
Total Go-Forward
Portfolio Centers
9/30/2025
92.4%
95.2%
93.4%
94.3%
9/30/2024
93.4%
94.0%
93.7%
94.3%
12/31/2024
93.7%
95.0%
94.1%
94.6%
12/31/2023
93.6%
93.5%
93.5%
94.4%
(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.
20
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot (a)
Average Base Rent
PSF(b)
Average Base Rent
PSF on Leases
Executed During
the Twelve
Months Ended(c)
Average Base Rent
PSF on Leases
Expiring During the
Twelve
Months Ended(d)
Consolidated Centers
9/30/2025
$67.24
$65.98
$64.48
9/30/2024
$63.04
$61.69
$58.75
12/31/2024
$65.62
$61.16
$61.45
12/31/2023
$61.66
$58.97
$50.14
Unconsolidated Joint Venture Centers
9/30/2025
$79.32
$82.43
$67.20
9/30/2024
$74.39
$80.29
$62.53
12/31/2024
$76.11
$86.78
$64.79
12/31/2023
$70.42
$64.42
$55.74
All Retail Centers
9/30/2025
$69.64
$68.75
$64.89
9/30/2024
$66.45
$66.98
$59.86
12/31/2024
$67.72
$67.74
$62.27
12/31/2023
$64.68
$61.00
$52.04
Go-Forward Portfolio Centers
9/30/2025
$71.65
$70.60
$67.75
9/30/2024
$70.76
$70.10
$64.22
12/31/2024
$71.69
$70.64
$65.78
(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 September
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.
21
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
For the Twelve Months Ended
September 30, 2025
December 31, 2024
Consolidated Centers
Minimum rents
8.1%
8.1%
Percentage rents
0.7%
0.6%
Expense recoveries (a)
3.1%
3.1%
Total
11.9%
11.8%
Unconsolidated Joint Venture Centers
Minimum rents
7.6%
7.6%
Percentage rents
1.0%
1.0%
Expense recoveries (a)
3.3%
3.2%
Total
11.9%
11.8%
All Centers
Minimum rents
7.9%
7.8%
Percentage rents
0.8%
0.8%
Expense recoveries (a)
3.2%
3.2%
Total
11.9%
11.8%
Go-Forward Portfolio Centers
Minimum rents
8.0%
8.0%
Percentage rents
0.8%
0.8%
Expense recoveries (a)
3.3%
3.3%
Total
12.1%
12.1%
(a)Represents real estate tax and common area maintenance charges.
22
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
23.3%
Arizona
20.2%
New York
18.9%
Pennsylvania & Virginia
10.8%
New Jersey & Connecticut
9.1%
Oregon
7.4%
Colorado & Illinois
6.0%
Other (b)
4.3%
Total
100.0%
(a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending September 30, 2025 Pro Rata Real Estate NOI excludes Crabtree Mall, and straight-
line and above/below market adjustments to minimum rents. Go-Forward Portfolio Centers trailing twelve months ending September 30, 2025  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.
23
The Macerich Company
Property Listing
September 30, 2025
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by
the Company.
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
CONSOLIDATED CENTERS:
1
100%
Arrowhead Towne Center(c)
Glendale, Arizona
1993/2002
2015
1,078,000
2
100%
Crabtree Mall(c)
Raleigh, North Carolina
1972/2025
ongoing
1,319,000
3
100%
Danbury Fair Mall(c)
Danbury, Connecticut
1986/2005
2016
1,271,000
4
100%
Desert Sky Mall(c)
Phoenix, Arizona
1981/2002
2007
737,000
5
100%
Eastland Mall(c)(d)
Evansville, Indiana
1978/1998
1996
1,016,000
6
100%
Fashion District Philadelphia(c)
Philadelphia, Pennsylvania
1977/2014
2019
723,000
7
100%
Fashion Outlets of Chicago(c)
Rosemont, Illinois
2013/—
—
529,000
8
100%
Fashion Outlets of Niagara Falls USA
Niagara Falls, New York
1982/2011
2014
685,000
9
100%
Freehold Raceway Mall(c)
Freehold, New Jersey
1990/2005
2007
1,533,000
10
100%
Fresno Fashion Fair(c)
Fresno, California
1970/1996
2006
974,000
11
100%
Green Acres Mall(c)(d)
Valley Stream, New York
1956/2013
ongoing
2,076,000
12
100%
Inland Center(c)
San Bernardino, California
1966/2004
2016
670,000
13
100%
Kings Plaza Shopping Center(c)(d)
Brooklyn, New York
1971/2012
2018
1,097,000
14
100%
La Cumbre Plaza(d)
Santa Barbara, California
1967/2004
1989
325,000
15
100%
Los Cerritos Center(c)(e) 
Cerritos, California
1971/1999
2016
1,011,000
16
100%
NorthPark Mall(c)
Davenport, Iowa
1973/1998
2001
900,000
17
100%
Pacific View(c)
Ventura, California
1965/1996
2001
883,000
18
100%
Queens Center(c)(d)
Queens, New York
1973/1995
2004
966,000
19
100%
Santa Monica Place(f)
Santa Monica, California
1980/1999
ongoing
533,000
20
84.9%
SanTan Village Regional Center(c)
Gilbert, Arizona
2007/—
2018
1,187,000
21
100%
South Plains Mall(c)
Lubbock, Texas
1972/1998
2017
1,313,000
22
100%
Stonewood Center(c)(d)
Downey, California
1953/1997
1991
925,000
23
100%
Superstition Springs Center(c)
Mesa, Arizona
1990/2002
2002
950,000
24
The Macerich Company
Property Listing
September 30, 2025
Count
Company’s
Ownership(a)
Name of
Center/Location
Year of Original
Construction/
Acquisition
Year of Most
Recent Expansion/
Renovation
Total
GLA(b)
24
100%
Valley River Center(c)
Eugene, Oregon
1969/2006
2007
813,000
25
100%
Victor Valley, Mall of(c)
Victorville, California
1986/2004
2012
576,000
26
100%
Vintage Faire Mall(c)
Modesto, California
1977/1996
2020
915,000
27
100%
Washington Square(c)(e) 
Portland, Oregon
1974/1999
2005
1,300,000
Total Consolidated Centers
26,305,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
28
50%
Broadway Plaza(c)
Walnut Creek, California
1951/1985
2016
996,000
29
50.1%
Chandler Fashion Center(c)
Chandler, Arizona
2001/2002
2023
1,412,000
30
50.1%
Corte Madera, The Village at(c)
Corte Madera, California
1985/1998
2020
502,000
31
51%
Deptford Mall(c)
Deptford, New Jersey
1975/2006
2020
1,008,000
32
51%
Flatiron Crossing(c)
Broomfield, Colorado
2000/2002
ongoing
1,390,000
33
50%
Kierland Commons(c)
Phoenix, Arizona
1999/2005
2003
439,000
34
50%
Scottsdale Fashion Square(c)
Scottsdale, Arizona
1961/2002
ongoing
1,878,000
35
51%
Twenty Ninth Street(d)
Boulder, Colorado
1963/1979
2007
685,000
36
50%
Tysons Corner Center(c)
Tysons Corner, Virginia
1968/2005
2014
1,842,000
37
19%
West Acres
Fargo, North Dakota
1972/1986
2001
673,000
Total Unconsolidated Joint Venture Centers
10,825,000
Total Retail Centers
37,130,000
COMMUNITY / POWER CENTER:
1
50%
Boulevard Shops(g)
Chandler, Arizona
2001/2002
2004
205,000
Total Community / Power Center
205,000
OTHER ASSETS:
100%
Various(h)
—
—
83,000
50%
Scottsdale Fashion Square-Office(c)(g)
Scottsdale, Arizona
1984/2002
2016
121,000
50%
Scottsdale Fashion Square-Caesars Republic
Hotel(c)(g)
Scottsdale, Arizona
2024
2024
245,000
50%
Tysons Corner Center-Office(c)(g)
Tysons Corner, Virginia
1999/2005
2012
171,000
50%
Hyatt Regency Tysons Corner Center(c)(g)
Tysons Corner, Virginia
2015
2015
290,000
50%
Tysons Tower(c)(g)
Tysons Corner, Virginia
2014
2014
547,000
25
The Macerich Company
Property Listing
September 30, 2025
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)(g)
Tysons Corner, Virginia
2015
2015
399,000
Total Other Assets
1,856,000
Grand Total
39,191,000
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 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 included Washington Square and Los
Cerritos Center. Both assets are 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)Included in Consolidated Centers.
26
The Macerich Company
Joint Venture List
September 30, 2025
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
996,000
Chandler Fashion Center(d)(e)
50.1%
50.1%
Freehold Chandler Holdings LP
1,412,000
Corte Madera, The Village at
50.1%
50.1%
Corte Madera Village, LLC
502,000
Deptford Mall
51%
51%
Macerich HHF Centers LLC
1,008,000
FlatIron Crossing(f)
51%
51%
Macerich HHF Centers LLC
1,390,000
Hyatt Regency Tysons Corner Center
50%
50%
Tysons Corner Hotel I LLC
290,000
Kierland Commons
50%
50%
Kierland Commons Investment LLC
439,000
Los Angeles Premium Outlets
50%
50%
CAM-CARSON LLC
—
SanTan Village Regional Center
84.9%
84.9%
Westcor SanTan Village LLC
1,187,000
Scottsdale Fashion Square
50%
50%
Scottsdale Fashion Square Partnership
1,878,000
Scottsdale Fashion Square-Office
50%
50%
Scottsdale Fashion Square Partnership
121,000
Scottsdale Fashion Square-Hotel
50%
50%
Scottsdale Fashion Square Partnership
245,000
Twenty Ninth Street
51%
51%
Macerich HHF Centers LLC
685,000
Tysons Corner Center
50%
50%
Tysons Corner LLC
1,842,000
Tysons Corner Center-Office
50%
50%
Tysons Corner Property LLC
171,000
Tysons Tower
50%
50%
Tysons Corner Property LLC
547,000
VITA Tysons Corner Center
50%
50%
Tysons Corner Property LLC
399,000
West Acres
19%
19%
West Acres Development, LLP
673,000
(a)This column reflects the Company’s legal ownership in the listed properties. Legal ownership may, at times, not equal the Company’s economic interest in the
listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances,
allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership
interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the
Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or
remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or
capital or liquidation proceeds.
(b)Economic ownership represents the allocation of cash flow to the Company, except as noted below. In cases where the Company receives a current cash
distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage
is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings,
partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.
(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.
(d)This Center has a former Sears store, which was acquired from joint venture partner Seritage Growth Properties and is now wholly owned and controlled by the
Company. The GLA of the former Sears store, or tenant replacing the former Sears store, at this Center is included in Total GLA at the center level.
(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership or a loan refinancing event, distributions are made in the following
order: pro rata 49.9% to the third-party partner and 50.1% to the Company until a 14% internal rate of return on and of certain capital expenditures is received; to
the Company until it receives approximately $38.0 million; and, thereafter, pro rata 49.9% to the third-party partner and 50.1% to the Company.
(f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%.
27
The Macerich Company
Net Debt to Adjusted EBITDA
As of September 30, 2025 (Unaudited)
(Dollars in Thousands, at Company's Pro Rata Share)
Total Company's Pro Rata Share of Debt
$6,601,760
(a)
Less: Cash, including joint ventures at the Company's share
(340,207)
    Restricted Cash, including joint ventures at the Company's share
$(106,988)
    Exclude: Restricted Cash that is not loan cash collateral
52,027
Less: Restricted Cash - loan cash collateral
(54,961)
(b)
Less: Debt for Santa Monica Place (lender-controlled)
(300,000)
Net Debt
5,906,592
(c)
Adjusted EBITDA (trailing twelve months)
$739,008
(d)
Plus: Leasing expenses (trailing twelve months)
46,509
(e)
Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments
(trailing twelve months)
9,096
(f)
Plus: adjustment for acquisitions and dispositions (trailing twelve months)
(33,513)
(g)
Plus: Other adjustments (trailing twelve months)
(126)
(h)
Adjusted EBITDA, as further modified (trailing twelve months)
$760,974
Net Debt to Adjusted EBITDA, as further modified
7.76x
(i)
(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the
principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the
related debt in a manner that approximates the effective interest method. As of September 30, 2025, the Company's pro rata share of unamortized debt discounts
and loan finance costs were $38.7 million and $27.4 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 Nine Months
Ended
For the Nine Months
Ended
For the Twelve
Months Ended
Trailing Twelve
Months
September 30, 2025
September 30, 2024
December 31, 2024
September 30, 2025
Adjusted EBITDA, as reported
$531,213
$499,412
$707,207
$739,008
For a reconciliation of net loss to Adjusted EBITDA for the nine months ended  September 30, 2025 and 2024 see page 7 and for the twelve months ended
December 31, 2024, see the Company’s Supplemental Information for the fourth quarter on the Company’s website.
(e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally
staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful
information to investors because it allows them to more easily compare the Company's results to other REIT's.
(f)The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the
Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or
loss on non-real estate investments should be excluded from Adjusted EBITDA.
(g)Represents the net forward EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisitions of: i) Arrowhead Towne
Center, ii) South Plains Mall; iii) Lakewood Center, iv) Los Cerritos Center, v) Washington Square and Square Too and vi) Crabtree Mall;  B) the dispositions of i)
Country Club Plaza, ii) Biltmore Fashion Park, iii) the stand-alone parcel at Valle Vista Mall, iv) Southridge Mall, v) The Oaks, vi) Wilton Mall, vii) SouthPark Mall, viii)
Atlas Park, ix) Lakewood Center, x) Valley Mall,  xi) the stand alone parcel at Washington Square in Petaluma, Ca.; and xii) other outparcel sales; and C) loans 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.
28
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company's pro rata share) (a)
As of September 30, 2025
Fixed Rate
Floating Rate
Total
Dollars in thousands
Mortgage notes payable
$4,621,252
$455,656
$5,076,908
Bank and other notes payable
—
—
—
Total debt per Consolidated Balance Sheet
4,621,252
455,656
5,076,908
Adjustments:
Less: Noncontrolling interests share of debt from consolidated joint ventures
(33,083)
—
(33,083)
Adjusted Consolidated Debt
4,588,169
455,656
5,043,825
Add: Company’s share of debt from unconsolidated joint ventures
1,546,086
11,849
1,557,935
Total Company’s Pro Rata Share of Debt
$6,134,255
$467,505
$6,601,760
Weighted average interest rate
5.27%
6.48%
5.36%
Weighted average maturity (years)
3.46
(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.
29
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of September 30, 2025
Center/Entity (dollars in thousands)
Maturity
Date
Effective
Interest
Rate (a)
Fixed
Floating
Total Debt
Balance (a)
I. Consolidated Assets:
South Plains Mall (b)
11/06/25
7.97%
$198,880
$—
$198,880
Vintage Faire Mall
03/06/26
3.55%
214,565
—
214,565
Fashion Outlets of Niagara Falls USA
10/06/26
6.52%
77,849
—
77,849
Fresno Fashion Fair
11/01/26
3.67%
324,801
—
324,801
Los Cerritos Center
11/01/27
5.77%
470,902
—
470,902
Green Acres Mall
01/06/28
6.62%
363,961
—
363,961
Arrowhead Towne Center
02/01/28
6.75%
352,588
—
352,588
SanTan Village Regional Center (c)
07/01/29
4.34%
186,583
—
186,583
Freehold Raceway Mall
11/01/29
3.94%
399,335
—
399,335
Queens Center 
11/06/29
5.45%
523,238
—
523,238
Kings Plaza Shopping Center 
01/01/30
3.71%
531,289
—
531,289
Fashion Outlets of Chicago
02/01/31
4.61%
299,531
—
299,531
Pacific View
05/06/32
5.45%
69,913
—
69,913
Danbury Fair Mall
02/06/34
6.59%
152,376
—
152,376
Victor Valley, Mall of 
09/06/34
6.85%
84,005
—
84,005
Washington Square
04/06/35
5.63%
338,353
—
338,353
Total Fixed Rate Debt for Consolidated Assets
5.23%
$4,588,169
$—
$4,588,169
Santa Monica Place (d)
12/09/24
6.11%
$—
$300,000
$300,000
The Macerich Partnership, L.P. - Line of Credit (e),(f)
02/01/28
—
—
—
—
Crabtree Mall (e)
08/06/29
7.15%
—
155,656
155,656
Total Floating Rate Debt for Consolidated Assets
6.46%
$—
$455,656
$455,656
Total Debt for Consolidated Assets
5.34%
$4,588,169
$455,656
$5,043,825
II. Unconsolidated Assets (At Company’s pro rata share):
Twenty Ninth Street (51%)
02/06/26
4.10%
$76,500
$—
$76,500
Deptford Mall (51%)
04/03/26
4.00%
68,680
—
68,680
Kierland Commons (50%)
04/01/27
3.98%
92,913
—
92,913
Scottsdale Fashion Square (50%)
03/06/28
6.28%
349,410
—
349,410
Corte Madera, The Village at (50.1%)
09/01/28
3.53%
105,889
—
105,889
Tysons Corner Center (50%)
12/06/28
6.89%
351,773
—
351,773
Chandler Fashion Center (50.1%)
07/01/29
7.15%
137,287
—
137,287
West Acres - Development (19%)
10/10/29
3.72%
1,408
—
1,408
Tysons Tower (50%)
10/11/29
3.38%
94,747
—
94,747
Broadway Plaza (50%)
04/01/30
4.19%
210,957
—
210,957
Tysons VITA (50%)
12/01/30
3.43%
44,721
—
44,721
West Acres (19%)
03/01/32
4.61%
11,801
—
11,801
Total Fixed Rate Debt for Unconsolidated Assets
5.40%
$1,546,086
$—
$1,546,086
Boulevard Shops (50%)
12/05/28
7.11%
—
11,849
11,849
Total Floating Rate Debt for Unconsolidated Assets
7.11%
$—
$11,849
$11,849
Total Debt for Unconsolidated Assets
5.41%
$1,546,086
$11,849
$1,557,935
Total Debt
5.36%
$6,134,255
$467,505
$6,601,760
Percentage to Total
92.92%
7.08%
100.00%
30
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the
principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized into interest expense over the remaining term of the
related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the
debt discounts and loan finance costs.
(b)The Company expects that this loan will be in technical default as of November 6, 2025, as the Company continues negotiations with the lender on the terms of
the loan.
(c)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%.
(d)The Company has completed transition of the property to a receiver, but is still the owner of record.
(e)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. 
(f) As of September 30, 2025, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $8.8 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 September 30,
2025.
                                           
31
The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of September 30, 2025
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
$23
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
$31
2026/2027
(g)
12.5% - 13.5%
Scottsdale Fashion
Square
Scottsdale, AZ
Redevelopment of two-level
Nordstrom wing with luxury-focused
retail and restaurant uses
$84
—
$90
50%
$42
—
$45
$32
2024-2027
(h)
17% - 18%
TOTAL
$459
—
$505
$297
—
$330
$86
(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, with one anchor tenant expected to open in 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.
32
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 2025, 2024 and 2023 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, 2023
$14.51
$8.77
$0.17
June 30, 2023
$11.58
$9.05
$0.17
September 30, 2023
$12.99
$10.65
$0.17
December 31, 2023
$16.54
$9.21
$0.17
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
Dividend Reinvestment Plan
Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which
also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at
877-373-6374.
Corporate Headquarters
Transfer Agent
The Macerich Company
Computershare
401 Wilshire Boulevard, Suite 700
P.O. Box 43006
Santa Monica, California 90401
Providence, RI 02940-3006
310-394-6000
877-373-6374
www.macerich.com
1-781-575-2879 International calls
www.computershare.com
Macerich Website
For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit  www.macerich.com.
Investor Relations
Alexandra Johnstone
Vice President, Finance
Phone: 214-373-5252
IR@macerich.com