Exhibit 99.1 The Macerich CompanyEarnings Results & Supplemental Information For the Three and Nine Months Ended September 30, 2025Table of Contents The Macerich CompanyExecutive SummarySeptember 30, 2025 The Macerich CompanyExecutive Summary September 30, 2025 The Macerich CompanyExecutive Summary September 30, 2025 THE MACERICH COMPANYFINANCIAL HIGHLIGHTS(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THE MACERICH COMPANYFINANCIAL HIGHLIGHTS(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THE MACERICH COMPANYFINANCIAL HIGHLIGHTS(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THE MACERICH COMPANYFINANCIAL HIGHLIGHTS(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Capital Information and Market Capitalization The Macerich CompanySupplemental Financial and Operating Information (unaudited)Changes in Total Common and Equivalent Shares/Units THE MACERICH COMPANYCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(Dollars in thousands) THE MACERICH COMPANYCONSOLIDATED BALANCE SHEET (UNAUDITED)As of September 30, 2025(Dollars in thousands) THE MACERICH COMPANYNON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)(DOLLARS IN THOUSANDS) THE MACERICH COMPANYNON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)(DOLLARS IN THOUSANDS) THE MACERICH COMPANYNON GAAP PRO RATA SCHEDULE OF LEASING REVENUE (unaudited)(Dollars in thousands) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Supplemental FFO Information(a)(Dollars in millions) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Capital Expenditures(a)(Dollars in millions) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Asset Dispositions / Loan Give-Backs (Dollars in millions) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Trailing Twelve Month Sales Per Square Foot (a) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Portfolio Occupancy(a) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Average Base Rent Per Square Foot (a) The Macerich CompanySupplemental Financial and Operating Information (unaudited)Cost of Occupancy The Macerich CompanySupplemental Financial and Operating Information (unaudited)Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State The Macerich CompanyProperty ListingSeptember 30, 2025 The Macerich CompanyProperty ListingSeptember 30, 2025 The Macerich CompanyProperty ListingSeptember 30, 2025 The Macerich CompanyJoint Venture List September 30, 2025 The Macerich CompanyNet Debt to Adjusted EBITDAAs of September 30, 2025 (Unaudited) (Dollars in Thousands, at Company's Pro Rata Share) The Macerich CompanySupplemental Financial and Operating Information (Unaudited)Debt Summary (at Company's pro rata share) (a) The Macerich CompanySupplemental Financial and Operating Information (Unaudited)Outstanding Debt by Maturity Date The Macerich CompanySupplemental Financial and Operating Information (Unaudited)Outstanding Debt by Maturity Date The Macerich CompanySupplemental Financial and Operating Information (Unaudited)Development and Redevelopment Pipeline Forecast(Dollars in millions)As of September 30, 2025 The Macerich CompanyCorporate Information
Forward-looking statements notice
On August 18, 2025, we closed on the sale of Lakewood Center for $332 million, including the assumption by the buyer of the $317 Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, Reconciliation of Net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders - basic Reconciliation of Net (loss) income attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI - Partnership UnitsCompany Common SharesClass A Non-Participating Convertible Preferred UnitsTotal Common and Equivalent Shares/UnitsBalance as of December 31, 202410,814,198252,925,49699,565263,839,259Conversion 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 plans73,36398,829 - 172,192Balance as of March 31, 202510,881,461253,030,42599,565264,011,451Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans - 168,818 - 168,818Balance as of June 30, 202510,881,461253,199,24399,565264,180,269Conversion 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 - 2,783,330Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans - 6,704 - 6,704Balance as of September 30, 202510,574,295256,296,19399,565266,970,053 ASSETS:Property, net (a)$6,730,869Cash and cash equivalents290,162Restricted cash90,441Tenant and other receivables, net129,880Right-of-use assets, net111,813Deferred charges and other assets, net341,915Due from affiliates1,709Investments in unconsolidated joint ventures727,139Total assets$8,423,928LIABILITIES AND EQUITY:Mortgage notes payable$5,076,908Accounts payable and accrued expenses128,426Lease liabilities69,732Other accrued liabilities368,006Distributions in excess of investments in unconsolidated joint ventures199,308Total liabilities5,842,380Commitments and contingenciesEquity:Stockholders' equity: Common stock2,561 Additional paid-in capital6,223,906 Accumulated deficit(3,715,452) Accumulated other comprehensive loss(11)Total stockholders' equity2,511,004Noncontrolling interests70,544Total equity2,581,548Total liabilities and equity$8,423,928 For the Three Months EndedSeptember 30, 2025For the Nine Months EndedSeptember 30, 2025Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesNoncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesRevenues:Leasing revenue$(1,396)$73,151$(4,158)$218,647Other income(921)1,163(2,815)10,478 Total revenues(2,317)74,314(6,973)229,125Expenses:Shopping center and operating expenses (308)26,738(834)79,789Leasing expense(12)586(44)2,161Depreciation and amortization (577)28,858(1,711)85,377Interest expense (360)20,312(1,079)63,193 Total expenses(1,257)76,494(3,668)230,520Equity in income of unconsolidated joint ventures - (9,759) - (8,485)Gain on sale or write down of assets, net - 11,939 - 9,880Net income(1,060) - (3,305) - Less net income attributable to noncontrolling interests(1,060) - (3,305) - Net income attributable to the Company$ - $ - $ - $ - As of September 30, 2025Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesASSETS:Property, net (b)$(18,701)$2,026,151Cash and cash equivalents(1,388)51,433Restricted cash - 16,547Tenant and other receivables, net(206)51,783Right-of-use assets, net - 65,801Deferred charges and other assets, net(707)34,932Due from affiliates34(874)Investments in unconsolidated joint ventures, at equity - (727,139)Total assets$(20,968)$1,518,634LIABILITIES AND EQUITY:Mortgage notes payable$(33,083)$1,557,935Accounts payable and accrued expenses(347)29,050Lease liabilities - 62,824Other accrued liabilities(20,527)68,133Distributions in excess of investments in unconsolidated joint ventures - (199,308)Total liabilities(53,957)1,518,634Equity: Stockholders' equity - - Noncontrolling interests32,989 - Total equity32,989 - Total liabilities and equity$(20,968)$1,518,634 For the Three Months Ended September 30, 2025ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$155,016$(999)$154,017$50,227$204,244 Percentage rents6,912(30)6,8823,15610,038 Tenant recoveries69,373(366)69,00718,06387,070 Other6,886(15)6,8711,7008,571 Bad debt expense (955)14(941)5(936) Total leasing revenue$237,232$(1,396)$235,836$73,151$308,987For the Nine Months Ended September 30, 2025ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$470,629$(3,010)$467,619$151,342$618,961 Percentage rents15,315(55)15,2606,42521,685 Tenant recoveries203,468(1,031)202,43756,033258,470 Other19,503(83)19,4205,28324,703 Bad debt expense(3,311)21(3,290)(436)(3,726) Total leasing revenue$705,604$(4,158)$701,446$218,647$920,093 As of September 30,20252024Straight-line rent receivable$134.2$152.0 For the Nine Months Ended September 30,For the Twelve Months Ended December 31,2025202420242023Consolidated CentersAcquisitions of property (b)$290.0$41.8$170.8$46.7Property improvements15.827.843.336.3Development, redevelopment, expansions and renovations of Centers74.866.9104.594.6Tenant allowances19.412.720.627.1Deferred leasing charges3.33.34.45.6Total$403.3$152.5$343.6$210.3Unconsolidated Joint Venture CentersProperty improvements$5.0$9.8$14.4$17.6Development, redevelopment, expansions and renovations of Centers52.827.439.858.1Tenant allowances11.612.821.018.5Deferred leasing charges2.93.85.64.6Total$72.3$53.8$80.8$98.8 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 Centers9/30/2025$67.24$65.98$64.489/30/2024$63.04$61.69$58.7512/31/2024$65.62$61.16$61.4512/31/2023$61.66$58.97$50.14Unconsolidated Joint Venture Centers9/30/2025$79.32$82.43$67.209/30/2024$74.39$80.29$62.5312/31/2024$76.11$86.78$64.7912/31/2023$70.42$64.42$55.74All Retail Centers9/30/2025$69.64$68.75$64.899/30/2024$66.45$66.98$59.8612/31/2024$67.72$67.74$62.2712/31/2023$64.68$61.00$52.04Go-Forward Portfolio Centers9/30/2025$71.65$70.60$67.759/30/2024$70.76$70.10$64.2212/31/2024$71.69$70.64$65.78 State% of Go-Forward Portfolio Centers Pro Rata Real Estate NOI (a)California23.3%Arizona20.2%New York18.9%Pennsylvania & Virginia10.8%New Jersey & Connecticut9.1%Oregon7.4%Colorado & Illinois6.0%Other (b)4.3%Total100.0% The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by CountCompany’s Ownership(a)Name of Center/LocationYear of Original Construction/AcquisitionYear of Most Recent Expansion/RenovationTotal GLA(b)24100%Valley River Center(c)Eugene, Oregon1969/20062007813,00025100%Victor Valley, Mall of(c) Victorville, California1986/20042012576,00026100%Vintage Faire Mall(c) Modesto, California1977/19962020915,00027100%Washington Square(c)(e) Portland, Oregon1974/199920051,300,000Total Consolidated Centers26,305,000UNCONSOLIDATED JOINT VENTURE CENTERS:2850%Broadway Plaza(c) Walnut Creek, California1951/19852016996,0002950.1%Chandler Fashion Center(c) Chandler, Arizona2001/200220231,412,0003050.1%Corte Madera, The Village at(c) Corte Madera, California1985/19982020502,0003151%Deptford Mall(c) Deptford, New Jersey1975/200620201,008,0003251%Flatiron Crossing(c) Broomfield, Colorado2000/2002ongoing1,390,0003350%Kierland Commons(c) Phoenix, Arizona1999/20052003439,0003450%Scottsdale Fashion Square(c) Scottsdale, Arizona1961/2002ongoing1,878,0003551%Twenty Ninth Street(d) Boulder, Colorado1963/19792007685,0003650%Tysons Corner Center(c) Tysons Corner, Virginia1968/200520141,842,0003719%West Acres Fargo, North Dakota1972/19862001673,000Total Unconsolidated Joint Venture Centers10,825,000Total Retail Centers37,130,000COMMUNITY / POWER CENTER:150%Boulevard Shops(g) Chandler, Arizona2001/20022004205,000Total Community / Power Center205,000OTHER ASSETS:100%Various(h) - - 83,00050%Scottsdale Fashion Square-Office(c)(g) Scottsdale, Arizona1984/20022016121,00050%Scottsdale Fashion Square-Caesars Republic Hotel(c)(g) Scottsdale, Arizona20242024245,00050%Tysons Corner Center-Office(c)(g) Tysons Corner, Virginia1999/20052012171,00050%Hyatt Regency Tysons Corner Center(c)(g) Tysons Corner, Virginia20152015290,00050%Tysons Tower(c)(g) Tysons Corner, Virginia20142014547,000 CountCompany’s Ownership(a)Name of Center/LocationYear of Original Construction/AcquisitionYear of Most Recent Expansion/RenovationTotal GLA(b)50%VITA Tysons Corner Center(c)(g) Tysons Corner, Virginia20152015399,000Total Other Assets1,856,000Grand Total39,191,000 The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by As of September 30, 2025Center/Entity (dollars in thousands)Maturity DateEffective Interest Rate (a)FixedFloatingTotal Debt Balance (a)I. Consolidated Assets:South Plains Mall (b)11/06/257.97%$198,880$ - $198,880Vintage Faire Mall03/06/263.55%214,565 - 214,565Fashion Outlets of Niagara Falls USA 10/06/266.52%77,849 - 77,849Fresno Fashion Fair11/01/263.67%324,801 - 324,801Los Cerritos Center 11/01/275.77%470,902 - 470,902Green Acres Mall01/06/286.62%363,961 - 363,961Arrowhead Towne Center 02/01/286.75%352,588 - 352,588SanTan Village Regional Center (c)07/01/294.34%186,583 - 186,583Freehold Raceway Mall 11/01/293.94%399,335 - 399,335Queens Center 11/06/295.45%523,238 - 523,238Kings Plaza Shopping Center 01/01/303.71%531,289 - 531,289Fashion Outlets of Chicago02/01/314.61%299,531 - 299,531Pacific View05/06/325.45%69,913 - 69,913Danbury Fair Mall 02/06/346.59%152,376 - 152,376Victor Valley, Mall of 09/06/346.85%84,005 - 84,005Washington Square04/06/355.63%338,353 - 338,353Total Fixed Rate Debt for Consolidated Assets5.23%$4,588,169$ - $4,588,169Santa Monica Place (d) 12/09/246.11%$ - $300,000$300,000The Macerich Partnership, L.P. - Line of Credit (e),(f)02/01/28 - - - - Crabtree Mall (e)08/06/297.15% - 155,656155,656Total Floating Rate Debt for Consolidated Assets6.46%$ - $455,656$455,656Total Debt for Consolidated Assets5.34%$4,588,169$455,656$5,043,825II. Unconsolidated Assets (At Company’s pro rata share):Twenty Ninth Street (51%)02/06/264.10%$76,500$ - $76,500Deptford Mall (51%) 04/03/264.00%68,680 - 68,680Kierland Commons (50%) 04/01/273.98%92,913 - 92,913Scottsdale Fashion Square (50%) 03/06/286.28%349,410 - 349,410Corte Madera, The Village at (50.1%) 09/01/283.53%105,889 - 105,889Tysons Corner Center (50%)12/06/286.89%351,773 - 351,773Chandler Fashion Center (50.1%) 07/01/297.15%137,287 - 137,287West Acres - Development (19%) 10/10/293.72%1,408 - 1,408Tysons Tower (50%)10/11/293.38%94,747 - 94,747Broadway Plaza (50%) 04/01/304.19%210,957 - 210,957Tysons VITA (50%)12/01/303.43%44,721 - 44,721West Acres (19%) 03/01/324.61%11,801 - 11,801Total Fixed Rate Debt for Unconsolidated Assets5.40%$1,546,086$ - $1,546,086Boulevard Shops (50%) 12/05/287.11% - 11,84911,849Total Floating Rate Debt for Unconsolidated Assets7.11%$ - $11,849$11,849Total Debt for Unconsolidated Assets5.41%$1,546,086$11,849$1,557,935Total Debt5.36%$6,134,255$467,505$6,601,760Percentage to Total92.92%7.08%100.00% (a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the Stock Exchange Listing For the Three and Nine Months Ended September 30, 2025 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 Period Ended9/30/202512/31/202412/31/2023(dollars in thousands, except per share data)Closing common stock price per share$18.20$19.92$15.4352 week high$22.27$22.27$16.5452 week low$12.48$12.99$8.77Shares outstanding at end of periodClass A non participating convertible preferred units99,56599,56599,565Common shares and partnership units266,870,488263,739,694226,095,455Total common and equivalent shares/units outstanding266,970,053263,839,259226,195,020Portfolio capitalization dataTotal portfolio debt, including joint ventures at pro rata$6,601,760$6,647,576$6,919,579Equity market capitalization4,858,8555,255,6783,490,189Total market capitalization$11,460,615$11,903,254$10,409,768Debt as a percentage of total market capitalization57.6%55.9%66.5% For the Three Months Ended September 30,For the Nine Months Ended September 30,20252025Revenues:Leasing revenue$237,232$705,604Other income10,62330,409Management Companies' revenues5,40716,266Total revenues253,262752,279Expenses: Shopping center and operating expenses79,755244,766 Management Companies' operating expenses20,17162,825 Leasing expenses10,63532,478 REIT general and administrative expenses6,92822,338 Depreciation and amortization90,904271,966 Interest expense72,699213,698Total expenses281,092848,071Equity in income of unconsolidated joint ventures9,7598,485Income tax benefit7101,720Loss 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) The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the nine months ended September 30, 2025, the Company. the Company. This list of properties includes unconsolidated joint ventures and consolidated joint ventures. The percentages shown are All information included in this supplemental financial package is unaudited, unless otherwise indicated. For the Twelve Months EndedSeptember 30, 2025December 31, 2024Consolidated CentersMinimum rents8.1%8.1%Percentage rents0.7%0.6%Expense recoveries (a)3.1%3.1%Total11.9%11.8%Unconsolidated Joint Venture CentersMinimum rents7.6%7.6%Percentage rents1.0%1.0%Expense recoveries (a)3.3%3.2%Total11.9%11.8%All CentersMinimum rents7.9%7.8%Percentage rents0.8%0.8%Expense recoveries (a)3.2%3.2%Total11.9%11.8%Go-Forward Portfolio CentersMinimum rents8.0%8.0%Percentage rents0.8%0.8%Expense recoveries (a)3.3%3.3%Total12.1%12.1% million loan on the property that had a June 2026 maturity date. We used the net proceeds to Macerich of approximately $5 million for Results of Operations: and diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non- such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions Go-Forward Portfolio Centers: As of September 30, 2025Fixed RateFloating RateTotalDollars in thousandsMortgage notes payable$4,621,252$455,656$5,076,908Bank and other notes payable - - - Total debt per Consolidated Balance Sheet4,621,252455,6565,076,908Adjustments:Less: Noncontrolling interests share of debt from consolidated joint ventures(33,083) - (33,083)Adjusted Consolidated Debt4,588,169455,6565,043,825Add: Company’s share of debt from unconsolidated joint ventures1,546,08611,8491,557,935Total Company’s Pro Rata Share of Debt$6,134,255$467,505$6,601,760Weighted average interest rate5.27%6.48%5.36%Weighted average maturity (years)3.46 related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the Period EndedConsolidated CentersUnconsolidated Joint Venture CentersTotal CentersTotal Go-Forward Portfolio Centers9/30/202592.4%95.2%93.4%94.3%9/30/202493.4%94.0%93.7%94.3%12/31/202493.7%95.0%94.1%94.6%12/31/202393.6%93.5%93.5%94.4% the effective legal ownership and economic ownership interests of the Company. and for the twelve months ended December 31, 2024: general corporate purposes. real estate investments (c): that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2025202420252024Net (loss) income attributable to the Company$(87,360)$(108,189)($178,389)$17,090 Interest expense - consolidated assets72,69957,099213,698149,054 Interest expense - unconsolidated joint ventures (pro rata)20,31235,16663,193104,417 Depreciation and amortization - consolidated assets90,90473,299271,966213,326 Depreciation and amortization - unconsolidated joint ventures (pro rata)28,85839,52485,377119,531 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 assets72,63416,60597,106(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 units8787261261Adjusted EBITDA (a)180,853175,130531,213499,412 REIT general and administrative expenses6,9286,01022,33820,649 Management Companies' revenues(5,407)(7,087)(16,266)(22,095) Management Companies' operating expenses 20,17118,84362,82557,492 Leasing expenses, including joint ventures at pro rata11,20910,60634,59532,238 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 Centers208,281197,405616,918584,360 NOI of non-Go-Forward Portfolio Centers (c)(27,550)(21,058)(77,123)(60,052)NOI - Go-Forward Portfolio Centers (c)180,731176,347539,795524,308 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$522,379NOI - 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% New York Stock Exchange 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 collateral52,027Less: Restricted Cash - loan cash collateral(54,961)(b)Less: Debt for Santa Monica Place (lender-controlled)(300,000)Net Debt5,906,592(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)$760,974Net Debt to Adjusted EBITDA, as further modified7.76x(i) debt discounts and loan finance costs. For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2025202420252024Net (loss) income attributable to the Company$(87,360)($108,189)($178,389)$17,090Adjustments 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)791Loss (gain) on sale or write down of consolidated assets, net72,63416,60597,106(272,306)Add: gain on undepreciated asset sales from consolidated assets1,2292222,309455Noncontrolling 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)176,150Add: gain (loss) on undepreciated asset sales from unconsolidated joint ventures (pro rata) - 53(291)1,129Depreciation and amortization on consolidated assets 90,90473,299271,966213,326Less 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) 28,85839,52485,377119,531Less: depreciation on personal property (1,463)(1,641)(5,337)(5,209)FFO attributable to common stockholders and unit holders - basic and diluted88,59181,225253,541247,470Financing expense in connection with Chandler Freehold - - - (12,829)Accrued default interest expense3,06733,0679,1004,789Loss on non-real estate investments1,74121,6765,4249,235FFO 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 For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2025202420252024Revenues:Leasing revenue$237,232$203,448$705,604$593,061Other income10,6239,68930,40929,372Management Companies' revenues5,4077,08716,26622,095Total revenues253,262220,224752,279644,528Expenses:Shopping center and operating expenses 79,75575,128244,766219,761Management Companies' operating expenses 20,17118,84362,82557,492Leasing expenses 10,6359,86232,47829,974REIT general and administrative expenses 6,9286,01022,33820,649Depreciation and amortization 90,90473,299271,966213,326Interest expense (a)72,69957,099213,698149,054Total expenses281,092240,241848,071690,256Equity in income (loss) of unconsolidated joint ventures 9,759(74,931)8,485(205,044)Income tax benefit (expense)710(545)1,720421(Loss) gain on sale or write down of assets, net (a)(72,634)(16,605)(97,106)272,306 Net (loss) income(89,995)(112,098)(182,693)21,955Less net (loss) income attributable to noncontrolling interests(2,635)(3,909)(4,304)4,865 Net (loss) income attributable to the Company$(87,360)$(108,189)$(178,389)$17,090Weighted average number of shares outstanding - basic254,130218,420253,407216,884Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b) 264,845228,409264,224226,945Earnings per share ("EPS") - basic $(0.34)$(0.50)$(0.71)$0.08EPS - diluted $(0.34)$(0.50)$(0.71)$0.08Dividend paid per share $0.17$0.17$0.51$0.51FFO - basic and diluted (b) (c)$88,591$81,225$253,541$247,470FFO - 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$248,665FFO per share - basic and diluted (b) (c)$0.33$0.36$0.96$1.09FFO 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 Page No.Executive Summary & Financial Highlights1Executive Summary1Financial Highlights4Capital Information8Capital Information and Market Capitalization8Changes in Total Common and Equivalent Shares/Units9Financial Data10Consolidated Statements of Operations (Unaudited)10Consolidated Balance Sheet (Unaudited)11Non-GAAP Pro Rata Financial Information (Unaudited)12Supplemental FFO Information15Capital Expenditures16Asset Dispositions / Loan Give-Backs 17Operational Data18Trailing Twelve Month Sales Per Square Foot18Portfolio Occupancy19Average Base Rent Per Square Foot20Cost of Occupancy21Percentage of Net Operating Income by State22Property Listing23Joint Venture List26Balance Sheet27Net Debt to Adjusted EBITDA 27Debt Summary28Outstanding Debt by Maturity Date29Development and Redevelopment Pipeline Forecast31Corporate Information32 Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion Consolidated CentersUnconsolidated Joint Venture CentersTotal CentersTotal Go-Forward Portfolio Centers9/30/2025$787$1,049$867$9059/30/2024$708$1,018$834$89012/31/2024$743$1,054$837$895 In-Process Developments and Redevelopments: PropertiesLegal Ownership(a)Economic Ownership(b)Joint VentureTotal GLA(c)Boulevard Shops50%50%Propcor II Associates, LLC205,000Broadway Plaza50%50%Macerich HHF Broadway Plaza LLC996,000Chandler Fashion Center(d)(e)50.1%50.1%Freehold Chandler Holdings LP1,412,000Corte Madera, The Village at50.1%50.1%Corte Madera Village, LLC502,000Deptford Mall51%51%Macerich HHF Centers LLC1,008,000FlatIron Crossing(f)51%51%Macerich HHF Centers LLC1,390,000Hyatt Regency Tysons Corner Center50%50%Tysons Corner Hotel I LLC290,000Kierland Commons50%50%Kierland Commons Investment LLC439,000Los Angeles Premium Outlets50%50%CAM-CARSON LLC - SanTan Village Regional Center84.9%84.9%Westcor SanTan Village LLC1,187,000Scottsdale Fashion Square50%50%Scottsdale Fashion Square Partnership1,878,000Scottsdale Fashion Square-Office50%50%Scottsdale Fashion Square Partnership121,000Scottsdale Fashion Square-Hotel50%50%Scottsdale Fashion Square Partnership245,000Twenty Ninth Street51%51%Macerich HHF Centers LLC685,000Tysons Corner Center50%50%Tysons Corner LLC1,842,000Tysons Corner Center-Office50%50%Tysons Corner Property LLC171,000Tysons Tower50%50%Tysons Corner Property LLC547,000VITA Tysons Corner Center50%50%Tysons Corner Property LLC399,000West Acres19%19%West Acres Development, LLP673,000 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 Property/LocationDisposition DateGross Sale Price (at 100%)Gross Sale Price (at Company's Share)Reduction of Debt (at Company's Share)I. Asset DispositionsValley Mall, Harrisonburg, Virginia08-20-2025$22.1$22.1$ - Lakewood Center, Lakewood, California08-18-2025332.1332.1317.1Atlas Park, The Shops at, Queens, New York07-30-202572.036.032.5Paradise Valley Mall, Phoenix, Arizona 06-30-2025(a)5.55.53.11010-1016 Market Street parcels at Fashion District Philadelphia, Philadelphia, Pennsylvania 06-30-202510.810.8 - Former department store parcel at Washington Square, Petaluma, California06-11-20252.62.6 - Paradise Valley Office Park, Phoenix, Arizona 05-28-20256.26.2 - SouthPark Mall, Moline, Illinois04-30-202510.510.5 - Various parcels at Santan Adjacent, Gilbert, Arizona04-28-202524.524.5 - Portillo's parcel at Santan Adjacent, Gilbert, Arizona04-16-20253.03.0 - Wilton Mall, Saratoga Springs, New York03-27-202524.824.8 - The Oaks, Thousand Oaks, California12-10-2024157.0157.0147.8Southridge Mall, Des Moines, Iowa11-25-20244.04.0 - Biltmore Fashion Park, Phoenix, Arizona 07-31-2024(b)110.0110.0 - Former department store parcel at Valle Vista Mall, Harlingen, Texas06-28-20247.17.1 - Country Club Plaza, Kansas City, Missouri 06-28-2024(c)175.6147.7147.7 Subtotal$967.8$903.9$648.2Various land parcels (undepreciated asset sales), including separate transactions with certain joint venture partners:For the nine months ending September 30, 20252025(d)$30.7$13.4$ - For the twelve months ending December 31, 20242024(d)36.36.3 - Subtotal67.019.7$ - Total - Asset Dispositions$1,034.8$923.6$648.2II. Loan Give-BacksSanta Monica Place, Santa Monica, CaliforniaPending(e)$300.0$300.0$300.0Total - Loan Give-Backs$300.0$300.0$300.0Grand Total - Asset Dispositions/Loan Give-Backs (f)$1,334.8$1,223.6$948.2 Symbol: MAC activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve (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 (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 CountCompany’s Ownership(a)Name of Center/LocationYear of Original Construction/AcquisitionYear of Most Recent Expansion/RenovationTotal GLA(b)CONSOLIDATED CENTERS:1100%Arrowhead Towne Center(c)Glendale, Arizona1993/200220151,078,0002100%Crabtree Mall(c)Raleigh, North Carolina1972/2025ongoing1,319,0003100%Danbury Fair Mall(c)Danbury, Connecticut1986/200520161,271,0004100%Desert Sky Mall(c) Phoenix, Arizona1981/20022007737,0005100%Eastland Mall(c)(d)Evansville, Indiana1978/199819961,016,0006100%Fashion District Philadelphia(c)Philadelphia, Pennsylvania1977/20142019723,0007100%Fashion Outlets of Chicago(c) Rosemont, Illinois2013/ - - 529,0008100%Fashion Outlets of Niagara Falls USANiagara Falls, New York1982/20112014685,0009100%Freehold Raceway Mall(c)Freehold, New Jersey1990/200520071,533,00010100%Fresno Fashion Fair(c) Fresno, California1970/19962006974,00011100%Green Acres Mall(c)(d)Valley Stream, New York1956/2013ongoing2,076,00012100%Inland Center(c) San Bernardino, California1966/20042016670,00013100%Kings Plaza Shopping Center(c)(d)Brooklyn, New York1971/201220181,097,00014100%La Cumbre Plaza(d)Santa Barbara, California1967/20041989325,00015100%Los Cerritos Center(c)(e) Cerritos, California1971/199920161,011,00016100%NorthPark Mall(c)Davenport, Iowa1973/19982001900,00017100%Pacific View(c) Ventura, California1965/19962001883,00018100%Queens Center(c)(d) Queens, New York1973/19952004966,00019100%Santa Monica Place(f) Santa Monica, California1980/1999ongoing533,0002084.9%SanTan Village Regional Center(c) Gilbert, Arizona2007/ - 20181,187,00021100%South Plains Mall(c) Lubbock, Texas1972/199820171,313,00022100%Stonewood Center(c)(d)Downey, California1953/19971991925,00023100%Superstition Springs Center(c) Mesa, Arizona1990/20022002950,000 approximately $21 million for general corporate purposes. the loan. 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 For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Lease termination income (b)$2.0$0.5$7.8$1.8Straight-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$41.5Gain on sales or write down of undepreciated assets$1.2$0.3$2.0$1.6Amortization of acquired above and below-market leases, net revenue (b)$0.9$1.2$4.3$4.3Amortization of debt discounts, net (d)$(7.5)$(4.2)$(25.8)$(7.2)Bad debt expense (income) (b)$0.9$(0.6)$3.7$5.1Leasing expense$11.2$10.6$34.6$32.2Interest capitalized (d)$5.4$7.6$18.0$23.1Employee severance costs (e)$0.3$0.1$2.4$0.8Legal claims settlement income (expense), net (f)$(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) risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially We own 39 million square feet of real estate consisting primarily of interests in 37 regional retail centers that serve as community PropertyProject TypeTotal 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 CrossingBroomfield, 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 - $26543.4% and 51% (d)$125 - $135$232027/2029 (e)6.75% - 7.75% (f)Green Acres MallValley Stream, NYRedevelopment 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 - $150100%$130 - $150$312026/2027 (g)12.5% - 13.5%Scottsdale Fashion SquareScottsdale, AZRedevelopment of two-level Nordstrom wing with luxury-focused retail and restaurant uses$84 - $9050%$42 - $45$322024-2027 (h)17% - 18%TOTAL$459 - $505$297 - $330$86 The following table shows high and low sales prices per share of common stock during each quarter in 2025, 2024 and 2023 and financing arrangement obligation during the three and nine months ended September 30, 2024, respectively; (ii) distributions of $0 and $1,565 to its partner from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional cornerstones. As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. (c)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%. During the third quarter of 2025, we sold 2.8 million shares of common stock for approximately $50 million of net proceeds through 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 dividends per share of common stock declared and paid by quarter: and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among markets, our portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, our at the market (ATM) program at a weighted average price of $18.03 per share. 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 other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor (d)The Company has completed transition of the property to a receiver, but is still the owner of record. D.C. corridor. We are firmly dedicated to advancing environmental goals, social good and sound corporate governance. As a 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 Market Quotation per ShareDividendsQuarter Ended:HighLowDeclared and PaidMarch 31, 2023$14.51$8.77$0.17June 30, 2023$11.58$9.05$0.17September 30, 2023$12.99$10.65$0.17December 31, 2023$16.54$9.21$0.17March 31, 2024$17.69$14.66$0.17June 30, 2024$17.20$12.99$0.17September 30, 2024$18.33$13.85$0.17December 31, 2024$22.27$17.29$0.17March 31, 2025$21.12$15.71$0.17June 30, 2025$17.94$12.48$0.17September 30, 2025$18.94$15.89$0.17 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 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 or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on recognized leader in sustainability, The Macerich Company (the “Company”) has achieved a #1 GRESB ranking for the North American As of the date of this filing, we had approximately $1 billion of liquidity, including $650 million of available capacity on our $650 million 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 (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 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 retail sector for ten consecutive years. the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the revolving line of credit. 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)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 to these dates. (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 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 Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing, and operating 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 Centers, Santa Monica Place, and spaces under redevelopment. 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 (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 Results for the Quarter: Fiscal Year 2024Guidance Santa Monica Place. expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats (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 to Chandler Fashion Center. economic ownership of joint venture entities. 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, and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and Dividend: 2025. 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 (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 (b)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores. On October 30, 2025, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious 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 net loss attributable to the Company of $108.2 million, or $0.50 per share-diluted, for the quarter ended September 30, 2024.The December 29, 2025 to stockholders of record at the close of business on December 15, 2025. disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its (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- 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 (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 change in net loss between the third quarter of 2025 compared to the same period in 2024 is primarily due to the Company recognizing tenants; the liquidity of real estate investments; government shutdowns and other governmental actions and initiatives (including line and above/below market adjustments to minimum rents. Go-Forward Portfolio Centers trailing twelve months ending September 30, 2025 Pro Rata Real and common units to the extent they are dilutive to the calculation. Portfolio Centers are subject to change. 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 Estate NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which (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 Company’s pro rata share). Investor Conference Call: joint ventures at pro rata). (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 (d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases. could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of such risks and (b)“Other” includes Indiana, Iowa, North Dakota, and Texas. ("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related (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 Funds from Operations (“FFO”) excluding financing expense in connection with Chandler Freehold, accrued default interest expense We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forwarddepreciation 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 Cerritos Center. Both assets are wholly owned by the Company. 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 Macerich Company’s website at www.macerich.com (Investors Section). The call begins on November 4, 2025 at 2:00 p.m. Pacific Time. partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to $86.0 million, or $0.38 per share-diluted, for FFO excluding financing expense in connection with Chandler Freehold, accrued default 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 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 calculated to reflect FFO on the same basis. (f)The Company has completed transition of the property to a receiver, but is still the owner on record. (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 update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence 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 interest expense and loss on non-real estate investments for the quarter ended September 30, 2024. needed. An online replay can be accessed at www.macerich.com (Investors Section) until November 18, 2025. (a)All joint venture amounts at pro rata. 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 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 of unanticipated events unless required by law to do so. 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 (g)Included in Unconsolidated Joint Venture Centers. 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 information prepared in accordance with GAAP. (a)Represents the Company’s partners’ share of consolidated joint ventures. Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.7% in the third quarter of (b)Breakdown of acquisitions of property: 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 About Macerich and this Document: and loan finance costs were $38.7 million and $27.4 million, respectively. (See attached tables) 2025 compared to the third quarter of 2024. 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 (h)Included in Consolidated Centers. 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 (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 The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, income. Acquisition DateFor the Nine Months Ended September 30,For the Twelve Months Ended December 31,2025202420242023Acquisition of Crabtree Mall6-23-2025(c)$290.0$ - $ - $ - Acquisition of the Company's joint venture partner's 40% interest in Lakewood Center, Los Cerritos Center and Washington Square10-24-2024 - - 129.0 - Acquisition of former Sears parcel at Inland Center5-17-2024 - 5.45.4 - Acquisition of the Company's joint venture partner's 40% interest in Arrowhead Towne Center and South Plains Mall5-14-2024 - 36.436.4 - 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 Square5-18-2023 - - - 46.7Total$290.0$41.8$170.8$46.7 into liquid resources by the borrower. Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended September 30, 2025 leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company is the (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 Dividend Reinvestment Plan were $867 compared to $849 for the twelve months ended June 30, 2025 and $834 for the twelve months ended September 30, 2024. sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited (a)Represents the Company’s partners’ share of consolidated joint ventures. (a)All joint venture amounts included at pro rata. may affect the information provided in this table. The Company also presents FFO excluding financing expense in connection with Chandler Freehold, gain or loss on extinguishment of debt, accrued default interest (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 Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s expense and gain or loss on non-real estate investments. (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 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 Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which September 30, 2025 were $905. (b)Includes lease termination income, straight-line rental income and above/below market adjustments to minimum rents. (b)Included in leasing revenue. (b)This excludes GAAP allocations of non-cash and indirect costs. listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, management companies. leverage. also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 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 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 (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 877-373-6374. (c)Included in leasing revenue and other income. estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on (c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect Portfolio occupancy as of September 30, 2025 was 93.4%, a 0.3% decrease compared to the 93.7% occupancy rate at September 30, 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 from 2024 and prior. All joint venture amounts are included at pro rata. (d)Adjusted EBITDA for the trailing twelve months is calculated as follows: As of the date of this filing, the Operating Partnership owned or had an ownership interest in 39 million square feet of gross leasable 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 costs. 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 2024 and a 1.4% increase compared to the 92.0% occupancy rate at June 30, 2025. Go-Forward Portfolio Center occupancy as of Add:Subtract:Add:For the Nine Months EndedFor the Nine Months EndedFor the Twelve Months EndedTrailing Twelve MonthsSeptember 30, 2025September 30, 2024December 31, 2024September 30, 2025Adjusted 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. area (“GLA”) consisting primarily of interests in 37 regional retail centers, and one community/power shopping center. These 38 (a)Represents the Company's partners' share of consolidated joint ventures. comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold, (d)Included in interest expense. 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 Corporate HeadquartersTransfer AgentThe Macerich CompanyComputershare401 Wilshire Boulevard, Suite 700P.O. Box 43006Santa Monica, California 90401Providence, RI 02940-3006310-394-6000877-373-6374www.macerich.com1-781-575-2879 International callswww.computershare.com (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 September 30, 2025 was 94.3%. (a)Represents real estate tax and common area maintenance charges. impact associated with extinguishment of debt, accrued default interest expense and impact of non-cash changes in the market value of non-real estate centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in this (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 capital or liquidation proceeds. 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 investments provides useful supplemental information regarding the Company's performance as it shows a more meaningful and consistent comparison of the (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 document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the (e)Included in management companies' operating expenses. balance of the property other than the residential component is 51%. 30, 2025. 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 During the third quarter of 2025, we signed leases for 1.5 million square feet, an 81% increase in leased square footage compared to progress relating to the Company's share from unconsolidated joint ventures. context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio (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 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 Reconciliation of EPS to FFO per share - diluted (c): the third quarter of 2024, on a comparable center basis. (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 (a)Includes construction in progress of $300,762 for September 30, 2025. (f)Included in other income. distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go- (c)The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months. been accrued on the non-recourse loan on Santa Monica Place. GAAP requires that the Company accrue default interest expense, which is not expected to be paid components. Total CentersTotal Go-Forward Portfolio Centers For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2025202420252024EPS - diluted$(0.34)$(0.50)$(0.71)$0.08 Per share impact of depreciation and amortization of real estate0.440.491.331.43 Per share impact of loss (gain) on sale or write down of assets, net0.230.370.34(0.42)FFO per share - basic and diluted0.330.360.961.09 Per share impact of financing expense in connection with Chandler Freehold - - - (0.06) Per share impact of accrued default interest expense0.010.010.030.02 Per share impact of loss on non-real estate investments0.010.010.020.05FFO 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 is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, 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 Forward Portfolio Centers are subject to change. (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 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 partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph. (d)The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis. (f)After considering estimated residential financing, the Company's estimated share of net equity is $70 - $80 million and the Company's estimated levered, New store leases are expected to produce total gross revenue of approximately $99 million at our share in excess of the revenue 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 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 stabilized yield is 7.0% - 8.0%. generated in 2024 from prior uses in those same spaces. This new store leasing pipeline, which includes approximately $6 million of Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/, entirely non-cash in nature. As a result, the Company believes that the gain or loss on non-real estate investments should be excluded. applicable due to the Company accounting for its investment in Chandler Fashion Center under the equity method of accounting effective June 13, 2024. (c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores. total gross revenue from Crabtree Mall, represents a cumulative and incremental estimate and includes open stores, leases signed not as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. (g)The majority of tenants are expected to open in 2026, with one anchor tenant expected to open in 2027. 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 open, and leases in documentation that will or have commenced from 2024 through 2028. (e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally Additional information about Macerich can be found though social media platforms such as LinkedIn and Twitter. (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 (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 staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful 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. (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 comparable to similarly titled measures reported by other REITs. information to investors because it allows them to more easily compare the Company's results to other REIT's. (a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss Base rent re-leasing spreads were 5.9% greater than expiring base rent for the trailing twelve months ended September 30, 2025. This The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis, Macerich Website remaining tenants expected to open in early 2027. (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 (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 was the sixteenth consecutive quarter of positive base rent leasing spreads. minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability (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 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 percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based 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 For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com. 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 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. (c) This represents the gross purchase price excluding closing adjustments and other related transaction costs. to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with Balance Sheet: upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to loss on non-real estate investments should be excluded from Adjusted EBITDA. GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable (f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%. reported by other companies. During the third quarter of 2025, we were actively engaged in numerous transactions, including the following financing, capital raising (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 amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case Investor Relations (a) The Company sold its 5% joint venture partnership interest in the property. 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) and disposition activity: presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various (b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income (expense), interest income, non-real estate Alexandra Johnstone 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) investments, and other assets. Vice President, Finance measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after (b)The Company sold its 50% joint venture partnership interest in the property. 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 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 Phone: 214-373-5252 taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property default for which the Company anticipates transferring title to the underlying property for Santa Monica Place. 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 IR@macerich.com level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal (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 (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 a 2026 maturity date. ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership million loan ($147.7 million at the Company's share) was forgiven by the lender. (h)Represents the adjustment for employee severance costs and legal claims settlement income, net. 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 interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing operating performance of the Company. Go- (d) These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO. On August 7, 2025, we closed on an approximately $160 million two-year term loan with two, one-year extension options on Crabtree (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 balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses, 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 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 does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses, corporate and other income and expenses and (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 Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital borrowings on the revolving line of credit associated with the purchase of Crabtree Mall, which we acquired in June 2025. the straight-line and above/below market adjustments and subtracting out NOI from non-Go-Forward Portfolio Centers. The Company also presents NOI - Go- expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items. owner of record. structure and financial leverage. 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. (f)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32