Open the filing on EDGARExhibit 99.1 The Macerich Company The Macerich Company The Macerich Company The Macerich Company THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY The Macerich Company The Macerich Company THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company Earnings Results & Supplemental Information Executive Summary Executive Summary Executive Summary FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) CONSOLIDATED BALANCE SHEET (UNAUDITED) NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED) NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED) NON GAAP PRO RATA SCHEDULE OF LEASING REVENUE (unaudited) Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) Property Listing Property Listing Property Listing Joint Venture List Net Debt to Adjusted EBITDA Supplemental Financial and Operating Information (Unaudited) Supplemental Financial and Operating Information (Unaudited) Supplemental Financial and Operating Information (Unaudited) Corporate Information Supplemental Financial and Operating Information (Unaudited) Supplemental Financial and Operating Information (unaudited) For the Three and Twelve Months Ended December 31, 2025 December 31, 2025 December 31, 2025 December 31, 2025 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Capital Information and Market Capitalization Changes in Total Common and Equivalent Shares/Units (Dollars in thousands) As of December 31, 2025 (DOLLARS IN THOUSANDS) (DOLLARS IN THOUSANDS) (Dollars in thousands) Supplemental FFO Information(a) Capital Expenditures(a) Trailing Twelve Month Sales Per Square Foot (a) Portfolio Occupancy(a) Average Base Rent Per Square Foot (a) Cost of Occupancy Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State December 31, 2025 December 31, 2025 December 31, 2025 December 31, 2025 As of December 31, 2025 (Unaudited) Outstanding Debt by Maturity Date Outstanding Debt by Maturity Date Development and Redevelopment Pipeline Forecast Debt Summary (at Company's pro rata share) (a) Asset Dispositions / Loan Give-Backs Earnings Results & Supplemental Information (Dollars in Thousands, at Company's Pro Rata Share) (Dollars in thousands) (Dollars in millions) (Dollars in millions) (Dollars in millions) (Dollars in millions)
Table of Contents As of December 31, 2025 balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company Reconciliation of Net loss attributable to the Company to FFO attributable to common stockholders and unit holders - basic and Reconciliation of Net loss attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI - Go- 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, 202510,574,295256,296,19399,565266,970,053Conversion of partnership units to common shares(61,676)61,676 - - Issuance of shares from at-the-market ("ATM") program - 276,531 - 276,531Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans1,100,974356,513 - 1,457,487Balance as of December 31, 202511,613,593256,990,91399,565268,704,071 ASSETS:Property, net (a)$6,688,128Cash and cash equivalents280,246Restricted cash92,717Tenant and other receivables, net145,721Right-of-use assets, net108,918Deferred charges and other assets, net343,431Due from affiliates2,449Investments in unconsolidated joint ventures707,075Total assets$8,368,685LIABILITIES AND EQUITY:Mortgage notes payable$5,068,946Accounts payable and accrued expenses125,210Lease liabilities66,979Other accrued liabilities386,092Distributions in excess of investments in unconsolidated joint ventures194,388Total liabilities5,841,615Commitments and contingenciesEquity:Stockholders' equity: Common stock2,569 Additional paid-in capital6,224,127 Accumulated deficit(3,777,816) Accumulated other comprehensive loss(9)Total stockholders' equity2,448,871Noncontrolling interests78,199Total equity2,527,070Total liabilities and equity$8,368,685 For the Three Months EndedDecember 31, 2025For the Twelve Months EndedDecember 31, 2025Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesNoncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesRevenues:Leasing revenue$(1,456)$80,719$(5,614)$299,366Other income (920)25,095(3,735)35,573 Total revenues(2,376)105,814(9,349)334,939Expenses:Shopping center and operating expenses (246)27,420(1,081)107,209Leasing expense(17)607(61)2,768Depreciation and amortization (583)28,837(2,294)114,214Interest expense (359)19,908(1,437)83,101 Total expenses(1,205)76,772(4,873)307,292Equity in income of unconsolidated joint ventures - (27,461) - (35,946)(Loss) gain on sale or write down of assets, net42(1,581)428,299Net income(1,129) - (4,434) - Less net income attributable to noncontrolling interests(1,129) - (4,434) - Net income attributable to the Company$ - $ - $ - $ - As of December 31, 2025Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesASSETS:Property, net (b)$(18,737)$2,006,066Cash and cash equivalents(1,585)43,007Restricted cash - 15,309Tenant and other receivables, net(156)59,628Right-of-use assets, net - 65,503Deferred charges and other assets, net(716)36,512Due from affiliates26(1,328)Investments in unconsolidated joint ventures, at equity - (707,075)Total assets$(21,168)$1,517,622LIABILITIES AND EQUITY:Mortgage notes payable$(33,084)$1,554,912Accounts payable and accrued expenses(295)25,752Lease liabilities - 63,115Other accrued liabilities(20,159)68,231Distributions in excess of investments in unconsolidated joint ventures - (194,388)Total liabilities(53,538)1,517,622Equity: Stockholders' equity - - Noncontrolling interests32,370 - Total equity32,370 - Total liabilities and equity$(21,168)$1,517,622 For the Three Months Ended December 31, 2025ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$151,870$(988)$150,882$51,479$202,361 Percentage rents19,308(79)19,2297,39126,620 Tenant recoveries65,228(336)64,89218,78483,676 Other10,076(51)10,0253,09113,116 Bad debt expense (1,322)(2)(1,324)(26)(1,350) Total leasing revenue$245,160$(1,456)$243,704$80,719$324,423For the Twelve Months Ended December 31, 2025ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$622,501$(3,997)$618,504$202,821$821,325 Percentage rents34,622(134)34,48813,81648,304 Tenant recoveries268,696(1,368)267,32874,817342,145 Other29,578(134)29,4448,37437,818 Bad debt expense(4,633)19(4,614)(462)(5,076) Total leasing revenue$950,764$(5,614)$945,150$299,366$1,244,516 As of December 31,20252024Straight-line rent receivable$137.0$136.1 For the Twelve Months Ended December 31,202520242023Consolidated CentersAcquisitions of property (b)$290.0$170.8$46.7Property improvements34.643.336.3Development, redevelopment, expansions and renovations of Centers100.2104.594.6Tenant allowances31.420.627.1Deferred leasing charges5.54.45.6Total$461.7$343.6$210.3Unconsolidated Joint Venture CentersProperty improvements$9.3$14.4$17.6Development, redevelopment, expansions and renovations of Centers77.739.858.1Tenant allowances14.321.018.5Deferred leasing charges3.65.64.6Total$104.9$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 Centers12/31/2025$66.92$66.54$64.9412/31/2024$65.62$61.16$61.4512/31/2023$61.66$58.97$50.14Unconsolidated Joint Venture Centers12/31/2025$79.47$86.41$67.9212/31/2024$76.11$86.78$64.7912/31/2023$70.42$64.42$55.74All Retail Centers12/31/2025$69.47$69.77$65.3912/31/2024$67.72$67.74$62.2712/31/2023$64.68$61.00$52.04Go-Forward Portfolio Centers12/31/2025$71.31$71.30$67.9212/31/2024$71.69$70.64$65.78 State% of Go-Forward Portfolio Centers Pro Rata Real Estate NOI (a)California24.2%Arizona21.2%New York17.1%Pennsylvania & Virginia9.9%New Jersey & Connecticut9.4%Oregon7.3%Colorado & Illinois6.7%Other (b)4.2%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, California1977/199620201,069,00027100%Washington Square(c)(e) Portland, Oregon1974/199920051,129,000Total Consolidated Centers26,315,000UNCONSOLIDATED JOINT VENTURE CENTERS:2850%Broadway Plaza(c) Walnut Creek, California1951/19852016993,0002950.1%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 Jersey1975/200620201,011,0003251%Flatiron Crossing(c) Broomfield, Colorado2000/2002ongoing1,399,0003350%Kierland Commons(c) Phoenix, Arizona1999/20052003439,0003450%Scottsdale Fashion Square(c) Scottsdale, Arizona1961/2002ongoing1,879,0003551%Twenty Ninth Street(d) Boulder, Colorado1963/19792007685,0003650%Tysons Corner Center(c) Tysons Corner, Virginia1968/200520141,918,0003719%West Acres Fargo, North Dakota1972/19862001673,000Total Unconsolidated Joint Venture Centers10,911,000Total Retail Centers37,226,000COMMUNITY / 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 Total39,287,000 The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by As of December 31, 2025Center/Entity (dollars in thousands)Maturity DateEffective Interest Rate (a)FixedFloatingTotal Debt Balance (a)I. Consolidated Assets:South Plains Mall (b)11/06/254.22%$200,000$ - $200,000Vintage Faire Mall03/06/263.55%212,728 - 212,728Fashion Outlets of Niagara Falls USA 10/06/266.52%76,995 - 76,995Fresno Fashion Fair11/01/263.67%324,851 - 324,851Los Cerritos Center 11/01/275.77%465,727 - 465,727Green Acres Mall01/06/286.62%364,632 - 364,632Arrowhead Towne Center 02/01/286.75%352,776 - 352,776SanTan Village Regional Center (c)07/01/294.34%186,603 - 186,603Freehold Raceway Mall 11/01/293.94%399,376 - 399,376Queens Center 11/06/295.45%523,346 - 523,346Kings Plaza Shopping Center 01/01/303.71%528,906 - 528,906Fashion Outlets of Chicago02/01/314.61%299,554 - 299,554Pacific View05/06/325.45%69,691 - 69,691Danbury Fair Mall 02/06/346.59%152,455 - 152,455Victor Valley, Mall of 09/06/346.85%84,033 - 84,033Washington Square04/06/355.63%338,396 - 338,396Total Fixed Rate Debt for Consolidated Assets5.07%$4,580,069$ - $4,580,069Santa Monica Place (d) 12/09/245.27%$ - $300,000$300,000The Macerich Partnership, L.P. - Line of Credit (e),(f)02/01/28 - - - - Crabtree Mall (e)08/06/296.74% - 155,793155,793Total Floating Rate Debt for Consolidated Assets5.77%$ - $455,793$455,793Total Debt for Consolidated Assets5.13%$4,580,069$455,793$5,035,862II. Unconsolidated Assets (At Company’s pro rata share):Twenty Ninth Street (51%) (g)02/06/264.10%$76,500$ - $76,500Deptford Mall (51%) 04/03/264.00%67,931 - 67,931Kierland Commons (50%) 04/01/273.98%92,232 - 92,232Scottsdale Fashion Square (50%) 03/06/286.28%349,471 - 349,471Corte Madera, The Village at (50.1%) 09/01/283.53%105,108 - 105,108Tysons Corner Center (50%)12/06/286.89%352,028 - 352,028Chandler Fashion Center (50.1%) 07/01/297.15%137,319 - 137,319West Acres - Development (19%) 10/10/293.72%1,399 - 1,399Tysons Tower (50%)10/11/293.38%94,763 - 94,763Broadway Plaza (50%) 04/01/304.19%209,881 - 209,881Tysons VITA (50%)12/01/303.43%44,738 - 44,738West Acres (19%) 03/01/324.61%11,681 - 11,681Total Fixed Rate Debt for Unconsolidated Assets5.40%$1,543,051$ - $1,543,051Boulevard Shops (50%) 12/05/286.67% - 11,86111,861Total Floating Rate Debt for Unconsolidated Assets6.67%$ - $11,861$11,861Total Debt for Unconsolidated Assets5.41%$1,543,051$11,861$1,554,912Total Debt5.20%$6,123,120$467,654$6,590,774Percentage to Total92.90%7.10%100.00% Stock Exchange Listing For the Three and Twelve Months Ended December 31, 2025 (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 Period Ended12/31/202512/31/202412/31/2023(dollars in thousands, except per share data)Closing common stock price per share$18.46$19.92$15.4352 week high$21.12$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 units268,604,506263,739,694226,095,455Total common and equivalent shares/units outstanding268,704,071263,839,259226,195,020Portfolio capitalization dataTotal portfolio debt, including joint ventures at pro rata$6,590,774$6,647,576$6,919,579Equity market capitalization4,960,2775,255,6783,490,189Total market capitalization$11,551,051$11,903,254$10,409,768Debt as a percentage of total market capitalization57.1%55.9%66.5% For the Three Months Ended December 31,For the Twelve Months Ended December 31,20252025Revenues:Leasing revenue$245,160$950,764Other income10,10440,513Management Companies' revenues6,44022,706Total revenues261,7041,013,983Expenses: Shopping center and operating expenses81,564326,330 Management Companies' operating expenses21,81984,644 Leasing expenses14,14846,626 REIT general and administrative expenses9,20131,539 Depreciation and amortization85,117357,083 Interest expense69,844283,542Total expenses281,6931,129,764Equity in income of unconsolidated joint ventures27,46135,946Income tax benefit4732,193Loss on sale or write down of assets, net(26,311)(123,417)Net loss(18,366)(201,059)Less net income (loss) attributable to noncontrolling interests394(3,910)Net loss attributable to the Company $(18,760)$(197,149) The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the twelve months ended December 31, 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 EndedDecember 31, 2025December 31, 2024Consolidated CentersMinimum rents8.1%8.1%Percentage rents0.6%0.6%Expense recoveries (a)3.1%3.1%Total11.8%11.8%Unconsolidated Joint Venture CentersMinimum rents7.4%7.6%Percentage rents0.9%1.0%Expense recoveries (a)3.3%3.2%Total11.6%11.8%All CentersMinimum rents7.8%7.8%Percentage rents0.7%0.8%Expense recoveries (a)3.2%3.2%Total11.7%11.8%Go-Forward Portfolio CentersMinimum rents7.9%8.0%Percentage rents0.7%0.8%Expense recoveries (a)3.2%3.3%Total11.8%12.1% does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and Results of Operations: diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and (gain) loss on non- Forward Portfolio Centers: As of December 31, 2025Fixed RateFloating RateTotalDollars in thousandsMortgage notes payable$4,613,153$455,793$5,068,946Bank and other notes payable - - - Total debt per Consolidated Balance Sheet4,613,153455,7935,068,946Adjustments:Less: Noncontrolling interests share of debt from consolidated joint ventures(33,084) - (33,084)Adjusted Consolidated Debt4,580,069455,7935,035,862Add: Company’s share of debt from unconsolidated joint ventures1,543,05111,8611,554,912Total Company’s Pro Rata Share of Debt$6,123,120$467,654$6,590,774Weighted average interest rate5.15%5.80%5.20%Weighted average maturity (years)3.23 (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 a financing arrangement. As a result, the Company included in interest expense (i) a credit of $13,795 to adjust for the change in the fair value of the financing Period EndedConsolidated CentersUnconsolidated Joint Venture CentersTotal CentersTotal Go-Forward Portfolio Centers12/31/202593.5%94.9%94.0%94.9%12/31/202493.7%95.0%94.1%94.6%12/31/202393.6%93.5%93.5%94.4% the effective legal ownership and economic ownership interests of the Company. and for the twelve months ended December 31, 2024: expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items. real estate investments (c): For the Three Months Ended December 31,For the Twelve Months Ended December 31,UnauditedUnaudited2025202420252024Net loss attributable to the Company$(18,760)$(211,210)($197,149)($194,120)Interest expense - consolidated assets69,84470,933283,542219,987Interest expense - unconsolidated joint ventures (pro rata)19,90825,80083,101130,217Depreciation and amortization - consolidated assets85,11781,454357,083294,780Depreciation and amortization - unconsolidated joint ventures (pro rata)28,83729,209114,214148,740Noncontrolling interests in the OP(735)(9,557)(8,344)(8,766)Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(942)(925)(3,732)(9,736)Gain on extinguishment of debt - (14,403) - (14,403)Loss (gain) on sale or write down of assets, net - consolidated assets26,311233,347123,417(38,959)Loss (gain) on sale or write down of assets, net - unconsolidated joint ventures (pro rata)1,5813,939(8,299)180,089Add: Noncontrolling interests share of (loss) gain on sale or write-down of consolidated joint ventures, net(42) - (42)330Income tax benefit(473)(879)(2,193)(1,300)Distributions on preferred units8787348348Adjusted EBITDA (a)210,733207,795741,946707,207REIT general and administrative expenses9,2017,49631,53928,145Management Companies' revenues(6,440)(7,719)(22,706)(29,814)Management Companies' operating expenses 21,81924,56784,64482,059Leasing expenses, including joint ventures at pro rata14,73811,91449,33344,152Corporate and other income (b)(21,667)(4,088)(31,575)(5,546)Straight-line and above/below market adjustments (3,827)(4,094)(11,706)(5,972)NOI - All Centers224,557235,871841,475820,231NOI of non-Go-Forward Portfolio Centers (c)(25,850)(40,735)(102,968)(100,791)NOI - Go-Forward Portfolio Centers (c)198,707195,136738,507719,440Lease termination income of Go-Forward Portfolio Centers(1,179)(844)(8,697)(2,773)NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)$197,528$194,292$729,810$716,667NOI - Go-Forward Portfolio Centers percentage change, including lease termination income (c)1.8%2.7%NOI - Go-Forward Portfolio Centers percentage change, excluding lease termination income (c)1.7%1.8% New York Stock Exchange Total Company's Pro Rata Share of Debt$6,590,774(a)Less: Cash, including joint ventures at the Company's share(321,668) Restricted Cash, including joint ventures at the Company's share$(108,026) Exclude: Restricted Cash that is not loan cash collateral48,458Less: Restricted Cash - loan cash collateral(59,568)(b)Less: Debt for Santa Monica Place (lender-controlled)(300,000)Net Debt5,909,538(c)Adjusted EBITDA $741,946(d)Plus: Leasing expenses 49,333(e)Plus: EBITDA Impact from investment losses on non-real estate investments 5,894(f)Plus: adjustment for acquisitions and dispositions (19,925)(g)Plus: Other adjustments (17,398)(h)Adjusted EBITDA, as further modified $759,850Net Debt to Adjusted EBITDA, as further modified7.78x(i) Balance Sheet: 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 arrangement obligation during the twelve months ended December 31, 2024; (ii) distributions of $1,565 to its partner representing the partner's share of net For the Three Months Ended December 31,For the Twelve Months Ended December 31,UnauditedUnaudited2025202420252024Net loss attributable to the Company$(18,760)($211,210)($197,149)($194,120)Adjustments to reconcile net loss attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted:Noncontrolling interests in the OP(735)(9,557)(8,344)(8,766)Loss (gain) on sale or write down of consolidated assets, net26,311233,347123,417(38,959)Add: gain on undepreciated asset sales from consolidated assets4,2366756,5451,130Noncontrolling interests share of (loss) gain on sale or write-down of consolidated joint ventures, net(42) - (42)330Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net1,5813,939(8,299)180,089Add: Gain on undepreciated asset sales from unconsolidated joint ventures (pro rata)8605145691,643Depreciation and amortization on consolidated assets 85,11781,454357,083294,780Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(583)(565)(2,294)(4,382)Depreciation and amortization on unconsolidated joint ventures (pro rata) 28,83729,209114,214148,740Less: depreciation on personal property (1,432)(1,592)(6,769)(6,801)FFO attributable to common stockholders and unit holders - basic and diluted125,390126,214378,931373,684Financing expense in connection with Chandler Freehold - - - (12,829)Gain on extinguishment of debt - 3(14,403) - (14,403)Accrued default interest expense4,31123,06713,4117,856(Gain) loss on non-real estate investments(795)1,7924,62911,027FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and (gain) loss on non-real estate investments - basic and diluted$128,906$116,670$396,971$365,335 For the Three Months Ended December 31,For the Twelve Months Ended December 31,UnauditedUnaudited2025202420252024Revenues:Leasing revenue$245,160$257,392$950,764$850,453Other income10,1048,56540,51337,937Management Companies' revenues6,4407,71922,70629,814Total revenues261,704273,6761,013,983918,204Expenses:Shopping center and operating expenses 81,56487,107326,330306,868Management Companies' operating expenses 21,81924,56784,64482,059Leasing expenses 14,14811,36646,62641,340REIT general and administrative expenses 9,2017,49631,53928,145Depreciation and amortization 85,11781,454357,083294,780Interest expense (a)69,84470,933283,542219,987Gain on extinguishment of debt - (14,403) - (14,403)Total expenses281,693268,5201,129,764958,776Equity in income (loss) of unconsolidated joint ventures 27,4617,69235,946(197,352)Income tax benefit 4738792,1931,300(Loss) gain on sale or write down of assets, net (26,311)(233,347)(123,417)38,959 Net loss(18,366)(219,620)(201,059)(197,665)Less net income (loss) attributable to noncontrolling interests394(8,410)(3,910)(3,545) Net loss attributable to the Company$(18,760)$(211,210)$(197,149)$(194,120)Weighted average number of shares outstanding - basic256,618236,619254,216221,845Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b) 267,188246,505264,972231,864Earnings per share ("EPS") - basic $(0.07)$(0.89)$(0.78)$(0.88)EPS - diluted $(0.07)$(0.89)$(0.78)$(0.88)Dividend paid per share $0.17$0.17$0.68$0.68FFO - basic and diluted (b) (c)$125,390$126,214$378,931$373,684FFO - basic and diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and (gain) loss on non-real estate investments(b) (c)$128,906$116,670$396,971$365,335FFO per share - basic and diluted (b) (c)$0.47$0.51$1.43$1.61FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and (gain) loss on non-real estate investments(b) (c)$0.48$0.47$1.50$1.58 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 Consolidated CentersUnconsolidated Joint Venture CentersTotal CentersTotal Go-Forward Portfolio Centers12/31/2025$795$1,073$881$92112/31/2024$743$1,054$837$895 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 income for the twelve months ended December 31, 2024; and (iii) distributions of $966 to its partner in excess of the partner's share of net income for the twelve 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 LLC993,000Chandler 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 LLC1,011,000FlatIron Crossing(f)51%51%Macerich HHF Centers LLC1,399,000Hyatt Regency Tysons Corner Center50%50%Tysons Corner Hotel I LLC290,000Kierland Commons50%50%Kierland Commons Investment LLC439,000SanTan Village Regional Center84.9%84.9%Westcor SanTan Village LLC1,187,000Scottsdale Fashion Square50%50%Scottsdale Fashion Square Partnership1,879,000Scottsdale 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 LLC1,918,000Tysons 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 Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, Property/LocationDisposition DateGross Sale Price (at 100%)Gross Sale Price (at Company's Share)Reduction of Debt (at Company's Share)I. Asset DispositionsWashington Square Too Retail Strip Center, Portland, Oregon12-19-2025$25.8$25.8$ - Outparcel at Washington Square, Portland, Oregon12-10-20255.45.4 - Outparcel at Los Cerritos Center, Cerritos, California11-17-20255.05.04.5Valley Mall, Harrisonburg, Virginia08-20-202522.122.1 - 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$1,004.0$940.1$652.7Various land parcels (undepreciated asset sales), including separate transactions with certain joint venture partners:For the twelve months ending December 31, 20252025(d)$38.1$19.5$ - For the twelve months ending December 31, 20242024(d)36.36.3 - Subtotal74.425.8$ - Total - Asset Dispositions$1,078.4$965.9$652.7II. 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)$1,378.4$1,265.9$952.7 Symbol: MAC debt discounts and loan finance costs. months ended December 31, 2024. On November 16, 2023, the Company acquired its partners' interest in Freehold Raceway Mall and as a result that property is During the fourth quarter of 2025 and in 2026 to date, we were actively engaged in numerous transactions, including the following 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 Carolina1972/2025ongoing1,321,0003100%Danbury Fair Mall(c)Danbury, Connecticut1986/200520161,275,0004100%Desert Sky Mall(c) Phoenix, Arizona1981/20022007638,0005100%Eastland Mall(c)(d)Evansville, Indiana1978/199819961,013,0006100%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 Jersey1990/200520071,653,00010100%Fresno Fashion Fair(c) Fresno, California1970/19962006974,00011100%Green Acres Mall(c)(d)Valley Stream, New York1956/2013ongoing1,913,00012100%Inland Center(c) San Bernardino, California1966/20042016894,00013100%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, California1971/199920161,287,00016100%NorthPark Mall(c)Davenport, Iowa1973/19982001900,00017100%Pacific View(c) Ventura, California1965/19962001883,00018100%Queens Center(c)(d) Queens, New York1973/19952004964,00019100%Santa Monica Place(f) Santa Monica, California1980/1999ongoing357,0002084.9%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, Arizona1990/20022002794,000 such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions 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 financing and disposition activity: For the Three Months Ended December 31,For the Twelve Months Ended December 31,2025202420252024Lease termination income (b)$1.2$1.8$9.0$3.6Straight-line rental income (expense) (b)$3.2$1.8$6.8$(0.6)Business development and parking income (c)$18.1$19.0$60.2$60.5Gain on sales or write down of undepreciated assets$5.1$1.2$7.1$2.8Amortization of acquired above and below-market leases, net revenue (b)$0.6$2.3$4.9$6.6Amortization of debt discounts, net (d)$(5.3)$(7.2)$(31.1)$(14.4)Bad debt expense (b)$1.4$1.8$5.1$6.9Leasing expense$14.7$11.9$49.3$44.1Interest capitalized (d)$5.5$8.2$23.5$31.3Employee severance costs (e)$0.2$4.7$2.6$5.5Legal claims settlement income, net (f)$16.1$3.3$20.0$3.3Chandler 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) that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the 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$312027/2029 (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$432026/2027 (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$342024-2027 (h)17% - 18%TOTAL$459 - $505$297 - $330$108 (b)Effective November 6, 2025, the loan was in default. On February 6, 2026, the Company completed a four-year extension on the loan at the existing rate of 4.22% 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 The following table shows high and low sales prices per share of common stock during each quarter in 2025, 2024 and 2023 and Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion and the loan matures on November 6, 2029. 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, dividends per share of common stock declared and paid by quarter: We completed outparcel and land sales totaling $42.3 million, which included the sale of the retail strip center at Washington Square activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting. References to "Chandler Freehold" for the period As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, our on December 19, 2025, for $25.8 million. (c)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%. November 16, 2023 through June 13, 2024 shall be deemed to only refer to Chandler Fashion Center. risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. 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$0.17December 31, 2025$19.14$16.03$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 from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional corridor. Developing and managing properties that serve as community cornerstones, we currently own 39 million square feet of real (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 (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 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 (d)The Company has completed transition of the property to a receiver, but is still the owner of record. We are under contract for the sale of La Cumbre Plaza for approximately $11 million with an expected closing in the second quarter of (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 and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among 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 estate, consisting primarily of interests in 38 retail centers. We are firmly dedicated to driving long-term shareholder value and to Centers, Santa Monica Place, and spaces under redevelopment. 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. 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 2026. Santa Monica Place. other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor advancing environmental goals, social good and sound corporate governance. (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 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 (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 or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on to these dates. and common units to the extent they are dilutive to the calculation. On February 6, 2026, the Company completed a four-year extension of the $200 million loan for South Plains Mall. The loan carries a economic ownership of joint venture entities. the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the
Results for the Quarter:
stated rate of 4.22% and matures on November 6, 2029. Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing, and operating (f) As of December 31, 2025, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $7.9 million, which are netted (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 (b)Includes GLA attributable to anchors (whether owned or occupied non-owned) and mall and freestanding stores. against balances outstanding or reclassified as an asset when there are no borrowings outstanding on the credit facility, which was the case at December 31, 2025. expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts The net loss attributable to the Company was $18.8 million, or $0.07 per share-diluted, during the fourth quarter of 2025, compared to As of the date of this filing, we had approximately $990 million of liquidity, including $650 million of available capacity on our $650 ("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and (a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending December 31, 2025 Pro Rata Real Estate NOI excludes Crabtree Mall, and straight- (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 net loss attributable to the Company of $211.2 million, or $0.89 per share-diluted, for the quarter ended December 31, 2024. The (g)Effective February 6, 2026, the loan is in default. The Company's joint venture is in negotiations with the lender on the terms of this loan. million revolving line of credit. 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 line and above/below market adjustments to minimum rents. Go-Forward Portfolio Centers trailing twelve months ending December 31, 2025 Pro Rata Real construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious Portfolio Centers are subject to change. change in net loss between the fourth quarter of 2025 compared to the same period in 2024 is primarily due to the Company (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 decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are Fiscal Year 2024Guidance Estate NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its recognizing losses on sale or write down of assets, net in the fourth quarter of 2024. (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based calculated to reflect FFO on the same basis. joint ventures at pro rata). (d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases. tenants; the liquidity of real estate investments; government shutdowns and other governmental actions and initiatives (including Dividend: upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s 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 Funds from Operations (“FFO”) excluding financing expense in connection with Chandler Freehold, accrued default interest expense (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 could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange On February 12, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on March partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its 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 (b)“Other” includes Indiana, Iowa and Texas. and gain on non-real estate investments was $128.9 million, or $0.48 per share-diluted, during the fourth quarter of 2025, compared to Cerritos Center. Both assets are wholly owned by the Company. Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of such risks and 30, 2026 to stockholders of record at the close of business on March 16, 2026. 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 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 $116.7 million, or $0.47 per share-diluted, for FFO excluding financing expense in connection with Chandler Freehold, accrued default uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward- 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 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 (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 interest expense and loss on non-real estate investments for the quarter ended December 31, 2024. FFO for the fourth quarter of 2025 (a)All joint venture amounts at pro rata. 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 looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to income. Investor Conference Call: 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 included legal claims settlement income partially offset by corporate expenses related to annual incentive bonus payouts above-target information prepared in accordance with GAAP. update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence (g)Included in Unconsolidated Joint Venture Centers. related debt in a manner that approximates the effective interest method. As of December 31, 2025, the Company's pro rata share of unamortized debt discounts (b)Breakdown of acquisitions of property: levels, which resulted in a net impact of approximately $8.4 million, or $0.03 per share-diluted. (a) Represents the Company’s partners’ share of consolidated joint ventures. The Company also presents FFO excluding financing expense in connection with Chandler Freehold, gain or loss on extinguishment of debt, accrued default interest of unanticipated events unless required by law to do so. and loan finance costs were $33.4 million and $25.4 million, respectively. We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The expense and gain or loss on non-real estate investments. (h)Included in Consolidated Centers. Macerich Company’s website at www.macerich.com (Investors Section). The call begins on February 18, 2026 at 2:00 p.m. Pacific Time. Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.7% in the fourth quarter (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 (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 (See attached tables) Acquisition DateFor the Twelve Months Ended December 31,202520242023Acquisition 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 - 5.4 - Acquisition of the Company's joint venture partner's 40% interest in Arrowhead Towne Center and South Plains Mall5-14-2024 - 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 Square5-18-2023 - - 46.7Total$290.0$170.8$46.7 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 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 of 2025 compared to the fourth quarter of 2024. For the year ended December 31, 2025, Go-Forward Portfolio Centers NOI, excluding from 2024 and prior. All joint venture amounts are included at pro rata. into liquid resources by the borrower. estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on needed. An online replay can be accessed at www.macerich.com (Investors Section). (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 lease termination income, increased 1.8% compared to the year ended December 31, 2024. (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 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 (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. (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 (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 Dividend Reinvestment Plan comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold, listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, 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 December 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 About Macerich and this Document: impact associated with extinguishment of debt, accrued default interest expense and impact of non-cash changes in the market value of non-real estate Portfolio tenant sales per square foot for space less than 10,000 square feet for the twelve months ended December 31, 2025 were 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 (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. 31, 2025. leverage. investments provides useful supplemental information regarding the Company's performance as it shows a more meaningful and consistent comparison of the 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 $881 compared to $867 for the twelve months ended September 30, 2025 and $837 for the twelve months ended December 31, 2024. Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which 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 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 The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended December 31, (c)Included in leasing revenue and other income. (c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 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 (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)See page 7 for a reconciliation of net loss to Adjusted EBITDA for the twelve months ended December 31, 2025 and 2024. 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 leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company is the 2025 were $921. costs. been accrued on the non-recourse loan on Santa Monica Place. Effective November 6, 2025, default interest expense has been accrued on the non-recourse loan at 877-373-6374. capital or liquidation proceeds. (a)Represents the Company's partners' share of consolidated joint ventures. South Plains Mall. The Company is required under GAAP to accrue default interest expense, which is expected to be reversed or paid, once a loan is modified or sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited (d)Included in interest expense. (d)The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis. (e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally (a)Represents real estate tax and common area maintenance charges. once title to the mortgaged loan collateral is transferred. The Company believes that default interest on non-recourse loans, and any related reversal thereof (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 partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s Leased portfolio occupancy as of December 31, 2025 was 94.0%, a 0.1% decrease compared to the 94.1% occupancy rate at December staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful (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 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)This includes $228 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $139,957 of construction 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 (e)Included in management companies' operating expenses. balance of the property other than the residential component is 51%. management companies. 31, 2024 and a 0.6% increase compared to the 93.4% occupancy rate at September 30, 2025. Go-Forward Portfolio Center leased information to investors because it allows them to more easily compare the Company's results to other REIT's. distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage 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 in progress relating to the Company's share from unconsolidated joint ventures. Total CentersTotal Go-Forward Portfolio Centers the gain or loss on non-real estate investments should be excluded. occupancy as of December 31, 2025 was 94.9%. is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, (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 $323,142 for December 31, 2025. (f)Included in other income. (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 As of the date of this filing, the Operating Partnership owned or had an ownership interest in 39 million square feet of gross leasable partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph. components. Reconciliation of EPS to FFO per share - diluted (c): 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 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 area (“GLA”) consisting primarily of interests in 37 regional retail centers, and one community/power shopping center. These 38 During the fourth quarter of 2025, we signed leases for 1.4 million square feet, a 36% increase in leased square footage compared to (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 (f)After considering estimated residential financing, the Company's estimated share of net equity is $70 - $80 million and the Company's estimated levered, (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be For the Three Months Ended December 31,For the Twelve Months Ended December 31,UnauditedUnaudited2025202420252024EPS - diluted$(0.07)$(0.89)$(0.78)$(0.88) Per share impact of depreciation and amortization of real estate0.420.451.751.86 Per share impact of loss on sale or write down of assets, net0.120.950.460.63FFO per share - basic and diluted0.470.511.431.61Per share impact of financing expense in connection with Chandler Freehold - - - (0.05)Per share impact of gain on extinguishment of debt and accrued default interest expense0.01(0.05)0.05(0.03)Per share impact of (gain) loss on non-real estate investments - 0.010.020.05FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and (gain) loss on non-real estate investments$0.48$0.47$1.50$1.58 loss on non-real estate investments should be excluded from Adjusted EBITDA. (c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores. centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in this the fourth quarter of 2024, on a comparable center basis. For the year, we signed leases for 7.1 million square feet on a comparable 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%. comparable to similarly titled measures reported by other REITs. applicable due to the Company accounting for its investment in Chandler Fashion Center under the equity method of accounting effective June 13, 2024. document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the center basis, an 85% increase over 2024 and a new company record. (g)Represents the net forward EBITDA adjustment to properly account for the Adjusted EBITDA for: A) the acquisition of: Crabtree Mall; B) the dispositions of i) (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 context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio (g)The majority of tenants are expected to open in 2026 or 2027. Wilton Mall, ii) SouthPark Mall, iii) Atlas Park, iv) Lakewood Center, v) Valley Mall, vi) the stand alone parcel at Washington Square in Petaluma, CA. vii) the retail 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. as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go- New store leases are expected to produce total gross revenue of approximately $107 million at our share in excess of the revenue strip center at Washington Square in Portland, Oregon, and viii) other outparcel sales; and C) the loan in default for which the Company anticipates transferring title (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 Forward Portfolio Centers are subject to change. (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 generated in 2024 from prior uses in those same spaces. This new store leasing pipeline, which includes approximately $8 million of to the underlying property for Santa Monica Place. remaining tenants expected to open in early 2027. 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 total gross revenue from Crabtree Mall, represents a cumulative and incremental estimate and includes open stores, leases signed not (a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss 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. (h)Represents the adjustment for employee severance costs and legal claims settlement income, net. Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/, open, and leases in documentation that will or have commenced from 2024 through 2028. Macerich Website (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 as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability (f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%. (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 Additional information about Macerich can be found though social media platforms such as LinkedIn and Twitter. 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 Base rent re-leasing spreads were 6.7% greater than expiring base rent for the trailing twelve months ended December 31, 2025. This For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com. 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 (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 was the seventeenth consecutive quarter of positive base rent leasing spreads. Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis, structure and financial leverage. reported by other companies. minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ Management Commentary: Investor Relations percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based (b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate Alexandra Johnstone investments, and other assets. Vice President, Finance “2025 was a pivotal year for Macerich,” noted Jack Hsieh, President and Chief Executive Officer, Macerich. “We entered the year with upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to (a)The Company sold its 5% joint venture partnership interest in the property. Phone: 214-373-5252 clear objectives under our Path Forward Plan - simplifying the business, driving operational performance improvement, and reducing investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable (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 (b)The Company sold its 50% joint venture partnership interest in the property. IR@macerich.com leverage. The milestones we achieved this year - leasing volume well ahead of plan, all 30 anchors committed, $1.3 billion in amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case (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 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 dispositions completed - demonstrate that the Path Forward Plan is no longer just a plan. It's in execution, with tangible results across presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various loan ($147.7 million at the Company's share) was forgiven by the lender. Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing operating performance of the Company. Goevery pillar." measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after (d)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO. Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses, taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property (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 leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses, corporate and other income and expenses and “The heavy lifting of de-risking the plan is substantially complete. For 2026, our focus will be on completing our leasing pipeline, level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal of record. 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 (f)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs. ensuring tenants are moved in and commencing rent on time, solidifying remaining lease expirations, completing the targeted ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership the impact of lease termination income. For purposes of this calculation, the non-Go-Forward Portfolio Centers includes Crabtree Mall. dispositions and continuing to evaluate new acquisition opportunities that are accretive to the plan in a disciplined manner.” interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account 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