Macerich Co.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. Guidance figures: 1 raised, 1 kept. The quarter’s numbers.

Key takeaways

Net loss narrowed on asset gains: Net loss attributable to the Company was $36.4 million, or $0.14 per diluted share, against $50.1 million, or $0.20, a year earlier. Management attributes the change mainly to gains on sale or write-down of assets. Source
Go-Forward NOI rose 1.2%: Go-Forward Portfolio Centers NOI excluding lease termination income rose 1.2%. Including lease termination income, the change was negative 1.5%, as lease termination income fell from $5.0 million to $0.2 million. Source
Occupancy below year-end level: Leased occupancy was 93.4%, up from 92.6% a year earlier but down from 94.0% at year-end. Go-Forward Portfolio Center occupancy was 94.5%, against 94.9% at December 31, 2025. Source
New-store pipeline reached $116 million: The pipeline of new store leases, including open stores, leases signed not yet open and leases in documentation, stands at an estimated $116 million at share above 2024 revenue, up from $107 million at year-end. Source
Path Forward plan in execution: Management described 2026 as the execution and conversion stage of the Path Forward Plan, with leasing ahead of plan and the anchor program on track. Source
Annapolis Mall acquired off-market: Annapolis Mall, a 1.5 million square foot Class A regional mall, was bought from its prior ownership group for $260 million, with a $12 million Sears parcel added. Source
Twenty Ninth Street loan in default: The $76.5 million pro rata loan has been in default since February 6, 2026. The joint venture is negotiating loan terms with the lender. Source

“We are now firmly in the execution and conversion stage of our Path Forward Plan in 2026,”
Jack Hsieh, President and Chief Executive Officer, Macerich

Guidance

Area	Period	Figure	Against last quarter
New-store leasing pipeline, gross revenue at share Source	Cumulative, leases from 2024 through 2028	approximately $116 million	Raised from approximately $107 million
Quarterly cash dividend per common share Source	Payable June 29, 2026	$0.17	Kept
Leasing speedometer Source	Mid-year 2026	85% target
Green Acres Mall redevelopment, pro rata total cost and stabilized yield Source	Opening 2026/2027	$130 million to $150 million cost; 10% to 11% stabilized yield
FlatIron Crossing development, pro rata total cost and stabilized yield Source	Opening 2027/2029	$125 million to $135 million cost; 6.75% to 7.75% stabilized yield
Scottsdale Fashion Square redevelopment, pro rata total cost and stabilized yield Source	Phased opening 2024 to 2027	$42 million to $45 million cost; 17% to 18% stabilized yield

What changed from last quarter

Guidance raised: New-store leasing pipeline estimate increased to about $116 million at share, from about $107 million reported for year-end 2025. Source
Guidance kept: Quarterly dividend declared at $0.17 per share, the same rate as the prior quarter. Source
New: Revolving credit facility increased to $900 million from $650 million, with maturity extended to March 2030 and lower pricing grid. Source
New: Annapolis Mall acquired on April 30, 2026, along with an adjacent vacant Sears parcel, funded with cash and revolver borrowings. Source
New: Twenty Ninth Street loan, with a pro rata balance of $76.5 million, is in default as of February 6, 2026. Source
Ended: Vintage Faire Mall loan of $211.5 million repaid at maturity on March 6, 2026, with cash on hand and $100 million of revolver borrowings. Source
New: New five-year, interest-only Deptford Mall mortgage at Company share of $58.7 million, fixed at 6.95%, closed after quarter end. Source
New: At-the-market equity program used to sell common stock during the quarter. Source

Results and growth drivers

Net loss narrowed on asset gains: Net loss attributable to the Company was $36.4 million, or $0.14 per diluted share, against $50.1 million, or $0.20, a year earlier. Management attributes the change mainly to gains on sale or write-down of assets. Source
FFO as adjusted held per share: FFO, as adjusted, was $92.4 million, or $0.34 per diluted share, against $89.8 million and $0.34 a year earlier. The figure includes about $10.1 million of gain on undepreciated asset sales. Source
Go-Forward NOI rose 1.2%: Go-Forward Portfolio Centers NOI excluding lease termination income rose 1.2%. Including lease termination income, the change was negative 1.5%, as lease termination income fell from $5.0 million to $0.2 million. Source
Revenues lower than a year earlier: Total revenues were $241.5 million against $249.2 million, and leasing revenue was $226.0 million against $235.6 million. Source

Segments and regions

State mix of Go-Forward NOI: Trailing twelve-month pro rata NOI share was California 24.4%, Arizona 21.3% and New York 16.7%, against 24.2%, 21.2% and 17.1% at December 31, 2025. Source
Consolidated and joint venture centers differ: Sales per square foot were $811 at consolidated centers and $1,089 at unconsolidated joint venture centers, with leased occupancy of 92.6% and 94.8% respectively. Source
Portfolio of 37 retail centers: The company owned or had an interest in 37 retail centers and one community or power shopping center, with about 41 million square feet. Source

“When we exit the Path Forward Plan, we expect a company with higher permanent occupancy, annual rent escalators embedded across the lease base, a balance sheet with lower leverage,”
Jack Hsieh, President and Chief Executive Officer, Macerich

Leasing, occupancy and tenant sales

Leasing volume rose 2.5%: Leases signed covered 1.6 million square feet, up 2.5% in leased square footage on a comparable center basis against the first quarter of 2025. Fourth quarter 2025 volume was 1.4 million square feet. Source
Occupancy below year-end level: Leased occupancy was 93.4%, up from 92.6% a year earlier but down from 94.0% at year-end. Go-Forward Portfolio Center occupancy was 94.5%, against 94.9% at December 31, 2025. Source
New-store pipeline reached $116 million: The pipeline of new store leases, including open stores, leases signed not yet open and leases in documentation, stands at an estimated $116 million at share above 2024 revenue, up from $107 million at year-end. Source
Tenant sales per square foot rose: Sales per square foot for spaces under 10,000 square feet were $899 for the twelve months to March 31, 2026, up from $881 at year-end and $837 a year earlier. Go-Forward centers were $941. Source
Average base rents increased: Average base rent per square foot was $71.06 across all centers and $72.92 for Go-Forward Portfolio Centers, compared with $69.47 and $71.31 at December 31, 2025. Source

Costs, margins and pricing

Operating, interest and depreciation costs lower: Shopping center and operating expenses were $83.3 million against $85.2 million. Interest expense was $67.5 million against $69.1 million, and depreciation and amortization $83.1 million against $92.6 million. Source
Leasing and corporate costs higher: Leasing expenses were $13.8 million against $11.2 million, and REIT general and administrative expenses were $8.0 million against $7.6 million. Source
Adjusted EBITDA declined: Adjusted EBITDA was $151.7 million against $172.7 million a year earlier, on the company's pro rata reconciliation basis. Source
Legal settlement swung to expense: Legal claims settlement moved from $6.0 million of income in the first quarter of 2025 to $0.4 million of expense in the first quarter of 2026. Source

“beginning in the second half of 2026 and accelerating meaningfully in 2027 and 2028, as the SNO pipeline tenants open and begin paying rent.”
Jack Hsieh, President and Chief Executive Officer, Macerich

Capital, cash and returns to shareholders

Revolver upsized and repriced: The $900 million revolver carries pricing of 180 to 220 basis points over SOFR, reducing to 135 to 165 basis points on performance thresholds. Maturity is March 2030 including a 12-month option. Source
At-the-market equity sales: About 4.5 million shares were sold through the at-the-market program for about $85.6 million gross, at a weighted average price of $19.21 per share. Source
Vintage Faire loan repaid at maturity: The $211.5 million Vintage Faire Mall loan was repaid at maturity with cash on hand and $100 million of revolver borrowings. Source
Liquidity reduced after acquisition: Liquidity was about $780 million at filing, including $650 million available on the $900 million revolver. The prior release cited about $990 million. Source

Strategy, acquisitions and development

Path Forward plan in execution: Management described 2026 as the execution and conversion stage of the Path Forward Plan, with leasing ahead of plan and the anchor program on track. Source
Annapolis Mall acquired off-market: Annapolis Mall, a 1.5 million square foot Class A regional mall, was bought from its prior ownership group for $260 million, with a $12 million Sears parcel added. Source
Annapolis expected to add NOI growth: Management expects a clear path to NOI growth at Annapolis Mall that is accretive to the 2028 target FFO ranges under the Path Forward Plan. Source
Development pipeline totals: In-process developments total $459 million to $505 million at 100%, or $297 million to $330 million at pro rata share, with $124 million incurred to date. Source

Loans, receivership and dispositions

Twenty Ninth Street loan in default: The $76.5 million pro rata loan has been in default since February 6, 2026. The joint venture is negotiating loan terms with the lender. Source
Santa Monica Place under receiver: Santa Monica Place has been under a court-appointed receiver since March 18, 2025. A $300 million loan give-back is pending, and the company remains owner of record. Source
South Plains loan extended four years: The $200 million South Plains Mall loan was extended four years at a stated rate of 4.22%, now maturing November 6, 2029. Source
Outparcel and land sales totaled $14.5 million: Outparcel and land sales included a $13.0 million Washington Square land parcel sale during the quarter. Source

Coming up, as management said on 6 May 2026

Annapolis Mall Dick's store opening: A new Dick's House of Sport store is scheduled to open at Annapolis Mall in the fall. Source
Green Acres tenant openings: Most Green Acres Mall redevelopment tenants are expected to open during 2026 or 2027. Source
FlatIron Crossing community plaza opening: The community plaza and former Nordstrom space at FlatIron Crossing are expected to open in 2027, with stabilization in 2029 to 2031. Source
Dividend payment date: The $0.17 quarterly dividend is payable June 29, 2026 to holders of record at June 15, 2026. Source

Figures management reported

Figure	Reported
FFO, as adjusted, per share-diluted Source	$0.34
Leased occupancy, Go-Forward Portfolio Centers Source	94.5%
Go-Forward NOI growth, excluding lease termination income Source	1.2%
Acquisition of Annapolis Mall Source	$260 million plus $12 million parcel
Dispositions, outparcel and land sales Source	$14.5 million
Net Debt to Adjusted EBITDA, as further modified Source	7.76x
Debt as a percentage of total market capitalization Source	55.7%

Risks management discussed

Financial: Default interest expense is accrued on the Twenty Ninth Street non-recourse loan from February 6, 2026, and is excluded from FFO as adjusted. Source
Financial: Santa Monica Place remains under a court-appointed receiver, with a $300 million loan give-back pending and the company still owner of record. Source

Earlier plans management reported on

Ahead: Management said leasing is ahead of plan, with the speedometer at 83% and the 85% target expected for mid-year. Source
On track: Management said the anchor repositioning program is on track, with all 30 anchors committed. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Exhibit 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 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) 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 Months Ended March 31, 2026 (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 March 31, 2026 (DOLLARS IN THOUSANDS) (DOLLARS IN THOUSANDS) (Dollars in thousands) Supplemental FFO Information(a) Capital Expenditures(a) Operational Data Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State As of March 31, 2026 As of March 31, 2026 As of March 31, 2026 March 31, 2026 As of March 31, 2026 (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 March 31, 2026 March 31, 2026 March 31, 2026 (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 March 31, 2026 as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go- Reconciliation of Net loss attributable to the Company to FFO attributable to common stockholders and unit holders, as adjusted - 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, 202511,613,593256,990,91399,565268,704,071Conversion of partnership units to cash(44,096) - - (44,096)Conversion of partnership units to common shares(286,338)286,338 - - Issuance of shares from at-the-market ("ATM") program - 3,252,163 - 3,252,163Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans22,655103,482 - 126,137Balance as of March 31, 202611,305,814260,632,89699,565272,038,275 ASSETS:Property, net (a)$6,666,442Cash and cash equivalents182,034Restricted cash88,730Tenant and other receivables, net125,760Right-of-use assets, net106,484Deferred charges and other assets, net319,033Due from affiliates3,587Investments in unconsolidated joint ventures699,632Total assets$8,191,702LIABILITIES AND EQUITY:Mortgage notes payable$4,850,655Bank and other notes payable81,963Accounts payable and accrued expenses129,537Lease liabilities65,149Other accrued liabilities352,648Distributions in excess of investments in unconsolidated joint ventures199,884Total liabilities5,679,836Commitments and contingenciesEquity:Stockholders' equity: Common stock2,606 Additional paid-in capital6,293,832 Accumulated deficit(3,858,433) Accumulated other comprehensive loss(7)Total stockholders' equity2,437,998Noncontrolling interests73,868Total equity2,511,866Total liabilities and equity$8,191,702 For the Three Months EndedMarch 31, 2026Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint Ventures (b)Revenues:Leasing revenue$(1,417)$71,961Other income (928)(6,804) Total revenues(2,345)65,157Expenses:Shopping center and operating expenses (320)24,578Leasing expense(19)1,009Depreciation and amortization (567)28,797Interest expense (372)19,918 Total expenses(1,278)74,302Equity in loss of unconsolidated joint ventures - 9,866Loss on sale or write down of assets, net9(721)Net income(1,058) - Less net income attributable to noncontrolling interests(1,058) - Net income attributable to the Company$ - $ - As of March 31, 2026Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesASSETS:Property, net (b)$(18,593)$1,988,167Cash and cash equivalents(1,534)51,128Restricted cash - 15,367Tenant and other receivables, net(209)53,453Right-of-use assets, net - 65,209Deferred charges and other assets, net(720)36,119Due from affiliates43(1,886)Investments in unconsolidated joint ventures, at equity - (699,632)Total assets$(21,013)$1,507,925LIABILITIES AND EQUITY:Mortgage notes payable$(33,084)$1,552,246Accounts payable and accrued expenses(430)30,413Lease liabilities - 63,573Other accrued liabilities(19,456)61,577Distributions in excess of investments in unconsolidated joint ventures - (199,884)Total liabilities(52,970)1,507,925Equity: Stockholders' equity - - Noncontrolling interests31,957 - Total equity31,957 - Total liabilities and equity$(21,013)$1,507,925 For the Three Months Ended March 31, 2026ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$150,451$(1,031)$149,420$50,842$200,262 Percentage rents5,937(24)5,9131,3387,251 Tenant recoveries65,419(335)65,08418,45183,535 Other5,380(28)5,3521,6166,968 Bad debt expense (1,211)1(1,210)(286)(1,496) Total leasing revenue$225,976$(1,417)$224,559$71,961$296,520 As of March 31,20262025Straight-line rent receivable$139.1$134.5 For the Three Months Ended March 31,For the Twelve Months Ended December 31,2026202520252024Consolidated CentersAcquisitions of property (b)$ - $ - $290.0$170.8Property improvements4.22.934.643.3Development, redevelopment, expansions and renovations of Centers36.534.0100.2104.5Tenant allowances10.83.931.420.6Deferred leasing charges2.61.55.54.4Total$54.1$42.3$461.7$343.6Unconsolidated Joint Venture CentersProperty improvements$0.9$1.2$9.3$14.4Development, redevelopment, expansions and renovations of Centers17.313.577.739.8Tenant allowances1.41.414.321.0Deferred leasing charges0.70.53.65.6Total$20.3$16.6$104.9$80.8 State% of Go-Forward Portfolio Centers Pro Rata Real Estate NOI (a)California24.4%Arizona21.3%New York16.7%Pennsylvania & Virginia9.9%New Jersey & Connecticut9.5%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)Portland, Oregon1974/199920051,136,000Total Consolidated Centers26,183,000UNCONSOLIDATED JOINT VENTURE CENTERS:2850%Broadway Plaza(c) Walnut Creek, California1951/198520161,003,0002950.1%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, Colorado2000/2002ongoing1,400,0003350%Kierland Commons(c) Phoenix, Arizona1999/20052003439,0003450%Scottsdale Fashion Square(c) Scottsdale, Arizona1961/2002ongoing1,875,0003551%Twenty Ninth Street(d) Boulder, Colorado1963/19792007685,0003650%Tysons Corner Center(c) Tysons Corner, Virginia1968/200520141,924,0003719%West Acres Fargo, North Dakota1972/19862001673,000Total Unconsolidated Joint Venture Centers10,924,000Total Retail Centers37,107,000COMMUNITY / POWER CENTER:150%Boulevard Shops(f) Chandler, Arizona2001/20022004205,000Total Community / Power Center205,000OTHER ASSETS:100%Various(g) - - 83,00050%Scottsdale Fashion Square-Office(c)(f) Scottsdale, Arizona1984/20022016121,00050%Scottsdale Fashion Square-Caesars Republic Hotel(c)(f) Scottsdale, Arizona20242024245,00050%Tysons Corner Center-Office(c)(f) Tysons Corner, Virginia1999/20052012171,00050%Hyatt Regency Tysons Corner Center(c)(f) Tysons Corner, Virginia20152015290,00050%Tysons Tower(c)(f) 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)(f) Tysons Corner, Virginia20152015399,000Total Other Assets1,856,000Grand Total39,168,000 The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by As of March 31, 2026Center/Entity (dollars in thousands)Maturity DateEffective Interest Rate (a)FixedFloatingTotal Debt Balance (a)I. Consolidated Assets:Fashion Outlets of Niagara Falls USA 10/06/266.52%$76,114$ - $76,114Fresno Fashion Fair11/01/263.67%324,901 - 324,901Los Cerritos Center 11/01/275.77%464,983 - 464,983Green Acres Mall01/06/286.62%365,303 - 365,303Arrowhead Towne Center 02/01/286.75%352,943 - 352,943SanTan Village Regional Center (b)07/01/294.34%186,623 - 186,623Freehold Raceway Mall 11/01/293.94%399,418 - 399,418Queens Center 11/06/295.45%523,454 - 523,454South Plains Mall 11/06/294.58%197,579 - 197,579Kings Plaza Shopping Center 01/01/303.71%526,448 - 526,448Fashion Outlets of Chicago02/01/314.61%299,576 - 299,576Pacific View05/06/325.45%69,455 - 69,455Danbury Fair Mall 02/06/346.59%152,534 - 152,534Victor Valley, Mall of 09/06/346.85%84,061 - 84,061Washington Square04/06/355.63%338,318 - 338,318Total Fixed Rate Debt for Consolidated Assets5.16%$4,361,710$ - $4,361,710Santa Monica Place (c) 12/09/245.19%$ - $300,000$300,000Crabtree Mall (d)08/06/296.63% - 155,861155,861The Macerich Partnership, L.P. - Line of Credit (d)03/01/306.16% - 81,96381,963Total Floating Rate Debt for Consolidated Assets5.76%$ - $537,824$537,824Total Debt for Consolidated Assets5.23%$4,361,710$537,824$4,899,534II. Unconsolidated Assets (At Company’s pro rata share):Twenty Ninth Street (51%) (e)02/06/264.10%$76,500$ - $76,500Deptford Mall (51%) (f)04/03/264.00%67,167 - 67,167Kierland Commons (50%) 04/01/273.98%91,544 - 91,544Scottsdale Fashion Square (50%) 03/06/286.28%349,532 - 349,532Corte Madera, The Village at (50.1%) 09/01/283.53%104,719 - 104,719Tysons Corner Center (50%)12/06/286.89%352,283 - 352,283Chandler Fashion Center (50.1%) 07/01/297.15%137,352 - 137,352West Acres - Development (19%) 10/10/293.72%1,390 - 1,390Tysons Tower (50%)10/11/293.38%94,779 - 94,779Broadway Plaza (50%) 04/01/304.19%208,793 - 208,793Tysons VITA (50%)12/01/303.43%44,754 - 44,754West Acres (19%) 03/01/324.61%11,561 - 11,561Total Fixed Rate Debt for Unconsolidated Assets5.41%$1,540,374$ - $1,540,374Boulevard Shops (50%) 12/05/286.56% - 11,87211,872Total Floating Rate Debt for Unconsolidated Assets6.56%$ - $11,872$11,872Total Debt for Unconsolidated Assets5.42%$1,540,374$11,872$1,552,246Total Debt5.27%$5,902,084$549,696$6,451,780Percentage to Total91.48%8.52%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 Months Ended March 31, 2026 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 Balance Sheet: Period Ended3/31/202612/31/202512/31/2024(dollars in thousands, except per share data)Closing common stock price per share$18.90$18.46$19.9252 week high$20.93$21.12$22.2752 week low$12.48$12.48$12.99Shares outstanding at end of periodClass A non participating convertible preferred units99,56599,56599,565Common shares and partnership units271,938,710268,604,506263,739,694Total common and equivalent shares/units outstanding272,038,275268,704,071263,839,259Portfolio capitalization dataTotal portfolio debt, including joint ventures at pro rata$6,451,780$6,590,774$6,647,576Equity market capitalization5,141,5234,960,2775,255,678Total market capitalization$11,593,303$11,551,051$11,903,254Debt as a percentage of total market capitalization55.7%57.1%55.9% For the Three Months Ended March 31,2026Revenues:Leasing revenue$225,976Other income9,019Management Companies' revenues6,543Total revenues241,538Expenses: Shopping center and operating expenses83,251 Management Companies' operating expenses22,385 Leasing expenses13,809 REIT general and administrative expenses8,026 Depreciation and amortization83,076 Interest expense67,500Total expenses278,047Equity in loss of unconsolidated joint ventures(9,866)Income tax benefit2,641Gain on sale or write down of assets, net6,840Net loss(36,894)Less net loss attributable to noncontrolling interests(544)Net loss attributable to the Company $(36,350) The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the three months ended March 31, 2026, and the Company as of March 31, 2026. 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. Forward Portfolio Centers are subject to change. Results of Operations: basic and diluted (b): Forward Portfolio Centers: As of March 31, 2026Fixed RateFloating RateTotalDollars in thousandsMortgage notes payable$4,394,794$455,861$4,850,655Bank and other notes payable - 81,96381,963Total debt per Consolidated Balance Sheet4,394,794537,8244,932,618Adjustments:Less: Noncontrolling interests share of debt from consolidated joint ventures(33,084) - (33,084)Adjusted Consolidated Debt4,361,710537,8244,899,534Add: Company’s share of debt from unconsolidated joint ventures1,540,37411,8721,552,246Total Company’s Pro Rata Share of Debt$5,902,084$549,696$6,451,780Weighted average interest rate5.23%5.77%5.27%Weighted average maturity (years)3.23 related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the (a)The Operating Partnership has operating partnership units ("OP Units"). OP Units can be converted into shares of Company common stock. Conversion of the OP the effective legal ownership and economic ownership interests of the Company. for the twelve months ended December 31, 2025 and 2024: For the Three Months Ended March 31,Unaudited20262025Net loss attributable to the Company$(36,350)($50,123)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(1,602)(2,156) (Gain) loss on sale or write down of consolidated assets, net(6,840)13,987 Add: Gain on undepreciated asset sales from consolidated assets10,094923 Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures, net(9) - Loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net7211,111 Add: Loss on undepreciated asset sales from unconsolidated joint ventures (pro rata) - (210) Depreciation and amortization on consolidated assets 83,07692,562 Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(567)(564) Depreciation and amortization on unconsolidated joint ventures (pro rata) 28,79727,783 Less: depreciation on personal property (1,437)(2,340)FFO attributable to common stockholders and unit holders - basic and diluted75,88380,973Adjustments: Default interest expense4,1283,000 Loss on non-real estate investments7,01933,399 Property in receivership5,35322,392FFO attributable to common stockholders and unit holders, as adjusted- basic and diluted$92,383$89,764 For the Three Months Ended March 31,Unaudited20262025Net loss attributable to the Company$(36,350)$(50,123)Interest expense - consolidated assets67,50069,074Interest expense - unconsolidated joint ventures (pro rata)19,91822,158Depreciation and amortization - consolidated assets83,07692,562 Depreciation and amortization - unconsolidated joint ventures (pro rata)28,79727,783Noncontrolling interests in the OP(1,602)(2,156)Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(939)(923)(Gain) loss on sale or write down of assets, net - consolidated assets(6,840)13,987Loss on sale or write down of assets, net - unconsolidated joint ventures (pro rata)7211,111Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures, net(9) - Income tax benefit(2,641)(822)Distributions on preferred units8787Adjusted EBITDA (a)151,718172,738REIT general and administrative expenses8,0267,612Management Companies' revenues(6,543)(4,921)Management Companies' operating expenses 22,38520,783Leasing expenses, including joint ventures at pro rata14,80012,043Corporate and other expenses (income) (b)4,468(6,703)Straight-line and above/below market adjustments (3,734)(982)NOI - All Centers191,120200,570NOI of non-Go-Forward Portfolio Centers (c)(18,249)(25,074)NOI - Go-Forward Portfolio Centers (c)172,871175,496Lease termination income of Go-Forward Portfolio Centers(170)(4,799)NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)$172,701$170,697NOI - Go-Forward Portfolio Centers percentage change, including lease termination income (c)(1.5)%NOI - Go-Forward Portfolio Centers percentage change, excluding lease termination income (c)1.2% New York Stock Exchange Total Company's Pro Rata Share of Debt$6,451,780(a)Less: Cash, including joint ventures at the Company's share(231,628) Restricted Cash, including joint ventures at the Company's share$(104,097) Exclude: Restricted Cash that is not loan cash collateral48,491Less: Restricted Cash - loan cash collateral(55,606)(b)Less: Debt for Santa Monica Place (lender-controlled)(300,000)Net Debt5,864,546(c)Adjusted EBITDA (trailing twelve months)$720,926(d)Plus: Leasing expenses (trailing twelve months)52,090(e)Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments (trailing twelve months)11,080(f)Plus: adjustment for acquisitions and dispositions (trailing twelve months)(15,954)(g)Plus: Other adjustments (trailing twelve months)(12,704)(h)Adjusted EBITDA, as further modified (trailing twelve months)$755,438Net Debt to Adjusted EBITDA, as further modified7.76x(i) debt discounts and loan finance costs. 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 During the first quarter of 2026 and to date in the second quarter, we were actively engaged in numerous transactions, including the Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/, For the Three Months Ended March 31,Unaudited20262025Revenues:Leasing revenue$225,976$235,647Other income9,0198,656Management Companies' revenues6,5434,921Total revenues241,538249,224Expenses:Shopping center and operating expenses 83,25185,163Management Companies' operating expenses 22,38520,783Leasing expenses 13,80911,219REIT general and administrative expenses 8,0267,612Depreciation and amortization 83,07692,562Interest expense 67,50069,074Total expenses278,047286,413Equity in loss of unconsolidated joint ventures (9,866)(799)Income tax benefit 2,641822Gain (loss) on sale or write down of assets, net 6,840(13,987) Net loss(36,894)(51,153)Less net loss attributable to noncontrolling interests(544)(1,030) Net loss attributable to the Company$(36,350)$(50,123)Weighted average number of shares outstanding - basic258,028252,992Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (a) 269,392263,851Earnings per share ("EPS") - basic $(0.14)$(0.20)EPS - diluted $(0.14)$(0.20)Dividend paid per share $0.17$0.17FFO - basic and diluted (a) (b)$75,883$80,973FFO, as adjusted - basic and diluted (a) (b)$92,383$89,764FFO per share - basic and diluted (a) (b)$0.28$0.31FFO per share, as adjusted - basic and diluted (a) (b)$0.34$0.34 Property/LocationDisposition DateGross Sale Price (at 100%)Gross Sale Price (at Company's Share)Reduction of Debt (at Company's Share)I. Asset DispositionsFormer department store parcel at Freehold Raceway Mall, Freehold, New Jersey02-02-2026$1.5$1.5$ - Washington Square Too Retail Strip Center, Portland, Oregon12-19-202525.825.8 - 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$1,005.5$941.6$652.7Various land parcels (undepreciated asset sales), including separate transactions with certain joint venture partners:For the three months ended March 31, 20262026(d)$13.0$13.0$ - For the twelve months ending December 31, 20252025(d)38.119.5 - For the twelve months ending December 31, 20242024(d)36.36.3 - Subtotal87.438.8$ - Total - Asset Dispositions$1,092.9$980.4$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)$1,392.9$1,280.4$952.7 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 Occupancy18Average Base Rent Per Square Foot18Cost of Occupancy18Percentage of Net Operating Income by State19Property Listing20Joint Venture List23Balance Sheet24Net Debt to Adjusted EBITDA 24Debt Summary25Outstanding Debt by Maturity Date26Development and Redevelopment Pipeline Forecast28Corporate Information29 Consolidated CentersUnconsolidated Joint Venture CentersTotal CentersTotal Go-Forward Portfolio CentersSales Per Square Foot (a)3/31/2026$811$1,089$899$9413/31/2025$743$1,054$837$89812/31/2025$795$1,073$881$921Portfolio Occupancy (b)3/31/202692.6%94.8%93.4%94.5%3/31/202591.6%94.4%92.6%93.8%12/31/202593.5%94.9%94.0%94.9%Average Base Rents (c)3/31/2026$68.36$81.56$71.06$72.923/31/2025$66.98$78.18$69.21$72.8712/31/2025$66.92$79.47$69.47$71.31Cost of Occupancy3/31/2026Minimum rents8.0%7.3%7.7%7.8%Percentage rents0.6%0.9%0.7%0.7%Expense recoveries (d)3.1%3.2%3.2%3.2%Total11.7%11.4%11.6%11.7%12/31/2025Minimum rents8.1%7.4%7.8%7.9%Percentage rents0.6%0.9%0.7%0.7%Expense recoveries (d)3.1%3.3%3.2%3.2%Total11.8%11.6%11.7%11.8% 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 PropertiesLegal Ownership(a)Economic Ownership(b)Joint VentureTotal GLA(c)Boulevard Shops50%50%Propcor II Associates, LLC205,000Broadway Plaza50%50%Macerich HHF Broadway Plaza LLC1,003,000Chandler 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 LLC1,400,000Hyatt 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 LLC1,185,000Scottsdale Fashion Square50%50%Scottsdale Fashion Square Partnership1,875,000Scottsdale 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 LLC1,924,000Tysons 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 following financing, capital raising, acquisition and disposition activity: In-Process Developments and Redevelopments: as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Symbol: MAC (b)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%. and common units to the extent they are dilutive to the calculation. 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 Carolina1972/2025ongoing1,320,0003100%Danbury Fair Mall(c)Danbury, Connecticut1986/200520161,274,0004100%Desert Sky Mall(c) Phoenix, Arizona1981/20022007638,0005100%Eastland Mall(c)(d)Evansville, Indiana1978/199819961,013,0006100%Fashion District Philadelphia(c)Philadelphia, Pennsylvania1977/20142019722,0007100%Fashion Outlets of Chicago(c) Rosemont, Illinois2013/ - - 528,0008100%Fashion Outlets of Niagara Falls USANiagara Falls, New York1982/20112014685,0009100%Freehold Raceway Mall(c)Freehold, New Jersey1990/200520071,669,00010100%Fresno Fashion Fair(c) Fresno, California1970/19962006970,00011100%Green Acres Mall(c)(d)Valley Stream, New York1956/2013ongoing1,899,00012100%Inland Center(c) San Bernardino, California1966/20042016895,00013100%Kings Plaza Shopping Center(c)(d)Brooklyn, New York1971/201220181,100,00014100%La Cumbre Plaza(d)Santa Barbara, California1967/20041989325,00015100%Los Cerritos Center(c)Cerritos, California1971/199920161,151,00016100%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(e) Santa Monica, California1980/1999ongoing357,0002084.9%SanTan Village Regional Center(c) Gilbert, Arizona2007/ - 20181,185,00021100%South Plains Mall(c) Lubbock, Texas1972/199820171,313,00022100%Stonewood Center(c)(d)Downey, California1953/19971991925,00023100%Superstition Springs Center(c) Mesa, Arizona1990/20022002795,000 Additional information about Macerich can be found though social media platforms such as LinkedIn and Twitter. For the Three Months Ended March 31,20262025Lease termination income (b)$0.2$5.0Straight-line rental income (expense) (b)$2.3$(0.2)Business development and parking income (c)$11.8$12.8Gain on sales or write down of undepreciated assets$10.1$0.7Amortization of acquired above and below-market leases, net revenue (b)$1.4$1.2Amortization of debt discounts, net (d)$(4.2)$(9.1)Bad debt expense (b)$1.5$1.6Leasing expense$14.8$12.0Interest capitalized (d)$5.2$6.4Employee severance costs (e)$ - $1.8Legal claims settlement (expense) income, net (f)$(0.4)$6.0 On February 6, 2026, the Company completed a four-year extension of the $200 million loan for South Plains Mall. The loan carries a (c)The Company has completed transition of the property to a receiver, but is still the owner of record. 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$382027/2029 (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$522026/2027 (g)10% - 11%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$124 (b)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 The following table shows high and low sales prices per share of common stock during each quarter in 2026, 2025 and 2024 and stated rate of 4.22% and matures on November 6, 2029. The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis, real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts dividends per share of common stock declared and paid by quarter: (d)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 As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, our ("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ to these dates. 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 Effective February 6, 2026, the $76.5 million loan (at the Company’s pro rata share) at Twenty Ninth Street is in default. The Company’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based Market Quotation per ShareDividendsQuarter Ended:HighLowDeclared and PaidMarch 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$0.17March 31, 2026$20.93$17.62$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 decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are joint venture is in negotiations with the lender on the terms of this loan. corridor. Developing and managing properties that serve as community cornerstones, we currently own approximately 41 million upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to 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)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. calculated to reflect FFO on the same basis. square feet of real estate, consisting primarily of interests in 39 retail centers. We are firmly dedicated to driving long-term investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable 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. On February 24, 2026, the Company closed an amended and restated $900 million revolving credit facility. We increased the size of the shareholder value and to advancing environmental goals, social good and sound corporate governance. amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case (f)On April 7, 2026, the Company's joint venture in Deptford Mall obtained a new $115.0 million interest only loan at a fixed rate of 6.95% that matures on May 6, The Company also presents FFO, as adjusted. The Company calculates FFO, as adjusted, by excluding from FFO the impact of properties in receivership, default (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 facility from $650 million to $900 million, extended the maturity from February 2027 to March 2030 (inclusive of a 12-month extension presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various 2031. interest expense and gain or loss on non-real estate investments. economic ownership of joint venture entities. option), and lowered the current pricing grid from a spread range of 200 to 250 basis points over SOFR to 180 to 220 basis points over Results for the Quarter: measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after SOFR. Upon the achievement of certain performance thresholds, the spreads will be further reduced to a range of 135 to 165 basis 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 taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property (b)Includes GLA attributable to anchors (whether owned or occupied non-owned) and mall and freestanding stores. (a)Represents the Company’s partners’ share of consolidated joint ventures. estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on points over SOFR. level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal The net loss attributable to the Company was $36.4 million, or $0.14 per share-diluted, during the first quarter of 2026, compared to 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)The percentage of Go-Forward Portfolio Centers trailing twelve months ending March 31, 2026 Pro Rata Real Estate NOI excludes Crabtree Mall, and straight-line (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 ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership net loss attributable to the Company of $50.1 million, or $0.20 per share-diluted, for the quarter ended March 31, 2025. The change in comparison to the operating results of other REITs. In addition, the Company believes that FFO, as adjusted, which excludes the impact associated with properties (b)Includes lease termination income, straight-line rental income and above/below market adjustments to minimum rents. and above/below market adjustments to minimum rents. Go-Forward Portfolio Centers trailing twelve months ending March 31, 2026. Pro Rata Real Estate NOI Portfolio Centers are subject to change. On March 6, 2026, we repaid the outstanding balance of $211.5 million on the loan on Vintage Faire Mall at maturity with cash on hand interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account in receivership, default interest expense and impact of non-cash changes in the market value of non-real estate investments provides useful supplemental net loss between the first quarter of 2026 compared to the same period in 2025 is primarily due to the Company recognizing gain on excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including joint information regarding the Company's performance as it shows a more meaningful and consistent comparison of the Company's operating performance and allows and $100 million of borrowings on the revolving credit facility. balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company sale or write down of assets, net in the first quarter of 2026. ventures at pro rata). (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 (d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases. investors to more easily compare the Company's results. Santa Monica Place has been under control of a court appointed receiver since March 18, 2025 and the does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based Company has excluded the FFO impact from this property for all periods presented. Effective (i) April 9, 2024, default interest expense has been accrued on the We completed outparcel and land sales totaling $14.5 million, which included the sale of a land parcel at Washington Square for $13.0 expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items. Funds from Operations (“FFO”), as adjusted, was $92.4 million, or $0.34 per share-diluted, during the first quarter of 2026, compared to non-recourse loan on Santa Monica Place; (ii) November 6, 2025 through February 5, 2026, default interest expense was incurred on the non-recourse loan at upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s (e)The Company has completed transition of the property to a receiver, but is still the owner on record. million. South Plains Mall; and (iii) February 6, 2026, default interest expense has been accrued on the non-recourse loan at Twenty Ninth Street. The Company is required (b)“Other” includes Indiana, Iowa and Texas. financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s $89.8 million, or $0.34 per share-diluted, for FFO, as adjusted, for the quarter ended March 31, 2025. FFO, as adjusted, for the first (a)All joint venture amounts at pro rata. under GAAP to accrue default interest expense, which is expected to be reversed or paid, once a loan is modified or once title to the mortgaged loan collateral is partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its (f)Included in Unconsolidated Joint Venture Centers. Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, quarter of 2026 included gain on undepreciated asset sales of approximately $10.1 million. transferred. The Company believes that default interest on non-recourse loans, and any related reversal thereof should be excluded. The Company holds certain 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 (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 We sold approximately 4.5 million shares of common stock for approximately $85.6 million of gross proceeds through our at the such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions (a)All joint venture amounts included at pro rata. non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the Company's business, and the changes (b)Breakdown of acquisitions of property: 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 (g)Included in Consolidated Centers. 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 market (ATM) program at a weighted average price of 19.21 per share. that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or loss on non-real estate investments Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 1.2% in the first quarter of 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 related debt in a manner that approximates the effective interest method. As of March 31, 2026, the Company's pro rata share of unamortized debt discounts and should be excluded. (b)Included in leasing revenue. Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion 2026 compared to the first quarter of 2025. (a)Represents the Company’s partners’ share of consolidated joint ventures. information prepared in accordance with GAAP. loan finance costs were $29.3 million and $44.0 million, respectively. activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve Subsequent to quarter end, we closed on a new $58.7 million (at Company’s share) five-year mortgage loan on Deptford Mall. The new Acquisition DateFor the Three Months Ended March 31,For the Twelve Months Ended December 31,2026202520252024Acquisition of Crabtree Mall6-23-2025(c)$ - $ - $290.0$ - Acquisition of the Company's joint venture partner's 40% interest in Lakewood Center, Los Cerritos Center and Washington Square10-24-2024 - - - 129.0Acquisition of former Sears parcel at Inland Center5-17-2024 - - - 5.4Acquisition of the Company's joint venture partner's 40% interest in Arrowhead Towne Center and South Plains Mall5-14-2024 - - - 36.4Total$ - $ - $290.0$170.8 Dividend Reinvestment Plan The Company further believes that FFO and FFO, as adjusted, does not represent cash flow from operations as defined by GAAP, should not be considered as an (c)Included in leasing revenue and other income. risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially (b)For the three months ended March 31, 2026, other income includes a $9.5 million reduction to adjust to market the Company's share of non- real loan bears interest at a fixed rate of 6.95% and is interest only during the entire loan term. Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended March 31, 2026 were $899 (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 alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO and FFO, estate investments. from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional compared to $837 for the twelve months ended March 31, 2025 and $881 for the twelve months ended December 31, 2025. Gointo liquid resources by the borrower. as adjusted, as presented, may not be comparable to similarly titled measures reported by other REITs. (d)Included in interest expense. Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which and local economic and business conditions, including the impact of geopolitical tensions, tariffs, elevated interest rates and inflation, On April 30, 2026, we acquired Annapolis Mall, a Class A regional mall totaling approximately 1.5 million square feet in Annapolis, Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended March 31, 2026 (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 also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and (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 Maryland for $260 million, plus the adjacent 13.1 acre vacant Sears parcel for $12 million. The acquisition was funded with cash on were $941. (e)Included in management companies' operating expenses. listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, (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 877-373-6374. prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated 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 hand and $150 million of borrowings from the line of credit. 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 may affect the information provided in this table. leverage. interest rates and their impact on the financial condition and results of operations of the Company, including as a result of any (f)Included in other income. 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 Leased portfolio occupancy as of March 31, 2026 was 93.4%, a 0.8% increase compared to the 92.6% occupancy rate at March 31, 2025 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 increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost 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 As of the date of this filing, we had approximately $780 million of liquidity, including $650 million of available capacity on our $900 (b)This excludes GAAP allocations of non-cash and indirect costs. Reconciliation of EPS to FFO per share - diluted (b): and a 0.6% decrease compared to the 94.0% occupancy rate at December 31, 2025. Go-Forward Portfolio Center leased occupancy as (d)Adjusted EBITDA for the trailing twelve months is calculated as follows: of financing, and operating expenses; adverse changes in the real estate markets including, among other things, competition from remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or million revolving credit facility. For the Three Months Ended March 31,Unaudited20262025EPS - diluted$(0.14)$(0.20) Per share impact of depreciation and amortization of real estate0.410.45 Per share impact of loss on sale or write down of assets, net0.010.06FFO per share - basic and diluted0.280.31Adjustments: Per share impact of default interest expense0.010.01 Per share impact of loss on non-real estate investments0.030.01 Per share impact of property in receivership0.020.01FFO per share, as adjusted - basic and diluted$0.34$0.34 of March 31, 2026 was 94.5%. Add:Subtract:Add:For the Three Months EndedFor the Three Months EndedFor the Twelve Months EndedTrailing Twelve MonthsMarch 31, 2026March 31, 2025December 31, 2025March 31, 2026Adjusted EBITDA, as reported $151,718 $172,738 $741,946 $720,926 For a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2026 and 2025 see page 7 and for the twelve months ended December 31, 2025, see the Company’s Supplemental Information for the fourth quarter on the Company’s website. capital or liquidation proceeds. (a)Represents the Company's partners' share of consolidated joint ventures. other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, (c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect Fiscal Year 2024Guidance costs. supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or During the first quarter of 2026, we signed leases for 1.6 million square feet, a 2.5% increase in leased square footage compared to the Dividend: (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 (b)This includes $24 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $155,764 of construction outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of first quarter of 2025, on a comparable center basis, excluding a multi-location anchor renewal package executed in the prior-year distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage in progress relating to the Company's share from unconsolidated joint ventures. (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 operations of the Company and its tenants; the liquidity of real estate investments; government shutdowns and other governmental is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, On May 4, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on June 29, period. balance of the property other than the residential component is 51%. actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph. 2026 to stockholders of record at the close of business on June 15, 2026. other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with (a)Includes construction in progress of $307,729. (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 New store leases are expected to produce total gross revenue of approximately $116 million at our share in excess of the revenue the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2025, for a components. (c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores. Investor Conference Call: generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue (f)After considering estimated residential financing, the Company's estimated share of net equity is $70 - $80 million and the Company's estimated levered, estimate and includes open stores, leases signed not open, and leases in documentation that will or have commenced from 2024 (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 reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and (a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss stabilized yield is 7.0% - 8.0%. Macerich Website We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The through 2028. 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. undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document (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 (c) This represents the gross purchase price excluding closing adjustments and other related transaction costs. Macerich Company’s website at www.macerich.com (Investors Section). The call begins on May 6, 2026 at 2:00 p.m. Pacific Time. The rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability (e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally or to reflect the occurrence of unanticipated events unless required by law to do so. (g)The majority of tenants are expected to open in 2026 or 2027. (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 (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 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 call can be accessed live over the phone by dialing the following numbers: (833) 630-1956 (Toll Free) or (412) 317-1837 (International) Management Commentary: For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com. staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful 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 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 to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with information to investors because it allows them to more easily compare the Company's results to other REIT's. and through a live webcast at https://edge.media-server.com/mmc/p/oh63omrq. An online replay can be accessed at https:// (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 (See attached tables) Santa Monica Place. 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 until it receives approximately $38.0 million; and, thereafter, pro rata 49.9% to the third-party partner and 50.1% to the Company. “We are now firmly in the execution and conversion stage of our Path Forward Plan in 2026,” noted Jack Hsieh, President and Chief investing.macerich.com. remaining tenants expected to open in early 2027. reported by other companies. (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 Executive Officer, Macerich. “Leasing remains ahead of plan with our leasing speedometer reaching 83% and the 85% target well in Investor Relations (b)Portfolio Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Portfolio Occupancy excludes Community (f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%. 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 sight for mid-year as expected. Our SNO pipeline has risen to $116 million and the anchor repositioning program is on track with all 30 (b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate About Macerich and this Document: Alexandra Johnstone Centers, Santa Monica Place, and spaces under redevelopment. loss on non-real estate investments should be excluded from Adjusted EBITDA. investments, and other assets. Vice President, Finance anchors committed. Looking ahead, we expect strong NOI growth for the Go-Forward Portfolio, beginning in the second half of 2026 Phone: 214-373-5252 (c)Average base rent per square foot is based on spaces 10,000 square feet and under, excluding Santa Monica Place. All joint venture amounts are included at pro and accelerating meaningfully in 2027 and 2028, as the SNO pipeline tenants open and begin paying rent. When we exit the Path The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, (g)Represents the net forward EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisition of: i) Crabtree Mall; B) (c) NOI - Go-Forward Portfolio Centers represents the NOI from the Go-Forward Portfolio Centers as defined on page 22 (See note (c) of the Company’s Property rata. IR@macerich.com Forward Plan, we expect a company with higher permanent occupancy, annual rent escalators embedded across the lease base, a leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company is the the dispositions of i) Wilton Mall, ii) SouthPark Mall, iii) Atlas Park, iv) Lakewood Center, v) Valley Mall, vi) the stand alone parcel at Washington Square in 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 balance sheet with lower leverage, and a portfolio of irreplaceable assets in affluent markets where the best retailers in the world are Petaluma, California, vii) the retail strip center at Washington Square in Portland, Oregon; and viii) other outparcel sales; and C) the loan in default for which the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing operating performance of the Company. Go- 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 Company anticipates transferring title to the underlying property for Santa Monica Place. competing to be. ” partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses, 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 March 31, leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses, corporate and other income and expenses and management companies. 2026. (h)Represents the adjustment for employee severance costs and legal claims settlement income, net. "With the recent acquisition of Annapolis Mall, we have added a market-leading asset located within a strong trade area with limited the straight-line and above/below market adjustments and subtracting out NOI from non-Go-Forward Portfolio Centers. The Company also presents NOI - Go- (a)The Company sold its 5% joint venture partnership interest in the property. Forward Portfolio Centers, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without competition. The property is undergoing a significant elevation and transformation of its merchandising plan and tenant mix, including (d)Represents real estate tax and common area maintenance charges. (b)The Company sold its 50% joint venture partnership interest in the property. As of the date of this filing, the Operating Partnership owned or had an ownership interest in approximately 41 million square feet of (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 the impact of lease termination income. For purposes of this calculation, the non-Go-Forward Portfolio Centers includes Crabtree Mall. (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 a new Dick’s House of Sport store opening in the Fall, and there is a clear path to durable NOI growth that is accretive to our 2028 gross leasable area (“GLA”) consisting primarily of interests in 38 regional retail centers, and one community/power shopping center. 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 loan ($147.7 million at the Company's share) was forgiven by the lender. target FFO ranges under the Path Forward Plan. This off market transaction was completed with the prior ownership group who did an Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital These 39 centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in (d)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO. excellent job over the past two years starting a significant elevation and transformation of the center’s merchandising plan and tenant structure and financial leverage. this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the (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 mix. We believe applying the resources of Macerich will replicate the success we’ve experienced at Crabtree and across our Go-Forward context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio of record. portfolio." (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