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 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) Corporate Information Supplemental Financial and Operating Information (Unaudited) Supplemental Financial and Operating Information (unaudited) Supplemental Financial and Operating Information (unaudited) For the Three and Six Months Ended June 30, 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 June 30, 2026 (DOLLARS IN THOUSANDS) (DOLLARS IN THOUSANDS) (Dollars in thousands) Supplemental FFO Information(a) Capital Expenditures(a) Operational Data As of June 30, 2026 As of June 30, 2026 As of June 30, 2026 June 30, 2026 As of June 30, 2026 (Unaudited) Outstanding Debt by Maturity Date Development and Redevelopment Pipeline Forecast Debt Summary (at Company's pro rata share) (a) Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State Asset Dispositions / Loan Give-Backs Asset Dispositions / Loan Give-Backs Earnings Results & Supplemental Information June 30, 2026 June 30, 2026 June 30, 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) (Dollars in millions)
Table of Contents As of June 30, 2026 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- ASSETS:Property, net (a)$6,909,902Cash and cash equivalents227,028Restricted cash83,918Tenant and other receivables, net128,597Right-of-use assets, net104,026Deferred charges and other assets, net363,458Due from affiliates3,108Investments in unconsolidated joint ventures703,858Total assets$8,523,895LIABILITIES AND EQUITY:Mortgage notes payable$4,848,075Accounts payable and accrued expenses131,585Lease liabilities63,437Other accrued liabilities374,040Distributions in excess of investments in unconsolidated joint ventures199,285Total liabilities5,616,422Commitments and contingenciesEquity:Stockholders' equity: Common stock2,841 Additional paid-in capital6,758,116 Accumulated deficit(3,933,754) Accumulated other comprehensive loss(5)Total stockholders' equity2,827,198Noncontrolling interests80,275Total equity2,907,473Total liabilities and equity$8,523,895 For the Three Months EndedJune 30, 2026For the Six Months EndedJune 30, 2026Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint Ventures (b)Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint Ventures (b)Revenues:Leasing revenue$(1,404)$75,125$(2,821)$147,086Other income (1,116)5,975(2,044)(829) Total revenues(2,520)81,100(4,865)146,257Expenses:Shopping center and operating expenses (231)23,840(551)48,418Leasing expense(12)447(31)1,456Depreciation and amortization (572)29,081(1,139)57,878Interest expense (374)20,587(746)40,505 Total expenses(1,189)73,955(2,467)148,257Equity in loss of unconsolidated joint ventures - 5,237 - 15,103Loss on sale or write down of assets, net9(12,382)18(13,103)Net income(1,322) - (2,380) - Less net income attributable to noncontrolling interests(1,322) - (2,380) - Net income attributable to the Company$ - $ - $ - $ - As of June 30, 2026Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesASSETS:Property, net (b)$(18,405)$1,964,362Cash and cash equivalents(1,096)72,967Restricted cash - 4,543Tenant and other receivables, net(95)53,671Right-of-use assets, net - 64,924Deferred charges and other assets, net(719)33,798Due from affiliates34(1,716)Investments in unconsolidated joint ventures, at equity - (703,858)Total assets$(20,281)$1,488,691LIABILITIES AND EQUITY:Mortgage notes payable$(33,091)$1,527,134Accounts payable and accrued expenses(268)29,692Lease liabilities - 64,035Other accrued liabilities(18,936)67,115Distributions in excess of investments in unconsolidated joint ventures - (199,285)Total liabilities(52,295)1,488,691Equity: Stockholders' equity - - Noncontrolling interests32,014 - Total equity32,014 - Total liabilities and equity$(20,281)$1,488,691 For the Three Months Ended June 30, 2026ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$154,256$(1,027)$153,229$52,005$205,234 Percentage rents3,730(15)3,7152,0935,808 Tenant recoveries70,372(336)70,03618,81288,848 Other7,007(27)6,9802,1729,152 Bad debt expense (1,923)1(1,922)43(1,879) Total leasing revenue$233,442$(1,404)$232,038$75,125$307,163For the Six Months Ended June 30, 2026ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$304,705$(2,058)$302,647$102,847$405,494 Percentage rents9,667(39)9,6283,43113,059 Tenant recoveries135,791(670)135,12137,263172,384 Other12,388(55)12,3333,78816,121 Bad debt expense(3,133)1(3,132)(243)(3,375) Total leasing revenue$459,418$(2,821)$456,597$147,086$603,683 As of June 30,20262025Straight-line rent receivable$141.9$134.0 For the Six Months Ended June 30,For the Twelve Months Ended December 31,2026202520252024Consolidated CentersAcquisitions of property (b)$272.0$290.0$290.0$170.8Property improvements13.07.534.643.3Development, redevelopment, expansions and renovations of Centers81.059.4100.2104.5Tenant allowances24.310.031.420.6Deferred leasing charges3.72.15.54.4Total$394.0$369.0$461.7$343.6Unconsolidated Joint Venture CentersProperty improvements$4.6$2.5$9.3$14.4Development, redevelopment, expansions and renovations of Centers43.529.477.739.8Tenant allowances7.25.814.321.0Deferred leasing charges2.11.83.65.6Total$57.4$39.5$104.9$80.8 State% of Go-Forward Portfolio Centers Pro Rata Real Estate NOI (a)California21.6%Arizona20.9%New York17.6%Pennsylvania, Virginia & North Carolina14.1%New Jersey & Connecticut8.7%Oregon6.8%Colorado & Illinois6.4%Other (b)3.9%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%Superstition Springs Center(c) Mesa, Arizona1990/20022002793,00025100%Valley River Center(c)Eugene, Oregon1969/20062007813,00026100%Victor Valley, Mall of(c) Victorville, California1986/20042012577,00027100%Vintage Faire Mall(c) Modesto, California1977/199620201,098,00028100%Washington Square(c)Portland, Oregon1974/199920051,125,000Total Consolidated Centers27,604,000UNCONSOLIDATED JOINT VENTURE CENTERS:2950%Broadway Plaza(c) Walnut Creek, California1951/19852016994,0003050.1%Chandler Fashion Center(c) Chandler, Arizona2001/200220231,419,0003150.1%Corte Madera, The Village at(c) Corte Madera, California1985/19982020502,0003251%Deptford Mall(c) Deptford, New Jersey1975/200620201,040,0003351%Flatiron Crossing(c) Broomfield, Colorado2000/2002ongoing1,392,0003450%Kierland Commons(c) Phoenix, Arizona1999/20052003440,0003550%Scottsdale Fashion Square(c) Scottsdale, Arizona1961/2002ongoing1,862,0003651%Twenty Ninth Street(d) Boulder, Colorado1963/19792007685,0003750%Tysons Corner Center(c) Tysons Corner, Virginia1968/200520141,918,000Total Unconsolidated Joint Venture Centers10,252,000Total Retail Centers37,856,000COMMUNITY / 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, Arizona1984/20022016123,00050%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 Assets1,858,000Grand Total39,919,000 The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by As of June 30, 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%$75,242$ - $75,242Fresno Fashion Fair11/01/263.67%324,950 - 324,950Los Cerritos Center 11/01/275.77%464,217 - 464,217Green Acres Mall01/06/286.62%365,974 - 365,974Arrowhead Towne Center 02/01/286.75%353,090 - 353,090SanTan Village Regional Center (b)07/01/294.34%186,642 - 186,642Freehold Raceway Mall 11/01/293.94%399,460 - 399,460Queens Center 11/06/295.45%523,562 - 523,562South Plains Mall 11/06/294.59%197,653 - 197,653Kings Plaza Shopping Center 01/01/303.71%524,072 - 524,072Fashion Outlets of Chicago02/01/314.61%299,598 - 299,598Pacific View 05/06/325.45%69,236 - 69,236Danbury Fair Mall 02/06/346.59%152,612 - 152,612Victor Valley, Mall of 09/06/346.85%84,089 - 84,089Washington Square04/06/355.63%338,483 - 338,483Total Fixed Rate Debt for Consolidated Assets5.16%$4,358,880$ - $4,358,880Santa Monica Place (c) 12/09/245.15%$ - $300,000$300,000Crabtree Mall (d)08/06/296.57% - 156,104156,104The Macerich Partnership, L.P. - Line of Credit (d),(e)03/01/30 - % - - - Total Floating Rate Debt for Consolidated Assets5.63%$ - $456,104$456,104Total Debt for Consolidated Assets5.21%$4,358,880$456,104$4,814,984II. Unconsolidated Assets (At Company’s pro rata share):Twenty Ninth Street (51%) (f)02/06/264.10%$76,500$ - $76,500Kierland Commons (50%) 04/01/273.98%90,850 - 90,850Scottsdale Fashion Square (50%) 03/06/286.28%349,593 - 349,593Corte Madera, The Village at (50.1%) 09/01/283.53%104,125 - 104,125Tysons Corner Center (50%)12/06/286.89%352,538 - 352,538Chandler Fashion Center (50.1%) 07/01/297.15%137,384 - 137,384Tysons Tower (50%)10/11/293.38%94,795 - 94,795Broadway Plaza (50%) 04/01/304.19%207,693 - 207,693Tysons VITA (50%)12/01/303.43%44,771 - 44,771Deptford Mall (51%) 05/06/317.53%57,001 - 57,001Total Fixed Rate Debt for Unconsolidated Assets5.56%$1,515,250$ - $1,515,250Boulevard Shops (50%) 12/05/286.50% - 11,88411,884Total Floating Rate Debt for Unconsolidated Assets6.50%$ - $11,884$11,884Total Debt for Unconsolidated Assets5.57%$1,515,250$11,884$1,527,134Total Debt5.29%$5,874,130$467,988$6,342,118Percentage to Total92.62%7.38%100.00% Stock Exchange Listing For the Three and Six Months Ended June 30, 2026 (g)Represents the net EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisition of: i) Annapolis Mall; B) the Period Ended6/30/202612/31/202512/31/2024(dollars in thousands, except per share data)Closing common stock price per share$25.19$18.46$19.9252 week high$25.97$21.12$22.2752 week low$15.89$12.48$12.99Shares outstanding at end of periodClass A non participating convertible preferred units99,56599,56599,565Common shares and partnership units295,372,574268,604,506263,739,694Total common and equivalent shares/units outstanding295,472,139268,704,071263,839,259Portfolio capitalization dataTotal portfolio debt, including joint ventures at pro rata$6,342,118$6,590,774$6,647,576Equity market capitalization7,442,9434,960,2775,255,678Total market capitalization$13,785,061$11,551,051$11,903,254Debt as a percentage of total market capitalization46.0%57.1%55.9% 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, 202611,305,814260,632,89699,565272,038,275Conversion of partnership units to common shares(9,500)9,500 - - Issuance of shares from ATM program - 1,205,039 - 1,205,039Issuance of shares from equity offering - 22,080,000 - 22,080,000Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans - 148,825 - 148,825Balance as of June 30, 2026(a)11,296,314284,076,26099,565295,472,139 For the Three Months Ended June 30,For the Six Months Ended June 30,20262026Revenues:Leasing revenue$233,442$459,418Other income10,67419,693Management Companies' revenues5,59112,134Total revenues249,707491,245Expenses: Shopping center and operating expenses77,933161,184 Management Companies' operating expenses24,01746,402 Leasing expenses13,72827,537 REIT general and administrative expenses9,49217,518 Depreciation and amortization86,217169,293 Interest expense66,043133,543Total expenses277,430555,477Equity in loss of unconsolidated joint ventures(5,237)(15,103)Income tax (expense) benefit(495)2,146Gain on sale or write down of assets, net6,60313,443Net loss(26,852)(63,746)Less net income (loss) attributable to noncontrolling interests219(325)Net loss attributable to the Company $(27,071)$(63,421) The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the six months ended June 30, 2026, and for the Company as of June 30, 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. Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/, Results of Operations: basic and diluted (b): Forward Portfolio Centers: As of June 30, 2026Fixed RateFloating RateTotalDollars in thousandsMortgage notes payable$4,391,971$456,104$4,848,075Bank and other notes payable - - - Total debt per Consolidated Balance Sheet4,391,971456,1044,848,075Adjustments:Less: Noncontrolling interests share of debt from consolidated joint ventures(33,091) - (33,091)Adjusted Consolidated Debt4,358,880456,1044,814,984Add: Company’s share of debt from unconsolidated joint ventures1,515,25011,8841,527,134Total Company’s Pro Rata Share of Debt$5,874,130$467,988$6,342,118Weighted average interest rate5.27%5.66%5.29%Weighted average maturity (years)3.03 (a)The Company sold its 19% joint venture partnership interest in the property for $1.4 million, and the buyer's assumption of $12.9 million of the Company's share of dispositions of i) Wilton Mall, ii) SouthPark Mall, iii) Atlas Park, iv) Lakewood Center, v) Valley Mall, vi) the stand alone parcel at Washington Square in Petaluma, the effective legal ownership and economic ownership interests of the Company. as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. For the Three Months Ended June 30,For the Six Months Ended June 30,UnauditedUnaudited2026202520262025Net loss attributable to the Company$(27,071)($40,905)($63,421)($91,029)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(1,103)(1,758)(2,705)(3,914)(Gain) loss on sale or write down of consolidated assets, net(6,603)10,484(13,443)24,472Add: (Loss) gain on undepreciated asset sales from consolidated assets(50)15710,0441,080Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures, net(9) - (18) - Loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net12,38294813,1032,059Add: Loss on undepreciated asset sales from unconsolidated joint ventures (pro rata) - (81) - (291)Depreciation and amortization on consolidated assets 86,21788,500169,293181,062Less: depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(572)(570)(1,139)(1,134)Depreciation and amortization on unconsolidated joint ventures (pro rata) 29,08128,73657,87856,519Less: depreciation on personal property (1,427)(1,534)(2,864)(3,874)FFO attributable to common stockholders and unit holders - basic and diluted90,84583,977166,728164,950Adjustments:Default interest expense3,8273,0337,9556,033Loss on non-real estate investments54032847,5593,683Property in receivership5,23721,41910,5903,811FFO attributable to common stockholders and unit holders, as adjusted- basic and diluted$100,449$88,713$192,832$178,477 For the Three Months Ended June 30,For the Six Months Ended June 30,UnauditedUnaudited2026202520262025Net loss attributable to the Company$(27,071)$(40,905)($63,421)($91,029) Interest expense - consolidated assets66,04371,925133,543140,999 Interest expense - unconsolidated joint ventures (pro rata)20,58720,72340,50542,881 Depreciation and amortization - consolidated assets86,21788,500169,293181,062 Depreciation and amortization - unconsolidated joint ventures (pro rata)29,08128,73657,87856,519 Noncontrolling interests in the OP(1,103)(1,758)(2,705)(3,914)Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(946)(930)(1,885)(1,853) (Gain) loss on sale or write down of assets, net - consolidated assets(6,603)10,484(13,443)24,472 Loss on sale or write down of assets, net - unconsolidated joint ventures (pro rata)12,38294813,1032,059 Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures, net(9) - (18) - Income tax expense (benefit)495(188)(2,146)(1,010) Distributions on preferred units8787174174Adjusted EBITDA (a)179,160177,622330,878350,360REIT general and administrative expenses9,4927,79817,51815,410Management Companies' revenues(5,591)(5,938)(12,134)(10,859)Management Companies' operating expenses 24,01721,87146,40242,654Leasing expenses, including joint ventures at pro rata14,16211,34328,96223,386Corporate and other expenses (income) (b)(6,252)(2,192)(1,784)(8,895)Straight-line and above/below market adjustments (3,491)(3,184)(7,225)(4,166)NOI - All Centers211,497207,320402,617407,890NOI of non-Go-Forward Portfolio Centers (c)(26,194)(28,572)(44,443)(53,642)NOI - Go-Forward Portfolio Centers (c)185,303178,748358,174354,248Lease termination income of Go-Forward Portfolio Centers(482)(735)(652)(5,534)NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)$184,821$178,013$357,522$348,714NOI - Go-Forward Portfolio Centers percentage change, including lease termination income (c)3.7%1.1%NOI - Go-Forward Portfolio Centers percentage change, excluding lease termination income (c)3.8%2.5% New York Stock Exchange the twelve months ended December 31, 2025 and 2024: Total Company's Pro Rata Share of Debt$6,342,118(a)Less: Cash, including joint ventures at the Company's share(298,899) Restricted Cash, including joint ventures at the Company's share$(88,461) Exclude: Restricted Cash that is not loan cash collateral41,953Less: Restricted Cash - loan cash collateral(46,508)(b)Less: Debt for Santa Monica Place (lender-controlled)(300,000)Net Debt5,696,711(c)Adjusted EBITDA (trailing twelve months)$722,464(d)Plus: Leasing expenses (trailing twelve months)54,909(e)Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments (trailing twelve months)11,292(f)Plus: Adjustment for acquisitions and dispositions (trailing twelve months)7,692(g)Plus: Other adjustments (trailing twelve months)(16,402)(h)Adjusted EBITDA, as further modified (trailing twelve months)$779,955Net Debt to Adjusted EBITDA, as further modified7.30x(i)Net Debt to Adjusted EBITDA, Pro Forma (j)Net Debt from above$5,696,711Less: Net value of unsettled forward equity (j)(372,284)Net Debt, adjusted5,324,427Adjusted EBITDA from above$779,955Net Debt to Adjusted EBITDA, Pro Forma6.83x(j) debt. Ca., vii) the retail strip center at Washington Square in Portland, Oregon, viii) West Acres Mall; and ix) other outparcel sales; and C) the loan in default for which the Balance Sheet: (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 Additional information about Macerich can be found through social media platforms such as LinkedIn and Twitter. For the Three Months Ended June 30,For the Six Months Ended June 30,UnauditedUnaudited2026202520262025Revenues:Leasing revenue$233,442$232,725$459,418$468,372Other income10,67411,13019,69319,786Management Companies' revenues5,5915,93812,13410,859Total revenues249,707249,793491,245499,017Expenses:Shopping center and operating expenses 77,93379,848161,184165,011Management Companies' operating expenses 24,01721,87146,40242,654Leasing expenses 13,72810,62427,53721,843REIT general and administrative expenses 9,4927,79817,51815,410Depreciation and amortization 86,21788,500169,293181,062Interest expense 66,04371,925133,543140,999Total expenses277,430280,566555,477566,979Equity in loss of unconsolidated joint ventures (5,237)(475)(15,103)(1,274)Income tax (expense) benefit (495)1882,1461,010Gain (loss) on sale or write down of assets, net 6,603(10,484)13,443(24,472) Net loss(26,852)(41,544)(63,746)(92,698)Less net income (loss) attributable to noncontrolling interests219(639)(325)(1,669) Net loss attributable to the Company$(27,071)$(40,905)$(63,421)$(91,029)Weighted average number of shares outstanding - basic273,715253,085265,916253,039Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (a) 285,019263,967277,249263,922Earnings per share ("EPS") - basic $(0.10)$(0.16)$(0.24)$(0.36)EPS - diluted $(0.10)$(0.16)$(0.24)$(0.36)Dividend paid per share $0.17$0.17$0.34$0.34FFO - basic and diluted (a) (b)$90,845$83,977$166,728$164,950FFO, as adjusted - basic and diluted (a) (b)$100,449$88,713$192,832$178,477FFO per share - basic and diluted (a) (b)$0.32$0.32$0.60$0.63FFO per share, as adjusted - basic and diluted (a) (b)$0.35$0.34$0.70$0.68 Property/LocationDisposition DateGross Sale Price (at 100%)Gross Sale Price (at Company's Share)Reduction of Debt (at Company's Share)I. Asset DispositionsWest Acres, Fargo, North Dakota06-18-2026(a)$14.3$14.3$12.9Outparcel at Fashion Outlets of Chicago, Rosemont, Illinois04-14-20260.80.8 - Former department store parcel at Freehold Raceway Mall, Freehold, New Jersey02-02-20261.51.5 - 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(b)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(c)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(d)175.6147.7147.7 Subtotal$1,020.6$956.7$665.6Various land parcels (undepreciated asset sales), including separate transactions with certain joint venture partners:For the six months ended June 30, 20262026(e)$13.0$13.0$ - For the twelve months ending December 31, 20252025(e)38.119.5 - For the twelve months ending December 31, 20242024(e)36.36.3 - Subtotal87.438.8$ - Total - Asset Dispositions$1,108.0$995.5$665.6II. Loan Give-BacksSanta Monica Place, Santa Monica, CaliforniaPending(f)$300.0$300.0$300.0Total - Loan Give-Backs$300.0$300.0$300.0Grand Total - Asset Dispositions/Loan Give-Backs (g)$1,408.0$1,295.5$965.6 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 Data19Trailing Twelve Month Sales Per Square Foot19Portfolio Occupancy19Average Base Rent Per Square Foot19Cost of Occupancy19Percentage of Net Operating Income by State20Property Listing21Joint Venture List24Balance Sheet25Net Debt to Adjusted EBITDA 25Debt Summary27Outstanding Debt by Maturity Date28Development and Redevelopment Pipeline Forecast29Corporate Information30 Consolidated CentersUnconsolidated Joint Venture CentersTotal CentersTotal Go-Forward Portfolio CentersSales Per Square Foot (a)6/30/2026$809$1,200$919$9546/30/2025$756$1,060$849$90612/31/2025$795$1,073$881$921Portfolio Occupancy (b)6/30/202693.2%95.5%94.0%95.5%6/30/202590.7%94.2%92.0%92.8%12/31/202593.5%94.9%94.0%94.9%Average Base Rents (c)6/30/2026$67.09$83.63$70.23$71.896/30/2025$67.04$79.06$69.46$73.0612/31/2025$66.92$79.47$69.47$71.31Cost of Occupancy6/30/2026Minimum rents7.9%7.1%7.7%7.7%Percentage rents0.6%0.9%0.7%0.7%Expense recoveries (d)3.1%3.1%3.1%3.1%Total11.6%11.1%11.5%11.5%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% Company anticipates transferring title to the underlying property for Santa Monica Place. 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 PropertiesLegal Ownership(a)Economic Ownership(b)Joint VentureTotal GLA(c)Boulevard Shops50%50%Propcor II Associates, LLC205,000Broadway Plaza50%50%Macerich HHF Broadway Plaza LLC994,000Chandler Fashion Center(d)(e)50.1%50.1%Freehold Chandler Holdings LP1,419,000Corte Madera, The Village at50.1%50.1%Corte Madera Village, LLC502,000Deptford Mall51%51%Macerich HHF Centers LLC1,040,000FlatIron Crossing(f)51%51%Macerich HHF Centers LLC1,392,000Hyatt Regency Tysons Corner Center50%50%Tysons Corner Hotel I LLC290,000Kierland Commons50%50%Kierland Commons Investment LLC440,000SanTan Village Regional Center84.9%84.9%Westcor SanTan Village LLC1,183,000Scottsdale Fashion Square50%50%Scottsdale Fashion Square Partnership1,862,000Scottsdale Fashion Square-Office50%50%Scottsdale Fashion Square Partnership123,000Scottsdale 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 LLC399,000 In-Process Developments and Redevelopments: Symbol: MAC (b)The Company sold its 5% joint venture partnership interest in the property. 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 During the second quarter of 2026, we were actively engaged in numerous transactions, including the following financing, capital CountCompany’s Ownership(a)Name of Center/LocationYear of Original Construction/AcquisitionYear of Most Recent Expansion/RenovationTotal GLA(b)CONSOLIDATED CENTERS:1100%Annapolis Mall(c)Annapolis, Maryland 1980/2026ongoing1,438,0002100%Arrowhead Towne Center(c)Glendale, Arizona1993/200220151,077,0003100%Crabtree Mall(c)Raleigh, North Carolina1972/2025ongoing1,317,0004100%Danbury Fair Mall(c)Danbury, Connecticut1986/200520161,271,0005100%Desert Sky Mall(c) Phoenix, Arizona1981/20022007638,0006100%Eastland Mall(c)(d)Evansville, Indiana1978/199819961,013,0007100%Fashion District Philadelphia(c)Philadelphia, Pennsylvania1977/20142019741,0008100%Fashion Outlets of Chicago(c) Rosemont, Illinois2013/ - - 528,0009100%Fashion Outlets of Niagara Falls USANiagara Falls, New York1982/20112014685,00010100%Freehold Raceway Mall(c)Freehold, New Jersey1990/200520071,669,00011100%Fresno Fashion Fair(c) Fresno, California1970/19962006968,00012100%Green Acres Mall(c)(d)Valley Stream, New York1956/2013ongoing1,895,00013100%Inland Center(c) San Bernardino, California1966/20042016894,00014100%Kings Plaza Shopping Center(c)(d)Brooklyn, New York1971/201220181,099,00015100%La Cumbre Plaza(d)Santa Barbara, California1967/20041989325,00016100%Los Cerritos Center(c)Cerritos, California1971/199920161,150,00017100%NorthPark Mall(c)Davenport, Iowa1973/19982001865,00018100%Pacific View Ventura, California1965/19962001883,00019100%Queens Center(c)(d) Queens, New York1973/19952004964,00020100%Santa Monica Place(e) Santa Monica, California1980/1999ongoing357,0002184.9%SanTan Village Regional Center(c) Gilbert, Arizona2007/ - 20181,183,00022100%South Plains Mall(c) Lubbock, Texas1972/199820171,313,00023100%Stonewood Center(c)(d)Downey, California1953/19971991925,000 The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis, (h)Represents the adjustment for employee severance costs and legal claims settlement income, net. and common units to the extent they are dilutive to the calculation. For the Three Months Ended June 30,For the Six Months Ended June 30,2026202520262025Lease termination income (b)$0.5$0.8$0.7$5.8Straight-line rental income (b)$2.9$1.0$5.2$0.8Business development and parking income (c)$15.5$15.0$27.3$27.8(Loss) gain on sales or write down of undepreciated assets$(0.1)$0.1$10.0$0.8Amortization of acquired above and below-market leases, net revenue (b)$0.6$2.2$2.1$3.4Amortization of debt discounts, net (d)$(4.2)$(9.1)$(8.3)$(18.2)Bad debt expense (b)$1.9$1.2$3.4$2.8Leasing expense$14.2$11.3$29.0$23.3Interest capitalized (d)$5.6$6.2$10.8$12.6Employee severance costs (e)$0.5$0.3$0.5$2.1Legal claims settlement income (expense), net (f)$3.2$(0.7)$2.8$5.3 raising, acquisition and disposition activity: minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ 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$462027/2029 (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$672026/2027 (g)10% - 11%Scottsdale Fashion SquareScottsdale, AZRedevelopment of two-level Nordstrom wing with luxury-focused retail and restaurant uses$84 - $9050%$42 - $45$372024-2027 (h)17% - 18%TOTAL$459 - $505$297 - $330$150 (c)The Company sold its 50% joint venture partnership interest in the property. The following table shows high and low sales prices per share of common stock during each quarter in 2026, 2025 and 2024 and (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 percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based (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 dividends per share of common stock declared and paid by quarter: In April, we closed on a new $58.7 million (at Company’s share) five-year mortgage loan on Deptford Mall. The new loan bears interest (d)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 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 As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, our real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to at a fixed rate of 6.95% and is interest only during the entire loan term. loan ($147.7 million at the Company's share) was forgiven by the lender. Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital ("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable 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$0.17June 30, 2026$25.97$19.02$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 structure and financial leverage. 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 corridor. Developing and managing properties that serve as community cornerstones, we currently own approximately 40 million amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case 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 In April, we acquired Annapolis Mall, a Class A regional mall totaling approximately 1.4 million square feet in Annapolis, Maryland for (e)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO. decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are square feet of real estate, consisting primarily of interests in 37 regional retail centers, and one community/power shopping center. presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various 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. (j)This assumes the net value of the unsettled forward equity offering is treated as a cash equivalent and reflects 16,100,000 of unsettled shares at an initial forward $260 million, plus the adjacent 13.1 acre vacant Sears parcel for $12 million. The acquisition was initially funded with cash on hand and calculated to reflect FFO on the same basis. We are firmly dedicated to driving long-term shareholder value and to advancing environmental goals, social good and sound corporate measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after (f)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 the price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. Although we expect to settle the $150 million of borrowings from the revolving credit facility. (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 governance. taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property owner of record. forward sale agreements entirely by the physical delivery of shares of our common stock for cash proceeds, we may also elect to cash settle or net share settle all or The Company also presents FFO, as adjusted. The Company calculates FFO, as adjusted, by excluding the impact of properties in receivership, default interest economic ownership of joint venture entities. a portion of our obligations. level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal expense and gain or loss on non-real estate investments. During the second quarter, we sold approximately 1.2 million shares of common stock for approximately $23.8 million of gross (g)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs. Results for the Quarter: ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership (b)Includes GLA attributable to anchors (whether owned or occupied non-owned) and mall and freestanding stores. proceeds through our at-the-market (ATM) program at a weighted average price of $19.77 per share. 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 interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on (a)The percentage of Go-Forward Portfolio Centers trailing twelve months ending June 30, 2026 Pro Rata Real Estate NOI excludes Annapolis 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- The net loss attributable to the Company was $27.1 million, or $0.10 per share-diluted, during the second quarter of 2026, compared to balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company In May, we closed on an underwritten public offering of 22,080,000 shares of common stock at a price to the public of $21.00 per 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 and above/below market adjustments to minimum rents. Pro Rata Real Estate NOI also excludes REIT general and administrative expenses, management company Forward Portfolio Centers are subject to change. net loss attributable to the Company of $40.9 million, or $0.16 per share-diluted, for the quarter ended June 30, 2025. The change in does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and share, generating net proceeds of $448.2 million. The offering was upsized and included the full exercise of the underwriters’ option to comparison to the operating results of other REITs. In addition, the Company believes that FFO, as adjusted, which excludes the impact associated with properties revenues, management company expenses and leasing expenses (including joint ventures at pro rata). net loss between the second quarter of 2026 compared to the same period in 2025 is primarily due to the Company recognizing a gain expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items. purchase additional stock. We used the proceeds to repay borrowings under our revolving credit facility, which were used primarily to in receivership, default interest expense and impact of non-cash changes in the market value of non-real estate investments provides useful supplemental (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. on sale of assets in the second quarter of 2026. fund the acquisition of Annapolis Mall, to fund strategic leasing capital investments at Annapolis Mall, and for general corporate information regarding the Company's performance as it shows a more meaningful and consistent comparison of the Company's operating performance and allows (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based purposes, including to fund acquisition opportunities. Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, 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 (b)“Other” includes Indiana, Iowa and Texas. 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. 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 Funds from Operations (“FFO”), as adjusted, was $100.4 million, or $0.35 per share-diluted, during the second quarter of 2026, such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s (a)All joint venture amounts at pro rata. 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 partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its In June, we closed on an underwritten forward public offering of 16,100,000 shares of common stock, including the full exercise of the (f)Included in Unconsolidated Joint Venture Centers. compared to $88.7 million, or $0.34 per share-diluted, for FFO, as adjusted, for the quarter ended June 30, 2025. that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the 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 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 underwriters’ option to purchase additional stock, at the public offering price of $23.90. All the shares were offered in connection with (a) This excludes the 16.1 million shares relating to the June 2026 forward public offering which will be settled at a future date. Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion (a)All joint venture amounts included at pro rata. (b)Breakdown of acquisitions of property: 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 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. forward sale agreements. We did not initially receive any proceeds from the sale of shares of our common stock by the forward Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 3.8% in the second quarter activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve transferred. The Company believes that default interest on non-recourse loans, and any related reversal thereof should be excluded. The Company holds certain 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 (b)Included in leasing revenue. purchasers or their affiliates in the offering. We intend to physically settle the forward sale agreements no later than June 16, 2027 and of 2026 compared to the second quarter of 2025. risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially (a)Represents the Company’s partners’ share of consolidated joint ventures. 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 information prepared in accordance with GAAP. use the net proceeds we receive upon the settlement of the forward sale agreements to fund future acquisition opportunities and for Acquisition DateFor the Six Months Ended June 30,For the Twelve Months Ended December 31,2026202520252024Acquisition of Annapolis Mall 4-30-2026(c)$272.0$ - $ - $ - Acquisition of Crabtree Mall6-23-2025(c) - 290.00290.0 - 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$272.0$290.0$290.0$170.8 from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional 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 (c)Included in leasing revenue and other income. (b)For the three and six months ended June 30, 2026, other income includes $3.2 million of legal claims settlement income, net. Additionally for the three general corporate purposes. Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended June 30, 2026 were $919 and local economic and business conditions, including the impact of geopolitical tensions, tariffs, elevated interest rates and inflation, should be excluded. Dividend Reinvestment Plan and six months ended June 30, 2026, other income includes a reduction of $0.6 million and $10.1 million, respectively, which adjusted to market the compared to $849 for the twelve months ended June 30, 2025 and $899 for the twelve months ended March 31, 2026. Go-Forward which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and (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 (d)Included in interest expense. Company’s share of non-real estate investments. 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 listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, We completed the sale of our joint venture interest in West Acres for $1.4 million, which included the buyer's assumption of $12.9 Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended June 30, 2026 were $954. prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated (a)Represents the Company’s partners’ share of consolidated joint ventures. 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 Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which 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 million of debt at our share. We also completed outparcel sales totaling $0.8 million. interest rates and their impact on the financial condition and results of operations of the Company, including as a result of any (e)Included in management companies' operating expenses. (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 as adjusted, as presented, may not be comparable to similarly titled measures reported by other REITs. 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 also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at Leased portfolio occupancy as of June 30, 2026 was 94.0%, a 2.0% increase compared to the 92.0% occupancy rate at June 30, 2025 and increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost may affect the information provided in this table. (b)Includes lease termination income, straight-line rental income and above/below market adjustments to minimum rents. 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 877-373-6374. (f)Included in other income. As of the date of this filing, we had approximately $1.2 billion of liquidity, including $900 million of available capacity on our $900 a 0.6% increase compared to the 93.4% occupancy rate at March 31, 2026. Go-Forward Portfolio Center leased occupancy as of June 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 (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 (b)This excludes GAAP allocations of non-cash and indirect costs. million revolving credit facility. 30, 2026 was 95.5%. other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, capital or liquidation proceeds. 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 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 Fiscal Year 2024Guidance supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or related debt in a manner that approximates the effective interest method. As of June 30, 2026, the Company's pro rata share of unamortized debt discounts and (c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect (a)Represents the Company's partners' share of consolidated joint ventures. During the second quarter of 2026, we signed approximately 1.3 million square feet of leases on a comparable center basis, including a outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of (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 Dividend: loan finance costs were $25.1 million and $25.3 million, respectively. costs. distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage 1.0% year-over-year increase in new-store leased square footage. operations of the Company and its tenants; the liquidity of real estate investments; government shutdowns and other governmental (b)This includes $16 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $150,775 of construction is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, (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 actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or On August 4, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on (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 in progress relating to the Company's share from unconsolidated joint ventures. partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph. into liquid resources by the borrower. New store leases are expected to produce total gross revenue of approximately $124 million at our share in excess of the revenue other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with balance of the property other than the residential component is 51%. September 28, 2026 to stockholders of record at the close of business on September 14, 2026. (a)Includes construction in progress of $305,687. Reconciliation of EPS to FFO per share, as adjusted - diluted (b): generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2025, for a (c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores. (c)Net Debt is a non-GAAP measure which represents Debt less Cash and Restricted Cash. Management believes that the presentation of Net Debt provides useful For the Three Months Ended June 30,For the Six Months Ended June 30,UnauditedUnaudited2026202520262025EPS - diluted$(0.10)$(0.16)$(0.24)$(0.36) Per share impact of depreciation and amortization of real estate0.400.440.810.89 Per share impact of loss on sale or write down of assets, net0.020.040.030.10FFO per share - basic and diluted0.320.320.600.63Adjustments: Per share impact of default interest expense0.010.010.030.02 Per share impact of loss on non-real estate investments - - 0.030.01 Per share impact of property in receivership0.020.010.040.02FFO per share, as adjusted - basic and diluted$0.35$0.34$0.70$0.68 estimate and includes open stores, leases signed not open, and leases in documentation that will or have commenced from 2024 (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 discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue Investor Conference Call: components. 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 through 2028. reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and (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 leverage. (f)After considering estimated residential financing, the Company's estimated share of net equity is $70 - $80 million and the Company's estimated levered, Company. The GLA of the former Sears store, or tenants 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 We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The Macerich Website Management Commentary: stabilized yield is 7.0% - 8.0%. or to reflect the occurrence of unanticipated events unless required by law to do so. (d)Adjusted EBITDA for the trailing twelve months is calculated as follows: Macerich Company’s website at www.macerich.com (Investors Section). The call begins on August 4, 2026 at 2:00 p.m. Pacific Time. (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 Add:Subtract:Add:For the Six Months EndedFor the Six Months EndedFor the Twelve Months EndedTrailing Twelve MonthsJune 30, 2026June 30, 2025December 31, 2025June 30, 2026Adjusted EBITDA, as reported $330,878 $350,360 $741,946 $722,464For a reconciliation of net loss to Adjusted EBITDA for the six months ended June 30, 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. The call can be accessed live over the phone by dialing the following numbers: (833) 630-1956 (Toll Free) or (412) 317-1837 “The second quarter results reflect the continued execution of our Path Forward Plan,” said Jack Hsieh, President and Chief Executive 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 (g)The majority of tenants are expected to open in 2026 or 2027. For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com. (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 (International) and through a live webcast at https://edge.media-server.com/mmc/p/oh63omrq. An online replay can be accessed at Officer, Macerich. “Go-Forward Portfolio NOI grew 3.8%, our signed-not-open pipeline reached $124 million, and our leasing the Company until it receives approximately $38.0 million; and, thereafter, pro rata 49.9% to the third-party partner and 50.1% to the Company. (c) This represents the gross purchase price excluding closing adjustments and other related transaction costs. 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 (a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (See attached tables) https://investing.macerich.com. (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 speedometer is at 88%, exceeding our 85% mid-year target. With the leasing phase of the Path Forward Plan substantially complete, we Santa Monica Place. (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 (f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%. remaining tenants expected to open in early 2027. are focused on conversion- getting tenants built out, open and paying rent which will drive center-wide traffic, increase sales and NOI rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability
of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative About Macerich and this Document: (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 growth." Alexandra Johnstone (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 to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with Centers, Santa Monica Place, and spaces under redevelopment. 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 Vice President, Finance & Investor Relations GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements 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 “That scarcity of space is one of the goals of our Path Forward Plan. Roughly 90% of our Go-Forward NOI comes from Class A assets in The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, Phone: 214-373-5252 reported by other companies. (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 debt discounts and loan finance costs. supply-constrained markets, our sales productivity continues to set company records, and there is effectively no new supply of regional IR@macerich.com leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company is the rata. malls. The strongest retailers are concentrating their demand on centers like ours, and Gen Z - on pace to become the country’s largest (b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate investments, sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited (b)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%. spending demographic and drawn to physical, experiential retail - is a sustainable tailwind. Our teams are already leasing into 2029 and and other assets. partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s 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 2030 as less space remains available in our best centers.” (e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally management companies. adjustments or allowances that have been granted to the tenants. (c) The Company has completed transition of the property to a receiver, but is still the owner of record. (c) NOI - Go-Forward Portfolio Centers represents the NOI from the Go-Forward Portfolio Centers as defined on page 23 (See note (c) of the Company's Property staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful Listing Table), excluding Crabtree Mall and Annapolis Mall for purposes of this calculation, as the properties were acquired on June 23, 2025 and April 30, 2026, “With the leasing and anchor repositioning components of our plan largely de-risked, our recent acquisitions represent the next phase information to investors because it allows them to more easily compare the Company's results to other REIT's. (d)Represents real estate tax and common area maintenance charges. As of the date of this filing, the Operating Partnership owned or had an ownership interest in approximately 40 million square feet of respectively; and were not held for the entirety of the comparable periods. The Company believes that only showing the results of the Go-Forward Portfolio (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 of value creation. At Annapolis Mall, the onboarding has gone smoothly, and the elevate-and-transform momentum is clear, with Centers better reflects the ongoing operating performance of the Company. Go-Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating to these dates. gross leasable area (“GLA”) consisting primarily of interests in 37 regional retail centers, and one community/power shopping center. (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 Uniqlo now open and Dick’s House of Sport opening this fall. We enter the second half of the year ahead of schedule and with the impact of the Management Companies' revenues and operating expenses, leasing expenses (including joint ventures at prorata), the Company's REIT general These 38 centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in 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 substantial liquidity from our forward equity offering that will further strengthen our balance sheet. Our acquisition pipeline is robust and administrative expenses, corporate and other income and expenses and the straight-line and above/below market adjustments and subtracting out NOI (e)As of June 30, 2026, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $17.5 million, which are netted against loss on non-real estate investments should be excluded from Adjusted EBITDA. this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the and active across both on- and off-market properties, which represent compelling opportunities to increase earnings growth and drive from non-Go-Forward Centers. The Company also presents NOI - Go-Forward Portfolio Centers, excluding lease termination income, as the Company believes balances outstanding or reclassified as an asset when there are no borrowings outstanding on the credit facility, which was the case at June 30, 2026. that it is useful for investors to evaluate operating performance without the impact of lease termination income. For purposes of this calculation, the non-Go- shareholder value.” context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio Forward Portfolio Centers include Crabtree Mall and Annapolis Mall. as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go- (f)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. Forward Portfolio Centers are subject to change. 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 29 30