Open the filing on EDGARExhibit 99.1 The Macerich Company The Macerich Company The Macerich Company The Macerich Company THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY The Macerich Company The Macerich Company THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY THE MACERICH COMPANY The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company The Macerich Company 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) Supplemental Financial and Operating Information (unaudited) For the Three and Nine Months Ended September 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 September 30, 2026 (DOLLARS IN THOUSANDS) (DOLLARS IN THOUSANDS) (Dollars in thousands) Supplemental FFO Information(a) Capital Expenditures(a) Operational Data As of September 30, 2026 As of September 30, 2026 As of September 30, 2026 September 30, 2026 As of September 30, 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) 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 September 30, 2026 September 30, 2026 September 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 September 30, 2026 Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/, 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)$6,855,756Cash and cash equivalents560,767Restricted cash62,378Tenant and other receivables, net129,602Right-of-use assets, net101,540Deferred charges and other assets, net345,977Due from affiliates4,047Investments in unconsolidated joint ventures705,571Total assets$8,765,638LIABILITIES AND EQUITY:Mortgage notes payable$4,409,716Bank and other notes payable758,173Accounts payable and accrued expenses152,229Lease liabilities61,422Other accrued liabilities386,708Distributions in excess of investments in unconsolidated joint ventures197,247Total liabilities5,965,495Commitments and contingenciesEquity:Stockholders' equity: Common stock2,841 Additional paid-in capital6,719,380 Accumulated deficit(3,998,740) Accumulated other comprehensive loss(3)Total stockholders' equity2,723,478Noncontrolling interests76,665Total equity2,800,143Total liabilities and equity$8,765,638 For the Three Months EndedSeptember 30, 2026For the Nine Months EndedSeptember 30, 2026Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint Ventures (b)Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint Ventures (b)Revenues:Leasing revenue$(1,670)$78,440$(4,490)$225,526Other income (905)6,075(2,949)5,246 Total revenues(2,575)84,515(7,439)230,772Expenses:Shopping center and operating expenses (377)25,979(927)74,397Leasing expense(10)659(42)2,115Depreciation and amortization (583)29,583(1,721)87,461Interest expense (365)20,782(1,112)61,287 Total expenses(1,335)77,003(3,802)225,260Equity in (income) loss of unconsolidated joint ventures - (7,013) - 8,090Loss on sale or write down of assets, net8(499)25(13,602)Net income(1,232) - (3,612) - Less net income attributable to noncontrolling interests(1,232) - (3,612) - Net income attributable to the Company$ - $ - $ - $ - As of September 30, 2026Noncontrolling Interests of Consolidated Joint Ventures (a)Company's Share of Unconsolidated Joint VenturesASSETS:Property, net (b)$(18,326)$1,973,407Cash and cash equivalents(1,171)69,349Restricted cash(237)5,089Tenant and other receivables, net(55)59,573Right-of-use assets, net - 64,614Deferred charges and other assets, net(694)35,493Due from affiliates35(2,107)Investments in unconsolidated joint ventures, at equity - (705,571)Total assets$(20,448)$1,499,847LIABILITIES AND EQUITY:Mortgage notes payable$(33,096)$1,527,265Accounts payable and accrued expenses(342)31,285Lease liabilities - 61,670Other accrued liabilities(18,515)76,874Distributions in excess of investments in unconsolidated joint ventures - (197,247)Total liabilities(51,953)1,499,847Equity: Stockholders' equity - - Noncontrolling interests31,505 - Total equity31,505 - Total liabilities and equity$(20,448)$1,499,847 For the Three Months Ended September 30, 2026ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$159,268$(1,315)$157,953$53,863$211,816 Percentage rents8,335(18)8,3173,69512,012 Tenant recoveries68,520(352)68,16818,90587,073 Other6,021(25)5,9961,8787,874 Bad debt expense (2,215)40(2,175)99(2,076) Total leasing revenue$239,929$(1,670)$238,259$78,440$316,699For the Nine Months Ended September 30, 2026ConsolidatedNon-Controlling Interests (a)Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total ShareRevenues: Minimum rents (b)$463,973$(3,373)$460,600$156,710$617,310 Percentage rents18,002(57)17,9457,12625,071 Tenant recoveries204,311(1,022)203,28956,168259,457 Other18,409(80)18,3295,66623,995 Bad debt expense(5,348)42(5,306)(144)(5,450) Total leasing revenue$699,347$(4,490)$694,857$225,526$920,383 As of September 30,20262025Straight-line rent receivable$145.7$134.2 For the Nine Months Ended September 30,For the Twelve Months Ended December 31,2026202520252024Consolidated CentersAcquisitions of property (b)$272.0$290.0$290.0$170.8Property improvements26.515.834.643.3Development, redevelopment, expansions and renovations of Centers123.474.8100.2104.5Tenant allowances38.819.431.420.6Deferred leasing charges6.13.35.54.4Total$466.8$403.3$461.7$343.6Unconsolidated Joint Venture CentersProperty improvements$6.3$5.0$9.3$14.4Development, redevelopment, expansions and renovations of Centers70.452.877.739.8Tenant allowances17.211.614.321.0Deferred leasing charges4.32.93.65.6Total$98.2$72.3$104.9$80.8 State% of Go-Forward Portfolio Centers Pro Rata Real Estate NOI (a)California21.5%Arizona21.2%New York16.9%Pennsylvania, Virginia & North Carolina14.1%New Jersey & Connecticut8.9%Colorado & Illinois6.8%Oregon6.7%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%Valley River Center(c)Eugene, Oregon1969/20062007812,00025100%Victor Valley, Mall of(c) Victorville, California1986/20042012576,00026100%Vintage Faire Mall(c) Modesto, California1977/199620201,099,00027100%Washington Square(c)Portland, Oregon1974/199920051,125,000Total Consolidated Centers26,739,000UNCONSOLIDATED JOINT VENTURE CENTERS:2850%Broadway Plaza(c) Walnut Creek, California1951/19852016994,0002950.1%Chandler Fashion Center(c) Chandler, Arizona2001/200220231,413,0003050.1%Corte Madera, The Village at(c) Corte Madera, California1985/19982020503,0003151%Deptford Mall(c) Deptford, New Jersey1975/200620201,040,0003251%Flatiron Crossing(c) Broomfield, Colorado2000/2002ongoing1,392,0003350%Kierland Commons(c) Phoenix, Arizona1999/20052003440,0003450%Scottsdale Fashion Square(c) Scottsdale, Arizona1961/2002ongoing1,862,0003551%Twenty Ninth Street(d) Boulder, Colorado1963/19792007685,0003650%Tysons Corner Center(c) Tysons Corner, Virginia1968/200520141,920,000Total Unconsolidated Joint Venture Centers10,249,000Total Retail Centers36,988,000COMMUNITY / 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, Arizona1984/20022016124,00050%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, Virginia20142014547,00050%VITA Tysons Corner Center(c)(f) Tysons Corner, Virginia20152015399,000Total Other Assets1,859,000Grand Total39,052,000 The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by As of September 30, 2026Center/Entity (dollars in thousands)Maturity DateEffective Interest Rate (a)FixedFloatingTotal Debt Balance (a)I. Consolidated Assets:Fashion Outlets of Niagara Falls USA (b)10/06/266.52%$74,355$ - $74,355Fresno Fashion Fair (c)11/01/263.67%325,000 - 325,000Los Cerritos Center 11/01/275.77%463,424 - 463,424Arrowhead Towne Center 02/01/286.75%353,216 - 353,216SanTan Village Regional Center (d)07/01/294.34%186,661 - 186,661Freehold Raceway Mall 11/01/293.94%399,501 - 399,501Queens Center 11/06/295.45%523,669 - 523,669South Plains Mall 11/06/294.59%197,827 - 197,827Kings Plaza Shopping Center 01/01/303.71%521,673 - 521,673Fashion Outlets of Chicago02/01/314.61%299,621 - 299,621The Macerich Partnership, L.P. - Unsecured Exchangeable Senior Notes (e)08/15/312.70%758,173 - 758,173Danbury Fair Mall 02/06/346.59%152,691 - 152,691Victor Valley, Mall of 09/06/346.85%84,116 - 84,116Washington Square04/06/355.63%338,526 - 338,526Total Fixed Rate Debt for Consolidated Assets4.65%$4,678,453$ - $4,678,453Santa Monica Place (f) 12/09/245.34%$ - $300,000$300,000Crabtree Mall (g)08/06/296.72% - 156,340156,340The Macerich Partnership, L.P. - Line of Credit (g),(h)03/01/30 - - - - Total Floating Rate Debt for Consolidated Assets5.81%$ - $456,340$456,340Total Debt for Consolidated Assets4.75%$4,678,453$456,340$5,134,793II. Unconsolidated Assets (At Company’s pro rata share):Twenty Ninth Street (51%) (i)02/06/264.10%$76,500$ - $76,500Kierland Commons (50%) 04/01/273.98%90,149 - 90,149Scottsdale Fashion Square (50%) 03/06/286.28%349,654 - 349,654Corte Madera, The Village at (50.1%) 09/01/283.53%103,526 - 103,526Tysons Corner Center (50%)12/06/286.89%352,792 - 352,792Chandler Fashion Center (50.1%) 07/01/297.15%137,417 - 137,417Tysons Tower (50%)10/11/293.38%94,811 - 94,811Broadway Plaza (50%) 04/01/304.19%206,582 - 206,582Tysons VITA (50%)12/01/303.43%44,787 - 44,787Deptford Mall (51%) 05/06/317.57%56,968 - 56,968Total Fixed Rate Debt for Unconsolidated Assets5.56%$1,513,186$ - $1,513,186Boulevard Shops (50%) 12/05/286.65% - 11,89611,896FlatIron Crossing Residential (43.35%) 09/24/306.50% - 2,1832,183Total Floating Rate Debt for Unconsolidated Assets6.63%$ - $14,079$14,079Total Debt for Unconsolidated Assets5.57%$1,513,186$14,079$1,527,265Total Debt4.94%$6,191,639$470,419$6,662,058Percentage to Total92.94%7.06%100.00% Stock Exchange Listing For the Three and Nine Months Ended September 30, 2026 (g)Represents the net forward EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisition of: i) Annapolis Mall; B) Period Ended9/30/202612/31/202512/31/2024(dollars in thousands, except per share data)Closing common stock price per share$22.36$18.46$19.9252 week high$26.68$21.12$22.2752 week low$16.03$12.48$12.99Shares outstanding at end of periodClass A non participating convertible preferred units99,56599,56599,565Common shares and partnership units295,379,548268,604,506263,739,694Total common and equivalent shares/units outstanding295,479,113268,704,071263,839,259Portfolio capitalization dataTotal portfolio debt, including joint ventures at pro rata$6,662,058$6,590,774$6,647,576Equity market capitalization6,606,9134,960,2775,255,678Total market capitalization$13,268,971$11,551,051$11,903,254Debt as a percentage of total market capitalization50.2%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)11,296,314284,076,26099,565295,472,139Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans - 6,974 - 6,974Balance as of September 30, 2026(a)11,296,314284,083,23499,565295,479,113 For the Three Months Ended September 30,For the Nine Months Ended September 30,20262026Revenues:Leasing revenue$239,929$699,347Other income13,26432,957Management Companies' revenues6,87419,008Total revenues260,067751,312Expenses: Shopping center and operating expenses85,063246,247 Management Companies' operating expenses23,50669,908 Leasing expenses15,59243,129 REIT general and administrative expenses8,54226,060 Depreciation and amortization88,012257,305 Interest expense66,764200,307 Loss on extinguishment of debt10,36810,368Total expenses297,847853,324Equity in gain (loss) of unconsolidated joint ventures7,013(8,090)Income tax (expense) benefit(80)2,066Gain on sale or write down of assets, net14,71028,153Net loss(16,137)(79,883)Less net income attributable to noncontrolling interests597272Net loss attributable to the Company $(16,734)$(80,155) The following is a summary of the Company’s Asset Dispositions and Loan Givebacks for the nine months ended September 30, 2026, the Company as of September 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. as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Results of Operations: basic and diluted (b): Forward Portfolio Centers: The Company owned or had an ownership interest in 36 retail centers (including office, hotel and residential space adjacent to these shopping centers), and one As of September 30, 2026Fixed RateFloating RateTotalDollars in thousandsMortgage notes payable $3,953,376$456,340$4,409,716Bank and other notes payable 758,173 - 758,173Total debt per Consolidated Balance Sheet4,711,549456,3405,167,889Adjustments:Less: Noncontrolling interests share of debt from consolidated joint ventures(33,096) - (33,096)Adjusted Consolidated Debt4,678,453456,3405,134,793Add: Company’s share of debt from unconsolidated joint ventures1,513,18614,0791,527,265Total Company’s Pro Rata Share of Debt$6,191,639$470,419$6,662,058Weighted average interest rate4.87%5.84%4.94%Weighted average maturity (years)3.08 the dispositions of i) Wilton Mall, ii) SouthPark Mall, iii) Atlas Park, iv) Lakewood Center, v) Valley Mall, vi) the stand alone parcel at Washington Square in the effective legal ownership and economic ownership interests of the Company. community/power shopping center. With the exception of the Centers indicated with footnote (d) in the table above, the underlying land controlled by the Company is Balance Sheet: Additional information about Macerich can be found through social media platforms such as LinkedIn and Twitter. For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2026202520262025Net loss attributable to the Company$(16,734)($87,360)($80,155)($178,389)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(635)(3,695)(3,340)(7,609)(Gain) loss on sale or write down of consolidated assets, net(14,710)72,634(28,153)97,106Add: Gain on undepreciated asset sales from consolidated assets3,1101,22913,1542,309Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures, net(8) - (25) - Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net499(11,939)13,602(9,880)Add: Loss on undepreciated asset sales from unconsolidated joint ventures (pro rata) - - - (291) Depreciation and amortization on consolidated assets 88,01290,904257,305271,966Less: depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(583)(577)(1,721)(1,711)Depreciation and amortization on unconsolidated joint ventures (pro rata) 29,58328,85887,46185,377Less: depreciation on personal property (1,534)(1,463)(4,398)(5,337)FFO attributable to common stockholders and unit holders - basic and diluted87,00088,591253,730253,541Adjustments: Default interest expense3,8493,06711,8049,100 Loss on non-real estate investments70631,7418,2655,424 Property in receivership7,14822,76417,7376,575 Loss on extinguishment of debt10,368 - 10,368 - FFO attributable to common stockholders and unit holders, as adjusted- basic and diluted$109,071$96,163$301,904$274,640 For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2026202520262025Net loss attributable to the Company$(16,734)$(87,360)($80,155)($178,389)Interest expense - consolidated assets66,76472,699200,307213,698Interest expense - unconsolidated joint ventures (pro rata)20,78220,31261,28763,193Depreciation and amortization - consolidated assets88,01290,904257,305271,966Depreciation and amortization - unconsolidated joint ventures (pro rata)29,58328,85887,46185,377Noncontrolling interests in the OP(635)(3,695)(3,340)(7,609)Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(948)(937)(2,833)(2,790)Loss on extinguishment of debt 10,368 - 10,368 - (Gain) loss on sale or write down of assets, net - consolidated assets(14,710)72,634(28,153)97,106Loss (gain) on sale or write down of assets, net - unconsolidated joint ventures (pro rata)499(11,939)13,602(9,880)Noncontrolling interests share of loss on sale or write-down of consolidated joint ventures, net(8) - (25) - Income tax expense (benefit)80(710)(2,066)(1,720)Distributions on preferred units8787261261Adjusted EBITDA (a)183,140180,853514,019531,213REIT general and administrative expenses8,5426,92826,06022,338Management Companies' revenues(6,874)(5,407)(19,008)(16,266)Management Companies' operating expenses 23,50620,17169,90862,825Leasing expenses, including joint ventures at pro rata16,24211,20945,20434,595Corporate and other (income) expenses (b)(8,041)(1,021)(9,825)(9,919)Straight-line and above/below market adjustments (6,685)(3,714)(13,910)(7,879)NOI - All Centers209,830209,019612,448616,907NOI of non-Go-Forward Portfolio Centers (c)(16,463)(22,747)(60,905)(76,389)NOI - Go-Forward Portfolio Centers (c)193,367186,272551,543540,518Lease termination income of Go-Forward Portfolio Centers(375)(1,922)(1,027)(7,453)NOI - Go-Forward Portfolio Centers, excluding lease termination income (c)$192,992$184,350$550,516$533,065NOI - Go-Forward Portfolio Centers percentage change, including lease termination income (c)3.8%2.0%NOI - Go-Forward Portfolio Centers percentage change, excluding lease termination income (c)4.7%3.3% New York Stock Exchange and for the twelve months ended December 31, 2025 and 2024: Total Company's Pro Rata Share of Debt$6,662,058(a)Less: Cash, including joint ventures at the Company's share(628,945) Restricted Cash, including joint ventures at the Company's share$(67,230) Exclude: Restricted Cash that is not loan cash collateral41,421Less: Restricted Cash - loan cash collateral(25,809)(b)Less: Debt for Santa Monica Place (lender-controlled)(300,000)Net Debt5,707,304(c)Adjusted EBITDA (trailing twelve months)$724,752(d)Plus: Leasing expenses (trailing twelve months)59,942(e)Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments (trailing twelve months)9,922(f)Plus: Adjustment for acquisitions and dispositions (trailing twelve months)5,394(g)Plus: Other adjustments (trailing twelve months)(21,138)(h)Adjusted EBITDA, as further modified (trailing twelve months)$778,872Net Debt to Adjusted EBITDA, as further modified7.33x(i)Net Debt to Adjusted EBITDA, Pro Forma (j)Net Debt from above$5,707,304Less: Net value of unsettled forward equity (j)(372,284)Net Debt, adjusted5,335,020Adjusted EBITDA from above$778,872Net Debt to Adjusted EBITDA, Pro Forma6.85x(j) (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 Petaluma, Ca., vii) the retail strip center at Washington Square in Portland, Oregon, viii) West Acres Mall, ix) Pacific View; and x) other outparcel sales; and C) the owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company. (a)The Operating Partnership has operating partnership units ("OP Units"). OP Units can be converted into shares of Company common stock. Conversion of the OP For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2026202520262025Revenues:Leasing revenue$239,929$237,232$699,347$705,604Other income13,26410,62332,95730,409Management Companies' revenues6,8745,40719,00816,266Total revenues260,067253,262751,312752,279Expenses:Shopping center and operating expenses 85,06379,755246,247244,766Management Companies' operating expenses 23,50620,17169,90862,825Leasing expenses 15,59210,63543,12932,478REIT general and administrative expenses 8,5426,92826,06022,338Depreciation and amortization 88,01290,904257,305271,966Interest expense 66,76472,699200,307213,698Loss on extinguishment of debt10,368 - 10,368 - Total expenses297,847281,092853,324848,071Equity in income (loss) of unconsolidated joint ventures 7,0139,759(8,090)8,485Income tax (expense) benefit (80)7102,0661,720Gain (loss) on sale or write down of assets, net 14,710(72,634)28,153(97,106) Net loss(16,137)(89,995)(79,883)(182,693)Less net income (loss) attributable to noncontrolling interests597(2,635)272(4,304) Net loss attributable to the Company$(16,734)$(87,360)$(80,155)$(178,389)Weighted average number of shares outstanding - basic284,079254,130272,037253,407Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (a) 296,249264,845283,556264,224Earnings per share ("EPS") - basic and diluted$(0.06)$(0.34)$(0.30)$(0.71)Dividend paid per share $0.17$0.17$0.51$0.51FFO - basic and diluted (a) (b)$87,000$88,591$253,730$253,541FFO, as adjusted - basic and diluted (a) (b)$109,071$96,163$301,904$274,640FFO per share - basic and diluted (a) (b)$0.29$0.33$0.89$0.96FFO per share, as adjusted - diluted (a) (b)$0.37$0.36$1.06$1.04 Property/LocationDisposition DateGross Sale Price (at 100%)Gross Sale Price (at Company's Share)Reduction of Debt (at Company's Share)I. Asset DispositionsPacific View, Ventura, California09-17-2026$69.7$69.7$69.7West Acres, Fargo, North Dakota06-18-2026(a)14.314.312.9Outparcel 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$1,090.3$1,026.4$735.3Various land parcels (undepreciated asset sales), including separate transactions with certain joint venture partners:For the nine months ended September 30, 20262026(e)$16.9$16.9$ - For the twelve months ending December 31, 20252025(e)38.119.5 - For the twelve months ending December 31, 20242024(e)36.36.3 - Subtotal91.342.7$ - Total - Asset Dispositions$1,181.6$1,069.1$735.3II. 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)$1,481.6$1,369.1$1,035.3 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 Forecast30Corporate Information31 Consolidated CentersUnconsolidated Joint Venture CentersTotal CentersTotal Go-Forward Portfolio CentersSales Per Square Foot (a)9/30/2026$826$1,228$943$9729/30/2025$787$1,049$867$90512/31/2025$795$1,073$881$921Portfolio Occupancy (b)9/30/202694.1%96.4%94.9%96.1%9/30/202592.4%95.2%93.4%94.3%12/31/202593.5%94.9%94.0%94.9%Average Base Rents (c)9/30/2026$67.14$85.83$70.73$72.159/30/2025$67.24$79.32$69.64$71.6512/31/2025$66.92$79.47$69.47$71.31Cost of Occupancy9/30/2026Minimum rents7.9%6.9%7.5%7.6%Percentage rents0.6%0.8%0.7%0.7%Expense recoveries (d)3.1%3.0%3.0%3.0%Total11.6%10.7%11.2%11.3%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% debt. loan in default for which the Company anticipates transferring title to the underlying property for Santa Monica Place. (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 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 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 Carolina1972/2025ongoing1,315,0004100%Danbury Fair Mall(c)Danbury, Connecticut1986/200520161,272,0005100%Desert Sky Mall(c) Phoenix, Arizona1981/20022007638,0006100%Eastland Mall(c)(d)Evansville, Indiana1978/199819961,013,0007100%Fashion District Philadelphia(c)Philadelphia, Pennsylvania1977/20142019742,0008100%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, California1970/19962006969,00012100%Green Acres Mall(c)(d)Valley Stream, New York1956/2013ongoing1,875,00013100%Inland Center(c) San Bernardino, California1966/20042016894,00014100%Kings Plaza Shopping Center(c)(d)Brooklyn, New York1971/201220181,135,00015100%La Cumbre Plaza(d)Santa Barbara, California1967/20041989325,00016100%Los Cerritos Center(c)Cerritos, California1971/199920161,149,00017100%NorthPark Mall(c)Davenport, Iowa1973/19982001865,00018100%Queens Center(c)(d) Queens, New York1973/19952004964,00019100%Santa Monica Place(e) Santa Monica, California1980/1999ongoing357,0002085%SanTan Village Regional Center(c) Gilbert, Arizona2007/ - 20181,183,00021100.0%South Plains Mall(c) Lubbock, Texas1972/199820171,313,00022100%Stonewood Center(c)(d)Downey, California1953/19971991928,00023100%Superstition Springs Center(c) Mesa, Arizona1990/20022002793,000 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 LP1,413,000Corte Madera, The Village at50.1%50.1%Corte Madera Village, LLC503,000Deptford 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 Partnership124,000Scottsdale Fashion Square-Hotel50%50%Scottsdale Fashion Square Partnership245,000Twenty Ninth Street51%51%Macerich HHF Centers LLC685,000Tysons Corner Center50%50%Tysons Corner LLC1,920,000Tysons 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: During the third quarter of 2026, we were actively engaged in numerous transactions, including the following financing, capital raising, The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis, Symbol: MAC (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 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 computation of average shares for FFO-diluted includes the effect of share and unit-based compensation plans and the impact of the June 2026 forward public and disposition activity: minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ economic ownership of joint venture entities. (b)The Company sold its 5% joint venture partnership interest in the property. (h)Represents the adjustment for employee severance costs and legal claims settlement income, net. 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 offering using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation. For the Three Months Ended September 30,For the Nine Months Ended September 30,2026202520262025Lease termination income (b)$0.4$2.0$1.1$7.8Straight-line rental income (b)$5.2$2.8$10.3$3.6Business development and parking income (c)$13.8$14.2$41.0$42.1Gain on sales or write down of undepreciated assets$3.1$1.2$13.2$2.0Amortization of acquired above and below-market leases, net revenue (b)$1.5$0.9$3.6$4.3Amortization of debt discounts, net (d)$(4.2)$(7.5)$(12.5)$(25.8)Bad debt expense (b)$2.1$0.9$5.5$3.7Leasing expense$16.2$11.2$45.2$34.6Interest capitalized (d)$5.2$5.4$15.9$18.0Employee severance costs (e)$ - $0.3$0.6$2.4Legal claims settlement income (expense), net (f)$2.5$(1.4)$5.3$3.9 percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based 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$522027/2029 (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$822026/2027 (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$171 debt discounts and loan finance costs. The following table shows high and low sales prices per share of common stock during each quarter in 2026, 2025 and 2024 and (b)Includes GLA attributable to anchors (whether owned or occupied non-owned) and mall and freestanding stores. As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, our (c)The Company sold its 50% joint venture partnership interest in the property. (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 In August, we closed an offering of $775 million aggregate principal amount of 2.25% exchangeable senior notes due 2031. The offering upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to (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: 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 (b)Effective October 6, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan. portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts was upsized and included the full exercise of the initial purchasers' option to purchase up to an additional $100 million aggregate investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable (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- (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 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 corridor. Developing and managing properties that serve as community cornerstones, we currently own approximately 39 million principal amount of notes. The initial exchange price of $28.19 per share represented a premium of approximately 20%. In connection amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case 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$0.17September 30, 2026$26.68$22.00$0.17 Forward Portfolio Centers are subject to change. loan ($147.7 million at the Company's share) was forgiven by the lender. structure and financial leverage. (c)Effective November 2, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan. 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 square feet of real estate, consisting primarily of interests in 36 regional retail centers, and one community/power shopping center. with the pricing of the notes, we used a portion of the net proceeds to enter into a capped call transaction, which included a cap price presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are We are firmly dedicated to driving long-term shareholder value and to advancing environmental goals, social good and sound corporate of approximately $34.06 per share, which represented a premium of approximately 45%. In September, we used a portion of the net measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after (d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases. (e)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO. (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 (d)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%. calculated to reflect FFO on the same basis. governance. proceeds from this upsized offering to repay the $370 million mortgage loan on Green Acres Mall that had an effective interest rate of taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. Although the Company expects to settle (e)The Company has completed transition of the property to a receiver, but is still the owner on record. 6.6% and a January 2028 maturity date. level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal (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 the forward sale agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash settle or net (e)These unsecured exchangeable senior notes were issued on August 11, 2026, in an aggregate amount of $775.0 million. The above table includes the unamortized The Company also presents FFO, as adjusted. The Company calculates FFO, as adjusted, by excluding the impact of properties in receivership, default interest Results for the Quarter: owner of record. share settle all or a portion of its obligations. discount and other issuance costs totaling $16.8 million as of September 30, 2026. ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership expense, gain or loss on non-real estate investments and gain or loss on extinguishment of debt. (f)Included in Unconsolidated Joint Venture Centers. In September, we closed on the sale of Pacific View for $69.7 million, including the assumption by the buyer of the $69.7 million loan on interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account (g)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs. (f)The Company has completed transition of the property to a receiver, but is still the owner of record. 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 The net loss attributable to the Company was $16.7 million, or $0.06 per share-diluted, during the third quarter of 2026, compared to the property that had a May 2032 maturity date. We also completed land sales totaling approximately $3.9 million during the quarter. balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company (g)Included in Consolidated Centers. 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 September 30, 2026 Pro Rata Real Estate NOI excludes Annapolis Mall, and net loss attributable to the Company of $87.4 million, or $0.34 per share-diluted, for the quarter ended September 30, 2025. The does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and (g)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 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 straight-line and above/below market adjustments to minimum rents. Pro Rata Real Estate NOI also excludes REIT general and administrative expenses, change in net loss between the third quarter of 2026 compared to the same period in 2025 is primarily due to the Company recognizing Subsequent to quarter end, effective October 6, 2026, the $74.4 million loan at Fashion Outlets of Niagara Falls is in default. The expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items. to these dates. comparison to the operating results of other REITs. In addition, the Company believes that FFO, as adjusted, which excludes the impact associated with properties management company revenues, management company expenses and leasing expenses (including joint ventures at pro rata). a gain on sale of assets in the third quarter of 2026. Company is in negotiations with the lender on the terms of this loan. in receivership, default interest expense, impact of non-cash changes in the market value of non-real estate investments and loss on extinguishment of debt (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 (h)As of September 30, 2026, there were no borrowings outstanding under the credit facility. Unamortized deferred finance costs of $16.4 million, which are netted provides useful supplemental information regarding the Company's performance as it shows a more meaningful and consistent comparison of the Company's (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based Funds from Operations (“FFO”), as adjusted, was $109.1 million, or $0.37 per share-diluted, during the third quarter of 2026, compared against balances outstanding or reclassified as an asset when there are no borrowings outstanding on the credit facility, which was the case at September 30, Subsequent to quarter end, effective November 2, 2026, the $325.0 million loan at Fresno Fashion Fair is in default. The Company is in Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, operating performance and allows investors to more easily compare the Company's results. Santa Monica Place has been under control of a court-appointed (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 2026. to $96.2 million, or $0.36 per share-diluted, for FFO, as adjusted, for the quarter ended September 30, 2025. receiver since March 18, 2025 and the Company has excluded the FFO impact from this property for all periods presented. Effective (i) April 9, 2024, default interest negotiations with the lender on the terms of this loan. 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. expense has been accrued on the non-recourse loan on Santa Monica Place; (ii) November 6, 2025 through February 5, 2026, default interest expense was incurred partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the (i)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. on the non-recourse loan at South Plains Mall; and (iii) February 6, 2026, default interest expense has been accrued on the non-recourse loan at Twenty Ninth 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 Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 4.7% in the third quarter of Subsequent to quarter end, we closed on a $550 million acquisition revolving credit facility that is primarily available to finance 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: Street. The Company is required under GAAP to accrue default interest expense, which is expected to be reversed or paid, once a loan is modified or once title to 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 2026 compared to the third quarter of 2025. acquisitions. As of the closing date, no amounts are outstanding under the facility and approximately $260 million is available to be activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve the mortgaged loan collateral is transferred. The Company believes that default interest on non-recourse loans, and any related reversal thereof should be 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. borrowed based on the eligible collateral securing the facility. We anticipate in the future additional properties will be added to the 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. excluded. The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the information prepared in accordance with GAAP. Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended September 30, 2026 were Acquisition DateFor the Nine Months Ended September 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 facility borrowing base, as defined, that would allow us to borrow, if we choose to, up to $550 million. The acquisition revolving credit from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional 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 (c)Included in leasing revenue and other income. $943 compared to $867 for the twelve months ended September 30, 2025 and $919 for the twelve months ended June 30, 2026. Go- (b)For the three and nine months ended September 30, 2026, other income includes $2.5 million and $5.3 million, respectively, of legal claims settlement facility has a three-year term and bears interest at a rate of SOFR plus 200 basis points. and local economic and business conditions, including the impact of geopolitical tensions, tariffs, elevated interest rates and inflation, loss on non-real estate investments should be excluded. (a) This excludes the 16.1 million shares relating to the June 2026 forward public offering which will be settled at a future date. income, net. Additionally, for the three and nine months ended September 30, 2026, other income includes a reduction of $0.9 million and $11.0 Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended September 30, 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. 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 Dividend Reinvestment Plan million, respectively, which adjusted to market the Company's share of non-real estate investments. 2026 were $972. listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, As of the date of this filing, we had approximately $2.2 billion of liquidity, including $900 million of available capacity on our revolving 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, 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 credit facility, $260 million of available capacity on our acquisition revolving credit facility and $372 million of unsettled forward equity. 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 Leased portfolio occupancy as of September 30, 2026 was 94.9%, a 1.5% increase compared to the 93.4% occupancy rate at September Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which Fiscal Year 2024Guidance 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 (f)Included in other income. 30, 2025 and a 0.9% increase compared to the 94.0% occupancy rate at June 30, 2026. Go-Forward Portfolio Centers leased occupancy also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at of financing, and operating expenses; adverse changes in the real estate markets including, among other things, competition from Dividend: 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. as of September 30, 2026 was 96.1%. 877-373-6374. 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 supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or On November 2, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on related debt in a manner that approximates the effective interest method. As of September 30, 2026, the Company's pro rata share of unamortized debt discounts (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 third quarter of 2026, we signed approximately 1.2 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 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 and loan finance costs were $20.9 million and $35.9 million, respectively. December 28, 2026 to stockholders of record at the close of business on December 14, 2026. costs. distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage 16.9% 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 $50 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $160,299 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 (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. Investor Conference Call: 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 $131 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%. 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. We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The (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 (a)Includes construction in progress of $334,041 for September 30, 2026. (e)The community plaza/former Nordstrom is expected to open in 2027, and stabilization is estimated to occur in 2029 for residential and 2030-2031 for retail Reconciliation of EPS to FFO per share, as adjusted - diluted (b): estimate and includes open stores, leases signed not open, and leases in documentation that will or have commenced from 2024 discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue components. information to investors because it reviews Net Debt as part of its management of the Company's overall liquidity, financial flexibility, capital structure and financial Macerich Company’s website at www.macerich.com (Investors Section). The call begins on November 4, 2026 at 2:00 p.m. Pacific Time. For the Three Months Ended September 30,For the Nine Months Ended September 30,UnauditedUnaudited2026202520262025EPS - diluted$(0.06)$(0.34)$(0.30)$(0.71) Per share impact of depreciation and amortization of real estate0.390.441.201.33 Per share impact of (gain) loss on sale or write down of assets, net(0.04)0.23(0.01)0.34FFO per share - basic and diluted0.290.330.890.96Adjustments: Per share impact of default interest expense0.010.010.040.03 Per share impact of loss on non-real estate investments - 0.010.030.02 Per share impact of property in receivership0.030.010.060.03 Per share impact of loss on extinguishment of debt0.04 - 0.04 - FFO per share, as adjusted - diluted$0.37$0.36$1.06$1.04 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. The call can be accessed live over the phone by dialing the following numbers: (833) 862-0076 (Toll Free) or (412) 564-6523 (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 (International) and through a live webcast at https://edge.media-server.com/mmc/p/oh63omrq. An online replay can be accessed at stabilized yield is 7.0% - 8.0%. Management Commentary: 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: (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 Macerich Website https://investing.macerich.com. Add:Subtract:Add:For the Nine Months EndedFor the Nine Months EndedFor the Twelve Months EndedTrailing Twelve MonthsSeptember 30, 2026September 30, 2025December 31, 2025September 30, 2026Adjusted EBITDA, as reported $514,019 $531,213 $741,946 $724,752For a reconciliation of net loss to Adjusted EBITDA for the nine months ended September 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. 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. “The third quarter results continue to demonstrate the positive impact of new store openings. With the new leasing initiative largely (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 (See attached tables) 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 About Macerich and this Document: completed, the results are now beginning to meaningfully show up in foot traffic, sales and NOI,” said Jack Hsieh, President and Chief For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com. (a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (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 Santa Monica Place. Executive Officer, Macerich. “Go-Forward Portfolio NOI grew 4.7%, our signed-not-open pipeline reached $131 million of the $140 (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. rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability million total opportunity and Go-Forward leased occupancy increased to 96.1%. Our leasing speedometer is at 91% and our store The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, (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 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 openings completion is at 62%, ahead of our 60% year-end target.” Investor Relations leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company is the Centers, Santa Monica Place, and spaces under redevelopment. to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with Alexandra Johnstone sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements Vice President, Finance & Investor Relations reported by other companies. “While our strategy is driving NOI and occupancy in the centers where we have elevated and transformed the tenant mix, we are also partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s (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 Phone: 214-373-5252 seeing traffic increases where we have opened new anchor tenants. Freehold Raceway Mall, Annapolis Mall and Crabtree Mall are all rata. management companies. (b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate investments, IR@macerich.com seeing continued increases in the high-single-digit to mid-double-digit range since DICK’S House of Sport opened, while we’ve seen and other assets. 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 comparable increases from Level 99 at Tysons Corner Center and Seafood City at Chandler Fashion Center. These anchor openings and As of the date of this filing, the Operating Partnership owned or had an ownership interest in approximately 39 million square feet of (e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally adjustments or allowances that have been granted to the tenants. others planned through 2028 are catalysts in these wings to drive incremental foot traffic that we expect will result in more sales for gross leasable area (“GLA”) consisting primarily of interests in 36 regional retail centers, and one community/power shopping center. staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful (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 information to investors because it allows them to more easily compare the Company's results to other REIT's. the inline tenants, giving us demand tension for the next round of leases.” Listing Table), excluding Annapolis Mall for purposes of this calculation, as this property was acquired April 30, 2026 and was not held for the entirety of the These 37 centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in (d)Represents real estate tax and common area maintenance charges. comparable periods. For purposes of this calculation, Crabtree Mall is included in the Go-Forward Portfolio Centers beginning in the quarter for the three months this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the ended September 30, 2026 and 2025. The Company believes that only showing the results of the Go-Forward Portfolio Centers better reflects the ongoing (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 “We are executing across multiple growth engines such as leasing, redevelopment and repositioning through the elevate and transform context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio operating performance of the Company. Go-Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management 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 strategy as well as selective growth through acquisitions. Our acquisition pipeline continues to be robust, with both on- and off-market as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go- Companies' revenues and operating expenses, leasing expenses (including joint ventures at prorata), the Company's REIT general and administrative expenses, loss on non-real estate investments should be excluded from Adjusted EBITDA. corporate and other income and expenses and the straight-line and above/below market adjustments and subtracting out NOI from non-Go-Forward Centers. opportunities. The criteria remain the same: accretive to the Plan, located in strong trade areas with a clear catalyst to elevate and Forward Portfolio Centers are subject to change. The Company also presents NOI - Go-Forward Portfolio Centers, excluding lease termination income, as the Company believes that it is useful for investors to transform the assets all while remaining within our leverage targets. Having acquired two malls in the past year, we are under contract evaluate operating performance without the impact of lease termination income. For purposes of this calculation, the non-Go-Forward Portfolio Centers include on our next off-market mall acquisition, which is subject to customary closing conditions, and is expected to close by year end." Annapolis Mall. 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 30 31 28 29