Form 8-K

8-K — MACERICH CO

Accession: 0000912242-26-000034

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0000912242

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — mac-20260804.htm (Primary)

EX-99.1 (a2026q2-exhibit991.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mac-20260804.htm · Sequence: 1

mac-20260804

0000912242FALSE00009122422026-02-182026-02-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2026

THE MACERICH COMPANY

(Exact name of registrant as specified in its charter)

Maryland 1-12504 95-4448705

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code (310) 394-6000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock of The Macerich Company, $0.01 par value per share MAC The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 4, 2026, The Macerich Company (the “Company”) released its financial results for the three and six months ended June 30, 2026 by posting to its website a financial supplement containing financial and operating information of the Company (“Earnings Results & Supplemental Information”) and such Earnings Results & Supplemental Information is furnished as Exhibit 99.1 hereto.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 7.01 REGULATION FD DISCLOSURE.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

(a), (b) and (c) Not applicable.

(d) Exhibit.

Exhibit Index attached hereto and incorporated herein by reference.

EXHIBIT INDEX

EXHIBIT

NUMBER

NAME

99.1

Earnings Results & Supplemental Information for the Three and Six Months Ended June 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MACERICH COMPANY

By: Daniel Swanstrom

August 4, 2026

/s/ Daniel Swanstrom

Date Senior Executive Vice President,

Chief Financial Officer

and Treasurer

EX-99.1

Filename: a2026q2-exhibit991.htm · Sequence: 2

2026 Q2- Exhibit 99.1

Exhibit 99.1

Earnings Results & Supplemental Information

For the Three and Six Months Ended June 30, 2026

The Macerich Company

Earnings Results & Supplemental Information

For the Three and Six Months Ended June 30, 2026

Table of Contents

All information included in this supplemental financial package is unaudited, unless otherwise indicated.

Page No.

Executive Summary & Financial Highlights

Executive Summary

Financial Highlights

Capital Information

Capital Information and Market Capitalization

Changes in Total Common and Equivalent Shares/Units

Financial Data

Consolidated Statements of Operations (Unaudited)

Consolidated Balance Sheet (Unaudited)

Non-GAAP Pro Rata Financial Information (Unaudited)

Supplemental FFO Information

Capital Expenditures

Asset Dispositions / Loan Give-Backs

Operational Data

Trailing Twelve Month Sales Per Square Foot

Portfolio Occupancy

Average Base Rent Per Square Foot

Cost of Occupancy

Percentage of Net Operating Income by State

Property Listing

Joint Venture List

Balance Sheet

Net Debt to Adjusted EBITDA

Debt Summary

Outstanding Debt by Maturity Date

Development and Redevelopment Pipeline Forecast

Corporate Information

The Macerich Company

Executive Summary

June 30, 2026

As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, our

portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C.

corridor. Developing and managing properties that serve as community cornerstones, we currently own approximately 40 million

square feet of real estate, consisting primarily of interests in 37 regional retail centers, and one community/power shopping center.

We are firmly dedicated to driving long-term shareholder value and to advancing environmental goals, social good and sound corporate

governance.

Results for the Quarter:

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

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

net loss between the second quarter of 2026 compared to the same period in 2025 is primarily due to the Company recognizing a gain

on sale of assets in the second quarter of 2026.

Funds from Operations (“FFO”), as adjusted, was $100.4 million, or $0.35 per share-diluted, during the second quarter of 2026,

compared to $88.7 million, or $0.34 per share-diluted, for FFO, as adjusted, for the quarter ended June 30, 2025.

Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 3.8% in the second quarter

of 2026 compared to the second quarter of 2025.

Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended June 30, 2026 were $919

compared to $849 for the twelve months ended June 30, 2025 and $899 for the twelve months ended March 31, 2026. Go-Forward

Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended June 30, 2026 were $954.

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

a 0.6% increase compared to the 93.4% occupancy rate at March 31, 2026. Go-Forward Portfolio Center leased occupancy as of June

30, 2026 was 95.5%.

During the second quarter of 2026, we signed approximately 1.3 million square feet of leases on a comparable center basis, including a

1.0% year-over-year increase in new-store leased square footage.

New store leases are expected to produce total gross revenue of approximately $124 million at our share in excess of the revenue

generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental

estimate and includes open stores, leases signed not open, and leases in documentation that will or have commenced from 2024

through 2028.

Management Commentary:

“The second quarter results reflect the continued execution of our Path Forward Plan,” said Jack Hsieh, President and Chief Executive

Officer, Macerich. “Go-Forward Portfolio NOI grew 3.8%, our signed-not-open pipeline reached $124 million, and our leasing

speedometer is at 88%, exceeding our 85% mid-year target. With the leasing phase of the Path Forward Plan substantially complete, we

are focused on conversion- getting tenants built out, open and paying rent which will drive center-wide traffic, increase sales and NOI

growth."

“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

supply-constrained markets, our sales productivity continues to set company records, and there is effectively no new supply of regional

malls. The strongest retailers are concentrating their demand on centers like ours, and Gen Z – on pace to become the country’s largest

spending demographic and drawn to physical, experiential retail – is a sustainable tailwind. Our teams are already leasing into 2029 and

2030 as less space remains available in our best centers.”

“With the leasing and anchor repositioning components of our plan largely de-risked, our recent acquisitions represent the next phase

of value creation. At Annapolis Mall, the onboarding has gone smoothly, and the elevate-and-transform momentum is clear, with

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

substantial liquidity from our forward equity offering that will further strengthen our balance sheet. Our acquisition pipeline is robust

and active across both on- and off-market properties, which represent compelling opportunities to increase earnings growth and drive

shareholder value.”

The Macerich Company

Executive Summary

June 30, 2026

Balance Sheet:

During the second quarter of 2026, we were actively engaged in numerous transactions, including the following financing, capital

raising, acquisition and disposition activity:

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

at a fixed rate of 6.95% and is interest only during the entire loan term.

In April, we acquired Annapolis Mall, a Class A regional mall totaling approximately 1.4 million square feet in Annapolis, Maryland for

$260 million, plus the adjacent 13.1 acre vacant Sears parcel for $12 million. The acquisition was initially funded with cash on hand and

$150 million of borrowings from the revolving credit facility.

During the second quarter, we sold approximately 1.2 million shares of common stock for approximately $23.8 million of gross

proceeds through our at-the-market (ATM) program at a weighted average price of $19.77 per share.

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

share, generating net proceeds of $448.2 million. The offering was upsized and included the full exercise of the underwriters’ option to

purchase additional stock. We used the proceeds to repay borrowings under our revolving credit facility, which were used primarily to

fund the acquisition of Annapolis Mall, to fund strategic leasing capital investments at Annapolis Mall, and for general corporate

purposes, including to fund acquisition opportunities.

In June, we closed on an underwritten forward public offering of 16,100,000 shares of common stock, including the full exercise of the

underwriters’ option to purchase additional stock, at the public offering price of $23.90. All the shares were offered in connection with

forward sale agreements. We did not initially receive any proceeds from the sale of shares of our common stock by the forward

purchasers or their affiliates in the offering. We intend to physically settle the forward sale agreements no later than June 16, 2027 and

use the net proceeds we receive upon the settlement of the forward sale agreements to fund future acquisition opportunities and for

general corporate purposes.

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

million of debt at our share. We also completed outparcel sales totaling $0.8 million.

As of the date of this filing, we had approximately $1.2 billion of liquidity, including $900 million of available capacity on our $900

million revolving credit facility.

Fiscal Year 2024

Guidance

Dividend:

On August 4, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on

September 28, 2026 to stockholders of record at the close of business on September 14, 2026.

Investor Conference Call:

We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The

Macerich Company’s website at www.macerich.com (Investors Section). The call begins on August 4, 2026 at 2:00 p.m. Pacific Time.

The call can be accessed live over the phone by dialing the following numbers: (833) 630-1956 (Toll Free) or (412) 317-1837

(International) and through a live webcast at https://edge.media-server.com/mmc/p/oh63omrq. An online replay can be accessed at

https://investing.macerich.com.

About Macerich and this Document:

The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition,

leasing, management, development and redevelopment of regional retail centers throughout the United States. The Company is the

sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited

partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s

management companies.

As of the date of this filing, the Operating Partnership owned or had an ownership interest in approximately 40 million square feet of

gross leasable area (“GLA”) consisting primarily of interests in 37 regional retail centers, and one community/power shopping center.

These 38 centers are referred to hereinafter as the “Centers” unless the context requires otherwise. All references to the Company in

this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the

context indicates otherwise. The Company's "Go-Forward Portfolio Centers" represents the assets included in the go-forward portfolio

as described in the Path Forward Plan, which can be found on the Company's website at https://investing.macerich.com/. The Go-

Forward Portfolio Centers are subject to change.

The Macerich Company

Executive Summary

June 30, 2026

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/,

as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

Additional information about Macerich can be found through social media platforms such as LinkedIn and Twitter.

The Company presents certain measures in this document on a pro rata basis, which represents (i) the measure on a consolidated basis,

minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’

percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based

upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to

investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable

amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case

presented on the same basis. The Company has several significant joint ventures, and the Company believes that presenting various

measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after

taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property

level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal

ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership

interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account

balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company

does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and

expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.

Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words,

such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions

that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the

Path Forward Plan and its ability to meet the established goals under such Plan, as well as development, redevelopment and expansion

activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve

risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially

from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional

and local economic and business conditions, including the impact of geopolitical tensions, tariffs, elevated interest rates and inflation,

which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and

prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated

interest rates and their impact on the financial condition and results of operations of the Company, including as a result of any

increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost

of financing, and operating expenses; adverse changes in the real estate markets including, among other things, competition from

other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation,

supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or

outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of

operations of the Company and its tenants; the liquidity of real estate investments; government shutdowns and other governmental

actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or

other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with

the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2025, for a

discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue

reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and

undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document

or to reflect the occurrence of unanticipated events unless required by law to do so.

(See attached tables)

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

Unaudited

2026

2025

2026

2025

Revenues:

Leasing revenue

$233,442

$232,725

$459,418

$468,372

Other income

10,674

11,130

19,693

19,786

Management Companies' revenues

5,591

5,938

12,134

10,859

Total revenues

249,707

249,793

491,245

499,017

Expenses:

Shopping center and operating expenses

77,933

79,848

161,184

165,011

Management Companies' operating expenses

24,017

21,871

46,402

42,654

Leasing expenses

13,728

10,624

27,537

21,843

REIT general and administrative expenses

9,492

7,798

17,518

15,410

Depreciation and amortization

86,217

88,500

169,293

181,062

Interest expense

66,043

71,925

133,543

140,999

Total expenses

277,430

280,566

555,477

566,979

Equity in loss of unconsolidated joint ventures

(5,237)

(475)

(15,103)

(1,274)

Income tax (expense) benefit

(495)

188

2,146

1,010

Gain (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 interests

219

(639)

(325)

(1,669)

Net loss attributable to the Company

$(27,071)

$(40,905)

$(63,421)

$(91,029)

Weighted average number of shares outstanding - basic

273,715

253,085

265,916

253,039

Weighted average shares outstanding - Funds From Operations ("FFO") -

diluted (a)

285,019

263,967

277,249

263,922

Earnings 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

$0.34

FFO - basic and diluted (a) (b)

$90,845

$83,977

$166,728

$164,950

FFO, as adjusted - basic and diluted (a) (b)

$100,449

$88,713

$192,832

$178,477

FFO per share - basic and diluted (a) (b)

$0.32

$0.60

$0.63

FFO per share, as adjusted - basic and diluted (a) (b)

$0.35

$0.34

$0.70

$0.68

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(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

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

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

and common units to the extent they are dilutive to the calculation.

(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

real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts

("Nareit") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related

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

decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are

calculated to reflect FFO on the same basis.

The Company also presents FFO, as adjusted. The Company calculates FFO, as adjusted, by excluding the impact of properties in receivership, default interest

expense and gain or loss on non-real estate investments.

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

estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on

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

comparison to the operating results of other REITs. In addition, the Company believes that FFO, as adjusted, which excludes the impact associated with properties

in receivership, default interest expense and impact of non-cash changes in the market value of non-real estate investments provides useful supplemental

information regarding the Company's performance as it shows a more meaningful and consistent comparison of the Company's operating performance and allows

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

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

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

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

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

transferred. The Company believes that default interest on non-recourse loans, and any related reversal thereof should be excluded. The Company holds certain

non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the Company's business, and the changes

to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or loss on non-real estate investments

should be excluded.

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

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

as adjusted, as presented, may not be comparable to similarly titled measures reported by other REITs.

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net loss attributable to the Company to FFO attributable to common stockholders and unit holders, as adjusted -

basic and diluted (b):

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

Unaudited

2026

2025

2026

2025

Net 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)

24,472

Add: (Loss) gain on undepreciated asset sales from consolidated assets

(50)

157

10,044

1,080

Noncontrolling 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), net

12,382

948

13,103

2,059

Add: Loss on undepreciated asset sales from unconsolidated joint ventures

(pro rata)

—

(81)

—

(291)

Depreciation and amortization on consolidated assets

86,217

88,500

169,293

181,062

Less: 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)

29,081

28,736

57,878

56,519

Less: depreciation on personal property

(1,427)

(1,534)

(2,864)

(3,874)

FFO attributable to common stockholders and unit holders - basic and

diluted

90,845

83,977

166,728

164,950

Adjustments:

Default interest expense

3,827

3,033

7,955

6,033

Loss on non-real estate investments

540

284

7,559

3,683

Property in receivership

5,237

1,419

10,590

3,811

FFO attributable to common stockholders and unit holders, as adjusted-

basic and diluted

$100,449

$88,713

$192,832

$178,477

Reconciliation of EPS to FFO per share, as adjusted—diluted (b):

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

Unaudited

2026

2025

2026

2025

EPS - diluted

$(0.10)

$(0.16)

$(0.24)

$(0.36)

Per share impact of depreciation and amortization of real estate

0.40

0.44

0.81

0.89

Per share impact of loss on sale or write down of assets, net

0.02

0.04

0.03

0.10

FFO per share - basic and diluted

0.32

0.60

0.63

Adjustments:

Per share impact of default interest expense

0.01

0.03

0.02

Per share impact of loss on non-real estate investments

—

0.03

0.01

Per share impact of property in receivership

0.02

0.01

0.04

0.02

FFO per share, as adjusted - basic and diluted

$0.35

$0.34

$0.70

$0.68

THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Reconciliation of Net loss attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI - Go-

Forward Portfolio Centers:

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

Unaudited

2026

2025

2026

2025

Net loss attributable to the Company

$(27,071)

$(40,905)

($63,421)

($91,029)

Interest expense - consolidated assets

66,043

71,925

133,543

140,999

Interest expense - unconsolidated joint ventures (pro rata)

20,587

20,723

40,505

42,881

Depreciation and amortization - consolidated assets

86,217

88,500

169,293

181,062

Depreciation and amortization - unconsolidated joint ventures (pro rata)

29,081

28,736

57,878

56,519

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)

12,382

948

13,103

2,059

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 units

174

Adjusted EBITDA (a)

179,160

177,622

330,878

350,360

REIT general and administrative expenses

9,492

7,798

17,518

15,410

Management Companies' revenues

(5,591)

(5,938)

(12,134)

(10,859)

Management Companies' operating expenses

24,017

21,871

46,402

42,654

Leasing expenses, including joint ventures at pro rata

14,162

11,343

28,962

23,386

Corporate 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 Centers

211,497

207,320

402,617

407,890

NOI of non-Go-Forward Portfolio Centers (c)

(26,194)

(28,572)

(44,443)

(53,642)

NOI - Go-Forward Portfolio Centers (c)

185,303

178,748

358,174

354,248

Lease 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

$348,714

NOI - 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%

(a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss

(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

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

to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with

GAAP), or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements

reported by other companies.

(b) Includes (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate investments,

and other assets.

(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

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,

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

Centers better reflects the ongoing operating performance of the Company. Go-Forward Portfolio NOI is calculated using total Adjusted EBITDA and eliminating

the impact of the Management Companies' revenues and operating expenses, leasing expenses (including joint ventures at prorata), the Company's REIT general

and administrative expenses, corporate and other income and expenses and the straight-line and above/below market adjustments and subtracting out NOI

from non-Go-Forward Centers. The Company also presents NOI - Go-Forward Portfolio Centers, excluding lease termination income, as the Company believes

that it is useful for investors to evaluate operating performance without the impact of lease termination income. For purposes of this calculation, the non-Go-

Forward Portfolio Centers include Crabtree Mall and Annapolis Mall.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Information and Market Capitalization

Period Ended

6/30/2026

12/31/2025

12/31/2024

(dollars in thousands, except per share data)

Closing common stock price per share

$25.19

$18.46

$19.92

52 week high

$25.97

$21.12

$22.27

52 week low

$15.89

$12.48

$12.99

Shares outstanding at end of period

Class A non participating convertible preferred units

99,565

Common shares and partnership units

295,372,574

268,604,506

263,739,694

Total common and equivalent shares/units outstanding

295,472,139

268,704,071

263,839,259

Portfolio capitalization data

Total portfolio debt, including joint ventures at pro rata

$6,342,118

$6,590,774

$6,647,576

Equity market capitalization

7,442,943

4,960,277

5,255,678

Total market capitalization

$13,785,061

$11,551,051

$11,903,254

Debt as a percentage of total market capitalization

46.0%

57.1%

55.9%

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Changes in Total Common and Equivalent Shares/Units

Partnership

Units

Company

Common Shares

Class A

Non-Participating

Convertible

Preferred Units

Total

Common

and

Equivalent Shares/

Units

Balance as of December 31, 2025

11,613,593

256,990,913

99,565

268,704,071

Conversion 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

—

3,252,163

Issuance of stock/partnership units from restricted stock issuance

or other share or unit-based plans

22,655

103,482

—

126,137

Balance as of March 31, 2026

11,305,814

260,632,896

99,565

272,038,275

Conversion of partnership units to common shares

(9,500)

9,500

—

Issuance of shares from ATM program

—

1,205,039

—

1,205,039

Issuance of shares from equity offering

—

22,080,000

—

22,080,000

Issuance of stock/partnership units from restricted stock issuance

or other share or unit-based plans

—

148,825

—

148,825

Balance as of June 30, 2026(a)

11,296,314

284,076,260

99,565

295,472,139

(a) This excludes the 16.1 million shares relating to the June 2026 forward public offering which will be settled at a future date.

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands)

For the Three

Months Ended

June 30,

For the Six

Months Ended

June 30,

2026

Revenues:

Leasing revenue

$233,442

$459,418

Other income

10,674

19,693

Management Companies' revenues

5,591

12,134

Total revenues

249,707

491,245

Expenses:

Shopping center and operating expenses

77,933

161,184

Management Companies' operating expenses

24,017

46,402

Leasing expenses

13,728

27,537

REIT general and administrative expenses

9,492

17,518

Depreciation and amortization

86,217

169,293

Interest expense

66,043

133,543

Total expenses

277,430

555,477

Equity in loss of unconsolidated joint ventures

(5,237)

(15,103)

Income tax (expense) benefit

(495)

2,146

Gain on sale or write down of assets, net

6,603

13,443

Net loss

(26,852)

(63,746)

Less net income (loss) attributable to noncontrolling interests

219

(325)

Net loss attributable to the Company

$(27,071)

$(63,421)

THE MACERICH COMPANY

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of June 30, 2026

(Dollars in thousands)

ASSETS:

Property, net (a)

$6,909,902

Cash and cash equivalents

227,028

Restricted cash

83,918

Tenant and other receivables, net

128,597

Right-of-use assets, net

104,026

Deferred charges and other assets, net

363,458

Due from affiliates

3,108

Investments in unconsolidated joint ventures

703,858

Total assets

$8,523,895

LIABILITIES AND EQUITY:

Mortgage notes payable

$4,848,075

Accounts payable and accrued expenses

131,585

Lease liabilities

63,437

Other accrued liabilities

374,040

Distributions in excess of investments in unconsolidated joint ventures

199,285

Total liabilities

5,616,422

Commitments and contingencies

Equity:

Stockholders' equity:

Common stock

2,841

Additional paid-in capital

6,758,116

Accumulated deficit

(3,933,754)

Accumulated other comprehensive loss

(5)

Total stockholders' equity

2,827,198

Noncontrolling interests

80,275

Total equity

2,907,473

Total liabilities and equity

$8,523,895

(a)Includes construction in progress of $305,687.

THE MACERICH COMPANY

NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)

(DOLLARS IN THOUSANDS)

For the Three Months Ended

June 30, 2026

For the Six Months Ended

June 30, 2026

Noncontrolling

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)

$147,086

Other income

(1,116)

5,975

(2,044)

(829)

Total revenues

(2,520)

81,100

(4,865)

146,257

Expenses:

Shopping center and operating expenses

(231)

23,840

(551)

48,418

Leasing expense

(12)

447

(31)

1,456

Depreciation and amortization

(572)

29,081

(1,139)

57,878

Interest expense

(374)

20,587

(746)

40,505

Total expenses

(1,189)

73,955

(2,467)

148,257

Equity in loss of unconsolidated joint ventures

—

5,237

—

15,103

Loss on sale or write down of assets, net

(12,382)

(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

$—

(a)Represents the Company’s partners’ share of consolidated joint ventures.

(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

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

Company’s share of non-real estate investments.

THE MACERICH COMPANY

NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)

(DOLLARS IN THOUSANDS)

As of June 30, 2026

Noncontrolling

Interests of

Consolidated

Joint Ventures (a)

Company's Share

of Unconsolidated

Joint Ventures

ASSETS:

Property, net (b)

$(18,405)

$1,964,362

Cash and cash equivalents

(1,096)

72,967

Restricted cash

—

4,543

Tenant and other receivables, net

(95)

53,671

Right-of-use assets, net

—

64,924

Deferred charges and other assets, net

(719)

33,798

Due from affiliates

(1,716)

Investments in unconsolidated joint ventures, at equity

—

(703,858)

Total assets

$(20,281)

$1,488,691

LIABILITIES AND EQUITY:

Mortgage notes payable

$(33,091)

$1,527,134

Accounts payable and accrued expenses

(268)

29,692

Lease liabilities

—

64,035

Other accrued liabilities

(18,936)

67,115

Distributions in excess of investments in unconsolidated joint ventures

—

(199,285)

Total liabilities

(52,295)

1,488,691

Equity:

Stockholders' equity

—

Noncontrolling interests

32,014

—

Total equity

32,014

—

Total liabilities and equity

$(20,281)

$1,488,691

(a)Represents the Company's partners' share of consolidated joint ventures.

(b)This includes $16 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $150,775 of construction

in progress relating to the Company's share from unconsolidated joint ventures.

THE MACERICH COMPANY

NON GAAP PRO RATA SCHEDULE OF LEASING REVENUE (unaudited)

(Dollars in thousands)

For the Three Months Ended June 30, 2026

Consolidated

Non-

Controlling

Interests (a)

Company's

Consolidated

Company's

Share of

Unconsolidated

Joint Ventures

Company's

Total

Revenues:

Minimum rents (b)

$154,256

$(1,027)

$153,229

$52,005

$205,234

Percentage rents

3,730

(15)

3,715

2,093

5,808

Tenant recoveries

70,372

(336)

70,036

18,812

88,848

Other

7,007

(27)

6,980

2,172

9,152

Bad debt expense

(1,923)

(1,922)

(1,879)

Total leasing revenue

$233,442

$(1,404)

$232,038

$75,125

$307,163

For the Six Months Ended June 30, 2026

Consolidated

Non-

Controlling

Interests (a)

Company's

Consolidated

Company's

Share of

Unconsolidated

Joint Ventures

Company's

Total

Revenues:

Minimum rents (b)

$304,705

$(2,058)

$302,647

$102,847

$405,494

Percentage rents

9,667

(39)

9,628

3,431

13,059

Tenant recoveries

135,791

(670)

135,121

37,263

172,384

Other

12,388

(55)

12,333

3,788

16,121

Bad debt expense

(3,133)

(3,132)

(243)

(3,375)

Total leasing revenue

$459,418

$(2,821)

$456,597

$147,086

$603,683

(a)Represents the Company’s partners’ share of consolidated joint ventures.

(b)Includes lease termination income, straight-line rental income and above/below market adjustments to minimum rents.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Supplemental FFO Information(a)

(Dollars in millions)

As of June 30,

2026

2025

Straight-line rent receivable

$141.9

$134.0

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

2026

2025

2026

2025

Lease termination income (b)

$0.5

$0.8

$0.7

$5.8

Straight-line rental income (b)

$2.9

$1.0

$5.2

$0.8

Business 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

$0.8

Amortization of acquired above and below-market leases, net revenue (b)

$0.6

$2.2

$2.1

$3.4

Amortization of debt discounts, net (d)

$(4.2)

$(9.1)

$(8.3)

$(18.2)

Bad debt expense (b)

$1.9

$1.2

$3.4

$2.8

Leasing expense

$14.2

$11.3

$29.0

$23.3

Interest capitalized (d)

$5.6

$6.2

$10.8

$12.6

Employee severance costs (e)

$0.5

$0.3

$0.5

$2.1

Legal claims settlement income (expense), net (f)

$3.2

$(0.7)

$2.8

$5.3

(a)All joint venture amounts included at pro rata.

(b)Included in leasing revenue.

(c)Included in leasing revenue and other income.

(d)Included in interest expense.

(e)Included in management companies' operating expenses.

(f)Included in other income.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Capital Expenditures(a)

(Dollars in millions)

For the Six Months Ended

June 30,

For the Twelve Months Ended

December 31,

2026

2025

2024

Consolidated Centers

Acquisitions of property (b)

$272.0

$290.0

$170.8

Property improvements

13.0

7.5

34.6

43.3

Development, redevelopment, expansions and renovations of Centers

81.0

59.4

100.2

104.5

Tenant allowances

24.3

10.0

31.4

20.6

Deferred leasing charges

3.7

2.1

5.5

4.4

Total

$394.0

$369.0

$461.7

$343.6

Unconsolidated Joint Venture Centers

Property improvements

$4.6

$2.5

$9.3

$14.4

Development, redevelopment, expansions and renovations of Centers

43.5

29.4

77.7

39.8

Tenant allowances

7.2

5.8

14.3

21.0

Deferred leasing charges

2.1

1.8

3.6

5.6

Total

$57.4

$39.5

$104.9

$80.8

(a)All joint venture amounts at pro rata.

(b)Breakdown of acquisitions of property:

Acquisition

Date

For the Six Months Ended

June 30,

For the Twelve Months

Ended December 31,

2026

2025

2024

Acquisition of Annapolis Mall

4-30-2026

(c)

$272.0

$—

Acquisition of Crabtree Mall

6-23-2025

(c)

—

290.00

290.0

—

Acquisition of the Company's joint venture partner's 40% interest in

Lakewood Center, Los Cerritos Center and Washington Square

10-24-2024

—

129.0

Acquisition of former Sears parcel at Inland Center

5-17-2024

—

5.4

Acquisition of the Company's joint venture partner's 40% interest in

Arrowhead Towne Center and South Plains Mall

5-14-2024

—

36.4

Total

$272.0

$290.0

$170.8

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Asset Dispositions / Loan Give-Backs

(Dollars in millions)

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 twelve months ended December 31, 2025 and 2024:

Property/Location

Disposition

Date

Gross Sale

Price

(at 100%)

Gross Sale

Price

(at Company's

Share)

Reduction of

Debt

(at Company's

Share)

I. Asset Dispositions

West Acres, Fargo, North Dakota

06-18-2026

(a)

$14.3

$12.9

Outparcel at Fashion Outlets of Chicago, Rosemont, Illinois

04-14-2026

0.8

—

Former department store parcel at Freehold Raceway Mall,

Freehold, New Jersey

02-02-2026

1.5

—

Washington Square Too Retail Strip Center, Portland, Oregon

12-19-2025

25.8

—

Outparcel at Washington Square, Portland, Oregon

12-10-2025

5.4

—

Outparcel at Los Cerritos Center, Cerritos, California

11-17-2025

5.0

4.5

Valley Mall, Harrisonburg, Virginia

08-20-2025

22.1

—

Lakewood Center, Lakewood, California

08-18-2025

332.1

317.1

Atlas Park, The Shops at, Queens, New York

07-30-2025

72.0

36.0

32.5

Paradise Valley Mall, Phoenix, Arizona

06-30-2025

(b)

5.5

3.1

1010-1016 Market Street parcels at Fashion District Philadelphia,

Philadelphia, Pennsylvania

06-30-2025

10.8

—

Former department store parcel at Washington Square, Petaluma,

California

06-11-2025

2.6

—

Paradise Valley Office Park, Phoenix, Arizona

05-28-2025

6.2

—

SouthPark Mall, Moline, Illinois

04-30-2025

10.5

—

Various parcels at Santan Adjacent, Gilbert, Arizona

04-28-2025

24.5

—

Portillo's parcel at Santan Adjacent, Gilbert, Arizona

04-16-2025

3.0

—

Wilton Mall, Saratoga Springs, New York

03-27-2025

24.8

—

The Oaks, Thousand Oaks, California

12-10-2024

157.0

147.8

Southridge Mall, Des Moines, Iowa

11-25-2024

4.0

—

Biltmore Fashion Park, Phoenix, Arizona

07-31-2024

(c)

110.0

—

Former department store parcel at Valle Vista Mall, Harlingen, Texas

06-28-2024

7.1

—

Country Club Plaza, Kansas City, Missouri

06-28-2024

(d)

175.6

147.7

Subtotal

$1,020.6

$956.7

$665.6

Various land parcels (undepreciated asset sales), including separate

transactions with certain joint venture partners:

For the six months ended June 30, 2026

2026

(e)

$13.0

$—

For the twelve months ending December 31, 2025

2025

(e)

38.1

19.5

—

For the twelve months ending December 31, 2024

2024

(e)

36.3

6.3

—

Subtotal

87.4

38.8

$—

Total - Asset Dispositions

$1,108.0

$995.5

$665.6

II. Loan Give-Backs

Santa Monica Place, Santa Monica, California

Pending

(f)

$300.0

Total - Loan Give-Backs

$300.0

Grand Total - Asset Dispositions/Loan Give-Backs (g)

$1,408.0

$1,295.5

$965.6

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Asset Dispositions / Loan Give-Backs

(Dollars in millions)

(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

debt.

(b)The Company sold its 5% joint venture partnership interest in the property.

(c)The Company sold its 50% joint venture partnership interest in the property.

(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

loan ($147.7 million at the Company's share) was forgiven by the lender.

(e)These represent sales of undepreciated assets and the Company includes any gains or losses from these transactions in FFO.

(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

owner of record.

(g)For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Operational Data

Consolidated

Centers

Unconsolidated

Joint Venture

Centers

Total

Centers

Total

Go-Forward

Portfolio

Centers

Sales Per Square Foot (a)

6/30/2026

$809

$1,200

$919

$954

6/30/2025

$756

$1,060

$849

$906

12/31/2025

$795

$1,073

$881

$921

Portfolio Occupancy (b)

6/30/2026

93.2%

95.5%

94.0%

95.5%

6/30/2025

90.7%

94.2%

92.0%

92.8%

12/31/2025

93.5%

94.9%

94.0%

94.9%

Average Base Rents (c)

6/30/2026

$67.09

$83.63

$70.23

$71.89

6/30/2025

$67.04

$79.06

$69.46

$73.06

12/31/2025

$66.92

$79.47

$69.47

$71.31

Cost of Occupancy

6/30/2026

Minimum rents

7.9%

7.1%

7.7%

Percentage rents

0.6%

0.9%

0.7%

Expense recoveries (d)

3.1%

Total

11.6%

11.1%

11.5%

12/31/2025

Minimum rents

8.1%

7.4%

7.8%

7.9%

Percentage rents

0.6%

0.9%

0.7%

Expense recoveries (d)

3.1%

3.3%

3.2%

Total

11.8%

11.6%

11.7%

11.8%

(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

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

Santa Monica Place.

(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

Centers, Santa Monica Place, and spaces under redevelopment.

(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

rata.

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

adjustments or allowances that have been granted to the tenants.

(d)Represents real estate tax and common area maintenance charges.

The Macerich Company

Supplemental Financial and Operating Information (unaudited)

Percentage of Go-Forward Portfolio Centers Pro Rata Net Operating Income by State

State

% of Go-Forward

Portfolio Centers

Pro Rata Real

Estate NOI (a)

California

21.6%

Arizona

20.9%

New York

17.6%

Pennsylvania, Virginia & North Carolina

14.1%

New Jersey & Connecticut

8.7%

Oregon

6.8%

Colorado & Illinois

6.4%

Other (b)

3.9%

Total

100.0%

(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

and above/below market adjustments to minimum rents. Pro Rata Real Estate NOI also excludes REIT general and administrative expenses, management company

revenues, management company expenses and leasing expenses (including joint ventures at pro rata).

(b)“Other” includes Indiana, Iowa and Texas.

The Macerich Company

Property Listing

As of June 30, 2026

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by

the Company as of June 30, 2026.

Count

Company’s

Ownership(a)

Name of

Center/Location

Year of Original

Construction/

Acquisition

Year of Most

Recent Expansion/

Renovation

Total

GLA(b)

CONSOLIDATED CENTERS:

100%

Annapolis Mall(c)

Annapolis, Maryland

1980/2026

ongoing

1,438,000

100%

Arrowhead Towne Center(c)

Glendale, Arizona

1993/2002

2015

1,077,000

100%

Crabtree Mall(c)

Raleigh, North Carolina

1972/2025

ongoing

1,317,000

100%

Danbury Fair Mall(c)

Danbury, Connecticut

1986/2005

2016

1,271,000

100%

Desert Sky Mall(c)

Phoenix, Arizona

1981/2002

2007

638,000

100%

Eastland Mall(c)(d)

Evansville, Indiana

1978/1998

1996

1,013,000

100%

Fashion District Philadelphia(c)

Philadelphia, Pennsylvania

1977/2014

2019

741,000

100%

Fashion Outlets of Chicago(c)

Rosemont, Illinois

2013/—

—

528,000

100%

Fashion Outlets of Niagara Falls USA

Niagara Falls, New York

1982/2011

2014

685,000

100%

Freehold Raceway Mall(c)

Freehold, New Jersey

1990/2005

2007

1,669,000

100%

Fresno Fashion Fair(c)

Fresno, California

1970/1996

2006

968,000

100%

Green Acres Mall(c)(d)

Valley Stream, New York

1956/2013

ongoing

1,895,000

100%

Inland Center(c)

San Bernardino, California

1966/2004

2016

894,000

100%

Kings Plaza Shopping Center(c)(d)

Brooklyn, New York

1971/2012

2018

1,099,000

100%

La Cumbre Plaza(d)

Santa Barbara, California

1967/2004

1989

325,000

100%

Los Cerritos Center(c)

Cerritos, California

1971/1999

2016

1,150,000

100%

NorthPark Mall(c)

Davenport, Iowa

1973/1998

2001

865,000

100%

Pacific View

Ventura, California

1965/1996

2001

883,000

100%

Queens Center(c)(d)

Queens, New York

1973/1995

2004

964,000

100%

Santa Monica Place(e)

Santa Monica, California

1980/1999

ongoing

357,000

84.9%

SanTan Village Regional Center(c)

Gilbert, Arizona

2007/—

2018

1,183,000

100%

South Plains Mall(c)

Lubbock, Texas

1972/1998

2017

1,313,000

100%

Stonewood Center(c)(d)

Downey, California

1953/1997

1991

925,000

The Macerich Company

Property Listing

As of June 30, 2026

Count

Company’s

Ownership(a)

Name of

Center/Location

Year of Original

Construction/

Acquisition

Year of Most

Recent Expansion/

Renovation

Total

GLA(b)

100%

Superstition Springs Center(c)

Mesa, Arizona

1990/2002

2002

793,000

100%

Valley River Center(c)

Eugene, Oregon

1969/2006

2007

813,000

100%

Victor Valley, Mall of(c)

Victorville, California

1986/2004

2012

577,000

100%

Vintage Faire Mall(c)

Modesto, California

1977/1996

2020

1,098,000

100%

Washington Square(c)

Portland, Oregon

1974/1999

2005

1,125,000

Total Consolidated Centers

27,604,000

UNCONSOLIDATED JOINT VENTURE CENTERS:

50%

Broadway Plaza(c)

Walnut Creek, California

1951/1985

2016

994,000

50.1%

Chandler Fashion Center(c)

Chandler, Arizona

2001/2002

2023

1,419,000

50.1%

Corte Madera, The Village at(c)

Corte Madera, California

1985/1998

2020

502,000

51%

Deptford Mall(c)

Deptford, New Jersey

1975/2006

2020

1,040,000

51%

Flatiron Crossing(c)

Broomfield, Colorado

2000/2002

ongoing

1,392,000

50%

Kierland Commons(c)

Phoenix, Arizona

1999/2005

2003

440,000

50%

Scottsdale Fashion Square(c)

Scottsdale, Arizona

1961/2002

ongoing

1,862,000

51%

Twenty Ninth Street(d)

Boulder, Colorado

1963/1979

2007

685,000

50%

Tysons Corner Center(c)

Tysons Corner, Virginia

1968/2005

2014

1,918,000

Total Unconsolidated Joint Venture Centers

10,252,000

Total Retail Centers

37,856,000

COMMUNITY / POWER CENTER:

50%

Boulevard Shops(f)

Chandler, Arizona

2001/2002

2004

205,000

Total Community / Power Center

205,000

OTHER ASSETS:

100%

Various(g)

—

83,000

50%

Scottsdale Fashion Square-Office(c)(f)

Scottsdale, Arizona

1984/2002

2016

123,000

50%

Scottsdale Fashion Square-Caesars Republic

Hotel(c)(f)

Scottsdale, Arizona

2024

245,000

50%

Tysons Corner Center-Office(c)(f)

Tysons Corner, Virginia

1999/2005

2012

171,000

50%

Hyatt Regency Tysons Corner Center(c)(f)

Tysons Corner, Virginia

2015

290,000

50%

Tysons Tower(c)(f)

Tysons Corner, Virginia

2014

547,000

The Macerich Company

Property Listing

As of June 30, 2026

Count

Company’s

Ownership(a)

Name of

Center/Location

Year of Original

Construction/

Acquisition

Year of Most

Recent Expansion/

Renovation

Total

GLA(b)

50%

VITA Tysons Corner Center(c)(f)

Tysons Corner, Virginia

2015

399,000

Total Other Assets

1,858,000

Grand Total

39,919,000

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

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

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 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

economic ownership of joint venture entities.

(b)Includes GLA attributable to anchors (whether owned or occupied non-owned) and mall and freestanding stores.

(c)These Centers represent the Company’s Go-Forward portfolio Centers as described in the Path Forward Plan (the “Go-Forward Portfolio Centers”). The Go-

Forward Portfolio Centers are subject to change.

(d)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.

(e)The Company has completed transition of the property to a receiver, but is still the owner on record.

(f)Included in Unconsolidated Joint Venture Centers.

(g)Included in Consolidated Centers.

The Macerich Company

Joint Venture List

June 30, 2026

The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by

the Company. This list of properties includes unconsolidated joint ventures and consolidated joint ventures. The percentages shown are

the effective legal ownership and economic ownership interests of the Company.

Properties

Legal

Ownership(a)

Economic

Ownership(b)

Joint Venture

Total GLA(c)

Boulevard Shops

50%

Propcor II Associates, LLC

205,000

Broadway Plaza

50%

Macerich HHF Broadway Plaza LLC

994,000

Chandler Fashion Center(d)(e)

50.1%

Freehold Chandler Holdings LP

1,419,000

Corte Madera, The Village at

50.1%

Corte Madera Village, LLC

502,000

Deptford Mall

51%

Macerich HHF Centers LLC

1,040,000

FlatIron Crossing(f)

51%

Macerich HHF Centers LLC

1,392,000

Hyatt Regency Tysons Corner Center

50%

Tysons Corner Hotel I LLC

290,000

Kierland Commons

50%

Kierland Commons Investment LLC

440,000

SanTan Village Regional Center

84.9%

Westcor SanTan Village LLC

1,183,000

Scottsdale Fashion Square

50%

Scottsdale Fashion Square Partnership

1,862,000

Scottsdale Fashion Square-Office

50%

Scottsdale Fashion Square Partnership

123,000

Scottsdale Fashion Square-Hotel

50%

Scottsdale Fashion Square Partnership

245,000

Twenty Ninth Street

51%

Macerich HHF Centers LLC

685,000

Tysons Corner Center

50%

Tysons Corner LLC

1,918,000

Tysons Corner Center-Office

50%

Tysons Corner Property LLC

171,000

Tysons Tower

50%

Tysons Corner Property LLC

547,000

VITA Tysons Corner Center

50%

Tysons Corner Property LLC

399,000

(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

listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances,

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

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

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

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

capital or liquidation proceeds.

(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

distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage

is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings,

partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(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

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.

(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

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

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.

(f)The residential portion under development at this property has an effective legal ownership and economic ownership interest of 43.4%.

The Macerich Company

Net Debt to Adjusted EBITDA

As of June 30, 2026 (Unaudited)

(Dollars in Thousands, at Company's Pro Rata Share)

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 collateral

41,953

Less: Restricted Cash - loan cash collateral

(46,508)

(b)

Less: Debt for Santa Monica Place (lender-controlled)

(300,000)

Net Debt

5,696,711

(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)

$779,955

Net Debt to Adjusted EBITDA, as further modified

7.30x

(i)

Net Debt to Adjusted EBITDA, Pro Forma (j)

Net Debt from above

$5,696,711

Less: Net value of unsettled forward equity (j)

(372,284)

Net Debt, adjusted

5,324,427

Adjusted EBITDA from above

$779,955

Net Debt to Adjusted EBITDA, Pro Forma

6.83x

(j)

(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

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

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

loan finance costs were $25.1 million and $25.3 million, respectively.

(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

into liquid resources by the borrower.

(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

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

leverage.

(d)Adjusted EBITDA for the trailing twelve months is calculated as follows:

Add:

Subtract:

Add:

For the Six Months

Ended

For the Six Months

Ended

For the Twelve

Months Ended

Trailing Twelve

Months

June 30, 2026

June 30, 2025

December 31, 2025

June 30, 2026

Adjusted EBITDA, as reported

$330,878

$350,360

$741,946

$722,464

For 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.

(e)GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally

staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful

information to investors because it allows them to more easily compare the Company's results to other REIT's.

(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

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

loss on non-real estate investments should be excluded from Adjusted EBITDA.

(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

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,

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

Company anticipates transferring title to the underlying property for Santa Monica Place.

(h)Represents the adjustment for employee severance costs and legal claims settlement income, net.

(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

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

Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital

structure and financial leverage.

(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

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

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

a portion of our obligations.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Debt Summary (at Company's pro rata share) (a)

As of June 30, 2026

Fixed Rate

Floating Rate

Total

Dollars in thousands

Mortgage notes payable

$4,391,971

$456,104

$4,848,075

Bank and other notes payable

—

Total debt per Consolidated Balance Sheet

4,391,971

456,104

4,848,075

Adjustments:

Less: Noncontrolling interests share of debt from consolidated joint ventures

(33,091)

—

(33,091)

Adjusted Consolidated Debt

4,358,880

456,104

4,814,984

Add: Company’s share of debt from unconsolidated joint ventures

1,515,250

11,884

1,527,134

Total Company’s Pro Rata Share of Debt

$5,874,130

$467,988

$6,342,118

Weighted average interest rate

5.27%

5.66%

5.29%

Weighted average maturity (years)

3.03

(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

(calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based

upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s

financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s

partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its

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

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

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

information prepared in accordance with GAAP.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Outstanding Debt by Maturity Date

As of June 30, 2026

Center/Entity (dollars in thousands)

Maturity

Date

Effective

Interest

Rate (a)

Fixed

Floating

Total Debt

Balance (a)

I. Consolidated Assets:

Fashion Outlets of Niagara Falls USA

10/06/26

6.52%

$75,242

$—

$75,242

Fresno Fashion Fair

11/01/26

3.67%

324,950

—

324,950

Los Cerritos Center

11/01/27

5.77%

464,217

—

464,217

Green Acres Mall

01/06/28

6.62%

365,974

—

365,974

Arrowhead Towne Center

02/01/28

6.75%

353,090

—

353,090

SanTan Village Regional Center (b)

07/01/29

4.34%

186,642

—

186,642

Freehold Raceway Mall

11/01/29

3.94%

399,460

—

399,460

Queens Center

11/06/29

5.45%

523,562

—

523,562

South Plains Mall

11/06/29

4.59%

197,653

—

197,653

Kings Plaza Shopping Center

01/01/30

3.71%

524,072

—

524,072

Fashion Outlets of Chicago

02/01/31

4.61%

299,598

—

299,598

Pacific View

05/06/32

5.45%

69,236

—

69,236

Danbury Fair Mall

02/06/34

6.59%

152,612

—

152,612

Victor Valley, Mall of

09/06/34

6.85%

84,089

—

84,089

Washington Square

04/06/35

5.63%

338,483

—

338,483

Total Fixed Rate Debt for Consolidated Assets

5.16%

$4,358,880

$—

$4,358,880

Santa Monica Place (c)

12/09/24

5.15%

$—

$300,000

Crabtree Mall (d)

08/06/29

6.57%

—

156,104

The Macerich Partnership, L.P. - Line of Credit (d),(e)

03/01/30

—%

—

Total Floating Rate Debt for Consolidated Assets

5.63%

$—

$456,104

Total Debt for Consolidated Assets

5.21%

$4,358,880

$456,104

$4,814,984

II. Unconsolidated Assets (At Company’s pro rata share):

Twenty Ninth Street (51%) (f)

02/06/26

4.10%

$76,500

$—

$76,500

Kierland Commons (50%)

04/01/27

3.98%

90,850

—

90,850

Scottsdale Fashion Square (50%)

03/06/28

6.28%

349,593

—

349,593

Corte Madera, The Village at (50.1%)

09/01/28

3.53%

104,125

—

104,125

Tysons Corner Center (50%)

12/06/28

6.89%

352,538

—

352,538

Chandler Fashion Center (50.1%)

07/01/29

7.15%

137,384

—

137,384

Tysons Tower (50%)

10/11/29

3.38%

94,795

—

94,795

Broadway Plaza (50%)

04/01/30

4.19%

207,693

—

207,693

Tysons VITA (50%)

12/01/30

3.43%

44,771

—

44,771

Deptford Mall (51%)

05/06/31

7.53%

57,001

—

57,001

Total Fixed Rate Debt for Unconsolidated Assets

5.56%

$1,515,250

$—

$1,515,250

Boulevard Shops (50%)

12/05/28

6.50%

—

11,884

Total Floating Rate Debt for Unconsolidated Assets

6.50%

$—

$11,884

Total Debt for Unconsolidated Assets

5.57%

$1,515,250

$11,884

$1,527,134

Total Debt

5.29%

$5,874,130

$467,988

$6,342,118

Percentage to Total

92.62%

7.38%

100.00%

(a)The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the

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

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

debt discounts and loan finance costs.

(b)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%.

(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

to these dates.

(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

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.

(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.

The Macerich Company

Supplemental Financial and Operating Information (Unaudited)

Development and Redevelopment Pipeline Forecast

(Dollars in millions)

As of June 30, 2026

In-Process Developments and Redevelopments:

Property

Project Type

Total 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 Crossing

Broomfield, 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

—

$265

43.4% and 51%

(d)

$125

—

$135

$46

2027/2029

(e)

6.75% - 7.75%

(f)

Green Acres Mall

Valley Stream, NY

Redevelopment 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

—

$150

100%

$130

—

$150

$67

2026/2027

(g)

10% - 11%

Scottsdale Fashion

Square

Scottsdale, AZ

Redevelopment of two-level

Nordstrom wing with luxury-focused

retail and restaurant uses

$84

—

$90

50%

$42

—

$45

$37

2024-2027

(h)

17% - 18%

TOTAL

$459

—

$505

$297

—

$330

$150

(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

may affect the information provided in this table.

(b)This excludes GAAP allocations of non-cash and indirect costs.

(c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect

costs.

(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

balance of the property other than the residential component is 51%.

(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

components.

(f)After considering estimated residential financing, the Company's estimated share of net equity is $70 - $80 million and the Company's estimated levered,

stabilized yield is 7.0% - 8.0%.

(g)The majority of tenants are expected to open in 2026 or 2027.

(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

remaining tenants expected to open in early 2027.

The Macerich Company

Corporate Information

Stock Exchange Listing

New York Stock Exchange

Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2026, 2025 and 2024 and

dividends per share of common stock declared and paid by quarter:

Market Quotation

per Share

Dividends

Quarter Ended:

High

Low

Declared

and Paid

March 31, 2024

$17.69

$14.66

$0.17

June 30, 2024

$17.20

$12.99

$0.17

September 30, 2024

$18.33

$13.85

$0.17

December 31, 2024

$22.27

$17.29

$0.17

March 31, 2025

$21.12

$15.71

$0.17

June 30, 2025

$17.94

$12.48

$0.17

September 30, 2025

$18.94

$15.89

$0.17

December 31, 2025

$19.14

$16.03

$0.17

March 31, 2026

$20.93

$17.62

$0.17

June 30, 2026

$25.97

$19.02

$0.17

Dividend Reinvestment Plan

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which

also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at

877-373-6374.

Corporate Headquarters

Transfer Agent

The Macerich Company

Computershare

401 Wilshire Boulevard, Suite 700

P.O. Box 43006

Santa Monica, California 90401

Providence, RI 02940-3006

310-394-6000

877-373-6374

www.macerich.com

1-781-575-2879 International calls

www.computershare.com

Macerich Website

For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com.

Investor Relations

Alexandra Johnstone

Vice President, Finance & Investor Relations

Phone: 214-373-5252

IR@macerich.com

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