Earnings release
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Exhibit 99.1 Earnings Results & Supplemental Information For the Three and Nine Months Ended September 30, 2026
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The Macerich CompanyEarnings Results & Supplemental Information For the Three and Nine Months Ended September 30, 2026 Table of Contents All information included in this supplemental financial package is unaudited, unless otherwise indicated. Page No. Executive Summary & Financial Highlights 1 Executive Summary 1 Financial Highlights 4 Capital Information 8 Capital Information and Market Capitalization 8 Changes in Total Common and Equivalent Shares/Units 9 Financial Data 10 Consolidated Statements of Operations (Unaudited) 10 Consolidated Balance Sheet (Unaudited) 11 Non-GAAP Pro Rata Financial Information (Unaudited) 12 Supplemental FFO Information 15 Capital Expenditures 16 Asset Dispositions / Loan Give-Backs 17 Operational Data 19 Trailing Twelve Month Sales Per Square Foot 19 Portfolio Occupancy 19 Average Base Rent Per Square Foot 19 Cost of Occupancy 19 Percentage of Net Operating Income by State 20 Property Listing 21 Joint Venture List 24 Balance Sheet 25 Net Debt to Adjusted EBITDA 25 Debt Summary 27 Outstanding Debt by Maturity Date 28 Development and Redevelopment Pipeline Forecast 30 Corporate Information 31
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1 The Macerich CompanyExecutive Summary September 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 39 million square feet of real estate, consisting primarily of interests in 36 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 $16.7 million, or $0.06 per share-diluted, during the third quarter of 2026, compared to net loss attributable to the Company of $87.4 million, or $0.34 per share-diluted, for the quarter ended September 30, 2025. The change in net loss between the third 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 third quarter of 2026. Funds from Operations (“FFO”), as adjusted, was $109.1 million, or $0.37 per share-diluted, during the third quarter of 2026, compared to $96.2 million, or $0.36 per share-diluted, for FFO, as adjusted, for the quarter ended September 30, 2025. Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 4.7% in the third quarter of 2026 compared to the third quarter of 2025. Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended September 30, 2026 were $943 compared to $867 for the twelve months ended September 30, 2025 and $919 for the twelve months ended June 30, 2026. Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet for the twelve months ended September 30, 2026 were $972. Leased portfolio occupancy as of September 30, 2026 was 94.9%, a 1.5% increase compared to the 93.4% occupancy rate at September 30, 2025 and a 0.9% increase compared to the 94.0% occupancy rate at June 30, 2026. Go-Forward Portfolio Centers leased occupancy as of September 30, 2026 was 96.1%. During the third quarter of 2026, we signed approximately 1.2 million square feet of leases on a comparable center basis, including a 16.9% year-over-year increase in new-store leased square footage. New store leases are expected to produce total gross revenue of approximately $131 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 third quarter results continue to demonstrate the positive impact of new store openings. With the new leasing initiative largely completed, the results are now beginning to meaningfully show up in foot traffic, sales and NOI,” said Jack Hsieh, President and Chief Executive Officer, Macerich. “Go-Forward Portfolio NOI grew 4.7%, our signed-not-open pipeline reached $131 million of the $140 million total opportunity and Go-Forward leased occupancy increased to 96.1%. Our leasing speedometer is at 91% and our store openings completion is at 62%, ahead of our 60% year-end target.” “While our strategy is driving NOI and occupancy in the centers where we have elevated and transformed the tenant mix, we are also seeing traffic increases where we have opened new anchor tenants. Freehold Raceway Mall, Annapolis Mall and Crabtree Mall are all seeing continued increases in the high-single-digit to mid-double-digit range since DICK’S House of Sport opened, while we’ve seen comparable increases from Level 99 at Tysons Corner Center and Seafood City at Chandler Fashion Center. These anchor openings and others planned through 2028 are catalysts in these wings to drive incremental foot traffic that we expect will result in more sales for the inline tenants, giving us demand tension for the next round of leases.” “We are executing across multiple growth engines such as leasing, redevelopment and repositioning through the elevate and transform strategy as well as selective growth through acquisitions. Our acquisition pipeline continues to be robust, with both on- and off-market opportunities. The criteria remain the same: accretive to the Plan, located in strong trade areas with a clear catalyst to elevate and transform the assets all while remaining within our leverage targets. Having acquired two malls in the past year, we are under contract on our next off-market mall acquisition, which is subject to customary closing conditions, and is expected to close by year end." The Macerich Company
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2 Executive Summary September 30, 2026 Balance Sheet: During the third quarter of 2026, we were actively engaged in numerous transactions, including the following financing, capital raising, and disposition activity: In August, we closed an offering of $775 million aggregate principal amount of 2.25% exchangeable senior notes due 2031. The offering was upsized and included the full exercise of the initial purchasers' option to purchase up to an additional $100 million aggregate principal amount of notes. The initial exchange price of $28.19 per share represented a premium of approximately 20%. In connection 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 of approximately $34.06 per share, which represented a premium of approximately 45%. In September, we used a portion of the net proceeds from this upsized offering to repay the $370 million mortgage loan on Green Acres Mall that had an effective interest rate of 6.6% and a January 2028 maturity date. 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 the property that had a May 2032 maturity date. We also completed land sales totaling approximately $3.9 million during the quarter. Subsequent to quarter end, effective October 6, 2026, the $74.4 million loan at Fashion Outlets of Niagara Falls is in default. The Company is in negotiations with the lender on the terms of this loan. Subsequent to quarter end, effective November 2, 2026, the $325.0 million loan at Fresno Fashion Fair is in default. The Company is in negotiations with the lender on the terms of this loan. Subsequent to quarter end, we closed on a $550 million acquisition revolving credit facility that is primarily available to finance acquisitions. As of the closing date, no amounts are outstanding under the facility and approximately $260 million is available to be borrowed based on the eligible collateral securing the facility. We anticipate in the future additional properties will be added to the facility borrowing base, as defined, that would allow us to borrow, if we choose to, up to $550 million. The acquisition revolving credit facility has a three-year term and bears interest at a rate of SOFR plus 200 basis points. As of the date of this filing, we had approximately $2.2 billion of liquidity, including $900 million of available capacity on our revolving credit facility, $260 million of available capacity on our acquisition revolving credit facility and $372 million of unsettled forward equity.Guidance Dividend: On November 2, 2026, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on December 28, 2026 to stockholders of record at the close of business on December 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 November 4, 2026 at 2:00 p.m. Pacific Time. The call can be accessed live over the phone by dialing the following numbers: (833) 862-0076 (Toll Free) or (412) 564-6523 (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 39 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 36 regional retail centers, and one community/power shopping center. These 37 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 CompanyExecutive Summary
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3 September 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 COMPANYFINANCIAL HIGHLIGHTS(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
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4 Results of Operations: For the Three Months Ended September 30, For the Nine Months Ended September 30, Unaudited Unaudited 2026 2025 2026 2025 Revenues: Leasing revenue $ 239,929 $ 237,232 $ 699,347 $ 705,604 Other income 13,264 10,623 32,957 30,409 Management Companies' revenues 6,874 5,407 19,008 16,266 Total revenues 260,067 253,262 751,312 752,279 Expenses: Shopping center and operating expenses 85,063 79,755 246,247 244,766 Management Companies' operating expenses 23,506 20,171 69,908 62,825 Leasing expenses 15,592 10,635 43,129 32,478 REIT general and administrative expenses 8,542 6,928 26,060 22,338 Depreciation and amortization 88,012 90,904 257,305 271,966 Interest expense 66,764 72,699 200,307 213,698 Loss on extinguishment of debt 10,368 — 10,368 — Total expenses 297,847 281,092 853,324 848,071 Equity in income (loss) of unconsolidated joint ventures 7,013 9,759 (8,090) 8,485 Income tax (expense) benefit (80) 710 2,066 1,720 Gain (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 interests 597 (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 - basic 284,079 254,130 272,037 253,407 Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (a) 296,249 264,845 283,556 264,224 Earnings per share ("EPS") - basic and diluted $ (0.06) $ (0.34) $ (0.30) $ (0.71) Dividend paid per share $ 0.17 $ 0.17 $ 0.51 $ 0.51 FFO - basic and diluted (a) (b) $ 87,000 $ 88,591 $ 253,730 $ 253,541 FFO, as adjusted - basic and diluted (a) (b) $ 109,071 $ 96,163 $ 301,904 $ 274,640 FFO per share - basic and diluted (a) (b) $ 0.29 $ 0.33 $ 0.89 $ 0.96 FFO per share, as adjusted - diluted (a) (b) $ 0.37 $ 0.36 $ 1.06 $ 1.04 THE MACERICH COMPANYFINANCIAL HIGHLIGHTS(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
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5 (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 and the impact of the June 2026 forward public 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. (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, gain or loss on non-real estate investments and gain or loss on extinguishment of debt. 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, impact of non-cash changes in the market value of non-real estate investments and loss on extinguishment of debt 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 COMPANYFINANCIAL 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 - b i ddil d(b)
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6 basic and diluted (b): For the Three Months Ended September 30, For the Nine Months Ended September 30, Unaudited Unaudited 2026 2025 2026 2025 Net 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) 97,106 Add: Gain on undepreciated asset sales from consolidated assets 3,110 1,229 13,154 2,309 Noncontrolling 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), net 499 (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 88,012 90,904 257,305 271,966 Less: 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) 29,583 28,858 87,461 85,377 Less: depreciation on personal property (1,534) (1,463) (4,398) (5,337) FFO attributable to common stockholders and unit holders - basic and diluted 87,000 88,591 253,730 253,541 Adjustments: Default interest expense 3,849 3,067 11,804 9,100 Loss on non-real estate investments 706 1,741 8,265 5,424 Property in receivership 7,148 2,764 17,737 6,575 Loss on extinguishment of debt 10,368 — 10,368 — FFO attributable to common stockholders and unit holders, as adjusted- basic and diluted $ 109,071 $ 96,163 $ 301,904 $ 274,640 Reconciliation of EPS to FFO per share, as adjusted—diluted (b): For the Three Months Ended September 30, For the Nine Months Ended September 30, Unaudited Unaudited 2026 2025 2026 2025 EPS - diluted $ (0.06) $ (0.34) $ (0.30) $ (0.71) Per share impact of depreciation and amortization of real estate 0.39 0.44 1.20 1.33 Per share impact of (gain) loss on sale or write down of assets, net (0.04) 0.23 (0.01) 0.34 FFO per share - basic and diluted 0.29 0.33 0.89 0.96 Adjustments: Per share impact of default interest expense 0.01 0.01 0.04 0.03 Per share impact of loss on non-real estate investments — 0.01 0.03 0.02 Per share impact of property in receivership 0.03 0.01 0.06 0.03 Per share impact of loss on extinguishment of debt 0.04 — 0.04 — FFO per share, as adjusted - diluted $ 0.37 $ 0.36 $ 1.06 $ 1.04 THE MACERICH COMPANYFINANCIAL 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:
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7 For the Three Months Ended September 30, For the Nine Months Ended September 30, Unaudited Unaudited 2026 2025 2026 2025 Net loss attributable to the Company $(16,734) $ (87,360) ($80,155) ($178,389) Interest expense - consolidated assets 66,764 72,699 200,307 213,698 Interest expense - unconsolidated joint ventures (pro rata) 20,782 20,312 61,287 63,193 Depreciation and amortization - consolidated assets 88,012 90,904 257,305 271,966 Depreciation and amortization - unconsolidated joint ventures (pro rata) 29,583 28,858 87,461 85,377 Noncontrolling 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) 97,106 Loss (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 units 87 87 261 261 Adjusted EBITDA (a) 183,140 180,853 514,019 531,213 REIT general and administrative expenses 8,542 6,928 26,060 22,338 Management Companies' revenues (6,874) (5,407) (19,008) (16,266) Management Companies' operating expenses 23,506 20,171 69,908 62,825 Leasing expenses, including joint ventures at pro rata 16,242 11,209 45,204 34,595 Corporate 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 Centers 209,830 209,019 612,448 616,907 NOI of non-Go-Forward Portfolio Centers (c) (16,463) (22,747) (60,905) (76,389) NOI - Go-Forward Portfolio Centers (c) 193,367 186,272 551,543 540,518 Lease 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 $ 533,065 NOI - 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% (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 Annapolis Mall for purposes of this calculation, as this property was acquired April 30, 2026 and was not held for the entirety of the 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 ended September 30, 2026 and 2025. 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 Annapolis Mall. The Macerich CompanySupplemental Financial and Operating Information (unaudited)Capital Information and Market Capitalization 9/30/2026 12/31/2025 12/31/2024
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8 Period Ended(dollars in thousands, except per share data) Closing common stock price per share $ 22.36 $ 18.46 $ 19.92 52 week high $ 26.68 $ 21.12 $ 22.27 52 week low $ 16.03 $ 12.48 $ 12.99 Shares outstanding at end of period Class A non participating convertible preferred units 99,565 99,565 99,565 Common shares and partnership units 295,379,548 268,604,506 263,739,694 Total common and equivalent shares/units outstanding 295,479,113 268,704,071 263,839,259 Portfolio capitalization data Total portfolio debt, including joint ventures at pro rata $ 6,662,058 $ 6,590,774 $ 6,647,576 Equity market capitalization 6,606,913 4,960,277 5,255,678 Total market capitalization $ 13,268,971 $ 11,551,051 $ 11,903,254 Debt as a percentage of total market capitalization 50.2% 57.1% 55.9% The Macerich CompanySupplemental Financial and Operating Information (unaudited)Changes in Total Common and Equivalent Shares/Units
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9 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 Issuance of stock/partnership units from restricted stock issuance or other share or unit-based plans — 6,974 — 6,974 Balance as of September 30, 2026(a) 11,296,314 284,083,234 99,565 295,479,113 (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 COMPANYCONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(Dollars in thousands) 2026 2026 Revenues:
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10 For the Three Months Ended September 30, For the Nine Months Ended September 30, Leasing revenue $ 239,929 $ 699,347 Other income 13,264 32,957 Management Companies' revenues 6,874 19,008 Total revenues 260,067 751,312 Expenses: Shopping center and operating expenses 85,063 246,247 Management Companies' operating expenses 23,506 69,908 Leasing expenses 15,592 43,129 REIT general and administrative expenses 8,542 26,060 Depreciation and amortization 88,012 257,305 Interest expense 66,764 200,307 Loss on extinguishment of debt 10,368 10,368 Total expenses 297,847 853,324 Equity in gain (loss) of unconsolidated joint ventures 7,013 (8,090) Income tax (expense) benefit (80) 2,066 Gain on sale or write down of assets, net 14,710 28,153 Net loss (16,137) (79,883) Less net income attributable to noncontrolling interests 597 272 Net loss attributable to the Company $ (16,734) $ (80,155) THE MACERICH COMPANYCONSOLIDATED BALANCE SHEET (UNAUDITED)As of September 30, 2026(Dollars in thousands) Property, net (a) $ 6,855,756 Cash and cash equivalents 560,767 Restricted cash 62,378 Tenant and other receivables, net 129,602
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11 ASSETS:Right-of-use assets, net 101,540 Deferred charges and other assets, net 345,977 Due from affiliates 4,047 Investments in unconsolidated joint ventures 705,571 Total assets $ 8,765,638 LIABILITIES AND EQUITY: Mortgage notes payable $ 4,409,716 Bank and other notes payable 758,173 Accounts payable and accrued expenses 152,229 Lease liabilities 61,422 Other accrued liabilities 386,708 Distributions in excess of investments in unconsolidated joint ventures 197,247 Total liabilities 5,965,495 Commitments and contingencies Equity: Stockholders' equity: Common stock 2,841 Additional paid-in capital 6,719,380 Accumulated deficit (3,998,740) Accumulated other comprehensive loss (3) Total stockholders' equity 2,723,478 Noncontrolling interests 76,665 Total equity 2,800,143 Total liabilities and equity $ 8,765,638 (a) Includes construction in progress of $334,041 for September 30, 2026. THE MACERICH COMPANYNON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)(DOLLARS IN THOUSANDS) Interests of Consolidated Joint Ventures (a) Share of Unconsolidated Joint Ventures (b) Interests of Consolidated Joint Ventures (a) Share of Unconsolidated Joint Ventures (b) Revenues: ( ) ( )
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12 For the Three Months EndedSeptember 30, 2026 For the Nine Months EndedSeptember 30, 2026Leasing 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) 230,772 Expenses: Shopping center and operating expenses (377) 25,979 (927) 74,397 Leasing expense (10) 659 (42) 2,115Depreciation and amortization (583) 29,583 (1,721) 87,461 Interest expense (365) 20,782 (1,112) 61,287 Total expenses (1,335) 77,003 (3,802) 225,260 Equity in (income) loss of unconsolidated joint ventures — (7,013) — 8,090 Loss on sale or write down of assets, net 8 (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 $ — $ — $ — $ — (a) Represents the Company’s partners’ share of consolidated joint ventures. (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 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 million, respectively, which adjusted to market the Company's share of non-real estate investments. THE MACERICH COMPANYNON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)(DOLLARS IN THOUSANDS) Noncontrolling Interests of Consolidated Joint Ventures (a) Company's Share of Unconsolidated Joint Ventures ASSETS: Property, net (b) $ (18,326) $ 1,973,407 Cash and cash equivalents (1,171) 69,349
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13 As of September 30, 2026Restricted cash (237) 5,089 Tenant and other receivables, net (55) 59,573 Right-of-use assets, net — 64,614 Deferred charges and other assets, net (694) 35,493 Due from affiliates 35 (2,107) Investments in unconsolidated joint ventures, at equity — (705,571) Total assets $ (20,448) $ 1,499,847 LIABILITIES AND EQUITY: Mortgage notes payable $ (33,096) $ 1,527,265 Accounts payable and accrued expenses (342) 31,285 Lease liabilities — 61,670 Other accrued liabilities (18,515) 76,874 Distributions in excess of investments in unconsolidated joint ventures — (197,247) Total liabilities (51,953) 1,499,847 Equity: Stockholders' equity — — Noncontrolling interests 31,505 — Total equity 31,505 — Total liabilities and equity $ (20,448) $ 1,499,847 (a) Represents the Company's partners' share of consolidated joint ventures. (b) This includes $50 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $160,299 of construction in progress relating to the Company's share from unconsolidated joint ventures. THE MACERICH COMPANYNON GAAP PRO RATA SCHEDULE OF LEASING REVENUE (unaudited)(Dollars in thousands) Consolidated Non- Controlling Interests (a) Company's Consolidated Share Company's Share of Unconsolidated Joint Ventures Company's Total Share Revenues: Minimum rents (b) $ 159,268 $ (1,315) $ 157,953 $ 53,863 $ 211,816 Percentage rents 8,335 (18) 8,317 3,695 12,012 ( )
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14 For the Three Months Ended September 30, 2026 Tenant recoveries 68,520 (352) 68,168 18,905 87,073 Other 6,021 (25) 5,996 1,878 7,874 Bad debt expense (2,215) 40 (2,175) 99 (2,076) Total leasing revenue $ 239,929 $ (1,670) $ 238,259 $ 78,440 $ 316,699 For the Nine Months Ended September 30, 2026 Consolidated Non- Controlling Interests (a) Company's Consolidated Share Company's Share of Unconsolidated Joint Ventures Company's Total Share Revenues: Minimum rents (b) $ 463,973 $ (3,373) $ 460,600 $ 156,710 $ 617,310 Percentage rents 18,002 (57) 17,945 7,126 25,071 Tenant recoveries 204,311 (1,022) 203,289 56,168 259,457 Other 18,409 (80) 18,329 5,666 23,995 Bad debt expense (5,348) 42 (5,306) (144) (5,450) Total leasing revenue $ 699,347 $ (4,490) $ 694,857 $ 225,526 $ 920,383 (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 CompanySupplemental Financial and Operating Information (unaudited)Supplemental FFO Information(a)(Dollars in millions) As of September 30, 2026 2025 Straight-line rent receivable $ 145.7 $ 134.2 2026 2025 2026 2025 Lease termination income (b) $ 0.4 $ 2.0 $ 1.1 $ 7.8 ( )
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15 For the Three Months Ended September 30, For the Nine Months Ended September 30, Straight-line rental income (b) $ 5.2 $ 2.8 $ 10.3 $ 3.6Business development and parking income (c) $ 13.8 $ 14.2 $ 41.0 $ 42.1 Gain on sales or write down of undepreciated assets $ 3.1 $ 1.2 $ 13.2 $ 2.0 Amortization of acquired above and below-market leases, net revenue (b) $ 1.5 $ 0.9 $ 3.6 $ 4.3 Amortization of debt discounts, net (d) $ (4.2) $ (7.5) $ (12.5) $ (25.8) Bad debt expense (b) $ 2.1 $ 0.9 $ 5.5 $ 3.7 Leasing expense $ 16.2 $ 11.2 $ 45.2 $ 34.6 Interest capitalized (d) $ 5.2 $ 5.4 $ 15.9 $ 18.0 Employee severance costs (e) $ — $ 0.3 $ 0.6 $ 2.4 Legal claims settlement income (expense), net (f) $ 2.5 $ (1.4) $ 5.3 $ 3.9 (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 CompanySupplemental Financial and Operating Information (unaudited)Capital Expenditures(a)(Dollars in millions) 2026 2025 2025 2024 Consolidated Centers Acquisitions of property (b) $ 272.0 $ 290.0 $ 290.0 $ 170.8 Property improvements 26.5 15.8 34.6 43.3 Development, redevelopment, expansions and renovations of Centers 123.4 74.8 100.2 104.5 Tenant allowances 38.8 19.4 31.4 20.6 Deferred leasing charges 6.1 3.3 5.5 4.4
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16 For the Nine Months Ended September 30, For the Twelve Months Ended December 31,Total $ 466.8 $ 403.3 $ 461.7 $ 343.6 Unconsolidated Joint Venture Centers Property improvements $ 6.3 $ 5.0 $ 9.3 $ 14.4 Development, redevelopment, expansions and renovations of Centers 70.4 52.8 77.7 39.8 Tenant allowances 17.2 11.6 14.3 21.0 Deferred leasing charges 4.3 2.9 3.6 5.6 Total $ 98.2 $ 72.3 $ 104.9 $ 80.8 (a) All joint venture amounts at pro rata. (b) Breakdown of acquisitions of property: Acquisition Date For the Nine Months Ended September 30, For the Twelve Months Ended December 31, 2026 2025 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 $ 290.0 $ 170.8 (c) This represents the gross purchase price excluding closing adjustments and other related transaction costs. The Macerich CompanySupplemental 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 nine months ended September 30, 2026, and for the twelve months ended December 31, 2025 and 2024: I. Asset Dispositions Pacific View, Ventura, California 09-17-2026 $ 69.7 $ 69.7 $ 69.7 West Acres, Fargo, North Dakota 06-18-2026 (a) 14.3 14.3 12.9 Outparcel at Fashion Outlets of Chicago, Rosemont, Illinois 04-14-2026 0.8 0.8 —
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17 Property/Location Disposition Date Gross Sale Price (at 100%) Gross Sale Price (at Company's Share) Reduction of Debt (at Company's Share) Former department store parcel at Freehold Raceway Mall, Freehold, New Jersey 02-02-2026 1.5 1.5 — Washington Square Too Retail Strip Center, Portland, Oregon 12-19-2025 25.8 25.8 — Outparcel at Washington Square, Portland, Oregon 12-10-2025 5.4 5.4 — Outparcel at Los Cerritos Center, Cerritos, California 11-17-2025 5.0 5.0 4.5 Valley Mall, Harrisonburg, Virginia 08-20-2025 22.1 22.1 — Lakewood Center, Lakewood, California 08-18-2025 332.1 332.1 317.1 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 5.5 3.1 1010-1016 Market Street parcels at Fashion District Philadelphia, Philadelphia, Pennsylvania 06-30-2025 10.8 10.8 — Former department store parcel at Washington Square, Petaluma, California 06-11-2025 2.6 2.6 — Paradise Valley Office Park, Phoenix, Arizona 05-28-2025 6.2 6.2 — SouthPark Mall, Moline, Illinois 04-30-2025 10.5 10.5 — Various parcels at Santan Adjacent, Gilbert, Arizona 04-28-2025 24.5 24.5 — Portillo's parcel at Santan Adjacent, Gilbert, Arizona 04-16-2025 3.0 3.0 — Wilton Mall, Saratoga Springs, New York 03-27-2025 24.8 24.8 — The Oaks, Thousand Oaks, California 12-10-2024 157.0 157.0 147.8 Southridge Mall, Des Moines, Iowa 11-25-2024 4.0 4.0 — Biltmore Fashion Park, Phoenix, Arizona 07-31-2024 (c) 110.0 110.0 — Former department store parcel at Valle Vista Mall, Harlingen, Texas 06-28-2024 7.1 7.1 — Country Club Plaza, Kansas City, Missouri 06-28-2024 (d) 175.6 147.7 147.7 Subtotal $ 1,090.3 $ 1,026.4 $ 735.3 Various land parcels (undepreciated asset sales), including separate transactions with certain joint venture partners: For the nine months ended September 30, 2026 2026 (e) $ 16.9 $ 16.9 $ — 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 91.3 42.7 $ — Total - Asset Dispositions $ 1,181.6 $ 1,069.1 $ 735.3 II. Loan Give-Backs Santa Monica Place, Santa Monica, California Pending (f) $ 300.0 $ 300.0 $ 300.0 Total - Loan Give-Backs $ 300.0 $ 300.0 $ 300.0 Grand Total - Asset Dispositions/Loan Give-Backs (g) $ 1,481.6 $ 1,369.1 $ 1,035.3 The Macerich CompanySupplemental 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 f d
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18 owner of record. (g) For purposes of this schedule, the Company aggregated asset dispositions and loan give-backs. The Macerich CompanySupplemental Financial and Operating Information (unaudited)Operational Data Sales Per Square Foot (a) 9/30/2026 $ 826 $ 1,228 $ 943 $ 972 9/30/2025 $ 787 $ 1,049 $ 867 $ 905 12/31/2025 $ 795 $ 1,073 $ 881 $ 921 Portfolio Occupancy (b)
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19 Consolidated Centers Unconsolidated Joint Venture Centers Total Centers Total Go-Forward Portfolio Centers 9/30/2026 94.1 % 96.4 % 94.9 % 96.1 %9/30/2025 92.4 % 95.2 % 93.4 % 94.3 % 12/31/2025 93.5 % 94.9 % 94.0 % 94.9 % Average Base Rents (c) 9/30/2026 $ 67.14 $ 85.83 $ 70.73 $ 72.15 9/30/2025 $ 67.24 $ 79.32 $ 69.64 $ 71.65 12/31/2025 $ 66.92 $ 79.47 $ 69.47 $ 71.31 Cost of Occupancy 9/30/2026 Minimum rents 7.9 % 6.9% 7.5% 7.6% Percentage rents 0.6 % 0.8% 0.7% 0.7% Expense recoveries (d) 3.1 % 3.0% 3.0% 3.0% Total 11.6 % 10.7% 11.2% 11.3% 12/31/2025 Minimum rents 8.1 % 7.4% 7.8% 7.9% Percentage rents 0.6 % 0.9% 0.7% 0.7% Expense recoveries (d) 3.1 % 3.3% 3.2% 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 CompanySupplemental 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 21.5% Arizona 21.2% New York 16.9% Pennsylvania, Virginia & North Carolina 14.1% New Jersey & Connecticut 8.9% Colorado & Illinois 6.8% Oregon 6.7% Other (b) 3.9% Total 100.0%
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20 (a) The percentage of Go-Forward Portfolio Centers trailing twelve months ending September 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 CompanyProperty ListingAs of September 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 September 30, 2026. CONSOLIDATED CENTERS: 1 100% Annapolis Mall(c) Annapolis, Maryland 1980/2026 ongoing 1,438,000 2 100% Arrowhead Towne Center(c) Glendale, Arizona 1993/2002 2015 1,077,000 3 100% Crabtree Mall(c) Raleigh, North Carolina 1972/2025 ongoing 1,315,000 4 100% Danbury Fair Mall(c) Danbury, Connecticut 1986/2005 2016 1,272,000
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21 Count Company’s Ownership(a) Name of Center/Location Year of Original Construction/Acquisition Year of Most Recent Expansion/Renovation Total GLA(b) 5 100% Desert Sky Mall(c) Phoenix, Arizona 1981/2002 2007 638,000 6 100% Eastland Mall(c)(d) Evansville, Indiana 1978/1998 1996 1,013,000 7 100% Fashion District Philadelphia(c) Philadelphia, Pennsylvania 1977/2014 2019 742,000 8 100% Fashion Outlets of Chicago(c) Rosemont, Illinois 2013/— — 528,000 9 100% Fashion Outlets of Niagara Falls USA Niagara Falls, New York 1982/2011 2014 685,000 10 100% Freehold Raceway Mall(c) Freehold, New Jersey 1990/2005 2007 1,669,000 11 100% Fresno Fashion Fair(c) Fresno, California 1970/1996 2006 969,000 12 100% Green Acres Mall(c)(d) Valley Stream, New York 1956/2013 ongoing 1,875,000 13 100% Inland Center(c) San Bernardino, California 1966/2004 2016 894,000 14 100% Kings Plaza Shopping Center(c)(d) Brooklyn, New York 1971/2012 2018 1,135,000 15 100% La Cumbre Plaza(d) Santa Barbara, California 1967/2004 1989 325,000 16 100% Los Cerritos Center(c) Cerritos, California 1971/1999 2016 1,149,000 17 100% NorthPark Mall(c) Davenport, Iowa 1973/1998 2001 865,000 18 100% Queens Center(c)(d) Queens, New York 1973/1995 2004 964,000 19 100% Santa Monica Place(e) Santa Monica, California 1980/1999 ongoing 357,000 20 85% SanTan Village Regional Center(c) Gilbert, Arizona 2007/— 2018 1,183,000 21 100.0% South Plains Mall(c) Lubbock, Texas 1972/1998 2017 1,313,000 22 100% Stonewood Center(c)(d) Downey, California 1953/1997 1991 928,000 23 100% Superstition Springs Center(c) Mesa, Arizona 1990/2002 2002 793,000 The Macerich CompanyProperty ListingAs of September 30, 2026 24 100% Valley River Center(c) Eugene, Oregon 1969/2006 2007 812,000 25 100% Victor Valley, Mall of(c) Victorville, California 1986/2004 2012 576,000 26 100% Vintage Faire Mall(c) Modesto, California 1977/1996 2020 1,099,000 27 100% Washington Square(c) Portland, Oregon 1974/1999 2005 1,125,000 Total Consolidated Centers 26,739,000 UNCONSOLIDATED JOINT VENTURE CENTERS: 28 50% Broadway Plaza(c) Walnut Creek, California 1951/1985 2016 994,000 29 50.1% Chandler Fashion Center(c) 2001/2002 2023 1,413,000
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22 Count Company’s Ownership(a) Name of Center/Location Year of Original Construction/Acquisition Year of Most Recent Expansion/Renovation Total GLA(b) Chandler, Arizona 30 50.1% Corte Madera, The Village at(c) Corte Madera, California 1985/1998 2020 503,000 31 51% Deptford Mall(c) Deptford, New Jersey 1975/2006 2020 1,040,000 32 51% Flatiron Crossing(c) Broomfield, Colorado 2000/2002 ongoing 1,392,000 33 50% Kierland Commons(c) Phoenix, Arizona 1999/2005 2003 440,000 34 50% Scottsdale Fashion Square(c) Scottsdale, Arizona 1961/2002 ongoing 1,862,000 35 51% Twenty Ninth Street(d) Boulder, Colorado 1963/1979 2007 685,000 36 50% Tysons Corner Center(c) Tysons Corner, Virginia 1968/2005 2014 1,920,000 Total Unconsolidated Joint Venture Centers 10,249,000 Total Retail Centers 36,988,000 COMMUNITY / POWER CENTER: 1 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 124,000 50% Scottsdale Fashion Square-Caesars Republic Hotel(c)(f) Scottsdale, Arizona 2024 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 2015 290,000 50% Tysons Tower(c)(f) Tysons Corner, Virginia 2014 2014 547,000 50% VITA Tysons Corner Center(c)(f) Tysons Corner, Virginia 2015 2015 399,000 Total Other Assets 1,859,000 Grand Total 39,052,000 The Macerich CompanyProperty ListingAs of September 30, 2026 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 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.
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23 The Macerich CompanyJoint Venture List September 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. Boulevard Shops 50% 50% Propcor II Associates, LLC 205,000 Broadway Plaza 50% 50% Macerich HHF Broadway Plaza LLC 994,000 Chandler Fashion Center(d)(e) 50.1% 50.1% Freehold Chandler Holdings LP 1,413,000 Corte Madera, The Village at 50.1% 50.1% Corte Madera Village, LLC 503,000 Deptford Mall 51% 51% Macerich HHF Centers LLC 1,040,000 FlatIron Crossing(f) 51% 51% Macerich HHF Centers LLC 1,392,000 Hyatt Regency Tysons Corner Center 50% 50% Tysons Corner Hotel I LLC 290,000 Kierland Commons 50% 50% Kierland Commons Investment LLC 440,000 SanTan Village Regional Center 84.9% 84.9% Westcor SanTan Village LLC 1,183,000 Scottsdale Fashion Square 50% 50% Scottsdale Fashion Square Partnership 1,862,000 Scottsdale Fashion Square-Office 50% 50% Scottsdale Fashion Square Partnership 124,000
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24 Properties Legal Ownership(a) Economic Ownership(b) Joint Venture Total GLA(c)Scottsdale Fashion Square-Hotel 50% 50% Scottsdale Fashion Square Partnership 245,000Twenty Ninth Street 51% 51% Macerich HHF Centers LLC 685,000 Tysons Corner Center 50% 50% Tysons Corner LLC 1,920,000 Tysons Corner Center-Office 50% 50% Tysons Corner Property LLC 171,000 Tysons Tower 50% 50% Tysons Corner Property LLC 547,000 VITA Tysons Corner Center 50% 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 CompanyNet Debt to Adjusted EBITDAAs of September 30, 2026 (Unaudited) (Dollars in Thousands, at Company's Pro Rata Share) 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 collateral 41,421 Less: Restricted Cash - loan cash collateral (25,809) (b) Less: Debt for Santa Monica Place (lender-controlled) (300,000) Net Debt 5,707,304 (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) $ 778,872
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25 Total Company's Pro Rata Share of Debt $ 6,662,058 (a)Net Debt to Adjusted EBITDA, as further modified 7.33x (i) Net Debt to Adjusted EBITDA, Pro Forma (j) Net Debt from above $ 5,707,304 Less: Net value of unsettled forward equity (j) (372,284) Net Debt, adjusted 5,335,020 Adjusted EBITDA from above $ 778,872 Net Debt to Adjusted EBITDA, Pro Forma 6.85x (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 September 30, 2026, the Company's pro rata share of unamortized debt discounts and loan finance costs were $20.9 million and $35.9 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 Nine Months Ended For the Nine Months Ended For the Twelve Months Ended Trailing Twelve Months September 30, 2026 September 30, 2025 December 31, 2025 September 30, 2026 Adjusted EBITDA, as reported $514,019 $531,213 $741,946 $724,752 For 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. (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 forward 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, ix) Pacific View; and x) 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 the Company expects to settle 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 share settle all or a portion of its obligations.
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26 The Macerich CompanySupplemental Financial and Operating Information (Unaudited)Debt Summary (at Company's pro rata share) (a) As of September 30, 2026 Fixed Rate Floating Rate Total Dollars in thousands Mortgage notes payable $ 3,953,376 $ 456,340 $ 4,409,716 Bank and other notes payable 758,173 — 758,173 Total debt per Consolidated Balance Sheet 4,711,549 456,340 5,167,889 Adjustments: Less: Noncontrolling interests share of debt from consolidated joint ventures (33,096) — (33,096) Adjusted Consolidated Debt 4,678,453 456,340 5,134,793 Add: Company’s share of debt from unconsolidated joint ventures 1,513,186 14,079 1,527,265 Total Company’s Pro Rata Share of Debt $ 6,191,639 $ 470,419 $ 6,662,058 Weighted average interest rate 4.87% 5.84% 4.94% Weighted average maturity (years) 3.08 (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
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27 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 CompanySupplemental Financial and Operating Information (Unaudited)Outstanding Debt by Maturity Date 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 (b) 10/06/26 6.52% $ 74,355 $ — $ 74,355 Fresno Fashion Fair (c) 11/01/26 3.67% 325,000 — 325,000 Los Cerritos Center 11/01/27 5.77% 463,424 — 463,424 Arrowhead Towne Center 02/01/28 6.75% 353,216 — 353,216 SanTan Village Regional Center (d) 07/01/29 4.34% 186,661 — 186,661 Freehold Raceway Mall 11/01/29 3.94% 399,501 — 399,501 Queens Center 11/06/29 5.45% 523,669 — 523,669 South Plains Mall 11/06/29 4.59% 197,827 — 197,827 Kings Plaza Shopping Center 01/01/30 3.71% 521,673 — 521,673 Fashion Outlets of Chicago 02/01/31 4.61% 299,621 — 299,621 The Macerich Partnership, L.P. - Unsecured Exchangeable Senior Notes (e) 08/15/31 2.70% 758,173 — 758,173 Danbury Fair Mall 02/06/34 6.59% 152,691 — 152,691 Victor Valley, Mall of 09/06/34 6.85% 84,116 — 84,116 Washington Square 04/06/35 5.63% 338,526 — 338,526 Total Fixed Rate Debt for Consolidated Assets 4.65% $ 4,678,453 $ — $ 4,678,453 Santa Monica Place (f) 12/09/24 5.34% $ — $ 300,000 $ 300,000 Crabtree Mall (g) 08/06/29 6.72% — 156,340 156,340
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28 As of September 30, 2026The Macerich Partnership, L.P. - Line of Credit (g),(h) 03/01/30 — — — — Total Floating Rate Debt for Consolidated Assets 5.81% $ — $ 456,340 $ 456,340 Total Debt for Consolidated Assets 4.75% $ 4,678,453 $ 456,340 $ 5,134,793 II. Unconsolidated Assets (At Company’s pro rata share): Twenty Ninth Street (51%) (i) 02/06/26 4.10% $ 76,500 $ — $ 76,500 Kierland Commons (50%) 04/01/27 3.98% 90,149 — 90,149 Scottsdale Fashion Square (50%) 03/06/28 6.28% 349,654 — 349,654 Corte Madera, The Village at (50.1%) 09/01/28 3.53% 103,526 — 103,526 Tysons Corner Center (50%) 12/06/28 6.89% 352,792 — 352,792 Chandler Fashion Center (50.1%) 07/01/29 7.15% 137,417 — 137,417 Tysons Tower (50%) 10/11/29 3.38% 94,811 — 94,811 Broadway Plaza (50%) 04/01/30 4.19% 206,582 — 206,582 Tysons VITA (50%) 12/01/30 3.43% 44,787 — 44,787 Deptford Mall (51%) 05/06/31 7.57% 56,968 — 56,968 Total Fixed Rate Debt for Unconsolidated Assets 5.56% $ 1,513,186 $ — $ 1,513,186 Boulevard Shops (50%) 12/05/28 6.65% — 11,896 11,896 FlatIron Crossing Residential (43.35%) 09/24/30 6.50% — 2,183 2,183 Total Floating Rate Debt for Unconsolidated Assets 6.63% $ — $ 14,079 $ 14,079 Total Debt for Unconsolidated Assets 5.57% $ 1,513,186 $ 14,079 $ 1,527,265 Total Debt 4.94% $ 6,191,639 $ 470,419 $ 6,662,058 Percentage to Total 92.94% 7.06% 100.00% The Macerich CompanySupplemental Financial and Operating Information (Unaudited)Outstanding Debt by Maturity Date (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) Effective October 6, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan. (c) Effective November 2, 2026, the loan is in default. The Company is in negotiations with the lender on the terms of this loan. (d) The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%. (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 discount and other issuance costs totaling $16.8 million as of September 30, 2026. (f) The Company has completed transition of the property to a receiver, but is still the owner of record. (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 to these dates. (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 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, 2026. (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.
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29 The Macerich CompanySupplemental Financial and Operating Information (Unaudited)Development and Redevelopment Pipeline Forecast(Dollars in millions)As of September 30, 2026 In-Process Developments and Redevelopments: 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 —$265 43.4% and 51% (d) $125 —$135 $52 2027/2029 (e) 6.75% - 7.75% (f) Green Acres MallValley 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 $82 2026/2027 (g) 10% - 11% Scottsdale Fashion SquareScottsdale, 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%
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30 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) TOTAL $459 —$505 $297 —$330 $171 (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 CompanyCorporate 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 September 30, 2026 $ 26.68 $ 22.00 $ 0.17
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31 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. 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 JohnstoneVice President, Finance & Investor RelationsPhone: 214-373-5252 IR@macerich.com