MACERICH CO

Previous wording

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 or the industry to differ materially from the Company's future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of tariffs and 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 its 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; 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. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including those made in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as our other reports filed with the Securities and Exchange Commission (the "SEC"), which disclosures are 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.

Current wording

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 or the industry to differ materially from the Company's future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of tariffs and 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 its 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. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including those made in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as our other reports filed with the Securities and Exchange Commission (the "SEC"), which disclosures are 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.

Previous wording

The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located 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. (the "Operating Partnership"). As of June 30, 2025, the Operating Partnership owned or had an ownership interest in 39 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and two community/power shopping centers. These 41 regional retail centers and community/power shopping centers consist of approximately 42 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.

Current wording

The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located 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. (the "Operating Partnership"). As of September 30, 2025, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 38 regional retail centers and community/power shopping center consist of approximately 39 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers")

Previous wording

The following discussion is based primarily on the consolidated financial statements of the Company for the three and six months ended June 30, 2025 and 2024. It compares the results of operations for the three months ended June 30, 2025 to the results of operations for the three months ended June 30, 2024. It also compares the results of operations and cash flows for the six months ended June 30, 2025 to the results of operations and cash flows for the six months ended June 30, 2024.

Current wording

The following discussion is based primarily on the consolidated financial statements of the Company for the three and nine months ended September 30, 2025 and 2024. It compares the results of operations for the three months ended September 30, 2025 to the results of operations for the three months ended September 30, 2024. It also compares the results of operations and cash flows for the nine months ended September 30, 2025 to the results of operations and cash flows for the nine months ended September 30, 2024.

Previous wording

On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the Pacific Premier Retail Trust portfolio, which included Los Cerritos Center, Washington Square and Lakewood Center, for a net purchase price of approximately $122.1 million, which included the assumption of the partner's share of property level indebtedness. The Company now owns and has consolidated its 100% interests in these properties in its consolidated financial statements (See Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).

Current wording

On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the Pacific Premier Retail Trust portfolio, which included Los Cerritos Center, Washington Square and Lakewood Center, for a net purchase price of approximately $122.1 million, which included the assumption of the partner's share of property level indebtedness. The Company now owns and has consolidated its 100% interests in these properties in its consolidated financial statements. On August 18, 2025, the Company sold Lakewood Center (See Note 15—Acquisitions and Note 16—Dispositions in the Notes to the Consolidated Financial Statements).

Previous wording

On June 23, 2025, the Company acquired Crabtree Mall, a 1,325,000 square foot regional retail center in Raleigh, North Carolina, for a total purchase price of $290.0 million. The acquisition was initially funded with cash on hand and $100.0 million of borrowings on the Company's credit facility (See Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).

Current wording

On June 23, 2025, the Company acquired Crabtree Mall, a 1,325,000 square foot regional retail center in Raleigh, North Carolina, for a total purchase price of $290.0 million. The acquisition was initially funded with cash on hand and $100.0 million of borrowings on the Company's credit facility (See "Financing Activities" and Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).

Previous wording

On July 30, 2025, the Company's joint venture sold Atlas Park, a 374,000 square foot community center in Queens, New York, for $72.0 million. Concurrent with the sale, the $65.0 million loan ($32.5 million at the Company's share) owed by the joint venture was paid off in full. The Company used its share of the net proceeds for general corporate purposes.

Current wording

On July 30, 2025, the Company's joint venture sold Atlas Park, a 374,000 square foot community center in Queens, New York, for $72.0 million. Concurrent with the sale, the $65.0 million loan ($32.5 million at the Company's share) owed by the joint venture was paid off in full. The Company's share of the gain from this transaction was approximately $12.0 million. The Company used its share of the net proceeds for general corporate purposes.

Previous wording

For the three and six months ended June 30, 2025, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company’s share of the gains on sale of land of $0.1 million and $0.8 million, respectively. The Company’s proceeds from these sales in the three and six months ended June 30, 2025 were $4.0 million and $12.3 million, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

Current wording

For the three and nine months ended September 30, 2025, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company’s share of the gains on sale of land of $1.2 million and $2.0 million, respectively. The Company’s proceeds from these sales in the three and nine months ended September 30, 2025 were $2.0 million and $14.3 million, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

Previous wording

On August 7, 2025, the Company closed on an initial $159.1 million two-year term loan with two one-year extension options on Crabtree Mall. The term loan also allows for additional requested advances of up to $51.2 million based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210.3 million. The new term loan bears interest at a rate of SOFR plus 2.50% (SOFR at the term loan closing date was 4.35%). The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan. The Company used a portion of the net proceeds to fully repay borrowings on the revolving credit facility (See Note 15 – Acquisitions and Note 11 – Bank and Other Notes Payable).

Current wording

On August 7, 2025, the Company closed on an initial $159.1 million two-year term loan with two one-year extension options on Crabtree Mall. The term loan also allows for additional requested advances of up to $51.2 million based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210.3 million. The term loan bears interest at a rate of SOFR plus 2.50%. The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan. The Company used a portion of the net proceeds from this term loan to fully repay borrowings outstanding on the Company's revolving credit facility (See Note 15 – Acquisitions and Note 11 – Bank and Other Notes Payable).

Previous wording

The Company’s joint venture in Scottsdale Fashion Square, a 1,877,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $31.0 million of the total $62.1 million incurred by the joint venture as of June 30, 2025. The opening will be in phases which began in 2024, with anticipated completion in the fourth quarter of 2025.

Current wording

The Company’s joint venture in Scottsdale Fashion Square, a 1,878,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $32.1 million of the total $64.2 million incurred by the joint venture as of September 30, 2025. The opening will be in phases which began in 2024, with anticipated completion in 2027. The majority of tenants are expected to be open in 2026, with a few remaining tenants expected to open in early 2027.

Previous wording

The Company is redeveloping the northeast quadrant of Green Acres Mall, a 2,073,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $25.9 million as of June 30, 2025. The anticipated opening is in 2026 for the majority of the tenants, with one anchor tenant expected to open in 2027.

Current wording

The Company is redeveloping the northeast quadrant of Green Acres Mall, a 2,076,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $31.4 million as of September 30, 2025. The anticipated opening is in 2026 for the majority of the tenants, with one anchor tenant expected to open in 2027.

Previous wording

The Company’s joint venture in FlatIron Crossing, a 1,396,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is expected to be 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $14.9 million of the total $29.2 million incurred by the joint venture as of June 30, 2025. The anticipated opening will be in phases beginning in 2027.

Current wording

The Company’s joint venture in FlatIron Crossing, a 1,390,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $22.8 million of the total $47.7 million incurred by the joint venture as of September 30, 2025. The anticipated opening will be in phases beginning in 2027.

Previous wording

The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2024 and the first two quarters of 2025. On July 31, 2025, the Company announced a third quarter cash dividend of $0.17 per share of its common stock, which will be paid on September 23, 2025 to stockholders of record on September 9, 2025. The dividend amount will be reviewed by the Board on a quarterly basis.

Current wording

The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2024 and the first three quarters of 2025. On October 30, 2025, the Company announced a fourth quarter cash dividend of $0.17 per share of its common stock, which will be paid on December 29, 2025 to stockholders of record on December 15, 2025. The dividend amount will be reviewed by the Board on a quarterly basis.

Previous wording

In connection with the commencement of a separate “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2024, the Company sold 3.7 million shares of common stock for approximately $69.1 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.68. During the three and six months ended June 30, 2025, the Company did not issue any shares of common stock under the 2024 ATM Program. As of June 30, 2025, the Company had approximately $429.3 million of gross sales of its common stock available under the 2024 ATM Program.

Current wording

In connection with the commencement of a separate “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2024, the Company sold 3.7 million shares of common stock for approximately $69.1 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.68. During the three and nine months ended September 30, 2025, the Company sold 2.8 million shares of common stock for approximately $49.7 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.03. As of September 30, 2025, the Company had approximately $378.4 million of gross sales of its common stock available under the 2024 ATM Program.

Previous wording

Most of the leases at the Centers have rent adjustments periodically throughout the lease term. These rent increases are either in fixed increments or based on using an annual multiple of increases in the Consumer Price Index. In addition, the routine expiration of leases for spaces 10,000 square feet and under each year enables the Company to replace existing leases with new leases at higher base rents if the rents of the existing leases are below the then existing market rate. The Company has generally entered into leases that require tenants to pay a stated amount for operating expenses, generally excluding property taxes, regardless of the expenses actually incurred at any Center, which places the burden of cost control on the Company. Additionally, most leases require the tenants to pay their pro rata share of property taxes and utilities. Inflation is expected to have a negative impact on the Company's costs in 2025.

Current wording

Most of the leases at the Centers have rent adjustments periodically throughout the lease term. These rent increases are either in fixed increments or based on using an annual multiple of increases in the Consumer Price Index. In addition, the routine expiration of leases for spaces 10,000 square feet and under each year enables the Company to replace existing leases with new leases at higher base rents if the rents of the existing leases are below the then existing market rate. The Company has generally entered into leases that require tenants to pay a stated amount for operating expenses, generally excluding property taxes, regardless of the expenses actually incurred at any Center, which places the burden of cost control on the Company. Additionally, most leases require the tenants to pay their pro rata share of property taxes and utilities. Inflation is expected to have a negative impact on the Company's operating and capital costs for the remainder of 2025.

Previous wording

For the comparison of the three and six months ended June 30, 2025 to the three and six months ended June 30, 2024, the Acquisition Property is Crabtree Mall (See “Acquisitions” in Management’s Overview and Summary). The JV Transition Centers are Arrowhead Towne Center, Chandler Fashion Center, Lakewood Center, Los Cerritos Center, Washington Square and South Plains Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are The Oaks, Southridge Mall, Wilton Mall, Southpark Mall, and former department store parcels at Valle Vista Mall in Harlingen, Texas and in Petaluma, California (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three and six months ended June 30, 2025 to the three and six months ended June 30, 2024, there are no Redevelopment Properties.

Current wording

For the comparison of the three and nine months ended September 30, 2025 to the three and nine months ended September 30, 2024, the Acquisition Property is Crabtree Mall (See “Acquisitions” in Management’s Overview and Summary). The JV Transition Centers are Arrowhead Towne Center, Chandler Fashion Center, Los Cerritos Center, Washington Square and South Plains Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are The Oaks, Southridge Mall, Wilton Mall, Southpark Mall, Lakewood Center, Valley Mall and former department store parcels at Valle Vista Mall in Harlingen, Texas and in Petaluma, California (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three and nine months ended September 30, 2025 to the three and nine months ended September 30, 2024, there are no Redevelopment Properties.

Previous wording

During the trailing twelve months ended June 30, 2025, comparable tenant sales for spaces less than 10,000 square feet across the portfolio decreased by 0.5% relative to the same period of 2024. The leased occupancy rate of 92.0% at June 30, 2025 represented a 1.3% decrease from 93.3% at June 30, 2024 and a 0.6% sequential decrease compared to the 92.6% occupancy rate at March 31, 2025. Releasing spreads increased as the Company executed leases at an average rent of $70.57 for new and renewal leases executed compared to $63.85 on leases expiring, resulting in a releasing spread increase of $6.73 per square foot, or 10.5%, for the trailing twelve months ended June 30, 2025. This was the Company’s fifteenth consecutive quarter of positive base rent leasing spreads.

Current wording

During the trailing twelve months ended September 30, 2025, comparable tenant sales for spaces less than 10,000 square feet across the portfolio increased by 0.5% relative to the same period of 2024. The leased occupancy rate of 93.4% at September 30, 2025 represented a 0.3% decrease from 93.7% at September 30, 2024 and a 1.4% sequential increase compared to the 92.0% occupancy rate at June 30, 2025. Releasing spreads increased as the Company executed leases at an average rent of $68.75 for new and renewal leases executed compared to $64.89 on leases expiring, resulting in a releasing spread increase of $3.86 per square foot, or 5.9%, for the trailing twelve months ended September 30, 2025. This was the Company’s sixteenth consecutive quarter of positive base rent leasing spreads.

Previous wording

As of June 30, 2025, the Company has executed renewal leases or commitments on 89% of its square footage expiring in 2025, which leases are expected to commence throughout 2025 and 2026 and another 9% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2025, which represent approximately 51,000 square feet of the Centers, are in the prospecting stage.

Current wording

As of September 30, 2025, the Company has executed renewal leases or commitments on 94% of its square footage expiring in 2025, that is anticipated to renew, which leases are expected to commence throughout 2025 and 2026 and another 5% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2025, which represent approximately 25,000 square feet of the Centers, are in the prospecting stage.

Previous wording

The Company has entered into 144 leases for new stores totaling approximately 814,000 square feet that have opened or are planned for opening in 2025, and another 51 leases for new stores totaling approximately 791,000 square feet opening after 2025. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $87 million (at the Company’s pro rata share) in excess of the revenue generated in 2024 from prior uses in the same spaces. This new store leasing pipeline represents a cumulative and incremental estimate and includes open stores, leases signed not yet open, and leases in documentation that will or have commenced from 2024 through 2028. While there may be additional new space openings in 2025, any such leases are not yet executed.

Current wording

The Company has entered into 103 leases for new stores totaling approximately 524,000 square feet that have opened or are planned for opening in 2025, and another 107 leases for new stores totaling approximately 1.3 million square feet opening after 2025. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $99 million (at the Company’s pro rata 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 yet open, and leases in documentation that will or have commenced from 2024 through 2028. While there may be additional new space openings in 2025, any such leases are not yet executed.

Previous wording

During the quarter ended June 30, 2025, the Company signed 118 new leases and 213 renewal leases comprising approximately 1.7 million square feet of GLA. The average tenant allowance was $28.27 per square foot.

Current wording

During the quarter ended September 30, 2025, the Company signed 86 new leases and 193 renewal leases comprising approximately 1.5 million square feet of GLA. The average tenant allowance was $49.58 per square foot.

Previous wording

Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2024 and the first half of 2025, including a strong start to 2025 leasing volume and leasing spreads, operating results in 2025 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's and any future tenant bankruptcies.

Current wording

Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2024 and the first three quarters of 2025, including a strong start to 2025 leasing volume and leasing spreads, operating results in 2025 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's and any future tenant bankruptcies.

Previous wording

Traffic levels at the Company’s Centers for the first half of 2025 increased by 1.6% from 2024 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2025 were $849 compared to $837 for the year ended December 31, 2024. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended June 30, 2025 decreased by 0.3% compared to the same period in 2024.

Current wording

Traffic levels at the Company’s Centers for the first three quarters of 2025 increased by 0.1% from 2024 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended September 30, 2025 were $867 compared to $837 for the year ended December 31, 2024. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended September 30, 2025 increased by 3.1% compared to the same period in 2024.

Previous wording

During the first half of 2025, the Company signed 650 leases for approximately 4.3 million square feet, compared to 459 leases and 2.4 million square feet leased during the same period in 2024, representing a 76% increase in the amount of square footage leased and a 42% increase in the number of leases signed on a comparable center basis.

Current wording

During the first three quarters of 2025, the Company signed 888 leases for approximately 5.4 million square feet, compared to 621 leases and 2.9 million square feet leased during the same period in 2024, representing an 85% increase in the amount of square footage leased and a 43% increase in the number of leases signed on a comparable center basis.

Previous wording

The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended June 30, 2025, the Company signed leases for new stores with new-to-Macerich portfolio uses for 138,000 square feet, with another 280,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.

Current wording

The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended September 30, 2025, the Company signed leases for new stores with new-to-Macerich portfolio uses for 99,000 square feet, with another 346,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.

Previous wording

As of June 30, 2025, the leased occupancy rate was 92.0%, a 1.3% decrease compared to the leased occupancy rate at June 30, 2024 of 93.3% and a 0.6% sequential decrease compared to the 92.6% occupancy rate at March 31, 2025. The decrease was driven primarily by Forever 21 closures.

Current wording

As of September 30, 2025, the leased occupancy rate was 93.4%, a 0.3% decrease compared to the leased occupancy rate at September 30, 2024 of 93.7% and a 1.4% sequential increase compared to the 92.0% occupancy rate at June 30, 2025.

Previous wording

The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2024, there were 13 bankruptcy filings involving the Company’s tenants, including the bankruptcy of Express, totaling 54 leases and representing approximately 369,000 square feet of leased space and $21.7 million of annual leasing revenue at the Company’s share. Year-to-date 2025, there were five bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 62 leases and representing approximately 795,000 square feet of leased space and approximately $11.3 million of annual leasing revenue at the Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2025 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.

Current wording

The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2024, there were 13 bankruptcy filings involving the Company’s tenants, including the bankruptcy of Express, totaling 54 leases and representing approximately 369,000 square feet of leased space and $21.7 million of annual leasing revenue at the Company’s share. Year-to-date 2025, there were seven bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 66 leases and representing approximately 873,000 square feet of leased space and approximately $12.8 million of annual leasing revenue at the Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2025 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.

Previous wording

The Company continues to actively address its near-term, non-recourse loan maturities, with nine completed transactions from the beginning of 2024 through the first half of 2025, totaling approximately $1.8 billion, or approximately $1.6 billion at the Company’s pro rata share. For additional information on the Company’s financing transactions in the year ended 2024 through the date of this Quarterly Report on Form 10-Q, see “Financing Activities” in Management’s Overview and Summary.

Current wording

The Company continues to actively address its near-term, non-recourse loan maturities, with ten completed transactions from the beginning of 2024 through the first three quarters of 2025, totaling approximately $1.9 billion, or approximately $1.7 billion at the Company’s pro rata share. For additional information on the Company’s financing transactions in the year ended 2024 through the date of this Quarterly Report on Form 10-Q, see “Financing Activities” in Management’s Overview and Summary.

Previous wording

Leasing revenue increased by $34.8 million, or 17.6%, from 2024 to 2025. The increase in leasing revenue is attributed to increases of $41.2 million from the JV Transition Centers, $4.0 million from the Same Centers and $1.0 million from the Acquisition Property offset in part by decreases of $10.2 million from the Disposition Properties. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases decreased from $2.5 million in 2024 to $2.0 million in 2025. The amortization of straight-line rents increased from $(0.5) million in 2024 to $0.8 million in 2025. Lease termination income increased from $0.0 million in 2024 to $0.6 million in 2025. Percentage rent increased from $2.9 million in 2024 to $4.1 million in 2025. Provisions for (recovery of) bad debts increased from $(1.5) million in 2024 to $0.8 million in 2025.

Current wording

Leasing revenue increased by $33.8 million, or 16.6%, from 2024 to 2025. The increase in leasing revenue is attributed to increases of $30.6 million from the JV Transition Centers and $11.0 million from the Acquisition Property offset in part by decreases of $4.8 million from the Disposition Properties and $2.1 million from the Same Centers. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases was $0.7 million for both 2024 and 2025. The amortization of straight-line rents increased from $1.1 million in 2024 to $2.2 million in 2025. Lease termination income increased from $0.2 million in 2024 to $0.8 million in 2025. Percentage rent increased from $6.2 million in 2024 to $6.9 million in 2025. Provisions for bad debts increased from $0.1 million in 2024 to $1.0 million in 2025.

Previous wording

Shopping center and operating expenses increased $9.4 million, or 13.3%, from 2024 to 2025. The increase in shopping center and operating expenses is attributed to increases of $8.0 million from the JV Transition Centers, $4.7 million from the Same Centers and $0.1 million from the Acquisition Property offset in part by a decrease of $3.8 million from the Disposition Properties.

Current wording

Shopping center and operating expenses increased $4.6 million, or 6.2%, from 2024 to 2025. The increase in shopping center and operating expenses is attributed to increases of $6.6 million from the JV Transition Centers and $2.8 million from the Acquisition Property offset in part by a decreases of $3.2 million from the Disposition Properties and $2.2 million from the Same Centers.

Previous wording

Management Companies' operating expenses increased $2.4 million from 2024 to 2025 due to an increase in compensation expense.

Current wording

Management Companies' operating expenses increased $1.3 million from 2024 to 2025 due to an increase in compensation expense, including employee severance costs of $0.2 million.

Previous wording

Depreciation and amortization increased $16.8 million from 2024 to 2025. The increase in depreciation and amortization is attributed to an increase of $19.1 million from the JV Transition Centers, $1.5 million from the Same Centers and $0.8 million from the Acquisition Property offset in part by a decrease of $3.9 million from the Disposition Properties. Additionally, the increase is further offset by $0.7 million attributable to Santa Monica Place.

Current wording

Depreciation and amortization increased $17.6 million from 2024 to 2025. The increase in depreciation and amortization is attributed to an increase of $10.6 million from the JV Transition Centers, $6.8 million from the Acquisition Property and $1.0 million from the Same Centers offset in part by a decrease of $2.2 million from the Disposition Properties. Additionally, $1.4 million of the increase is attributable to Santa Monica Place.

Previous wording

Interest expense increased $32.2 million from 2024 to 2025. The increase in interest expense is attributed to increases of $19.6 million from the JV Transition Centers, $15.7 million from the financing arrangement (See Note 12—Financing Arrangement in the Company's Notes to the Consolidated Financial Statements) and $3.2 million from the Same Centers offset in part by decreases of $3.7 million from lower outstanding balances on the Company's revolving credit facility and $2.3 million from the Disposition Properties. The increase in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties and Chandler Fashion Center no longer being accounted for as a financing arrangement (See Note 12—Financing Arrangement in the Notes to the Consolidated Financial Statements).

Current wording

Interest expense increased $15.6 million from 2024 to 2025. The increase in interest expense is attributed to increases of $11.0 million from the JV Transition Centers, $3.2 million from the Same Centers, $0.3 million from the Disposition Properties and $1.8 million from the Acquisition Property offset in part by a decrease of $0.9 million from lower outstanding balances on the Company's revolving credit facility.

Previous wording

Equity in loss of unconsolidated joint ventures decreased $56.4 million from 2024 to 2025. The decrease in equity in loss of unconsolidated joint ventures is primarily due to impairment losses of $53.7 million recognized in 2024 as a result of the reduction in the estimated holding period of properties held by certain unconsolidated joint ventures.

Current wording

Equity in income (loss) of unconsolidated joint ventures increased $84.7 million from 2024 to 2025. The increase in equity in income (loss) of unconsolidated joint ventures is primarily due to impairment losses of $67.0 million recognized in 2024 as a result of the reduction in the estimated holding period of properties held by certain unconsolidated joint ventures and a gain of approximately $12.0 million from the sale of Atlas Park in 2025 (See Note 4—Investments in Unconsolidated Joint Ventures in the Notes to the Consolidated Financial Statements).

Previous wording

Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments decreased from$88.1 million in 2024 to$87.3 million in 2025. For a reconciliation of net (loss) income attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments—diluted, see "Funds From Operations ("FFO")" below.

Current wording

Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments—diluted, see "Funds From Operations ("FFO")" below.

Previous wording

Leasing revenue increased by $78.8 million, or 20.2%, from 2024 to 2025. The increase in leasing revenue is attributed to increases of $88.3 million from the JV Transition Centers, $10.7 million from the Same Centers and $1.0 million from the Acquisition Property offset in part by decreases of $18.8 million from the Disposition Properties and $2.4 million from Santa Monica Place. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases increased from $2.5 million in 2024 to $3.0 million in 2025. Straight-line rents increased from $(3.7) million in 2024 to $0.5 million in 2025. Lease termination income increased from $1.2 million in 2024 to $5.5 million in 2025. Percentage rent increased from $5.5 million in 2024 to $8.4 million in 2025. Provisions for bad debts decreased from $4.4 million in 2024 to $2.4 million in 2025.

Current wording

Leasing revenue increased by $112.5 million, or 19.0%, from 2024 to 2025. The increase in leasing revenue is attributed to increases of $96.2 million from the JV Transition Centers, $8.6 million from the Same Centers and $12.0 million from the Acquisition Property offset in part by decreases of $0.9 million from the Disposition Properties and $3.4 million from Santa Monica Place. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases increased from $3.2 million in 2024 to $3.7 million in 2025. Straight-line rents increased from $(2.6) million in 2024 to $2.7 million in 2025. Lease termination income increased from $1.4 million in 2024 to $6.3 million in 2025. Percentage rent increased from $11.7 million in 2024 to $15.3 million in 2025. Provisions for bad debts decreased from $4.6 million in 2024 to $3.3 million in 2025.

Previous wording

Management Companies' revenue decreased 27.6% from $15.0 million in 2024 to $10.9 million in 2025 primarily due to a decrease in management fees.

Current wording

Management Companies' revenue decreased 26.4% from $22.1 million in 2024 to $16.3 million in 2025 primarily due to a decrease in management fees from the JV Transition Centers.

Previous wording

Shopping center and operating expenses increased $20.4 million, or 14.1%, from 2024 to 2025. The increase in shopping center and operating expenses is attributed to an increase of $8.2 million from the Same Centers, which is primarily due to increased property taxes, maintenance and utilities costs, $18.2 million from the JV Transition Centers and $0.1 million from the Acquisition Property offset in part by a decrease of $6.6 million from the Disposition Properties.

Current wording

Shopping center and operating expenses increased $25.0 million, or 11.4%, from 2024 to 2025. The increase in shopping center and operating expenses is attributed to an increase of $5.9 million from the Same Centers, which is primarily due to increased property taxes, maintenance and utilities costs, $18.6 million from the JV Transition Centers and $3.0 million from the Acquisition Property offset in part by a decrease of $3.5 million from the Disposition Properties.

Previous wording

Leasing expenses increased from $9.6 million in 2024 to $10.6 million in 2025 primarily due to an increase in compensation expense.

Current wording

Leasing expenses increased from $30.0 million in 2024 to $32.5 million in 2025 due primarily to an increase in compensation expense.

Previous wording

Management Companies' operating expenses increased $4.0 million from 2024 to 2025 due primarily to an increase in compensation expense, including employee severance costs increase of $1.4 million.

Current wording

Management Companies' operating expenses increased $5.3 million from 2024 to 2025 due primarily to an increase in compensation expense, including employee severance costs increase of $1.6 million.

Previous wording

Depreciation and amortization increased $41.0 million from 2024 to 2025. The increase in depreciation and amortization is attributed to increases of $43.1 million from the JV Transition Centers, $4.5 million from the Same Centers and $0.8 million from the Acquisition Property offset in part by a decrease of $7.3 million from the Disposition Properties.

Current wording

Depreciation and amortization increased $58.6 million from 2024 to 2025. The increase in depreciation and amortization is attributed to increases of $45.3 million from the JV Transition Centers, $5.8 million from the Same Centers and $7.5 million from the Acquisition Property offset in part by a decrease of $1.3 million from the Disposition Properties. Additionally, $1.3 million of the increase is attributable to Santa Monica Place.

Previous wording

Interest expense increased $49.0 million from 2024 to 2025. The increase in interest expense is attributed to increases of $39.2 million from the JV Transition Centers, $11.3 million from the financing arrangement discussed in Note 12 in the Company's Notes to the Consolidated Financial Statements and $5.4 million from the Same Centers offset in part by decreases of $5.8 million from lower outstanding balances on the Company's revolving credit facility and $4.5 million from the Disposition Properties. Additionally, $3.4 million of the increase is attributable to Santa Monica Place, which includes default interest expense of $6.0 million. The increase in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties and Chandler Fashion Center no longer being accounted for as a financing arrangement (See Note 12—Financing Arrangement in the Notes to the Consolidated Financial Statements).

Current wording

Interest expense increased $64.6 million from 2024 to 2025. The increase in interest expense is attributed to increases of $38.2 million from the JV Transition Centers, $11.3 million from the financing arrangement discussed in Note 12 in the Company's Notes to the Consolidated Financial Statements, $8.7 million from the Same Centers, $7.8 million from the Disposition Properties and $1.8 million from the Acquisition Property offset in part by a decrease of $6.7 million from lower outstanding balances on the Company's revolving credit facility. Additionally, $3.5 million of the increase is attributable to Santa Monica Place, which includes default interest expense of $9.1 million. The increase in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties and Chandler Fashion Center no longer being accounted for as a financing arrangement (See Note 12—Financing Arrangement in the Notes to the Consolidated Financial Statements).