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; 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.

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 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. 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, 2025, 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 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")

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 March 31, 2026, 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 one 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") 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.

Previous 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.

Current wording

The following discussion is based primarily on the consolidated financial statements of the Company for the three months ended March 31, 2026 and 2025. It compares the results of operations for the three months ended March 31, 2026 to the results of operations for the three months ended March 31, 2025. It also compares the results of operations and cash flows for the three months ended March 31, 2026 to the results of operations and cash flows for the three months ended March 31, 2025.

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 "Financing Activities" and Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).

Current wording

On June 23, 2025, the Company acquired Crabtree Mall, a 1,320,000 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 revolving credit facility (See "Financing Activities" and Note 14—Acquisitions in the Notes to the Consolidated Financial Statements).

Previous wording

For the twelve months ended December 31, 2024, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company's share of the gain on sale of land of $2.8 million. The Company used its share of the proceeds from these sales of $6.1 million to pay down debt and for other general corporate purposes.

Current wording

For the twelve months ended December 31, 2025, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company’s share of the gain on sale of land of $7.1 million. The Company used its share of the proceeds from these sales of $20.1 million to pay down debt and for other general corporate purposes.

Previous 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.

Current wording

The Company’s joint venture in Scottsdale Fashion Square, a 1,875,000 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 $34.3 million of the total $68.6 million incurred by the joint venture as of March 31, 2026. 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 2,076,000 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.

Current wording

The Company is redeveloping the northeast quadrant of Green Acres Mall, a 1,899,000 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 $51.8 million as of March 31, 2026. The majority of the tenants are expected to open in 2026 or 2027.

Previous 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.

Current wording

The Company’s joint venture in FlatIron Crossing, a 1,400,000 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 $37.8 million of the total $80.0 million incurred by the joint venture as of March 31, 2026. 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 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.

Current wording

The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2025. On February 12, 2026, the Company announced a first quarter cash dividend of $0.17 per share of its common stock, which was paid on March 30, 2026 to stockholders of record on March 16, 2026. On May 4, 2026, the Company announced a second quarter cash dividend of $0.17 per share of its common stock, which will be paid on June 29, 2026 to stockholders of record on June 15, 2026. 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 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.

Current wording

In connection with the commencement of an “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, 2025, the Company sold 3.1 million shares of common stock for approximately $53.9 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.04. During the three months ended March 31, 2026, the Company sold 3.5 million shares of common stock for approximately $65.5 million of net proceeds through the 2024 ATM Program at a weighted average price of $19.00. As of March 31, 2026, the Company had approximately $307.3 million of gross sales of its common stock available under the 2024 ATM Program. Subsequent to quarter end, the Company sold 0.9 million shares of common stock for approximately $18.3 million of net proceeds through the 2024 ATM Program at a weighted average price of $19.99 per share.

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 operating and capital costs for the remainder of 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 had a negative impact on the Company's costs in 2025 and is expected to have a negative impact on the Company's costs in 2026.

Previous 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.

Current wording

For the comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025, the Acquisition Property is Crabtree Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are Wilton Mall, Southpark Mall, Lakewood Center, Valley Mall, a former department store parcel in Petaluma, California and the outparcel sales at Los Cerritos Mall in Los Cerritos, California and Washington Square in Portland, Oregon (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025, there are no Redevelopment Properties or JV Transition Centers.

Previous wording

The Company considers tenant annual sales, occupancy rates (excluding large retail stores or “Anchors”) and releasing spreads (i.e., a comparison of initial average base rent per square foot on leases executed during the trailing twelve months to average base rent per square foot at expiration for the leases expiring during the trailing twelve months based on the spaces 10,000 square feet and under) to be key performance indicators of the Company’s internal growth.

Current wording

The Company considers tenant annual sales and occupancy rates (excluding large retail stores or “Anchors”) to be key performance indicators of the Company’s internal growth.

Previous 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.

Current wording

During the trailing twelve months ended March 31, 2026, comparable tenant sales for spaces less than 10,000 square feet across the portfolio increased by 3.8% relative to the first quarter of 2025. The leased occupancy rate of 93.4% at March 31, 2026 represented a 0.8% increase from 92.6% at March 31, 2025 and a 0.6% sequential decrease compared to the 94.0% occupancy rate at December 31, 2025.

Previous 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.

Current wording

As of March 31, 2026, the Company has executed renewal leases or commitments on 90% of its square footage expiring in 2026, that is anticipated to renew, which leases are expected to commence throughout 2026 and 2027 and another 9% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2026, which represent approximately 16,000 square feet of the Centers, are in the prospecting stage.

Previous 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.

Current wording

The Company has entered into 169 leases for new stores totaling approximately 1.0 million square feet that have opened or are planned for opening in 2026, and another 56 leases for new stores totaling approximately 1.5 million square feet opening after 2026. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $116 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 2026, any such leases are not yet executed.

Previous 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.

Current wording

During the quarter ended March 31, 2026, the Company signed 93 new leases and 176 renewal leases comprising approximately 1.6 million square feet of GLA. The average tenant allowance was $49.65 per square foot.

Previous wording

•Deleverage the capital structure, with a focus on reducing the Company's Net Debt to Adjusted EBITDA leverage ratio over the next three to four years;

Current wording

•Deleverage the capital structure, with a focus on reducing the Company's Net Debt to Adjusted EBITDA leverage ratio over the next two to three years;

Previous wording

•Deliver a post-deleveraging Funds From Operations ("FFO") launch point goal over the next three to four years;

Current wording

•Deliver a post-deleveraging Funds From Operations ("FFO") launch point goal over the next two to three years;

Previous wording

•Position the Company to take an offensive stance on acquisitions, reinvestment and selected development.

Current wording

•Position the Company to take an offensive stance on strategic acquisitions, reinvestment and targeted development.

Previous wording

The Company may achieve these goals through a variety of methods and the timing, extent and impact of any transactions that the Company has or will undertake while implementing the Path Forward Plan may vary and evolve. In order to deleverage its capital structure, the Company may pursue asset dispositions and acquisitions, experience organic growth in EBITDA as tenants in its lease pipeline open for business, be selective about undertaking new development and redevelopment projects, and/or issue common stock. Asset sales will focus on whether a property is core to the Company’s strategy and may include defaulting on certain mortgage debts on the Company’s properties and giving possession of such secured properties to the lender. Additionally, as part of the Path Forward Plan, the Company is targeting for disposition certain outparcels, freestanding retail assets, non-enclosed mall assets and vacant land. The Company also began acquiring properties in June 2025 with the acquisition of Crabtree Mall and will continue to look for other strategic acquisition opportunities that would compliment the Company's portfolio.

Current wording

The Company may achieve these goals through a variety of methods and the timing, extent and impact of any transactions that the Company has or will undertake while implementing the Path Forward Plan may vary and evolve. In order to deleverage its capital structure, the Company may pursue asset dispositions and acquisitions, experience organic growth in EBITDA as tenants in its lease pipeline open for business, be selective about undertaking new development and redevelopment projects, and/or issue common stock. Asset sales will focus on whether a property is core to the Company’s strategy and may include defaulting on certain mortgage debts on the Company’s properties and giving possession of such secured properties to the lender. Additionally, as part of the Path Forward Plan, the Company is targeting for disposition certain outparcels, freestanding retail assets, non-enclosed mall assets and vacant land. The Company also began acquiring properties in June 2025 with the acquisition of Crabtree Mall and the recent acquisition of Annapolis Mall, and will continue to look for other strategic acquisition opportunities that would complement the Company's portfolio.

Previous wording

In May 2025, as a further update to the Company’s Path Forward Plan and to provide a strategic disposition plan that refines the portfolio and creates a more focused platform for growth, the Company identified the following Centers as the go-forward portfolio Centers (the “Go-Forward Portfolio Centers”). The Go-Forward Portfolio Centers are subject to change.

Current wording

As a further update to the Company’s Path Forward Plan and to provide a strategic disposition plan that refines the portfolio and creates a more focused platform for growth, the Company identified the following Centers as the go-forward portfolio Centers as of March 31, 2026 (the “Go-Forward Portfolio Centers”). The Go-Forward Portfolio Centers are subject to change.

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 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.

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 2025 and the first quarter of 2026, operating results in 2026 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 resulting store closures, and any future tenant bankruptcies.

Previous 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.

Current wording

Traffic levels at the Company’s Centers for the first quarter of 2026 increased by 0.5% from 2025 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 March 31, 2026 were $899 compared to $881 for the year ended December 31, 2025. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended March 31, 2026 increased by 3.8% compared to the same period in 2025.

Previous 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.

Current wording

During the first quarter of 2026, the Company signed 269 leases for approximately 1.61 million square feet, compared to 295 leases and 1.57 million square feet leased during the first quarter of 2025, representing a 2.5% increase in the amount of square footage leased on a comparable center basis, excluding a 900,000 square foot multi-location anchor renewal package executed in the prior-year period.

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 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.

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 March 31, 2026, the Company signed leases for new stores with new-to-Macerich portfolio uses for 80,000 square feet, with another 359,000 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 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.

Current wording

As of March 31, 2026, the leased occupancy rate was 93.4%, a 0.8% increase compared to the leased occupancy rate at March 31, 2025 of 92.6% and a 0.6% sequential decrease compared to the 94.0% occupancy rate at December 31, 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 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.

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, 2025, there were eight bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 67 leases and representing approximately 873,000 square feet of leased space and approximately $12.9 million of annual leasing revenue at the Company’s share. Year-to-date 2026, there were four bankruptcy filings involving the Company’s tenants, including Saks Global LLC, totaling 14 leases and representing approximately 182,000 square feet of leased space and approximately $3.1 million of annual leasing revenue at the

Previous wording

During 2025, the Company expects to generate positive cash flow after recurring operating capital expenditures, leasing capital expenditures and payment of dividends. This assumption does not include any potential capital generated from dispositions, refinancings or issuances of common stock. To the extent available, any excess cash flow may be used to fund the Company’s development and redevelopment pipeline and/or de-lever the Company’s balance sheet.

Current wording

During 2026, the Company expects to generate positive cash flow after recurring operating capital expenditures, leasing capital expenditures and payment of dividends. This assumption does not include any potential capital generated from dispositions, refinancings or issuances of common stock. To the extent available, any excess cash flow may be used to fund the Company’s development and redevelopment pipeline, acquisitions and/or de-lever the Company’s balance sheet.

Previous 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.

Current wording

The Company continues to actively address its near-term, non-recourse loan maturities, with five completed transactions from the beginning of 2025 through the date of this Quarterly Report on Form 10-Q, totaling approximately $954.7 million, or approximately $829.5 million at the Company’s pro rata share. For additional information on the Company’s financing transactions in the year ended 2025 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 $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.

Current wording

Leasing revenue decreased by $9.7 million, or 4.1%, from 2025 to 2026. The decrease in leasing revenue is attributed to decreases of $16.4 million from the Disposition Properties, $2.3 million from the Same Centers and $2.2 million from Santa Monica Place offset in part by $11.2 million from the Acquisition Property. 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 $1.0 million in 2025 to $1.4 million in 2026. Straight-line rents increased from $(0.3) million in 2025 to $1.3 million in 2026. Lease termination income decreased from $4.9 million in 2025 to $0.1 million in 2026. Percentage rent increased from $4.3 million in 2025 to $5.9 million in 2026. Provisions for bad debts decreased from $1.6 million in 2025 to $1.2 million in 2026.

Previous 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.

Current wording

Management Companies' revenue increased 33.0% from $4.9 million in 2025 to $6.5 million in 2026 primarily due to an increase in development fees.

Previous wording

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

Current wording

Leasing expenses increased from $11.2 million in 2025 to $13.8 million in 2026 due primarily to an increase in compensation expense.

Previous 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.

Current wording

Management Companies' operating expenses increased $1.6 million from 2025 to 2026 due primarily to an increase in compensation expense.

Previous 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.

Current wording

Depreciation and amortization decreased $9.5 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $8.3 million from the Same Centers, $6.8 million from the Disposition Properties and $0.7 million from Santa Monica Place offset in part by an increase of $6.3 million from the Acquisition Property.

Previous 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.

Current wording

Interest expense decreased $1.6 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $6.1 million from the Disposition Properties, $1.4 million from lower outstanding balances on the Company's revolving credit facility and $0.2 million from Santa Monica Place offset in part by increases of $3.5 million from the Same Centers and $2.6 million from the Acquisition Property.

Previous wording

Equity in income (loss) of unconsolidated joint ventures increased $213.5 million from 2024 to 2025. The increase in equity in income (loss) of unconsolidated joint ventures is primarily due to the write-down of the Company's investment in Los Angeles Premium Outlets of $57.7 million during the first quarter of 2024 and impairment losses of $120.6 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

Gain (loss) on sale or write down of assets, net increased $20.8 million from 2025 to 2026. The increase is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square offset in part by $3.1 million relating to the write off of development costs in 2026 and impairment losses in 2025 of $13.3 million recognized as a result of the reduction in the estimated holding period of certain properties.

Previous wording

Net (loss) income decreased $204.6 million from 2024 to 2025. The decrease in net (loss) income is primarily due to the gains recognized in 2024 of $334.3 million relating to Chandler Fashion Center along with the other variances noted above.

Current wording

Net loss decreased $14.3 million from 2025 to 2026. The decrease in net loss is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square along with the other variances noted above.

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 increased 7.8% from$248.7 millionin 2024 to$268.1 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

Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders, as adjusted,—diluted, increased 2.9% from$89.8 millionin 2025 to$92.4 million in 2026. For a reconciliation of net loss 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, as adjusted,diluted, see "Funds From Operations ("FFO")" below.

Previous wording

Cash provided by operating activities increased $42.8 million from 2024 to 2025. The increase is primarily due to the changes in assets and liabilities and the results, as discussed above.

Current wording

Cash provided by operating activities decreased $11.1 million from 2025 to 2026. The decrease is primarily due to the changes in assets and liabilities and the results, as discussed above.