Financial Analysis

Acquisitions: MS Portfolio LLC: On May 18, 2023, the Company acquired Seritages remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements. The following is a summary of the allocation of the fair value of the former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square: Land $ 10,869 Building and improvements 39,359 Construction in progress 38,000 Deferred charges 6,821 Other accrued liabilities (below-market lease) (1,649) Fair value of acquired net assets (at 100% ownership) $ 93,400 Freehold Raceway Mall: On November 16, 2023, the Company acquired its joint venture partners 49.9% ownership interest in Freehold Raceway Mall for $5,587 and the assumption of its joint venture partners share of debt. The Company now owns 100% interest of this property. Prior to November 16, 2023, the Company accounted for its investment in Freehold Raceway Mall as part of a financing arrangement (See Note 12 Financing Arrangement). Fashion District Philadelphia: On December 9, 2023, the Company acquired its joint venture partners 50% in …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies: As of December 31, 2025, the Company was contingently liable for $984 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified 17. Commitments and Contingencies: (Continued) in the relevant agreement. At December 31, 2025, the Company had $84,239 in outstanding obligations, which it believes will be settled in the next twelve months.

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Bank and Other Notes Payable: Bank and other notes payable at December 31, 2025 and 2024 consist of the following: Credit Facility: On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amended and restated their prior credit agreement, and provides for an aggregate $650,000 revolving credit facility that matures on February 1, 2027, with a one-year extension option. The revolving credit facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the revolving credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Companys subsidiaries. The revolving credit facility bears interest, at the Operating Partnerships option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Companys overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. As of December 31, 2025 and 2024, the borrowing rate was SOFR plus a spread of 2.10% and 2.35%, respectively. As of December 31, 2025, there were no borrowings outstanding under the revolving credit facility. Unamorti …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Share and Unit-based Plans: The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees. 2003 Equity Incentive Plan: The 2003 Equity Incentive Plan (""2003 Plan"") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2025, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights (""SARs"") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 26,112,331 shares. As of December 31, 2025, there were 6,123,193 shares available for issuance under the 2003 Plan. Stock Units: The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Income Taxes: For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2025, 2024 and 2023: 2025 2024(1) 2023(2) Ordinary income $ % $ % $ 0.36 53.0 % Capital gains % 0.36 52.9 % 0.32 47.0 % Return of capital 0.68 100.0 % 0.32 47.1 % % Dividends paid $ 0.68 100.0 % $ 0.68 100.0 % $ 0.68 100.0 % _______________________________________________________________________________ (1) The 2024 capital gains are treated as ""unrecaptured Section 1250 gains."" (2) The 2023 ordinary income is treated as ""qualified REIT dividends"" for purposes of Section 199A of the Code and the 2023 capital gains are treated as ""unrecaptured Section 1250 gains."" The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. 21. Income Taxes: (Continued) The income tax provision of the TRSs for the year ended December 31, 2025 is as follows (ASU 2023-09 Presentation): 2025(1)(2) Current tax benefit US federal $ US state and local Total current tax benefit $ Deferred tax benefit US federal $ 1,869 US state and local 324 Total deferred tax benefit $ 2, …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements: In December 2023, the Financial Accounting Standards Board (the ""FASB"") issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company adopted ASU 2023-09 on a prospective basis beginning with its fiscal year ended December 31, 2025. The adoption of ASU 2023-09 did not have any material impact on the Company's consolidated financial statements as the primary change was the inclusion of additional disclosures related to the Company's Taxable REIT subsidiaries (See Note 21 Income Taxes). In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (""ASU 2024-03""). The amendments in ASU 2024-03 apply to all public business entities and require disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the ""Plan""). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company, LLC and participating affiliates. In accordance with the Plan, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2025, 2024 and 2023, these matching contributions made by the Company were $3,868, $3,644 and $3,593, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which executives and key employees of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $446, $492 and $463 to the plans during the years ended December 31, 2025, 2024 and 2023, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures for the years ended December 31: 2025 2024 2023 Management fees $ 14,593 $ 17,518 $ 18,144 Development and leasing fees 7,532 9,018 9,201 $ 22,125 $ 26,536 $ 27,345 Interest (income) expense from related party transactions also includes $(11,264) and $(24,206) for the years ended December 31, 2024 and 2023, respectively, in connection with the Financing Arrangement (See Note 12Financing Arrangement). Due from affiliates includes $2,449 and $1,840 of unreimbursed costs and fees from unconsolidated joint ventures under management agreements at December 31, 2025 and 2024, respectively. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"Segment Reporting: The Company operates as one operating segment and 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's chief operating decision maker (""CODM"") is the chief executive officer, who reviews financial information presented on a consolidated basis. The CODM assesses performance for the Company's single reportable segment and decides how to allocate resources based on consolidated net income (see the Consolidated Statements of Operations). The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. The accounting policies of the Companys single reportable segment are the same as those described in the summary of significant accounting policies. As the Company's operations comprise of a single reporting segment, the measure of segment assets is reported in the accompanying consolidated balance sheets as Total assets. Consolidated net income, which is reported in the accompanying Consolidated Statements of Operations as Net loss attributable to the Company is the measure of segment profit or loss that is most consistent with GAAP that is regularly reviewed by the CODM. Consolidated net income is used by the CODM in assessing the performance of the segment and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations." …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Stockholders' Equity: Stock Offerings: In connection with the commencement of an at the market offering program on March 26, 2021, which is referred to as the 2021 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 $500,000 under the 2021 ATM Program. During the year ended December 31, 2024, the Company issued 9,401,596 shares of common stock under the 2021 ATM Program for aggregate gross proceeds of $151,699 and net proceeds of $148,624 after commissions and other transaction costs. The proceeds from the sales under the 2021 ATM Program were used to pay down the Company's revolving credit facility (See Note 11Bank and Other Notes Payable). As of December 31, 2024, the 2021 ATM Program was fully utilized and is no longer active. 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 $500,000 under the 2024 ATM Program. During the year ended December 31, 2024, the Company issued 3,709,322 shares of common stock under the 2024 ATM Program for aggregate gross proceeds of $70,706 and net proceeds of $69,057 after commissions and ot …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events: On January 15, 2026, the Company sold an additional outparcel at Washington Square in Portland, Oregon for $13,000 and used the net proceeds of approximately $12,409 for general corporate purposes. On February 12, 2026, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unit holders of record on March 16, 2026. All dividends/distributions will be paid 100% in cash on March 30, 2026. On February 6, 2026, the Company extended the loan maturity on the $200,000 loan at South Plains Mall to November 6, 2029, at the existing rate of 4.22%. The loan was previously in default as of November 6, 2025. Effective February 6, 2026, the $76,500 loan (at the Companys pro rata share) at Twenty Ninth Street went into default. The Companys joint venture is in negotiations with the lender on the terms of this loan. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies: As of September 30, 2025, the Company was contingently liable for $6,484 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At September 30, 2025, the Company had $80,988 in outstanding obligations, which it believes will be settled in the next twelve months.

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Bank and Other Notes Payable: Bank and other notes payable consist of the following: Credit Facility: On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amended and restated their prior credit agreement, and provides for an aggregate $650,000 revolving credit facility that matures on February 1, 2027, with a one-year extension option. The revolving credit facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the revolving credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Companys subsidiaries. The revolving credit facility bears interest, at the Operating Partnerships option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Companys overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. As of September 30, 2025, the borrowing rate was SOFR plus a spread of 2.10%. As of September 30, 2025, there were no borrowings outstanding under the revolving credit facility. Unamortized deferred finance costs were $8,837 as of September 30, 20 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Share and Unit-Based Plans: Under the Long-Term Incentive Plan (""LTIP""), each award recipient is issued a form of operating partnership units (""LTIP Units"") in the Operating Partnership or form of restricted stock units (together with the LTIP Units, the ""LTI Units""). Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTI Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include market-indexed awards, performance-based awards and service-based awards. The market-indexed LTI Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the ""Total Return"") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The 2025 performance-based LTI Units are all market-indexed awards. During the nine months ended September 30, 2025, the Company granted the following LTI Units: Grant Date Units Type Fair Value per LTI Unit Vest Date 2/21/2025 193,776 Service-based $20.88 12/31/2027 2/21/2025 504,780 Performance-based $34.81 12/31/2027 698,556 The fair value of the service-based LTI Units was determined by the market price of the Company's common s …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries (""TRSs"") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Current $ $ $ $ Deferred 710 (545) 1,720 421 Total income tax benefit (expense) $ 710 $ (545) $ 1,720 $ 421 The net operating loss (""NOL"") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2031. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. Net deferred tax assets of $27,044 and $25,324 were included in deferred charges and other assets, net at September 30, 2025 and December 31, 2024, respectively. The Company is required to establish a valuation allowance for any portion …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements: In December 2023, the Financial Accounting Standards Board (the ""FASB"") issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. The Company has determined that ASU 2023-09 will not have a material impact on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 apply to all public business entities and require disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of adopting ASU 2024-03. In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The ame …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: 18. Related Party Transactions: (Continued) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Management fees $ 3,639 $ 4,473 $ 10,432 $ 13,156 Development and leasing fees 1,727 2,236 5,299 6,805 $ 5,366 $ 6,709 $ 15,731 $ 19,961 Interest expense from related party transactions was $0 for the three months ended September 30, 2025 and 2024, and $0 and $(11,264) for the nine months ended September 30, 2025 and 2024, respectively, in connection with the financing arrangement (See Note 12Financing Arrangement). Due from affiliates includes $1,709 and $1,840 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies at September 30, 2025 and December 31, 2024, respectively. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"Segment Reporting: The Company operates as one operating segment and 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's Chief Operating Decision Maker (""CODM"") is the chief executive officer, who reviews financial information presented on a consolidated basis. The CODM assesses performance for the Company's single reportable segment and decides how to allocate resources based on consolidated net income (see the Consolidated Statements of Operations). The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. The accounting policies of the Companys single reportable segment are the same as those described in the summary of significant accounting policies. As the Company's operations comprise of a single reporting segment, the measure of segment assets is reported in the accompanying consolidated balance sheets as Total assets. Consolidated net income, which is reported in the accompanying Consolidated Statements of Operations as Net (loss) income attributable to the Company is the measure of segment profit or loss that is most consistent with GAAP that is regularly reviewed by the CODM. Consolidated net income is used by the CODM in assessing the performance of the segment and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations. …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Stockholders' Equity: Stock Offerings In connection with the commencement of an at the market offering program on March 26, 2021, which is referred to as the 2021 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 $500,000 under the 2021 ATM Program. During the three and nine months ended September 30, 2024, the Company issued 9,401,596 shares of common stock under the 2021 ATM Program for aggregate gross proceeds of $151,699 and net proceeds of $148,624 after commissions and other transaction costs. As of December 31, 2024, the 2021 ATM Program was fully utilized and is no longer active. 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 $500,000 under the 2024 ATM Program. During the three and nine months ended September 30, 2025, the Company issued 2,783,330 shares of common stock under the 2024 ATM Program for aggregate gross proceeds of $50,187 and net proceeds of $49,044 after commissions and other transaction costs. In addition, the Company sold additional common stock under the 2024 ATM Program at the end of the qua …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events: On October 30, 2025, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on December 15, 2025. All dividends/distributions will be paid in cash on December 29, 2025.

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