Core Viewpoint - Themac Resources Group Limited has received a decision from the New Mexico State Engineer denying its application for the transfer of water rights for the Copper Flat Project, prompting the company to explore alternative water management solutions [2][3]. Group 1: Water Rights Application - Themac entered into an agreement in April 2019 to lease 2,400 acre-feet of Santa Teresa water rights for the Copper Flat Mine [1]. - An application to change the point of diversion and the purpose of use was filed in August 2019, with an administrative hearing held in August 2023 [1]. Group 2: Decision and Next Steps - The New Mexico State Engineer has denied the application, and the company is currently reviewing the decision and considering its next steps [2]. Group 3: Alternative Water Management Solutions - Themac has been investigating alternative options for more economically favorable and sustainable water management systems that would eliminate the need for Santa Teresa water rights [3]. - One of the options being evaluated is dry stack tailings technology, which aims for safer and more sustainable waste management at the Copper Flat site, with feasibility studies at an advanced stage [3].

Company Overview - Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT) focused on high-quality retail real estate in densely populated U.S. markets [2] - The company's portfolio includes 40 million square feet of real estate, primarily consisting of interests in 37 retail centers [2] - Macerich has achieved a 1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years from 2015 to 2024 [2] Upcoming Events - The company will present at the BofA Securities 2025 Global Real Estate Conference in New York on September 9, 2025, at 1:30 p.m. Eastern [1] - A live audio-only webcast of the presentation will be available on the company's Investor Relations website, with an online replay accessible afterward [1] Investor Relations - Macerich utilizes its Investor Relations website to disclose material nonpublic information and comply with Regulation FD [3] - Additional information can be found on social media platforms such as LinkedIn [3] - Reconciliations of non-GAAP financial measures to GAAP measures are available in the earnings release and supplemental filings on the Investor Relations website [3]

Core Viewpoint - THEMAC Resources Group Limited has entered into an arrangement agreement with Tulla Resources Group Pty. Ltd. for a going private transaction, where Tulla will acquire all outstanding common shares not already owned by it for cash consideration of $0.08 per share, representing an approximately 11% premium to the 20-day volume-weighted average trading price prior to the announcement [1]. Group 1: Transaction Details - The arrangement will be executed under the Yukon Business Corporations Act, and Tulla currently controls approximately 60.39% of the Company's outstanding shares [1]. - A special meeting of shareholders is scheduled for October 7, 2025, to approve the arrangement, requiring at least two-thirds of the votes cast and a simple majority excluding certain shares held by Tulla and related parties [2]. - The board of directors has unanimously determined that the arrangement is in the best interests of the Company and fair to shareholders, based on recommendations from a special committee of independent directors [4]. Group 2: Shareholder Support - In addition to Tulla's shares, certain directors and significant shareholders holding 14,804,130 common shares, representing 18.64% of the total, have entered into Voting and Support Agreements to vote in favor of the arrangement [5]. - 90.78% of the locked-up shareholders are affiliates or associates of Tulla, indicating strong support for the transaction [5]. Group 3: Valuation and Fairness - The recommendation for the transaction was based on a comprehensive valuation report and fairness opinion prepared by an independent valuator, which concluded that the consideration is fair to minority shareholders [9]. - A summary of the valuation and fairness opinion will be included in the information circular to be sent to shareholders [10]. Group 4: Conditions and Timeline - The transaction is subject to approval by the Supreme Court of Yukon and the TSX Venture Exchange, with an expected closing in mid to late October 2025 [8]. - Upon completion, the shares will be delisted from the TSXV, and the Company will apply to cease being a reporting issuer in applicable provinces [8].

Core Insights - The Macerich Company (MAC) reported Q2 2025 FFO per share of 32 cents, missing the Zacks Consensus Estimate of 34 cents and down from 44 cents in the prior-year quarter [1][10] - Quarterly revenues reached $249.8 million, reflecting a 15.9% increase year-over-year and beating the Zacks Consensus Estimate by 3.35% [2][10] Financial Performance - Portfolio tenant sales per square foot for spaces under 10,000 square feet increased to $849 from $835 year-over-year [3] - In Q2, MAC signed leases for 1.7 million square feet, representing a 137% increase in leased square footage year-over-year [3] - Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 2.4% year-over-year to $181.2 million [4] - Base rent re-leasing spreads were 10.5% higher than expiring base rent, marking the 15th consecutive quarter of positive spreads [4] Occupancy and Expenses - Portfolio occupancy was 92% as of June 30, 2025, down from 93.3% a year earlier, primarily due to Forever 21 closures [5] - Shopping center and operating expenses increased 13.3% year-over-year to $79.8 million, while management companies' operating expenses grew 12.4% to $21.9 million [5] - Interest expenses surged 80.9% year-over-year to $71.9 million [6] Portfolio Activity - In April 2025, MAC sold SouthPark for $11 million and acquired Crabtree Mall for $290 million in June 2025 [7] - A joint venture closed the sale of Atlas Park for $72 million in July 2025 [7] Balance Sheet - As of August 11, 2025, MAC had approximately $915 million in liquidity, including $650 million available on its revolving line of credit [8]

Core Insights - Macerich reported revenue of $249.79 million for the quarter ended June 2025, reflecting a 15.9% increase year-over-year and a surprise of +3.35% over the Zacks Consensus Estimate of $241.7 million [1] - The company's EPS was $0.32, down from $1.16 in the same quarter last year, with an EPS surprise of -5.88% compared to the consensus estimate of $0.34 [1] Financial Performance Metrics - Minimum rents generated $155.47 million, exceeding the estimated $150.4 million, marking a +17.4% change year-over-year [4] - Management Companies revenues were $5.94 million, slightly below the estimated $6.11 million, representing a -12.4% change year-over-year [4] - Tenant recoveries amounted to $66.83 million, surpassing the average estimate of $64.36 million, with a +14.4% year-over-year change [4] - Percentage rents were reported at $4.15 million, compared to the estimated $5.16 million, indicating a +43.8% change year-over-year [4] - Net Earnings Per Share (Diluted) was reported at $-0.16, compared to the average estimate of $-0.10 [4] Stock Performance - Over the past month, Macerich shares returned +2.5%, slightly underperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Company Performance - Macerich reported quarterly funds from operations (FFO) of $0.32 per share, missing the Zacks Consensus Estimate of $0.34 per share, and down from $0.44 per share a year ago, representing an FFO surprise of -5.88% [1] - The company posted revenues of $249.79 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.35%, compared to year-ago revenues of $215.52 million [2] - Over the last four quarters, Macerich has surpassed consensus revenue estimates four times, but has only exceeded consensus FFO estimates once [2] Stock Performance - Macerich shares have declined approximately 16.2% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current consensus FFO estimate for the coming quarter is $0.36 on revenues of $250.05 million, and for the current fiscal year, it is $1.48 on revenues of $1.02 billion [7] Industry Outlook - The REIT and Equity Trust - Retail industry, to which Macerich belongs, is currently in the top 30% of over 250 Zacks industries, indicating a favorable outlook [8]

Financial Data and Key Metrics Changes - FFO excluding certain expenses was approximately $87 million or $0.33 per share for Q2 2025, with a notable increase in NOI for the go forward portfolio centers by 2.4% compared to 2024 [29][30][31] - Net debt to EBITDA at the end of Q2 was 7.9x, nearly a full turn lower than at the outset of the Path Forward Plan [32] Business Line Data and Key Metrics Changes - Year-to-date leasing volume reached 4.3 million square feet, significantly higher than the same period in 2024, with a 40% increase in lease signings and 75% more square footage [20][21] - Trailing twelve-month leasing spreads remained positive at 10.5%, marking 15 consecutive quarters of positive leasing spreads [19] Market Data and Key Metrics Changes - Traffic through the portfolio increased by 1.6% year-over-year, with the go forward portfolio traffic up by 2.1% [18] - Occupancy at the end of Q2 was 92%, down 60 basis points from the previous quarter, primarily due to the closure of Forever 21 stores [18] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, improving operational performance, and reducing leverage, with a target of 4 million square feet of leasing in 2025 and 2026 [7][10] - The acquisition of Crabtree Mall is seen as a strategic move to enhance the portfolio and drive shareholder value, with plans to increase occupancy from 74% to closer to 90% by 2028 [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing momentum and the ability to achieve targets ahead of schedule, despite macroeconomic uncertainties [66][67] - The retail environment remains strong, with many national retailers actively seeking new spaces [25] Other Important Information - The company has made substantial progress on asset sales, with over $800 million in mall sales completed to date, and a clear path to achieving a $2 billion disposition target [35][36] - The Snow Pipeline has grown to $87 million, with expectations to exceed $100 million by year-end [13][27] Q&A Session Summary Question: Can you provide more background on the Crabtree acquisition? - Management highlighted the unique market position of Crabtree and its potential for NOI growth, emphasizing the need for leasing efforts and capital to enhance the merchandising mix [40][43] Question: What benchmarks need to be hit before reinstating guidance? - Management indicated that asset sales are crucial, and they prefer to focus on executing leasing and sales without being constrained by guidance numbers [51] Question: How is the bad debt trending? - Bad debt has decreased year-over-year, with the watch list at an all-time low, and management is confident in re-leasing spaces previously occupied by Claire's [52][54] Question: Can you discuss the tenant improvement (TI) expenses in the quarter? - Management noted that TI expenses have increased due to new leasing activity, with expectations for continued increases as they address vacant anchor stores [59][61] Question: How does the Crabtree acquisition impact external growth activities? - Management expressed confidence in pursuing additional acquisitions, citing strong leasing momentum and the potential for significant NOI growth from Crabtree [66][67] Question: What is the rationale for keeping South Plains Mall in the portfolio? - Management is currently negotiating with lenders for an extension, believing that with the right terms, they can create NOI lift at South Plains [103][105]

Financial Data and Key Metrics Changes - FFO excluding certain expenses was approximately $87 million or $0.33 per share for Q2 2025, with a notable increase in NOI for the go forward portfolio centers by 2.4% compared to 2024 [27][28] - Net debt to EBITDA at the end of Q2 was 7.9x, a decrease of nearly one full turn since the start of the Path Forward Plan [30] Business Line Data and Key Metrics Changes - Year-to-date leasing volume reached 4.3 million square feet, exceeding the target of 4 million square feet for 2025 and 2026 [8][18] - Trailing twelve-month leasing spreads remained positive at 10.5%, marking 15 consecutive quarters of positive leasing spreads [17] Market Data and Key Metrics Changes - Traffic for the portfolio increased by 1.6% compared to the same period in 2024, with the go forward portfolio traffic up by 2.1% [16] - Occupancy at the end of Q2 was 92%, down 60 basis points from the previous quarter, primarily due to the closure of Forever 21 stores [16] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, improving operational performance, and reducing leverage, with a roadmap for achieving 2028 targets [6][7] - The acquisition of Crabtree Mall is seen as a strategic move to enhance the portfolio and drive shareholder value, with plans to increase occupancy from 74% to closer to 90% by 2028 [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing momentum and the overall retail environment, despite macroeconomic uncertainties [22][23] - The company is optimistic about achieving its leasing and asset sales targets, which are crucial for reinstating guidance [50] Other Important Information - The company has made significant progress on its balance sheet initiatives, including a recent $160 million term loan for Crabtree Mall [29] - The Snow Pipeline has grown to $87 million, with expectations to exceed $100 million by year-end [12][25] Q&A Session Summary Question: Can you provide more background on the Crabtree acquisition? - Management highlighted the unique market position of Crabtree and its potential for NOI growth, emphasizing the need for leasing efforts and capital to enhance the merchandising mix [38][41] Question: What benchmarks need to be hit before reinstating guidance? - Management indicated that asset sales are crucial and that they are balancing asset sales and leasing without constraining guidance numbers [50] Question: How is the bad debt trending? - Bad debt has decreased year-over-year, with the watch list at an all-time low, and management is confident in re-leasing spaces previously occupied by Claire's [52][54] Question: Can you discuss the tenant improvement (TI) expenses in the quarter? - Management noted that TI expenses have increased due to the high number of anchor stores being reconfigured, with expectations for continued increases as they drive traffic [60][62] Question: How does the Crabtree acquisition impact external growth activities? - Management expressed confidence in pursuing additional acquisitions, citing the positive leasing momentum and the potential for high returns [66][72] Question: What is the rationale for keeping South Plains Mall in the portfolio? - Management is currently negotiating with lenders for an extension, believing that with the right terms, they can create NOI lift [102][104]

Company Overview - As of June 30, 2025, the Macerich Company owned or had an ownership interest in 39 regional retail centers and two community/power shopping centers, totaling approximately 42 million square feet of gross leasable area (GLA) [147]. - The Company anticipates continued growth and has outlined expectations for its Path Forward Plan, focusing on acquisition and redevelopment opportunities [148]. Acquisitions and Sales - The Company acquired a 100% interest in Arrowhead Towne Center and South Plains Mall for $36.4 million on May 14, 2024, and a former Sears parcel at Inland Center for $5.4 million on May 17, 2024 [152][153]. - On June 23, 2025, the Company acquired Crabtree Mall for a total purchase price of $290.0 million, funded with cash on hand and $100.0 million of borrowings [155]. - The Company sold Country Club Plaza for $175.6 million on June 28, 2024, resulting in the forgiveness of $147.7 million of debt [157]. - The Company recognized a gain of $42.8 million from the sale of its 50% interest in Biltmore Fashion Park for $110.0 million on July 31, 2024 [159]. Financial Performance - For the three months ended June 30, 2025, the net loss attributable to the Company was $40.9 million, compared to a net income of $252.0 million for the same period in 2024 [279]. - Net (loss) income decreased by $226.8 million from 2024 to 2025, primarily due to a prior year gain of $334.3 million related to Chandler Fashion Center [247]. - Funds From Operations (FFO) attributable to common stockholders and unit holders—diluted, increased by 7.4% from $162.7 million in 2024 to $174.7 million in 2025 [248]. - Funds from Operations (FFO) attributable to common stockholders and unit holders for the three months ended June 30, 2025, was $83.98 million, a decrease from $99.70 million in the same period of 2024 [279]. Leasing and Occupancy - Leasing revenue increased by $34.8 million, or 17.6%, from 2024 to 2025, driven by increases from JV Transition Centers ($41.2 million) and Same Centers ($4.0 million) [227]. - The leased occupancy rate was 92.0% as of June 30, 2025, a 1.3% decrease from 93.3% at June 30, 2024, primarily due to closures of Forever 21 [219]. - The Company signed 650 leases for approximately 4.3 million square feet during the first half of 2025, representing a 76% increase in square footage leased compared to the same period in 2024 [217]. - Releasing spreads increased by $6.73 per square foot, or 10.5%, for the trailing twelve months ended June 30, 2025, marking the fifteenth consecutive quarter of positive base rent leasing spreads [208]. - The Company has executed renewal leases or commitments on 89% of its square footage expiring in 2025, with another 9% in the letter of intent stage [209]. Debt and Financing - The Company defaulted on a $300.0 million loan on Santa Monica Place on April 9, 2024, transitioning the property to a receiver [173]. - The Company closed a $525.0 million refinance of the loan on Queens Center on October 28, 2024, replacing a $600.0 million loan [177]. - The Company recognized a gain on extinguishment of debt of $14.4 million upon repaying a $478.0 million loan on Washington Square using proceeds from a public stock offering [178]. - As of June 30, 2025, the Company's total outstanding loan indebtedness was $6.88 billion, including $5.32 billion of consolidated debt and $1.59 billion of its pro rata share of unconsolidated joint venture debt [263]. - The Company completed nine transactions totaling approximately $1.8 billion in non-recourse loan maturities from early 2024 to mid-2025, with about $1.6 billion at the Company's pro rata share [267]. Cash Flow and Dividends - Cash provided by operating activities increased by $30.5 million from 2024 to 2025, primarily due to changes in assets and liabilities [249]. - Cash used in investing activities increased by $231.3 million from 2024 to 2025, mainly due to property acquisitions and contributions to unconsolidated joint ventures [250]. - The Company declared a cash dividend of $0.17 per share for each quarter of 2024 and the first two quarters of 2025 [186]. - The Company had cash dividends and distributions of $96.2 million for the six months ended June 30, 2025, funded by operations [270]. - The Company had cash and cash equivalents of $131.1 million as of June 30, 2025 [270]. Development and Redevelopment - The Company is redeveloping Scottsdale Fashion Square with an estimated total project cost of $84.0 million to $90.0 million, with a pro rata share of $42.0 million to $45.0 million [183]. - The redevelopment of Green Acres Mall is estimated to cost between $130.0 million and $150.0 million, with approximately $25.9 million incurred as of June 30, 2025 [184]. - The joint venture in FlatIron Crossing is developing luxury residential units and retail spaces with a total estimated cost of $245.0 million to $265.0 million, with a pro rata share of $125.0 million to $135.0 million [185]. - The Company expects to incur approximately $250.0 million to $300.0 million during 2025 for development, redevelopment, expansion, and renovations [255]. Interest Rates and Risk Management - The Company plans to continue managing interest rate risk through various strategies, including maintaining a ratio of fixed rate debt to total debt [280]. - A 1% increase in interest rates is estimated to decrease future earnings and cash flows by approximately $4.4 million per year based on $444.5 million of floating rate debt outstanding [285]. - The Company had one interest rate cap agreement in place as of June 30, 2025, to manage interest rate risk [284]. - The average interest rate on the fixed rate debt for the Consolidated Centers increased from 4.40% at December 31, 2024, to 4.49% at June 30, 2025 [282].

Core Viewpoint - The Macerich Company has released its Second Quarter 2025 Earnings Results and will discuss these results in a conference call scheduled for August 11, 2025 [1][2]. Company Overview - Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT) focused on high-quality retail real estate in densely populated U.S. markets [4]. - The company's portfolio includes 42 million square feet of real estate, primarily consisting of interests in 39 retail centers [4]. - Macerich has achieved a 1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years from 2015 to 2024 [4]. Investor Relations - The company utilizes its Investor Relations website for disclosing material nonpublic information and complying with disclosure obligations under Regulation FD [5]. - Additional information can be accessed through social media platforms such as LinkedIn [5].