Core Viewpoint - The Macerich Company has announced the acquisition of Crabtree Mall for $290 million, which is expected to yield an initial return of approximately 11% and is aligned with the company's Path Forward Plan aimed at enhancing operational performance and asset value [1][2][3]. Acquisition Details - The acquisition involves Crabtree Mall, a Class A retail center in Raleigh, NC, covering approximately 1.3 million square feet [1]. - The expected initial yield on the acquisition is around 11%, with a potential yield of approximately 12.5% when considering current leases that will commence in 2027 [2]. - A strategic investment plan of about $60 million is planned for redevelopment and leasing to maximize the mall's performance from 2025 to 2028 [2]. Financial Strategy - The acquisition was funded using cash on hand and $100 million borrowed from a revolving line of credit, with plans to repay this borrowing within 30 days using proceeds from a $160 million two-year term loan [3]. - The financing strategy is designed to maintain the company's de-leveraging targets under the Path Forward Plan [3]. Market Position and Growth Potential - Crabtree Mall is positioned in the high-growth Raleigh-Cary, NC MSA, which is recognized for its innovation and wealth, anchored by the Research Triangle Park [4]. - The mall features over 200 stores and generates $429 million in annual sales, with a sales per square foot of $951 and over 8.7 million annual visitors [6]. Company Overview - Macerich is a self-managed real estate investment trust (REIT) focused on high-quality retail properties in densely populated U.S. markets, owning 41 million square feet of real estate across 38 retail centers [7]. - The company has been recognized for its sustainability efforts, achieving a 1 Global Real Estate Sustainability Benchmark ranking for the North American retail sector for ten consecutive years [8].

Group 1 - Harmony Gold Mining Company Limited (HMY) has entered into a binding agreement to acquire 100% of MAC Copper Limited for $12.25 per share, valuing MAC at approximately $1.03 billion [1] - The acquisition aligns with Harmony's strategy of becoming a low-cost, globally diversified gold and copper producer through disciplined capital deployment [3] - The CSA Copper Mine, which MAC owns, is one of Australia's highest-grade copper mines, producing over 40,000 tons per annum (ktpa) of copper concentrate with a reserve life exceeding 12 years [4] Group 2 - Harmony has a strong track record of successful acquisitions, including Hidden Valley and the Eva Copper Project, which supports its transformation into a global gold and copper producer [2] - The acquisition is expected to enhance Harmony's operational excellence and margins, complementing its existing operations in Australasia [4] - The transaction is anticipated to be completed in the December quarter of 2025, with MAC becoming a fully-owned subsidiary of Harmony [5] Group 3 - Shares of Harmony Gold have surged 62% in the past year, outperforming the industry average rise of 41.5% [5]

Core Viewpoint - The Macerich Company reported a solid performance in Q1 2025, with funds from operations (FFO) per share exceeding expectations, driven by strong leasing activity despite a decline in occupancy and rising expenses [1][2]. Financial Performance - FFO per share was 33 cents, surpassing the Zacks Consensus Estimate of 31 cents, and remained unchanged year over year [1]. - Quarterly revenues reached $249.2 million, an increase from $208.8 million in the same quarter last year, and exceeded the Zacks Consensus Estimate of $218.9 million [2]. - Same-center net operating income (NOI) rose 0.9% year over year to $191.3 million, slightly above the expected 0.8% increase [4]. Leasing Activity - The company signed leases for 2.6 million square feet in Q1, reflecting a 156% increase year over year, primarily due to strong renewal leasing volume of 2.3 million square feet [3]. - Base rent re-leasing spreads were 10.9% higher than expiring base rent, marking the 14th consecutive quarter of positive spreads [4]. Occupancy and Expenses - Portfolio occupancy decreased to 92.6% as of March 31, 2025, down from 93.4% a year earlier, attributed to temporary and holiday specialty tenants [5]. - Year-over-year increases in expenses included a 14.8% rise in shopping center and operating expenses to $85.2 million, an 8.3% increase in management companies' operating expenses to $20.8 million, and a 6.6% rise in leasing expenses to $11.2 million [5]. Portfolio Activity - The company completed the sale of Wilton Mall for $25 million and SouthPark for $11 million in April 2025 [6]. Balance Sheet - As of May 12, 2025, Macerich had approximately $995 million in liquidity, including $650 million available on its revolving line of credit [7]. Market Position - Macerich currently holds a Zacks Rank 3 (Hold) [8].

Part I: Financial Information [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Q1 2025 saw a reduced net loss and improved cash flow, driven by revenue growth and lower equity losses from joint ventures Consolidated Financial Highlights (Q1 2025 vs. Q1 2024) | Financial Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $249.2 | $208.8 | +19.4% | | **Net Loss** | $(51.2) | $(131.4) | +61.1% | | **Net Loss Attributable to the Company** | $(50.1) | $(126.7) | +60.4% | | **Diluted Loss Per Share** | $(0.20) | $(0.59) | +66.1% | | **Net Cash from Operating Activities** | $88.5 | $61.1 | +44.8% | Consolidated Balance Sheet Summary | Balance Sheet Item | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $8.68 billion | $8.57 billion | +1.3% | | Cash and cash equivalents | $253.2 million | $89.9 million | +181.8% | | Mortgage notes payable | $5.23 billion | $4.89 billion | +6.9% | | **Total Liabilities** | $5.94 billion | $5.72 billion | +3.7% | | **Total Equity** | $2.74 billion | $2.84 billion | -3.5% | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail significant corporate activities including JV acquisitions, asset dispositions, the Santa Monica Place loan default, and financing activities - The company acquired the remaining 40% ownership in Arrowhead Towne Center and South Plains Mall in May 2024, and the remaining 40% of the Pacific Premier Retail LLC portfolio (including Los Cerritos Center, Washington Square, and Lakewood Center) in October 2024, with these properties now **fully consolidated**[38](index=38&type=chunk)[39](index=39&type=chunk)[45](index=45&type=chunk) - The loan on Santa Monica Place went into **default** effective April 9, 2024, with a court-appointed **receiver assuming control** of the property on March 18, 2025, anticipating asset disposition through foreclosure or other means[77](index=77&type=chunk) - In Q1 2024, the company recorded an other-than-temporary **impairment** by writing off its entire **$57.7 million investment** in the Los Angeles Premium Outlets development project[37](index=37&type=chunk) - On March 27, 2025, the company **sold Wilton Mall for $24.8 million**, resulting in a **loss of $2.9 million**[109](index=109&type=chunk) - A **dividend of $0.17 per share** was announced on April 28, 2025, payable on June 17, 2025[130](index=130&type=chunk) [Management's Discussion and Analysis (MD&A)](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses performance, highlighting the positive impact of JV consolidations on revenue, mixed operating metrics, and the "Path Forward Plan" to deleverage the balance sheet [Outlook and Strategy](index=38&type=section&id=Outlook%20and%20Strategy) The company focuses on its "Path Forward Plan" to improve the balance sheet and operational efficiency, anticipating positive cash flow in 2025 despite market challenges - The "Path Forward Plan" aims to: - Deleverage the capital structure by reducing the Net Debt to Adjusted EBITDA ratio - Invest in and fortify key assets - Proactively consolidate selected joint ventures - Deliver a post-deleveraging FFO launch point goal in 3-4 years - Achieve outstanding operational results and position for future acquisitions[187](index=187&type=chunk)[194](index=194&type=chunk) - In 2025, one major tenant bankruptcy filing (Forever 21) affected **20 leases**, approximately **734,000 sq. ft.**, and about **$5.2 million in annual leasing revenue** at the company's share[195](index=195&type=chunk) - The company expects to generate **positive cash flow in 2025** after recurring operating capital expenditures, leasing capital, and dividends, which can be used for development or deleveraging[196](index=196&type=chunk) [Results of Operations (Q1 2025 vs. Q1 2024)](index=37&type=section&id=Results%20of%20Operations) The company's net loss significantly decreased due to increased leasing revenue from consolidated JV properties and reduced equity losses, partially offset by higher interest expense - **Leasing Revenue:** Increased by **$44.0 million (23.0%)**, primarily due to a **$47.1 million contribution** from newly consolidated JV Transition Centers[200](index=200&type=chunk) - **Interest Expense:** Increased by **$16.9 million**, driven by JV Transition Centers (**$19.7 million**) and default interest on Santa Monica Place (**$3.0 million**), partially offset by the cessation of financing arrangement expenses (**$4.4 million**)[205](index=205&type=chunk) - **Equity in Loss of Unconsolidated JVs:** Decreased by **$72.5 million**, mainly because Q1 2024 included a **$57.7 million write-down** of the company's investment in Los Angeles Premium Outlets[206](index=206&type=chunk) - **Loss on Sale or Write Down of Assets:** Decreased by **$22.1 million**, as Q1 2024 included a **$36.0 million impairment loss** on Santa Monica Place, compared to a **$13.3 million impairment** in Q1 2025 on other properties[207](index=207&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial cash and an undrawn revolving credit facility, actively managing its $6.80 billion pro rata debt through financing transactions - As of March 31, 2025, the company had **cash and cash equivalents of $253.2 million**[230](index=230&type=chunk) - The company has a **$650 million revolving loan facility**, with **no borrowings outstanding** and **$649.8 million available** as of March 31, 2025[229](index=229&type=chunk) - Total outstanding loan indebtedness at March 31, 2025, was **$6.80 billion** on a pro rata basis, including the company's share of unconsolidated JV debt[224](index=224&type=chunk) - Projected capital expenditures for development, redevelopment, expansion, and renovations for 2025 are estimated to be between **$250.0 million and $300.0 million**[216](index=216&type=chunk) [Funds From Operations (FFO)](index=45&type=section&id=Funds%20From%20Operations%20(FFO)) The company's FFO attributable to common stockholders increased to $81.0 million in Q1 2025, with adjusted FFO rising 17.1% to $87.4 million FFO Reconciliation (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss attributable to the Company | $(50.1) | $(126.7) | | **FFO attributable to common stockholders and unit holders—basic and diluted** | **$81.0** | **$66.5** | | Financing expense in connection with Chandler Freehold | — | $3.6 | | Accrued default interest expense | $3.0 | $(1.0) | | Loss on non-real estate investments | $3.4 | $5.5 | | **Adjusted FFO —basic and diluted** | **$87.4** | **$74.6** | [Market Risk Disclosures](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with most of its $5.32 billion consolidated debt being fixed-rate Debt Summary as of March 31, 2025 (in billions) | Debt Category | Fixed Rate | Floating Rate | Total | | :--- | :--- | :--- | :--- | | Consolidated Centers | $5.02 | $0.30 | $5.32 | | Unconsolidated JVs (Pro Rata) | $1.56 | $0.05 | $1.61 | - A hypothetical **1% increase in interest rates** would decrease future earnings and cash flows by approximately **$3.5 million annually**, based on the **$346.7 million** of floating rate debt outstanding at March 31, 2025[245](index=245&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[247](index=247&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[248](index=248&type=chunk) Part II: Other Information [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company and its affiliates are not currently involved in any material legal proceedings[250](index=250&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2024[251](index=251&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, the company issued 6,100 shares of common stock in a private placement upon the redemption of Operating Partnership units, with no equity repurchases during the quarter - On March 4, 2025, the company issued **6,100 shares of common stock** upon the redemption of 6,100 common partnership units of the Operating Partnership in a private placement[253](index=253&type=chunk) - No shares were repurchased under the company's stock buyback program during the first quarter of 2025[254](index=254&type=chunk)

Financial Data and Key Metrics Changes - FFO excluding financing expenses was approximately $87 million or $0.33 per share for Q1 2025, compared to $75 million or $0.33 per share for Q1 2024, driven by higher leasing revenues [32] - Same center NOI, excluding lease termination income, increased by 0.9% year-over-year, while excluding Eddy assets, it increased by 2.4% [34] - Net debt to EBITDA at the end of Q1 was 7.9 times, nearly a full turn lower than at the outset of the path forward plan [36] Business Line Data and Key Metrics Changes - In Q1 2025, the company signed 2.6 million square feet of leases, including 2.3 million square feet of renewals, more than double the leases signed in Q1 2024 [12] - Trailing twelve-month leasing spreads were 10.9%, up from 8.8% in the previous quarter, marking 14 consecutive quarters of positive leasing spreads [22] - New deal completion percentage reached 60%, up from 39% last quarter, with a target of 70% by year-end 2025 [14] Market Data and Key Metrics Changes - Portfolio sales at the end of Q1 were $837 per square foot, flat compared to Q4 2024, but $928 per square foot when excluding Eddy properties, which is an increase of $13 [21] - Traffic for the year increased by 2% compared to the same period in 2024 [21] - Occupancy in Q1 was 92.6%, down from 94.1% in Q4 2024, primarily due to the decrease in temporary holiday stores [21] Company Strategy and Development Direction - The company is focused on executing its path forward plan, which aims to simplify the business, improve operational performance, and reduce leverage [6] - A new structure has been implemented to streamline leasing teams and enhance collaboration across departments [9] - The company is targeting $2 billion in asset sales and loan givebacks to strengthen its balance sheet [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing progress and the overall execution of the path forward plan, indicating that they are ahead of schedule [6][19] - Minimal impact from tariffs has been observed, with retailers continuing to honor their leases [15][44] - Future same store NOI growth is expected to be in the 3% to 4% range for 2026, with higher growth anticipated in 2027 and 2028 [62] Other Important Information - The company has completed $1.1 billion in dispositions to date and is on track to achieve its $2 billion target [39] - The redevelopment of Green Acres is set to begin, with strong demand and pre-leasing activity [30] - The company anticipates realizing approximately $25 million from its current $80 million signed not open (SNO) pipeline in 2025 [29] Q&A Session Summary Question: Potential upside on leasing due to recent news - Management noted minimal pullback from tenants and strong leasing metrics, indicating no significant change in upside [44][45] Question: Clarification on SNO pipeline - The $80 million SNO pipeline is incremental over revenue from 2024, with $25 million expected to be realized in 2025 [46] Question: CapEx spending trends - Spending on leases is trending slightly higher than initially envisioned, with major uplifts in FFO and EBITDA expected in 2027 and 2028 [50][51] Question: Success of new deals - The new organizational structure has contributed to a significant increase in new leasing activity, with a focus on high-quality tenants [53][54] Question: Same store NOI growth expectations - Management expects same store NOI to grow in the 3% to 4% range for 2026, with higher growth in subsequent years [62] Question: Clarification on renewal leasing spread statistics - The renewal spread statistics reflect different metrics, with the 1% figure being more appropriate for same space renewals [88][90] Question: Details on same store revenues and expenses - Operating expenses increased, but revenue generation offset these increases, with further details expected in future disclosures [97][99]

Financial Data and Key Metrics Changes - FFO excluding certain expenses was approximately $87 million or $0.33 per share for Q1 2025, compared to approximately $75 million or $0.33 per share for Q1 2024, driven by higher leasing revenues [31][32] - Same center NOI, excluding lease termination income, increased by 0.9% year-over-year, while excluding Eddy assets, it increased by 2.4% [33] - Net debt to EBITDA at the end of Q1 was 7.9 times, nearly a full turn lower than at the outset of the path forward plan [35] Business Line Data and Key Metrics Changes - In Q1 2025, the company signed 2.6 million square feet of leases, including 2.3 million square feet of renewals, more than double the leases signed in Q1 2024 [11][21] - Trailing twelve-month leasing spreads were 10.9%, up from 8.8% last quarter, marking 14 consecutive quarters of positive leasing spreads [20] - The leasing speedometer indicated a completion percentage of 60% for new deals, up from 39% last quarter [13] Market Data and Key Metrics Changes - Portfolio sales at the end of Q1 were $837 per square foot, flat compared to Q4 2024, but $928 per square foot when excluding Eddy properties, which is up $13 from the last quarter [19] - Traffic for the year increased by 2% compared to the same period in 2024 [19] - Occupancy in Q1 was 92.6%, down from 94.1% in Q4 2024, primarily due to a decrease in temporary holiday stores [19] Company Strategy and Development Direction - The company is focused on executing its path forward plan, which aims to simplify the business, improve operational performance, and reduce leverage [5][7] - The leasing dashboard, referred to as the leasing speedometer, has been implemented to drive leasing and capital allocation decisions [8] - The company anticipates reaching a mid-2026 inflection point, indicating substantial completion of its plan [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing progress and the overall execution of the path forward plan, stating that they are ahead of schedule [5][15] - Minimal impact from tariffs has been observed, with retailers continuing to honor their leases [14][42] - The company expects same store NOI growth in the 3% to 4% range for 2026, with significantly higher growth anticipated in 2027 and 2028 [61] Other Important Information - The company has made substantial progress on asset sales, with total dispositions reaching approximately $1.1 billion, and has identified additional assets totaling up to $400 million for sale or giveback [38][39] - The redevelopment and expansion of Green Acres is set to begin, addressing 370,000 square feet of vacant space [29] Q&A Session Summary Question: Potential upside on leasing due to recent news - Management noted minimal pullback from tenants regarding leasing, indicating strong retailer sentiment and confidence in the leasing metrics [41][42] Question: Clarification on the SNO pipeline - The $80 million SNO pipeline is incremental over revenue generated from 2024, with $25 million expected to be realized in 2025 [44] Question: Spending on leases and guidance reinstatement - Current spending on leases is slightly more than initially envisioned, with expectations for major uplifts in FFO and EBITDA in 2027 and 2028 [47][48] Question: Success of new deals and organizational structure - The consolidation of leasing teams has led to increased leasing activity, with a strong pipeline of new deals and a focus on high-quality spaces [52][53] Question: Same store NOI growth expectations - Management expects same store NOI growth of 3% to 4% in 2026, with higher growth anticipated in subsequent years [61] Question: Clarification on renewal leasing spread statistics - The renewal spread statistics include temporary spaces and are reflective of the exact same space, leading to differences in reported metrics [85][86] Question: Impact of tariffs on asset sales - Management indicated that tariffs have not significantly impacted asset sales, with positive demand and pricing for outparcels and other assets [110][111]

Core Insights - Macerich reported a revenue of $249.22 million for the quarter ended March 2025, reflecting a year-over-year increase of 19.4% and surpassing the Zacks Consensus Estimate of $218.91 million by 13.85% [1] - The company's EPS for the quarter was $0.33, a significant improvement from -$0.56 in the same quarter last year, and exceeded the consensus EPS estimate of $0.31 by 6.45% [1] Revenue Breakdown - Minimum rents generated $160.15 million, exceeding the three-analyst average estimate of $133.74 million, marking a year-over-year increase of 26% [4] - Management Companies revenues were reported at $4.92 million, below the estimated $7.36 million, representing a decline of 40.2% compared to the previous year [4] - Tenant recoveries amounted to $67.26 million, surpassing the average estimate of $59.11 million, with a year-over-year increase of 15.9% [4] - Percentage rents were reported at $4.25 million, slightly below the average estimate of $4.70 million, but showing a significant year-over-year increase of 64.7% [4] Stock Performance - Over the past month, Macerich's shares have returned +7.6%, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1 - Macerich reported quarterly funds from operations (FFO) of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, and showing an increase from $0.31 per share a year ago, resulting in an FFO surprise of 6.45% [1] - The company achieved revenues of $249.22 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 13.85%, compared to year-ago revenues of $208.78 million [2] - Over the last four quarters, Macerich has exceeded consensus FFO estimates two times and topped consensus revenue estimates three times [2] Group 2 - The stock has underperformed, losing about 24.8% since the beginning of the year, while the S&P 500 has declined by 3.8% [3] - The future performance of Macerich's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.35 on revenues of $222.82 million, and for the current fiscal year, it is $1.49 on revenues of $931.51 million [7] Group 3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Retail sector is currently in the top 28% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for Macerich is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

[Executive Summary & Financial Highlights](index=4&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) Macerich reported a reduced net loss and stable FFO per share in Q1 2025, driven by strong leasing activity and strategic balance sheet management, maintaining significant liquidity and a consistent dividend [Executive Summary](index=4&type=section&id=Executive%20Summary) In the first quarter of 2025, Macerich reported a reduced net loss of $50.1 million compared to $126.7 million in the prior year's quarter, with Funds from Operations (FFO) per share remaining stable at $0.33 Q1 2025 Key Performance Indicators | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Loss Attributable to Company | ($50.1M) | ($126.7M) | Improved | | Diluted EPS | ($0.20) | ($0.59) | Improved | | FFO per Share (adjusted) | $0.33 | $0.33 | Flat | | Same Center NOI (excl. lease termination) | +0.9% | N/A | Increase | | Portfolio Occupancy | 92.6% | 93.4% | -0.8% | | Leased Square Footage | 2.6M sq ft | 1.0M sq ft (approx) | +156% | - Portfolio occupancy decreased to **92.6%** as of March 31, 2025, down **0.8% YoY**, primarily due to the departure of temporary and holiday specialty tenants[9](index=9&type=chunk) - The company signed leases for **2.6 million square feet** in Q1 2025, a **156% increase** from Q1 2024, driven by strong renewal volume of **2.3 million square feet**[9](index=9&type=chunk) - Key financing activities included a new **$340 million**, ten-year loan on Washington Square at a **5.58% fixed rate**, with proceeds used to repay the FlatIron Crossing mortgage and the revolving line of credit balance[9](index=9&type=chunk) - The company completed the sale of Wilton Mall for **$25 million** and SouthPark for **$11 million**, with liquidity standing at approximately **$995 million** as of the filing date[10](index=10&type=chunk)[12](index=12&type=chunk) - A quarterly cash dividend of **$0.17 per share** was announced, payable on June 17, 2025[13](index=13&type=chunk) [Financial Highlights](index=9&type=section&id=Financial%20Highlights) This section provides detailed financial tables for the first quarter ended March 31, 2025, showing a net loss attributable to the company of $50.1 million, an improvement from the $126.7 million loss in the same period of 2024, with adjusted FFO per share flat at $0.33 Results of Operations (Q1 2025 vs Q1 2024) | (In thousands, except per share) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $249,224 | $208,783 | | Total expenses | $286,413 | $232,092 | | Net loss attributable to the Company | $(50,123) | $(126,728) | | EPS - diluted | $(0.20) | $(0.59) | | FFO per share - diluted (adjusted) | $0.33 | $0.33 | Reconciliation of Net Loss to FFO (Q1 2025) | (In thousands) | Amount | | :--- | :--- | | Net loss attributable to the Company | $(50,123) | | Adjustments for depreciation, amortization, asset sales, etc. | +131,096 | | **FFO attributable to common stockholders - basic and diluted** | **$80,973** | | Adjustments for default interest, non-real estate investments | +6,399 | | **FFO (adjusted) - basic and diluted** | **$87,372** | NOI - Same Centers Performance (Q1 2025 vs Q1 2024) | (In thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | NOI - Same Centers | $196,301 | $190,769 | | **NOI - Same Centers, excluding lease termination income** | **$191,330** | **$189,588** | | **Percentage change, excluding lease termination income** | **0.9%** | N/A | [Capital Information](index=15&type=section&id=Capital%20Information) This section details Macerich's capital structure, including its total market capitalization, debt-to-market capitalization ratio, and changes in common and equivalent shares outstanding as of March 31, 2025 [Capital Information and Market Capitalization](index=15&type=section&id=Capital%20Information%20and%20Market%20Capitalization) As of March 31, 2025, Macerich's total market capitalization was $11.33 billion, a decrease from $11.90 billion at the end of 2024, with pro rata portfolio debt at $6.80 billion, resulting in a debt-to-total market capitalization ratio of 60.0% Market Capitalization Data (as of period end) | (dollars in thousands) | 3/31/2025 | 12/31/2024 | | :--- | :--- | :--- | | Total portfolio debt, pro rata | $6,798,037 | $6,647,576 | | Equity market capitalization | $4,533,077 | $5,255,678 | | **Total market capitalization** | **$11,331,114** | **$11,903,254** | | Debt as a % of total market cap | 60.0% | 55.9% | [Changes in Total Common and Equivalent Shares/Units](index=16&type=section&id=Changes%20in%20Total%20Common%20and%20Equivalent%20Shares%2FUnits) During the first quarter of 2025, the total number of common and equivalent shares/units outstanding increased slightly from 263.84 million to 264.01 million, primarily driven by the issuance of 172,192 shares and units from restricted stock and other share-based plans Changes in Shares/Units (Q1 2025) | Description | Total Common and Equivalent Shares/Units | | :--- | :--- | | Balance as of December 31, 2024 | 263,839,259 | | Issuance from stock/unit plans | 172,192 | | Conversion of partnership units | 0 | | **Balance as of March 31, 2025** | **264,011,451** | [Financial Data](index=17&type=section&id=Financial%20Data) This section presents Macerich's unaudited consolidated and pro rata financial statements, including statements of operations, balance sheets, supplemental FFO data, capital expenditures, and asset disposition details for Q1 2025 [Consolidated Statements of Operations (Unaudited)](index=17&type=section&id=Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) For the three months ended March 31, 2025, the company reported total revenues of $249.2 million and total expenses of $286.4 million, resulting in a net loss attributable to the company of $50.1 million after accounting for other items Consolidated Statement of Operations (Q1 2025) | (In thousands) | Amount | | :--- | :--- | | Total revenues | $249,224 | | Total expenses | $286,413 | | Equity in loss of unconsolidated JVs | $(799) | | Loss on sale or write down of assets, net | $(13,987) | | **Net loss attributable to the Company** | **$(50,123)** | [Consolidated Balance Sheet (Unaudited)](index=18&type=section&id=Consolidated%20Balance%20Sheet%20%28Unaudited%29) As of March 31, 2025, Macerich's consolidated balance sheet showed total assets of $8.68 billion, with key components including $7.02 billion in net property and $728.6 million in investments in unconsolidated joint ventures, while total liabilities were $5.94 billion, primarily consisting of $5.23 billion in mortgage notes payable Consolidated Balance Sheet (as of March 31, 2025) | (In thousands) | Amount | | :--- | :--- | | **ASSETS** | | | Property, net | $7,021,458 | | Investments in unconsolidated joint ventures | $728,567 | | Cash and cash equivalents | $253,248 | | **Total assets** | **$8,680,059** | | **LIABILITIES AND EQUITY** | | | Mortgage notes payable | $5,232,196 | | **Total liabilities** | **$5,936,136** | | **Total equity** | **$2,743,923** | | **Total liabilities and equity** | **$8,680,059** | [Non-GAAP Pro Rata Financial Information (Unaudited)](index=19&type=section&id=Non-GAAP%20Pro%20Rata%20Financial%20Information%20%28Unaudited%29) This section presents financial information on a pro rata basis, incorporating the company's share of unconsolidated joint ventures, with total pro rata share of leasing revenue at $306.5 million for Q1 2025 Pro Rata Leasing Revenue (Q1 2025) | (In thousands) | Consolidated Share | Unconsolidated JVs Share | Total Company Share | | :--- | :--- | :--- | :--- | | Minimum rents | $159,135 | $50,136 | $209,271 | | Tenant recoveries | $66,921 | $18,934 | $85,855 | | **Total leasing revenue** | **$234,242** | **$72,267** | **$306,509** | Pro Rata Assets and Liabilities (as of March 31, 2025) | (In thousands) | Company's Share of Unconsolidated JVs | | :--- | :--- | | **ASSETS** | | | Property, net | $2,045,869 | | **Total assets** | **$1,559,724** | | **LIABILITIES** | | | Mortgage notes payable | $1,598,916 | | **Total liabilities** | **$1,559,724** | [Supplemental FFO Information](index=22&type=section&id=Supplemental%20FFO%20Information) This section provides supplemental details affecting Funds from Operations (FFO) on a pro rata basis, with lease termination income at $5.0 million in Q1 2025, a significant increase from $1.2 million in Q1 2024, and legal claims settlement income of $6.0 million Supplemental FFO Data (Pro Rata, in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Lease termination income | $5.0 | $1.2 | | Bad debt expense | $1.6 | $4.0 | | Legal claims settlement income, net | $6.0 | $— | | Employee Severance Costs | $1.8 | $0.5 | [Capital Expenditures](index=23&type=section&id=Capital%20Expenditures) In Q1 2025, total capital expenditures were $58.9 million on a pro rata basis, including $42.3 million for consolidated centers and $16.6 million for unconsolidated joint ventures, with the largest portion directed towards development, redevelopment, expansions, and renovations Capital Expenditures (Pro Rata, in millions) | Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Consolidated Centers** | | | | Development, redevelopment, etc. | $34.0 | $18.2 | | Total Consolidated | $42.3 | $26.5 | | **Unconsolidated JV Centers** | | | | Development, redevelopment, etc. | $13.5 | $8.7 | | Total Unconsolidated | $16.6 | $16.0 | [Asset Dispositions / Loan Give-Backs](index=24&type=section&id=Asset%20Dispositions%20%2F%20Loan%20Give-Backs) This section details asset sales and loan give-backs, including the sale of Wilton Mall for a gross price of $24.8 million in Q1 2025, and a pending loan give-back for Santa Monica Place with a debt balance of $300 million Summary of Asset Dispositions & Loan Give-Backs (in millions) | Property/Transaction | Date | Gross Sale Price (Company's Share) | Reduction of Debt (Company's Share) | | :--- | :--- | :--- | :--- | | **Asset Dispositions** | | | | | Wilton Mall, NY | 03-27-2025 | $24.8 | $— | | **Loan Give-Backs** | | | | | Santa Monica Place, CA | Pending | $300.0 | $300.0 | [Operational Data](index=25&type=section&id=Operational%20Data) This section provides key operational metrics for Macerich's portfolio, including tenant sales, occupancy rates, average base rent, cost of occupancy, geographic NOI distribution, and a detailed property listing [Trailing Twelve Month Sales Per Square Foot](index=25&type=section&id=Trailing%20Twelve%20Month%20Sales%20Per%20Square%20Foot) For the trailing twelve months ending March 31, 2025, tenant sales per square foot for stores under 10,000 square feet remained stable at $837, unchanged from both the prior year period and the full year 2024 TTM Sales Per Square Foot (Total Centers) | Period Ended | Sales Per Square Foot | | :--- | :--- | | 3/31/2025 | $837 | | 3/31/2024 | $837 | | 12/31/2024 | $837 | [Portfolio Occupancy](index=26&type=section&id=Portfolio%20Occupancy) As of March 31, 2025, total portfolio occupancy was 92.6%, a decrease from 94.1% at the end of 2024 and 93.4% at the end of Q1 2024, primarily attributed to the move-out of temporary and holiday tenants Portfolio Occupancy Rates (Total Centers) | Period Ended | Occupancy Rate | | :--- | :--- | | 3/31/2025 | 92.6% | | 3/31/2024 | 93.4% | | 12/31/2024 | 94.1% | | 12/31/2023 | 93.5% | [Average Base Rent Per Square Foot](index=27&type=section&id=Average%20Base%20Rent%20Per%20Square%20Foot) The average base rent per square foot for all retail centers increased to $69.21 as of March 31, 2025, up from $65.40 in the prior year, indicating positive re-leasing spreads with executed leases averaging $69.99 compared to expiring leases at $63.13 Average Base Rent Per Square Foot (All Retail Centers) | Period Ended | Average Base Rent PSF | Leases Executed (TTM) | Leases Expiring (TTM) | | :--- | :--- | :--- | :--- | | 3/31/2025 | $69.21 | $69.99 | $63.13 | | 3/31/2024 | $65.40 | $62.95 | $54.88 | [Cost of Occupancy](index=28&type=section&id=Cost%20of%20Occupancy) For the twelve months ending March 31, 2025, the total cost of occupancy for tenants across all centers was 11.9%, composed of 8.0% for minimum rents, 0.7% for percentage rents, and 3.2% for expense recoveries Cost of Occupancy (All Centers, TTM ended 3/31/2025) | Component | Percentage | | :--- | :--- | | Minimum rents | 8.0% | | Percentage rents | 0.7% | | Expense recoveries | 3.2% | | **Total** | **11.9%** | [Percentage of Net Operating Income by State](index=30&type=section&id=Percentage%20of%20Net%20Operating%20Income%20by%20State) The company's portfolio NOI is geographically concentrated, with three states contributing nearly two-thirds of the total: California leads with 25.5%, followed by New York at 19.7%, and Arizona at 19.1% Portfolio Pro Rata Real Estate NOI by State (2024) | State | % of Portfolio NOI | | :--- | :--- | | California | 25.5% | | New York | 19.7% | | Arizona | 19.1% | | Pennsylvania & Virginia | 9.9% | | New Jersey & Connecticut | 8.7% | | Other | 17.1% | | **Total** | **100.0%** | [Property Listing](index=31&type=section&id=Property%20Listing) As of March 31, 2025, Macerich's portfolio consisted of interests in 39 retail centers, two community/power shopping centers, and one redevelopment property, with a grand total of 42.1 million square feet of gross leasable area (GLA) - The portfolio includes **29 consolidated centers** with a total GLA of **28.4 million sq ft** and **10 unconsolidated joint venture retail centers** with a total GLA of **10.8 million sq ft**[98](index=98&type=chunk)[100](index=100&type=chunk) - The company's grand total portfolio GLA is **42,116,000 square feet**[102](index=102&type=chunk) [Joint Venture List](index=36&type=section&id=Joint%20Venture%20List) This section details the company's joint venture properties, showing both legal and economic ownership percentages as of March 31, 2025, highlighting that these interests may differ due to specific partnership agreement terms - The report lists all properties not wholly owned, specifying both legal and economic ownership percentages, which can differ due to provisions in joint venture agreements concerning cash flow distributions, preferred returns, and other factors[104](index=104&type=chunk)[105](index=105&type=chunk) [Balance Sheet Analysis](index=38&type=section&id=Balance%20Sheet) This section analyzes Macerich's balance sheet, focusing on key debt metrics such as the Net Debt to Adjusted EBITDA ratio, a detailed debt summary by type and rate, and a schedule of outstanding debt by maturity date [Net Debt to Adjusted EBITDA](index=38&type=section&id=Net%20Debt%20to%20Adjusted%20EBITDA) As of March 31, 2025, the company's Net Debt to Adjusted EBITDA ratio was calculated at 7.95x, based on a net debt of $6.13 billion and a trailing twelve-month adjusted EBITDA of $771.3 million Net Debt to Adjusted EBITDA Calculation (as of 3/31/2025) | (In thousands) | Amount | | :--- | :--- | | Total Pro Rata Share of Debt | $6,798,037 | | Less: Cash & certain Restricted Cash | $(370,585) | | Less: Debt for Santa Monica Place | $(299,121) | | **Net Debt** | **$6,128,331** | | Adjusted EBITDA (TTM, as further modified) | $771,295 | | **Net Debt to Adjusted EBITDA Ratio** | **7.95x** | [Debt Summary](index=40&type=section&id=Debt%20Summary) As of March 31, 2025, Macerich's total pro rata share of debt was $6.8 billion, with the debt portfolio predominantly fixed-rate (94.9%), a weighted average interest rate of 5.46%, and a weighted average maturity of 3.80 years Debt Summary (Pro Rata Share, as of 3/31/2025) | (Dollars in thousands) | Fixed Rate | Floating Rate | Total | | :--- | :--- | :--- | :--- | | **Total Pro Rata Share of Debt** | **$6,452,467** | **$345,570** | **$6,798,037** | | Weighted average interest rate | 5.40% | 6.60% | 5.46% | | Weighted average maturity (years) | | | 3.80 | [Outstanding Debt by Maturity Date](index=41&type=section&id=Outstanding%20Debt%20by%20Maturity%20Date) This schedule provides a detailed breakdown of the company's outstanding debt by maturity date for both consolidated and unconsolidated assets, with total debt at $6.8 billion and 94.92% being fixed-rate - Total debt for consolidated assets is approximately **$5.2 billion**, while the company's pro rata share of debt from unconsolidated assets is **$1.6 billion**[117](index=117&type=chunk) - The company's **$650 million** revolving line of credit had no outstanding balance as of March 31, 2025[117](index=117&type=chunk)[119](index=119&type=chunk) [Development and Redevelopment Pipeline Forecast](index=43&type=section&id=Development%20and%20Redevelopment%20Pipeline%20Forecast) As of March 31, 2025, the company has three major in-process development and redevelopment projects with a total pro rata cost estimated between $297 million and $330 million, with expected openings spanning from 2024 to 2029 and stabilized yields ranging from 6.75% to 18% In-Process Development Pipeline (as of 3/31/2025) | Property | Project Type | Pro Rata Total Cost (millions) | Expected Opening | Stabilized Yield | | :--- | :--- | :--- | :--- | :--- | | FlatIron Crossing | Mixed-use residential/retail | $125 - $135 | 2027/2029 | 6.75% - 7.75% | | Green Acres Mall | Retail redevelopment | $130 - $150 | 2026/2027 | 12.5% - 13.5% | | Scottsdale Fashion Square | Luxury retail wing | $42 - $45 | 2024/2025 | 16% - 18% | | **TOTAL** | | **$297 - $330** | | | [Corporate Information](index=44&type=section&id=Corporate%20Information) This section provides general corporate information, including Macerich's NYSE listing under the symbol MAC, historical stock price performance, consistent quarterly dividends, and contact information for corporate headquarters, transfer agent, and investor relations - The company's common stock is listed on the New York Stock Exchange under the symbol **MAC**[125](index=125&type=chunk) Quarterly Stock Price and Dividend History | Quarter Ended | High Price | Low Price | Dividend Paid | | :--- | :--- | :--- | :--- | | Dec 31, 2023 | $16.54 | $9.21 | $0.17 | | Mar 31, 2024 | $17.69 | $14.66 | $0.17 | | Dec 31, 2024 | $22.27 | $17.29 | $0.17 | | Mar 31, 2025 | $21.12 | $15.71 | $0.17 | - The company offers a Dividend Reinvestment Plan (Direct Investment Program) through Computershare Trust Company, N.A[126](index=126&type=chunk)

Core Viewpoint - The Macerich Company has released its First Quarter 2025 Earnings Results and will discuss these results in a conference call on May 12, 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 41 million square feet of real estate, primarily consisting of interests in 38 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]. - A replay of the conference call will be available on the Investor Relations website following the live webcast [3].