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].

Core Viewpoint - Analysts project that Macerich (MAC) will report quarterly earnings of $0.31 per share, unchanged year over year, with revenues expected to reach $218.91 million, reflecting a 4.9% increase from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 0.4% in the past 30 days, indicating a reassessment by covering analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Key Metrics Forecast - Analysts estimate 'Leasing Revenue- Minimum rents' at $133.74 million, a 5.2% increase year over year [5]. - 'Management Companies revenues' are projected to reach $7.36 million, indicating a decline of 10.6% year over year [5]. - 'Leasing Revenue- Tenant recoveries' is expected to be $59.11 million, reflecting a 1.9% increase from the prior-year quarter [5]. - 'Depreciation and amortization' is forecasted to reach $70.92 million, compared to $68.35 million from the previous year [6]. Stock Performance - Macerich shares have returned +12% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [7]. - With a Zacks Rank 3 (Hold), MAC is expected to mirror overall market performance in the near future [7].

Company Overview - The Macerich Company (NYSE: MAC) is a Real Estate Investment Trust (REIT) focused on high-quality regional shopping centers in major U.S. markets such as California, New York, and Arizona [1] - The company owns approximately 40 properties, totaling around 43 million square feet of retail space [1] Investment Strategy - Noor Darwish, a former management consultant at The Boston Consulting Group, covers and invests in companies trading at significant discounts to their net asset value or liquidation value [1] - Darwish has successfully rotated his portfolio into crypto-related equities, achieving a 250% gain by investing in GDLC at $6 per share and selling at $21 [1] - He has also transitioned his portfolio into other Grayscale private placements, realizing an 80% gain in 6 months [1] Tax Strategy - Darwish relocated to Puerto Rico to benefit from a 0% capital gains tax rate on equities and cryptocurrencies under the Act 60 program, anticipating capital gains on his GDLC position [1] - The 250% gain and subsequent gains will be untaxed due to this relocation [1] Job Application Service - The company OverApply, run by Darwish, provides a job application service that allows clients to outsource their job search to human virtual assistants [1] - OverApply has applied to over 300,000 jobs on behalf of its clients, resulting in more than 4,000 interviews and over 500 job offers [1]

SANTA MONICA, Calif., April 28, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of the Macerich Company (NYSE: MAC) declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on June 17, 2025, to stockholders of record at the close of business on June 3, 2025. About MacerichMacerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated ...

Core Viewpoint - Macerich is scheduled to release its first quarter 2025 earnings results on May 12, 2025, followed by a conference call to discuss the results [1]. Group 1: Earnings Release Details - The earnings results will be released before the market opens on May 12, 2025 [1]. - A conference call will take place at 10:00 am Pacific Time (1:00 pm Eastern Time) on the same day to discuss the quarterly results [1]. Group 2: Participation Information - Participants wishing to join the conference by telephone must register using a provided link to receive a dial-in number and personalized PIN code [2]. - A live webcast of the conference call will be available through a registration link or on the company's Investor Relations website [2]. Group 3: Company Overview - Macerich is a self-managed and self-administered real estate investment trust (REIT) focused on high-quality retail real estate in the U.S. [4]. - The company owns 42 million square feet of real estate, primarily consisting of interests in 39 retail centers located in key markets [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].