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].

Exhibit 99.1 Earnings Results & Supplemental Information For the Three and Six Months Ended June 30, 2025 Table of Contents All information included in this supplemental financial package is unaudited, unless otherwise indicated. | | Page No. | | --- | --- | | Executive Summary & Financial Highlights | 1 | | Executive Summary | 1 | | Financial Highlights | 4 | | Capital Information | 8 | | Capital Information and Market Capitalization | 8 | | Changes in Total Common and Equivalent Shares/Units | 9 | | Finan ...

The average prediction of analysts places 'Management Companies revenues' at $6.11 million. The estimate indicates a year-over-year change of -9.9%. It is projected by analysts that the 'Leasing Revenue- Tenant recoveries' will reach $64.36 million. The estimate suggests a change of +10.2% year over year. The upcoming report from Macerich (MAC) is expected to reveal quarterly earnings of $0.34 per share, indicating a decline of 22.7% compared to the year-ago period. Analysts forecast revenues of $241.7 mill ...