The Macerich Company (MAC) investor relations material

Leadership introductions and strategic overview

• Senior leadership team introduced, including CFO, SVP of Asset Management, and VP of Finance.

• 2025 marked a pivotal year with objectives to simplify operations, drive performance, and reduce leverage, all achieved under the Path Forward plan.

Leasing and operational performance

• Achieved a record 7.1 million sq ft of new and renewal leases in 2025, an 85% increase over 2024.

• Leasing speedometer at 76%, ahead of the 70% year-end target, with 85% expected by mid-2026.

• Signed-not-open (SNO) pipeline reached $107 million, exceeding targets, with clear incremental contributions projected through 2028.

• All 30 anchor and big box replacements are committed, expected to generate over $750 million in annual tenant sales.

• Portfolio sales hit $921 per sq ft, a company record, with 17 quarters of positive leasing spreads.

Portfolio quality and growth trajectory

• 92% of go-forward NOI comes from A-minus or higher tier properties in affluent, supply-constrained markets.

• SNO pipeline expected to drive at least 3% NOI growth in 2026, accelerating in 2027 and 2028.

• $1.3 billion in dispositions completed, with a clear path to $2 billion and leverage down a full turn.