The Macerich Company (MAC) investor relations material

Executive summary

• First quarter 2026 results reflect continued progress on the Path Forward Plan, with FFO as adjusted per diluted share at $0.34 and comparable inline sales up 3.9% year-over-year; foot traffic and NOI also increased.

• Net loss attributable to the company was $36.4 million ($0.14 per share diluted) in Q1 2026, improving from $50.1 million ($0.20 per share diluted) in Q1 2025, mainly due to gains on asset sales or write-downs.

• Portfolio comprised 38 regional retail centers and one community/power shopping center totaling 39 million sq. ft. as of March 31, 2026.

• Acquired Annapolis Mall for $260 million plus $12 million for a Sears parcel in April 2026, funded with $85 million ATM equity and $150 million from the revolver; expected to be accretive to 2028 FFO by $0.04 per share.

• Path Forward Plan focuses on deleveraging, asset optimization, and operational improvements.

Financial highlights

• FFO as adjusted was $92.4 million or $0.34 per share in Q1 2026, up from $89.8 million in Q1 2025, including a $10 million gain from asset sales.

• Leasing revenue for Q1 2026 was $225.98 million, down 4.1% year-over-year; total revenues were $241.54 million.

• Go-forward portfolio centers' NOI, excluding lease termination income, increased 1.2% year-over-year, with winter weather impacting NOI growth by 50 basis points.

• Portfolio sales reached $899 per sq ft, up $18 sequentially, and go-forward portfolio sales were $941 per sq ft.

• Occupancy at quarter-end was 93.4% (up 0.8% year-over-year, down 0.6% sequentially), with go-forward portfolio occupancy at 94.5%.

Outlook and guidance

• Go-forward portfolio centers' NOI growth for full-year 2026 expected to be at least 3% over 2025, with growth accelerating in 2027 and 2028 as SNO pipeline tenants open.

• SNO pipeline at $116 million against a $140 million target, with annual contributions projected at $30 million in 2026, $40–$45 million in 2027, and $45–$50 million in 2028.

• Path Forward Plan aims to reduce Net Debt to Adjusted EBITDA leverage ratio over 2–3 years and achieve higher permanent occupancy, embedded annual rent escalators, and lower leverage.

• Positive cash flow expected after recurring capital expenditures, leasing costs, and dividends in 2026.

• Targeting $75–100 million in tenant allowances and $275–325 million in development/redevelopment spending over the next 12 months.