The Macerich Company (MAC) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Leadership and strategic direction

• New CEO with extensive real estate and M&A experience joined in March 2024, initiating a comprehensive review and restructuring of business units.

• Developed a new mission statement and corporate values focused on thriving retail centers and shareholder returns.

• Formed a process improvement committee and implemented a platform saving 15,000 person-hours annually.

• Introduced a five-year corporate model to guide multi-year planning and deleveraging.

• Realigned business units into four key groups, streamlining asset management and leasing functions.

Financial and operational performance

• Leased occupancy rate is 94.1%, with customer traffic back to pre-COVID levels.

• Sales per square foot at the end of Q4 2024 reached $837.

• Debt to EBITDA reduced from around 9x to just under 8x, targeting low to mid-6x by 2028.

• Five-year Argus models completed for each asset, supporting capital allocation and leasing decisions.

• $2 billion asset sales and loan give-backs planned, with $800 million completed and $500 million equity raised.

Portfolio management and leasing strategy

• Focused on increasing permanent inline occupancy from 84% to 89% by 2028, with total occupancy expected in the mid-90% range.

• SNO (Signed Not Open) lease pipeline expected to grow from $66 million to $130 million as leasing goals are met.

• Major leasing objectives for 2025 and 2026 include approximately 4 million sq ft annually, with 85% of 2025 renewals complete.

• Plan to backfill 20 vacant anchor stores, compared to 12 in the previous four years.

• New tenant leases structured to improve net effective rent and reduce expense leakage.