mac-20230808
0000912242FALSE00009122422023-08-082023-08-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 8, 2023

THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)

Maryland1-1250495-4448705
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code (310) 394-6000

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock of The Macerich Company, $0.01 par value per shareMACThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 8, 2023, The Macerich Company (the “Company) released its financial results for the three and six months ended June 30, 2023 by posting to its website a financial supplement containing financial and operating information of the Company (“Earnings Results & Supplemental Information”) and such Earnings Results & Supplemental Information is furnished as Exhibit 99.1 hereto.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 7.01    REGULATION FD DISCLOSURE.

The Earnings Results & Supplemental Information included as an exhibit with this report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

Listed below are the financial statements, pro forma financial information and exhibits furnished as part of this report:

(a), (b) and (c) Not applicable.

(d) Exhibit.

Exhibit Index attached hereto and incorporated herein by reference.

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EXHIBIT INDEX



EXHIBIT
NUMBER
NAME
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, The Macerich Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MACERICH COMPANY
By: Scott W. Kingsmore
August 8, 2023
/s/ Scott W. Kingsmore
DateSenior Executive Vice President,
Chief Financial Officer
and Treasurer
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Document
Exhibit 99.1

Earnings Results & Supplemental Information
For the Three and Six Months Ended June 30, 2023

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The Macerich Company
Earnings Results & Supplemental Information
For the Three and Six Months Ended June 30, 2023
Table of Contents

All information included in this supplemental financial package is unaudited, unless otherwise indicated.

Page No.
Trailing Twelve Month Sales Per Square Foot


The Macerich Company
Executive Summary
June 30, 2023

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We own 47 million square feet of real estate consisting primarily of interests in 44 regional town centers that serve as community cornerstones. As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, our portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. We are firmly dedicated to advancing environmental goals, social good and sound corporate governance. As a recognized leader in sustainability, The Macerich Company (the “Company”) has achieved a #1 Global Real Estate Sustainability Benchmark (“GRESB”) ranking for the North American retail sector for eight consecutive years (2015-2022).


General Updates:

The majority of our operating metrics showed continued improvement in the second quarter of 2023, as noted below in ‘Results for the Quarter.’ Occupancy as of June 30, 2023 showed healthy increases relative to both the first quarter of 2023 and the second quarter of 2022. Trailing twelve-month leasing spreads at June 30, 2023 improved over prior quarter levels, and now reflect double-digit increases over the trailing twelve-month period as of the end of the second quarter of 2023. While year-to-date tenant sales have declined modestly, retailer demand has remained extremely strong with square footage leasing volumes during the first six months of 2023 significantly outpacing the same timeframe in 2022. This demand is especially noteworthy given that 2022 was the strongest year of leasing volume for the Company since before the Global Financial Crisis, when measured on a comparable center basis. Strong leasing demand has enabled us to amass a very impactful pipeline of leases for future, exciting new uses.

Results for the Quarter:

The net loss attributable to the Company was $15.0 million or $0.07 per share-diluted during the second quarter of 2023, compared to the net loss attributable to the Company of $15.4 million or $0.07 per share-diluted attributable to the Company for the quarter ended June 30, 2022.

Funds from Operations (“FFO”), excluding financing expense in connection with Chandler Freehold was $88.7 million or $0.40 per share-diluted during the second quarter of 2023, compared to $102.9 million or $0.46 per share-diluted for FFO excluding financing expense in connection with Chandler Freehold for the quarter ended June 30, 2022.

Same center net operating income (“NOI”), excluding lease termination income, increased 5.6% in the second quarter of 2023 compared to the second quarter of 2022. Year to date through June 30, 2023, same center NOI, excluding lease termination income, increased 5.2% compared to the same period in 2022.

Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended June 30, 2023 were $853 compared to $860 for the trailing twelve months ended June 30, 2022. Portfolio tenant sales for the six months ended June 30, 2023 from comparable spaces less than 10,000 square feet decreased 1.8% compared to the same timeframe in 2022.

Portfolio occupancy continues to improve and as of June 30, 2023 was 92.6%, a 0.8% increase compared to the 91.8% occupancy rate at June 30, 2022 and a sequential 0.4% improvement compared to the 92.2% occupancy rate at March 31, 2023.

Re-leasing spreads were 11.3% greater than expiring base rent for the twelve months ended June 30, 2023. This spread is a strong improvement relative to the first quarter of 2023 when re-leasing spreads were 6.6% greater than expiring base rent for the twelve months ended March 31, 2023.

During the second quarter of 2023, we signed 191 leases for 1.4 million square feet of space, representing a 21% increase in the amount of square footage signed compared to the second quarter of 2022, on a comparable center basis. Year-to-date through June 30, 2023, we have signed leases for 34% more square footage than during the same timeframe in 2022, on a comparable center basis.







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The Macerich Company
Executive Summary
June 30, 2023

Balance Sheet:

During the second quarter of 2023, our loan activity included the following:

On April 25, 2023, our joint venture closed a three-year extension on the existing $160 million loan on Deptford Mall, maintaining the existing, favorable fixed interest rate of 3.73% during the entire three-year extension term. The joint venture repaid $10 million of the loan at closing ($5 million at our share).

On June 27, 2023, we closed a one-year extension on the $133.5 million loan on Danbury Fair. The amended interest rate as of July 1, 2023 was 7.5%, and we repaid $10 million of the loan at closing.

During the second quarter of 2023, we sold The Marketplace at Flagstaff, a 268,000 square foot power center in Flagstaff, Arizona, for $23.5 million on May 2, 2023. On May 18, 2023, we acquired our partner’s interest in the joint venture that owns five former Sears parcels for $46.7 million. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Subsequent to the end of the second quarter of 2023, we sold Superstition Springs Power Center, a 204,000 square foot power center in Mesa, Arizona, for $5.6 million on July 17, 2023.

As of the date of this filing, we had approximately $565 million of liquidity, including $405 million of available capacity on our $525 million revolving line of credit.

2023 Earnings Guidance:

At this time, we are narrowing the ranges of our 2023 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. This results in a decrease to the midpoint of our 2023 guidance for EPS-diluted, and no change to the midpoint of our 2023 guidance for FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold:

Fiscal Year 2023
Guidance
EPS-diluted($0.32)-($0.26)
Plus: real estate depreciation and amortization1.91 -1.91 
Plus: loss on sale or write-down of depreciable assets 0.19 -0.19 
FFO per share-diluted1.78 -1.84 
Less: impact of financing expense in connection with Chandler Freehold0.01 -0.01 
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold$1.77 -$1.83 
NOTE: changes to EPS-diluted reflect actual amounts recognized during the quarter ended June 30, 2023.

This guidance does not assume any sale of common equity during 2023. These estimates do not include potential future gains or losses or the impact on operating results from possible, future, material property acquisitions or dispositions, other than land sales. There can be no assurance that our actual results will not differ from the estimates set forth above.

More details of the guidance assumptions are included on page 15.

Dividend:

On August 4, 2023, we declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on September 8, 2023 to stockholders of record at the close of business on August 18, 2023.

Investor Conference Call:

We will provide an online Web simulcast and rebroadcast of our quarterly earnings conference call. The call will be available on The Macerich Company’s website at www.macerich.com (Investors Section). The call begins on August 8, 2023 at 10:00 a.m. Pacific Time. To listen to the call, please visit the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.





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The Macerich Company
Executive Summary
June 30, 2023
About Macerich and this Document:

The Company is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional town centers throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”) and conducts all of its operations through the Operating Partnership and the Company’s management companies.

As of the date of this filing, the Operating Partnership owned or had an ownership interest in 47 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 44 regional town centers, three community/power shopping centers, one office property and one redevelopment property. These 49 centers are referred to hereinafter as the “Centers” unless the context requires otherwise.

All references to the Company in this document include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at https://investing.macerich.com/,as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found though social media platforms such as LinkedIn and Twitter.

The Company presents certain measures in this document on a pro rata basis which represents (i) the measure on a consolidated basis, minus the Company’s partners’ share of the measure from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that these measures provide useful information to investors regarding its financial condition and/or results of operations because they include the Company’s share of the applicable amount from unconsolidated joint ventures and exclude the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Company’s economic interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Company’s legal claim to such items.

Note: This document contains statements that constitute forward-looking statements which can be identified by the use of words, such as “will,” “expects,” “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of rising interest rates and inflation, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing, and cost of operating and capital expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including rising inflation, supply chain disruptions and construction delays), and acquisitions and dispositions; the adverse impacts from COVID-19 or any future pandemic, epidemic or outbreak of any other highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events unless required by law to do so.
(See attached tables)


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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Results of Operations:

For the Three Months Ended June 30,For the Six Months Ended June 30,
UnauditedUnaudited
2023202220232022
Revenues:
Leasing revenue$192,653 $188,590 $391,698 $392,002 
Other income11,686 8,081 20,740 14,408 
Management Companies’ revenues8,035 7,420 14,790 13,825 
Total revenues212,374 204,091 427,228 420,235 
Expenses:
Shopping center and operating expenses 69,948 69,728 140,435 142,648 
Management Companies' operating expenses 17,439 17,746 36,339 34,691 
Leasing expenses 8,447 8,148 18,103 15,759 
REIT general and administrative expenses 8,802 6,441 15,782 13,303 
Depreciation and amortization 70,388 72,458 141,841 145,314 
Interest expense (a)54,704 53,189 94,127 105,050 
Total expenses229,728 227,710 446,627 456,765 
Equity in (loss) income of unconsolidated joint ventures (6,960)6,353 (68,770)(22,744)
Income tax (expense) benefit(371)670 1,511 (1,129)
Gain (loss) on sale or write down of assets, net10,279 (1,091)14,058 5,362 
     Net loss(14,406)(17,687)(72,600)(55,041)
Less net income (loss) attributable to noncontrolling interests558 (2,303)1,097 (2,475)
     Net loss attributable to the Company$(14,964)$(15,384)$(73,697)$(52,566)
Weighted average number of shares outstanding - basic215,457 214,990 215,375 214,905 
Weighted average shares outstanding, assuming full conversion of OP Units (b)224,442 223,649 224,358 223,576 
Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b) 224,442 223,649 224,358 223,576 
Earnings per share ("EPS") - basic $(0.07)$(0.07)$(0.34)$(0.25)
EPS - diluted $(0.07)$(0.07)$(0.34)$(0.25)
Dividend paid per share $0.17 $0.15 $0.34 $0.30 
FFO - basic and diluted (b) (c)$82,988 $93,710 $180,763 $198,575 
FFO—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$88,708 $102,850 $177,415 $215,221 
FFO per share—basic and diluted (b) (c)$0.37 $0.42 $0.81 $0.89 
FFO per share—basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$0.40 $0.46 $0.79 $0.96 


















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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)



(a)The Company accounts for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture as a financing arrangement. As a result, the Company has included in interest expense (i) an expense of $4,368 and a credit of $7,517 to adjust for the change in the fair value of the financing arrangement obligation during the three and six months ended June 30, 2023, respectively; and an expense of $7,241 and $9,785 to adjust for the change in the fair value of the financing arrangement obligation during the three and six months ended June 30, 2022, respectively; (ii) distributions of $260 and ($79) to its partner representing the partner's share of net income (loss) for the three and six months ended June 30, 2023, respectively; and ($248) and $249 to its partner representing the partner's share of net (loss) income for the three and six months ended June 30, 2022; respectively; and (iii) distributions of $1,352 and $4,169 to its partner in excess of the partner's share of net income for the three and six months ended June 30, 2023, respectively; and $1,899 and $6,861 to its partner in excess of the partner's share of net income for the three and six months ended June 30, 2022, respectively.

(b)The Operating Partnership has operating partnership units (“OP units”). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO—diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.

(c)The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles (“GAAP”) measures. The National Association of Real Estate Investment Trusts (“Nareit”) defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.

The Company accounts for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excludes the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income.

The Company also presents FFO excluding financing expense in connection with Chandler Freehold.

FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold provides useful supplemental information regarding the Company's performance as it shows a more meaningful and consistent comparison of the Company's operating performance and allows investors to more easily compare the Company's results. The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of convertible securities.

The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.

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THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


Reconciliation of net loss attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted, excluding financing expense in connection with Chandler Freehold (c):

For the Three Months Ended June 30,For the Six Months Ended June 30,
UnauditedUnaudited
2023202220232022
Net loss attributable to the Company$(14,964)($15,384)($73,697)($52,566)
Adjustments to reconcile net loss attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP(617)(622)(3,070)(2,122)
(Gain) loss on sale or write down of consolidated assets, net(10,279)1,091 (14,058)(5,362)
Add: gain on undepreciated asset sales from consolidated assets— 66 2,488 10,725 
 Loss on write down of consolidated non-real estate assets— — — (2,000)
Noncontrolling interests share of gain on sale or write-down of consolidated joint ventures, net— 22 1,886 4,443 
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net1,221 (845)51,348 28,982 
Add: gain on undepreciated asset sales from unconsolidated joint ventures (pro rata)— 956 104 1,555 
 Depreciation and amortization on consolidated assets 70,388 72,458 141,841 145,314 
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(3,619)(6,480)(7,267)(14,293)
Depreciation and amortization on unconsolidated joint ventures (pro rata) 42,830 45,162 85,337 89,563 
Less: depreciation on personal property (1,972)(2,714)(4,149)(5,664)
FFO attributable to common stockholders and unit holders - basic and diluted82,988 93,710 180,763 198,575 
Financing expense in connection with Chandler Freehold5,720 9,140 (3,348)16,646 
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted$88,708 $102,850 $177,415 $215,221 




Reconciliation of EPS to FFO per share—diluted (c):
For the Three Months Ended June 30,For the Six Months Ended June 30,
UnauditedUnaudited
2023202220232022
EPS - diluted$(0.07)$(0.07)$(0.34)$(0.25)
   Per share impact of depreciation and amortization of real estate0.48 0.49 0.96 0.97 
   Per share impact of (gain) loss on sale or write down of assets, net(0.04)— 0.19 0.17 
FFO per share - basic and diluted0.37 0.42 0.81 0.89 
   Per share impact of financing expense in connection with Chandler Freehold0.03 0.04 (0.02)0.07 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold$0.40 $0.46 $0.79 $0.96 











6





THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)



Reconciliation of Net loss attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI - Same Centers:

For the Three Months Ended June 30,For the Six Months Ended June 30,
UnauditedUnaudited
2023202220232022
Net loss attributable to the Company$(14,964)$(15,384)($73,697)($52,566)
Interest expense - consolidated assets54,704 53,189 94,127 105,050 
Interest expense - unconsolidated joint ventures (pro rata)36,182 25,412 67,963 50,638 
 Depreciation and amortization - consolidated assets70,388 72,458 141,841 145,314 
Depreciation and amortization - unconsolidated joint ventures (pro rata)42,830 45,162 85,337 89,563 
Noncontrolling interests in the OP(617)(622)(3,070)(2,122)
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(7,504)(9,884)(14,434)(22,141)
(Gain) loss on sale or write down of assets, net - consolidated assets(10,279)1,091 (14,058)(5,362)
Loss (gain) on sale or write down of assets, net - unconsolidated joint ventures (pro rata)1,221 (845)51,348 28,982 
Add: Noncontrolling interests share of gain on sale or write-down of consolidated joint ventures, net— 22 1,886 4,443 
 Income tax expense (benefit)371 (670)(1,511)1,129 
Distributions on preferred units87 87 174 174 
Adjusted EBITDA (d)172,419 170,016 335,906 343,102 
REIT general and administrative expenses8,802 6,441 15,782 13,303 
Management Companies' revenues(8,035)(7,420)(14,790)(13,825)
Management Companies' operating expenses 17,439 17,746 36,339 34,691 
Leasing expenses, including joint ventures at pro rata9,249 8,781 19,627 17,105 
Straight-line and above/below market adjustments (1,214)(3,228)(3,502)(3,325)
NOI - All Centers198,660 192,336 389,362 391,051 
   NOI of non-Same Centers(5,038)536 (3,703)(3,507)
NOI - Same Centers (e)193,622 192,872 385,659 387,544 
   Lease termination income of Same Centers(387)(9,795)(2,728)(23,409)
NOI - Same Centers, excluding lease termination income (e)$193,235 $183,077 $382,931 $364,135 
NOI - Same Centers percentage change, including lease termination income (e)0.39 %(0.49)%
NOI - Same Centers percentage change, excluding lease termination income (e)5.55 %5.16 %

(d)Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company’s operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.

(e)The Company presents Same Center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same Center NOI is calculated using total Adjusted EBITDA and eliminating the impact of the Management Companies’ revenues and operating expenses, leasing expenses (including joint ventures at pro rata), the Company’s REIT general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers. The Company also presents Same Center NOI, excluding lease termination income, as the Company believes that it is useful for investors to evaluate operating performance without the impact of lease termination income.
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The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization

Period Ended
6/30/202312/31/202212/31/2021
(dollars in thousands, except per share data)
Closing common stock price per share$11.27 $11.26 $17.28 
52 week high$14.51 $19.18 $25.99 
52 week low$7.40 $7.40 $10.31 
Shares outstanding at end of period
Class A non participating convertible preferred units99,565 99,565 99,565 
Common shares and partnership units224,603,290 224,230,924 223,474,639 
Total common and equivalent shares/units outstanding224,702,855 224,330,489 223,574,204 
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata$6,845,853 $6,812,823 $6,977,458 
Equity market capitalization2,532,401 2,525,961 3,863,362 
Total market capitalization$9,378,254 $9,338,784 $10,840,820 
Debt as a percentage of total market capitalization73.0 %73.0 %64.4 %


https://cdn.kscope.io/95ae3dd6f59651979ab14afefb5206b3-chart-705aead8a3ef466ca27.jpg

8





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares/Units
Partnership UnitsCompany Common SharesClass A
Non-Participating Convertible Preferred Units
Total
Common
and
Equivalent Shares/
Units
Balance as of December 31, 20228,989,795215,241,12999,565224,330,489
Conversion of partnership units to common shares(17,361)17,361
Issuance of stock/partnership units from restricted stock issuance or other
share or unit-based plans
13,059103,430116,489
Balance as of March 31, 20238,985,493215,361,92099,565224,446,978
Issuance of stock/partnership units from restricted stock issuance or other
share or unit-based plans
255,877255,877
Balance as of June 30, 20238,985,493215,617,79799,565224,702,855
9





THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands)

For the Three Months Ended June 30,For the Six Months Ended June 30,
20232023
Revenues:
Leasing revenue$192,653 $391,698 
Other income11,686 20,740 
Management Companies' revenues8,035 14,790 
Total revenues212,374 427,228 
Expenses:
Shopping center and operating expenses69,948 140,435 
Management Companies' operating expenses17,439 36,339 
Leasing expenses8,447 18,103 
REIT general and administrative expenses8,802 15,782 
Depreciation and amortization70,388 141,841 
Interest expense54,704 94,127 
Total expenses229,728 446,627 
Equity in loss of unconsolidated joint ventures(6,960)(68,770)
Income tax (expense) benefit (371)1,511 
Gain on sale or write down of assets, net10,279 14,058 
Net loss (14,406)(72,600)
Less net income attributable to noncontrolling interests558 1,097 
Net loss attributable to the Company$(14,964)$(73,697)

10





THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of June 30, 2023
(Dollars in thousands)
ASSETS:
Property, net (a)$6,139,939 
Cash and cash equivalents92,465 
Restricted cash92,338 
Tenant and other receivables, net162,004 
Right-of-use assets, net122,443 
Deferred charges and other assets, net245,471 
Due from affiliates5,745 
Investments in unconsolidated joint ventures1,034,181 
Total assets$7,894,586 
LIABILITIES AND EQUITY:
Mortgage notes payable$4,174,344 
Bank and other notes payable124,286 
Accounts payable and accrued expenses57,001 
Lease liabilities88,173 
Other accrued liabilities310,943 
Distributions in excess of investments in unconsolidated joint ventures195,098 
Financing arrangement obligation135,704 
Total liabilities5,085,549 
Commitments and contingencies
Equity:
Stockholders' equity:
Common stock2,154 
Additional paid-in capital5,518,237 
Accumulated deficit(2,790,097)
Accumulated other comprehensive income1,102 
Total stockholders' equity2,731,396 
Noncontrolling interests77,641 
Total equity2,809,037 
Total liabilities and equity$7,894,586 

(a)Includes construction in progress of $392,365.
11





THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
June 30, 2023
For the Six Months Ended
June 30, 2023
Noncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint VenturesNoncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint Ventures
Revenues:
Leasing revenue$(10,623)$105,009 $(21,427)$208,895 
Other income(1,376)3,657 (2,505)(893)
      Total revenues(11,999)108,666 (23,932)208,002 
Expenses:
Shopping center and operating expenses (3,200)34,471 (6,729)70,112 
Leasing expense(120)922 (488)2,012 
Depreciation and amortization (3,619)42,830 (7,267)85,337 
Interest expense (3,885)36,182 (7,167)67,963 
      Total expenses(10,824)114,405 (21,651)225,424 
Equity in loss of unconsolidated joint ventures— 6,960 — 68,770 
Loss/gain on sale or write down of assets, net— (1,221)(1,886)(51,348)
Net income(1,175)— (4,167)— 
Less net income attributable to noncontrolling interests(1,175)— (4,167)— 
Net income attributable to the Company$— $— $— $— 

(a)Represents the Company’s partners’ share of consolidated joint ventures.
12





THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
As of June 30, 2023
Noncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)$(469,642)$3,688,717 
Cash and cash equivalents(21,079)90,411 
Restricted cash(1,540)26,783 
Tenant and other receivables, net(12,943)83,367 
Right-of-use assets, net(488)68,610 
Deferred charges and other assets, net(24,297)44,442 
Due from affiliates465 (2,962)
Investments in unconsolidated joint ventures, at equity— (1,034,181)
Total assets$(529,524)$2,965,187 
LIABILITIES AND EQUITY:
Mortgage notes payable$(397,586)$2,944,809 
Accounts payable and accrued expenses(3,223)47,765 
Lease liabilities(1,670)69,188 
Other accrued liabilities(50,964)98,523 
Distributions in excess of investments in unconsolidated joint ventures— (195,098)
Financing arrangement obligation(135,704)— 
Total liabilities(589,147)2,965,187 
Equity:
Stockholders' equity23,454 — 
Noncontrolling interests36,169 — 
Total equity59,623 — 
Total liabilities and equity$(529,524)$2,965,187 

(a)Represents the Company's partners' share of consolidated joint ventures.

(b)This includes $6,429 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $203,288 of construction in progress relating to the Company's share from unconsolidated joint ventures.

13





THE MACERICH COMPANY
NON-GAAP PRO RATA SCHEDULE OF LEASING REVENUE (UNAUDITED)
(Dollars in thousands)
For the Three Months Ended June 30, 2023
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
  Minimum rents (b)$123,551 $(7,002)$116,549 $72,499 $189,048 
  Percentage rents4,513 (284)4,229 3,223 7,452 
  Tenant recoveries56,938 (3,024)53,914 26,568 80,482 
  Other7,027 (328)6,699 2,405 9,104 
  Bad debt income624 15 639 314 953 
     Total leasing revenue$192,653 $(10,623)$182,030 $105,009 $287,039 
For the Six Months Ended June 30, 2023
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
  Minimum rents (b)$247,431 $(13,864)$233,567 $143,610 $377,177 
  Percentage rents10,007 (828)9,179 6,962 16,141 
  Tenant recoveries116,559 (6,085)110,474 53,140 163,614 
  Other16,054 (705)15,349 5,088 20,437 
  Bad debt income 1,647 55 1,702 95 1,797 
     Total leasing revenue$391,698 $(21,427)$370,271 $208,895 $579,166 
(a)Represents the Company’s partners’ share of consolidated joint ventures.
(b)Includes lease termination income, straight-line rental income and above/below market adjustments to minimum rents.
14





The Macerich Company
2023 Earnings Guidance (unaudited)
At this time, we are narrowing the ranges of our 2023 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. This results in a decrease to the midpoint of our 2023 guidance for EPS-diluted, and no change to the midpoint of our 2023 guidance for FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold:
Fiscal Year 2023
Guidance
EPS-diluted($0.32)-($0.26)
Plus: real estate depreciation and amortization1.91 -1.91 
Plus: loss on sale or write-down of depreciable assets 0.19 -0.19 
FFO per share-diluted1.78 -1.84 
Less: impact of financing expense in connection with Chandler Freehold0.01 -0.01 
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold$1.77 -$1.83 

This guidance does not assume any sale of common equity during 2023. These estimates do not include potential future gains or losses or the impact on operating results from possible, future, material property acquisitions or dispositions, other than land sales. There can be no assurance that our actual results will not differ from the estimates set forth above.

NOTE: changes to EPS-diluted reflect actual amounts recognized during the quarter ended June 30, 2023.

Underlying Assumptions to 2023 Guidance:

Cash Same Center Net Operating Income (“NOI”) Growth, excluding Lease Termination Income (a)3.75 %-4.50%

Year 2023
($ millions)(b)
Year 2023
FFO / Share Impact
Lease termination income$7$0.03
Straight-line rental income$2$0.01
Amortization of acquired above and below-market leases (net-revenue)$7$0.03
Interest expense (c)$323$1.44
Capitalized interest$30$0.13

(a)Excludes non-cash items of straight-line rental income and above/below market adjustments to minimum rent.

(b)All joint venture amounts included at pro rata.

(c)This amount represents the Company’s pro rata share of interest expense, excluding any financing expense in connection with Chandler Freehold, and is reduced by capitalized interest.
15





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
As of June 30,
20232022
dollars in millions
Straight-line rent receivable$172.1 $167.7 

For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
dollars in millions
Lease termination income (b)$0.4 $9.8 $2.7 $23.4 
Straight-line rental income (b)$0.1 $2.0 $0.5 $0.9 
Business development and parking income (c)$17.1 $14.1 $33.3 $29.3 
Gain on sales or write down of undepreciated assets$— $1.0 $2.6 $12.3 
Amortization of acquired above and below-market leases, net revenue (b)$1.1 $1.2 $3.0 $2.4 
Amortization of debt discounts, net$(0.4)$(0.3)$(0.7)$(0.6)
Bad debt (income) expense (b)$(0.9)$(1.3)$(1.8)$(0.9)
Leasing expense$9.2 $8.8 $19.6 $17.1 
Interest capitalized$7.9 $5.3 $15.9 $9.8 
Chandler Freehold financing arrangement (d):
   Distributions equal to partners' share of net income (loss) $0.3 $(0.2)$(0.1)$0.2 
   Distributions in excess of partners' share of net income (e)1.3 1.9 4.2 6.9 
   Fair value adjustment (e)4.4 7.2 (7.5)9.8 
Total Chandler Freehold financing arrangement expense (d)$6.0 $8.9 $(3.4)$16.9 

(a)All joint venture amounts included at pro rata.

(b)Included in leasing revenue.

(c)Included in leasing revenue and other income.

(d)Included in interest expense.

(e)The Company presents FFO excluding the expenses related to changes in fair value of the financing arrangement and the payments to such joint venture partner less than or in excess of their pro rata share of net income.
16





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures(a)
For the Six Months Ended June 30,For the Twelve Months Ended December 31,
2023202220222021
dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment (b)$58.7 $6.0 $49.5 $18.7 
Development, redevelopment, expansions and renovations of Centers35.2 23.5 55.5 46.3 
Tenant allowances20.2 10.6 25.0 22.1 
Deferred leasing charges2.8 0.8 2.4 2.6 
Total$116.9 $40.9 $132.4 $89.7 
Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment$4.5 $4.1 $13.2 $18.8 
Development, redevelopment, expansions and renovations of Centers36.0 27.8 74.6 48.5 
Tenant allowances6.1 9.0 16.8 11.6 
Deferred leasing charges1.8 1.7 4.1 2.9 
Total$48.4 $42.6 $108.7 $81.8 

(a)All joint venture amounts at pro rata.

(b)This includes the Company's acquisition of its joint venture partners' (Seritage Growth Partners) 50% share in five former Sears parcels on May 18, 2023 for $46.7 million. The Company now owns 100% of these five parcels located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square.




17





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Trailing Twelve Month Sales Per Square Foot (a)



Consolidated CentersUnconsolidated Joint Venture CentersTotal
Centers
6/30/2023$724 $1,017 $853 
6/30/2022$737 $1,020 $860 
12/31/2022$738 $1,034 $869 

(a)Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants that have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under for regional town Centers. Sales per square foot exclude Centers under development and redevelopment.


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18





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Portfolio Occupancy(a)


Period EndedConsolidated CentersUnconsolidated Joint Venture CentersTotal
Centers
6/30/202392.6 %92.6 %92.6 %
6/30/202290.9 %92.7 %91.8 %
12/31/202292.7 %92.5 %92.6 %
12/31/202190.7 %92.4 %91.5 %

(a)Portfolio Occupancy is the percentage of mall and freestanding GLA leased as of the last day of the reporting period. Portfolio Occupancy excludes all Centers under development and redevelopment.
19





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Average Base Rent Per Square Foot(a)
Average Base Rent PSF(b)Average Base Rent PSF on Leases Executed During the Twelve
Months Ended(c)
Average Base Rent PSF on Leases Expiring During the Twelve
Months Ended(d)
Consolidated Centers
6/30/2023$61.04 $56.69 $53.42 
6/30/2022$60.35 $52.14 $55.84 
12/31/2022$60.72 $56.63 $56.44 
12/31/2021$59.86 $56.39 $55.91 
Unconsolidated Joint Venture Centers
6/30/2023$69.87 $70.25 $58.92 
6/30/2022$67.21 $68.99 $60.73 
12/31/2022$67.37 $69.88 $62.72 
12/31/2021$66.12 $66.98 $60.48 
All Regional Town Centers
6/30/2023$64.10 $61.34 $55.12 
6/30/2022$62.67 $57.58 $57.23 
12/31/2022$63.06 $60.48 $58.16 
12/31/2021$61.98 $60.02 $57.23 

(a)Average base rent per square foot is based on spaces 10,000 square feet and under. All joint venture amounts are included at pro rata. Centers under development and redevelopment are excluded.

(b)Average base rent per square foot gives effect to the terms of each lease in effect, as of the applicable date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants.

(c)The average base rent per square foot on leases executed during the period represents the actual rent to be paid during the first twelve months.

(d)The average base rent per square foot on leases expiring during the period represents the final year minimum rent on a cash basis.

20





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy

For the Twelve Months Ended
June 30, 2023December 31, 2022
Consolidated Centers
Minimum rents7.6 %7.4 %
Percentage rents1.0 %1.1 %
Expense recoveries (a)3.2 %3.1 %
Total11.8 %11.6 %
Unconsolidated Joint Venture Centers
Minimum rents6.7 %6.5 %
Percentage rents1.0 %1.0 %
Expense recoveries (a)2.9 %2.8 %
Total10.6 %10.3 %
All Centers
Minimum rents7.1 %6.9 %
Percentage rents1.0 %1.1 %
Expense recoveries (a)3.1 %2.9 %
Total11.2 %10.9 %


(a)Represents real estate tax and common area maintenance charges.

21





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Percentage of Net Operating Income by State
State% of Portfolio
2023 Estimated
Pro Rata
Real Estate NOI(a)
California28.2 %
New York20.6 %
Arizona17.8 %
Pennsylvania & Virginia9.7 %
New Jersey & Connecticut8.3 %
Colorado, Illinois & Missouri7.4 %
Oregon4.4 %
Other(b)3.6 %
Total100.0 %

(a)The percentage of Portfolio 2023 Estimated Pro Rata Real Estate NOI excludes straight-line and above/below market adjustments to minimum rents. Portfolio 2023 Estimated Pro Rata Real Estate NOI excludes REIT general and administrative expenses, management company revenues, management company expenses and leasing expenses (including joint ventures at pro rata).

(b)“Other” includes Indiana, Iowa, Kentucky, North Dakota and Texas.

22





The Macerich Company
Property Listing
June 30, 2023
The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company.

CountCompany’s Ownership(a)Name of
Center/Location
Year of
Original
Construction/
Acquisition
Year of Most Recent Expansion/RenovationTotal
GLA(b)
CONSOLIDATED CENTERS:
150.1 %Chandler Fashion Center
Chandler, Arizona
2001/2002ongoing1,319,000
2100 %Danbury Fair Mall
Danbury, Connecticut
1986/200520161,275,000
3100 %Desert Sky Mall
Phoenix, Arizona
1981/20022007737,000
4100 %Eastland Mall(c)
Evansville, Indiana
1978/199819961,017,000
550 %Fashion District Philadelphia
Philadelphia, Pennsylvania
1977/20142019802,000
6100 %Fashion Outlets of Chicago
Rosemont, Illinois
2013/—528,000
7100 %Fashion Outlets of Niagara Falls USA
Niagara Falls, New York
1982/20112014689,000
850.1 %Freehold Raceway Mall
Freehold, New Jersey
1990/200520071,552,000
9100 %Fresno Fashion Fair
Fresno, California
1970/19962006974,000
10100 %Green Acres Mall(c)
Valley Stream, New York
1956/201320162,058,000
11100 %Inland Center
San Bernardino, California
1966/20042016632,000
12100 %Kings Plaza Shopping Center(c)
Brooklyn, New York
1971/201220181,146,000
13100 %La Cumbre Plaza(c)
Santa Barbara, California
1967/20041989323,000
14100 %NorthPark Mall
Davenport, Iowa
1973/19982001933,000
15100 %Oaks, The
Thousand Oaks, California
1978/200220171,213,000
16100 %Pacific View
Ventura, California
1965/19962001886,000
17100 %Queens Center(c)
Queens, New York
1973/19952004967,000
18100 %Santa Monica Place
Santa Monica, California
1980/1999ongoing534,000
1984.9 %SanTan Village Regional Center
Gilbert, Arizona
2007/—20181,202,000
20100 %SouthPark Mall
Moline, Illinois
1974/19982015855,000
21100 %Stonewood Center(c)
Downey, California
1953/19971991926,000
22100 %Superstition Springs Center
Mesa, Arizona
1990/20022002956,000
23100 %Towne Mall
Elizabethtown, Kentucky
1985/20051989350,000
23





The Macerich Company
Property Listing
June 30, 2023
CountCompany’s Ownership(a)Name of
Center/Location
Year of
Original
Construction/
Acquisition
Year of Most Recent Expansion/RenovationTotal
GLA(b)
24100 %Valley Mall
Harrisonburg, Virginia
1978/19981992506,000
25100 %Valley River Center
Eugene, Oregon
1969/20062007815,000
26100 %Victor Valley, Mall of
Victorville, California
1986/20042012578,000
27100 %Vintage Faire Mall
Modesto, California
1977/1996ongoing916,000
28100 %Wilton Mall
Saratoga Springs, New York
1990/20052020713,000
Total Consolidated Centers25,402,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
2960 %Arrowhead Towne Center
Glendale, Arizona
1993/200220151,078,000
3050 %Biltmore Fashion Park
Phoenix, Arizona
1963/20032020597,000
3150 %Broadway Plaza
Walnut Creek, California
1951/198520161,006,000
3250.1 %Corte Madera, The Village at
Corte Madera, California
1985/19982020501,000
3350 %Country Club Plaza
Kansas City, Missouri
1922/20162015971,000
3451 %Deptford Mall
Deptford, New Jersey
1975/200620201,009,000
3551 %Flatiron Crossing
Broomfield, Colorado
2000/200220091,400,000
3650 %Kierland Commons
Phoenix, Arizona
1999/20052003437,000
3760 %Lakewood Center
Lakewood, California
1953/197520082,070,000
3860 %Los Cerritos Center
Cerritos, California
1971/199920161,007,000
3950 %Scottsdale Fashion Square
Scottsdale, Arizona
1961/2002ongoing1,866,000
4060 %South Plains Mall
Lubbock, Texas
1972/199820171,136,000
4151 %Twenty Ninth Street(c)
Boulder, Colorado
1963/19792007692,000
4250 %Tysons Corner Center
Tysons Corner, Virginia
1968/200520141,859,000
4360 %Washington Square
Portland, Oregon
1974/199920051,300,000
4419 %West Acres
Fargo, North Dakota
1972/19862001691,000
Total Unconsolidated Joint Venture Centers17,620,000
Total Regional Town Centers43,022,000
24





The Macerich Company
Property Listing
June 30, 2023
CountCompany’s Ownership(a)Name of
Center/Location
Year of
Original
Construction/
Acquisition
Year of Most Recent Expansion/RenovationTotal
GLA(b)
COMMUNITY / POWER CENTERS:
150 %Atlas Park, The Shops at(d)
Queens, New York
2006/20112013372,000
250 %Boulevard Shops(d)
Chandler, Arizona
2001/20022004185,000
3100 %Southridge Center(e)
Des Moines, Iowa
1975/19982013800,000
4100 %Superstition Springs Power Center(e)(g)
Mesa, Arizona
1990/2002204,000
Total Community / Power Centers1,561,000
OTHER ASSETS:
100 %Various(e)267,000
25 %One Westside(d)
Los Angeles, California
1985/19982022680,000
50 %Scottsdale Fashion Square-Office(d)
Scottsdale, Arizona
1984/20022016124,000
50 %Tysons Corner Center-Office(d)
Tysons Corner, Virginia
1999/20052012172,000
50 %Hyatt Regency Tysons Corner Center(d)
Tysons Corner, Virginia
20152015290,000
50 %VITA Tysons Corner Center(d)
Tysons Corner, Virginia
20152015399,000
50 %Tysons Tower(d)
Tysons Corner, Virginia
20142014530,000
OTHER ASSETS UNDER REDEVELOPMENT:
%Paradise Valley Mall (d)(f)
Phoenix, Arizona
1979/2002ongoing303,000
Total Other Assets2,765,000
Grand Total47,348,000

The Company owned or had an ownership interest in 44 regional town centers (including office, hotel and residential space adjacent to these shopping centers), four community/power shopping centers, one office and one redevelopment property. With the exception of the Centers indicated with footnote (c) in the table above, the underlying land controlled by the Company is owned in fee entirely by the Company, or, in the case of jointly-owned Centers, by the joint venture property partnership or limited liability company.

(a)The Company’s ownership interest in this table reflects its legal ownership interest. See footnotes (a) and (b) in the Joint Venture List regarding the legal versus economic ownership of joint venture entities.

(b)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(c)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.

(d)Included in Unconsolidated Joint Venture Centers.

(e)Included in Consolidated Centers.

(f)On March 29, 2021, the Company sold the former Paradise Valley Mall for $100 million to a newly formed joint venture and retained a 5% joint venture interest. Construction started in Summer 2021 on the first phase of a multi-phase, multi-year project to convert this former regional town center into a mixed-use development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site. The existing Costco and JC Penney stores currently remain open, while all of the other stores at the property have closed.

(g)Asset was sold for $5.6 million on July 17, 2023.



25





The Macerich Company
Joint Venture List
As of June 30, 2023
The following table sets forth certain information regarding the Centers and other operating properties that are not wholly owned by the Company. This list of properties includes unconsolidated joint ventures, consolidated joint ventures, and financing arrangements. The percentages shown are the effective legal ownership and economic ownership interests of the Company.

PropertiesLegal Ownership(a)Economic Ownership(b)Joint VentureTotal GLA(c)
Arrowhead Towne Center60 %60 %New River Associates LLC1,078,000 
Atlas Park, The Shops at50 %50 %WMAP, L.L.C.372,000 
Biltmore Fashion Park50 %50 %Biltmore Shopping Center Partners LLC597,000 
Boulevard Shops50 %50 %Propcor II Associates, LLC185,000 
Broadway Plaza50 %50 %Macerich HHF Broadway Plaza LLC1,006,000 
Chandler Fashion Center(d)(e)50.1 %50.1 %Freehold Chandler Holdings LP1,319,000 
Corte Madera, The Village at50.1 %50.1 %Corte Madera Village, LLC501,000 
Country Club Plaza50 %50 %Country Club Plaza KC Partners LLC971,000 
Deptford Mall51 %51 %Macerich HHF Centers LLC1,009,000 
Fashion District Philadelphia50 %(f)Various Entities802,000 
FlatIron Crossing51 %51 %Macerich HHF Centers LLC1,400,000 
Freehold Raceway Mall(d)(e)50.1 %50.1 %Freehold Chandler Holdings LP1,552,000 
Hyatt Regency Tysons Corner Center50 %50 %Tysons Corner Hotel I LLC290,000 
Kierland Commons50 %50 %Kierland Commons Investment LLC437,000 
Lakewood Center60 %60 %Pacific Premier Retail LLC2,070,000 
Los Angeles Premium Outlets50 %50 %CAM-CARSON LLC— 
Los Cerritos Center(d)60 %60 %Pacific Premier Retail LLC1,007,000 
One Westside25 %25 %HPP-MAC WSP, LLC680,000 
Paradise Valley Mall(g)%%PV Land SPE, LLC303,000 
SanTan Village Regional Center84.9 %84.9 %Westcor SanTan Village LLC1,202,000 
Scottsdale Fashion Square50 %50 %Scottsdale Fashion Square Partnership1,866,000 
Scottsdale Fashion Square-Office50 %50 %Scottsdale Fashion Square Partnership124,000 
South Plains Mall60 %60 %Pacific Premier Retail LLC1,136,000 
Twenty Ninth Street51 %51 %Macerich HHF Centers LLC692,000 
Tysons Corner Center50 %50 %Tysons Corner LLC1,859,000 
Tysons Corner Center-Office50 %50 %Tysons Corner Property LLC172,000 
Tysons Tower50 %50 %Tysons Corner Property LLC530,000 
VITA Tysons Corner Center50 %50 %Tysons Corner Property LLC399,000 
Washington Square(d)60 %60 %Pacific Premier Retail LLC1,300,000 
West Acres19 %19 %West Acres Development, LLP691,000 

(a)This column reflects the Company’s legal ownership in the listed properties. Legal ownership may, at times, not equal the Company’s economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

(b)Economic ownership represents the allocation of cash flow to the Company, except as noted below. In cases where the Company receives a current cash distribution greater than its legal ownership percentage due to a capital account greater than its legal ownership percentage, only the legal ownership percentage is shown in this column. The Company’s economic ownership of these properties may fluctuate based on a number of factors, including mortgage refinancings, partnership capital contributions and distributions, and proceeds and gains or losses from asset sales, and the matters set forth in the preceding paragraph.

(c)Includes GLA attributable to anchors (whether owned or non-owned) and mall and freestanding stores.

(d)These Centers have a former Sears store, each of which were acquired from joint venture partner Sertiage Growth Partners and are now wholly owned and controlled by Macerich. The GLA of the former Sears store, or tenant replacing the former Sears store, at these four Centers is included in Total GLA at the center level.



26





The Macerich Company
Joint Venture List
As of June 30, 2023
(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: to the third-party partner until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; to the Company until it receives a 13% internal rate of return on and of its aggregate unreturned capital contributions; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.

(f)On December 10, 2020, the Company made a loan (the "Partnership Loan") to the 50/50 joint venture that owns Fashion District Philadelphia to fund the entirety of a $100 million repayment to reduce the mortgage loan on Fashion District Philadelphia from $301 million to $201 million. During 2022 and the three and six months ended June 30, 2023, the Company further increased the Partnership Loan to fund the entirety of $90.2 million and $26.5 million, respectively, repayments to further reduce the mortgage loan at Fashion District Philadelphia to $78.0 million. Pursuant to the joint venture partnership agreement, the Partnership Loan plus 15% accrued interest must first be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. The principal balance of the Partnership Loan at June 30, 2023 was $250.5 million.

(g)On March 29, 2021, the Company sold the former Paradise Valley Mall for $100 million to a newly formed joint venture and retained a 5% joint venture interest. Construction started in Summer 2021 on the first phase of a multi-phase, multi-year project to convert this former regional town center Paradise Valley Mall into a mixed-use development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site. The existing Costco and JC Penney stores currently remain open, while all of the other stores at the property have closed.

27





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Debt Summary (at Company's pro rata share) (a)

As of June 30, 2023
Fixed RateFloating RateTotal
Dollars in thousands
Mortgage notes payable$3,801,904 $372,440 

$4,174,344 
Bank and other notes payable124,286 

124,286 
Total debt per Consolidated Balance Sheet3,801,904 496,726 4,298,630 
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures(359,790)(37,796)(397,586)
Adjusted Consolidated Debt3,442,114 458,930 3,901,044 
Add: Company’s share of debt from unconsolidated joint ventures2,851,958 92,851 2,944,809 
Total Company’s Pro Rata Share of Debt$6,294,072 $551,781 $6,845,853 
Weighted average interest rate4.88 %
Weighted average maturity (years)3.73 

(a)The Company’s pro rata share of debt represents (i) consolidated debt, minus the Company’s partners’ share of the amount from consolidated joint ventures (calculated based upon the partners’ percentage ownership interest); plus (ii) the Company’s share of debt from unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest). Management believes that this measure provides useful information to investors regarding the Company’s financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company’s economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute to the Company’s total debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
28





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of June 30, 2023
Center/Entity (dollars in thousands)Maturity
Date
Effective Interest
Rate (a)
FixedFloatingTotal Debt Balance (a)
I. Consolidated Assets:
Towne Mall (b)11/01/224.48 %$18,886 $— $18,886 
Fashion Outlets of Niagara Falls USA 10/06/236.45 %88,173 — 88,173 
Oaks, The 06/05/245.74 %153,303 — 153,303 
Danbury Fair Mall 07/01/245.98 %132,738 — 132,738 
Chandler Fashion Center (c)07/05/244.18 %128,170 — 128,170 
Victor Valley, Mall of 09/01/244.00 %114,937 — 114,937 
Queens Center 01/01/253.49 %600,000 — 600,000 
Vintage Faire Mall03/06/263.55 %230,293 — 230,293 
Fresno Fashion Fair11/01/263.67 %324,354 — 324,354 
Green Acres Mall01/06/286.62 %357,963 — 357,963 
SanTan Village Regional Center (d)07/01/294.34 %186,409 — 186,409 
Freehold Raceway Mall (c)11/01/293.94 %199,879 — 199,879 
Kings Plaza Shopping Center 01/01/303.71 %536,699 — 536,699 
Fashion Outlets of Chicago02/01/314.61 %299,395 — 299,395 
Pacific View05/06/325.45 %70,915 — 70,915 
Total Fixed Rate Debt for Consolidated Assets4.40 %$3,442,114 $ $3,442,114 
Fashion District Philadelphia (e)01/22/249.32 %$— $37,796 $37,796 
The Macerich Partnership, L.P. - Line of Credit 04/14/249.07 %— 124,286 124,286 
Santa Monica Place (f)12/09/257.10 %— 296,848 296,848 
Total Floating Rate Debt for Consolidated Assets7.81 %$ $458,930 $458,930 
Total Debt for Consolidated Assets4.80 %$3,442,114 $458,930 $3,901,044 
II. Unconsolidated Assets (At Company’s pro rata share):
Tysons Corner Center (50%)01/01/244.13 %$338,589 $— $338,589 
Paradise Valley (5%) (f)09/29/245.00 %2,318 — 2,318 
FlatIron Crossing (51%) (f),(g)02/09/258.55 %88,061 — 88,061 
South Plains Mall (60%)11/06/254.22 %120,000 — 120,000 
Twenty Ninth Street (51%)02/06/264.10 %76,500 — 76,500 
Country Club Plaza (50%) (h)04/01/263.88 %147,605 — 147,605 
Deptford Mall (51%) (f)04/03/263.95 %75,476 — 75,476 
Lakewood Center (60%)06/01/264.15 %199,718 — 199,718 
Washington Square (60%) (f),(g)11/01/268.18 %299,941 — 299,941 
Atlas Park (50%) (f),(g)11/09/267.88 %32,037 — 32,037 
Kierland Commons (50%) 04/01/273.98 %98,743 — 98,743 
Los Cerritos Center (60%)11/01/274.00 %306,113 — 306,113 
Arrowhead Towne Center (60%)02/01/284.05 %234,376 — 234,376 
Scottsdale Fashion Square (50%) 03/06/286.28 %348,943 — 348,943 
Corte Madera, The Village at (50.1%) 09/01/283.53 %110,727 — 110,727 
West Acres - Development (19%) 10/10/293.72 %669 — 669 
Tysons Tower (50%)10/11/293.38 %94,603 — 94,603 
Broadway Plaza (50%) 04/01/304.19 %220,152 — 220,152 
Tysons VITA (50%)12/01/303.43 %44,574 — 44,574 
West Acres (19%) 03/01/324.61 %12,813 — 12,813 
Total Fixed Rate Debt for Unconsolidated Assets4.91 %$2,851,958 $ $2,851,958 
Boulevard Shops (50%) 12/05/237.43 %$— $11,485 $11,485 
One Westside (25%) (f)12/18/247.09 %— 80,979 80,979 
Paradise Valley Residential (2.5%) (f)02/03/287.90 %387 387 
Total Floating Rate Debt for Unconsolidated Assets7.14 %$ $92,851 $92,851 
Total Debt for Unconsolidated Assets4.98 %$2,851,958 $92,851 $2,944,809 
Total Debt4.88 %$6,294,072 $551,781 $6,845,853 
Percentage to Total91.94 %8.06 %100.00 %
29





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date


(a)The debt balances include the unamortized debt premiums/discounts and loan finance costs. Debt premiums/discounts represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions. Debt premiums/discounts and loan finance costs are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the table represents the effective interest rate, including the debt premiums/discounts and loan finance costs.

(b) The Company has completed transition of the property to a receiver, but is still the owner of record.

(c)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 50.1%.

(d)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 84.9%.

(e)The property is owned by a consolidated joint venture. The loan amount represents the Company's pro rata share of 50.0%.

(f)The maturity date assumes that all available extension options are fully exercised and that the Company and/or its affiliates do not opt to refinance the debt prior to these dates.

(g)This loan requires an interest rate cap agreement to be in place at all times, which limits how high the prevailing floating loan rate index (i.e. SOFR) for the loan can rise. As of the date of this document, SOFR for this loan exceeded the strike interest rate within the required interest rate cap agreement and as a result, the loan is considered fixed rate debt.

(h) Effective May 9, 2023, the loan is in default. The Company's joint venture is in negotiations with the lender on the terms of this non-recourse loan.




30





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of June 30, 2023
In-Process Developments and Redevelopments:

PropertyProject TypeTotal Cost (a)(b)
at 100%
Ownership
%
Pro Rata Total Cost (a)(b)Pro Rata Capitalized Costs Incurred-to-Date(b)Expected Opening (a)Stabilized Yield (a)(b)(c)
Santa Monica Place
Santa Monica, CA
Redevelopment of former Bloomingdale's/Arclight spaces with Arte Museum, Club Studio, and other retail uses$35$40100%$35$40$2202422% - 24%
Scottsdale Fashion Square
Scottsdale, AZ
Redevelopment of two-level Nordstrom wing with luxury-focused retail and restaurant uses809050%404513202413% - 15%
TOTAL$115$130$75$85$15

(a)Much of this information is estimated and may change from time to time. See the Company's forward-looking disclosure in the Executive Summary for factors that may affect the information provided in this table.

(b)This excludes GAAP allocations of non-cash and indirect costs.

(c)Stabilized Yield is calculated based on stabilized income after development divided by project direct costs excluding GAAP allocations of non-cash and indirect costs.


31





The Macerich Company
Corporate Information
Stock Exchange Listing

New York Stock Exchange

Symbol: MAC

The following table shows high and low sales prices per share of common stock during each quarter in 2023, 2022 and 2021 and dividends per share of common stock declared and paid by quarter:

Market Quotation
per Share
Dividends
Quarter Ended:HighLowDeclared
and Paid
March 31, 2021$25.99 $10.31 $0.15 
June 30, 2021$18.88 $11.67 $0.15 
September 30, 2021$18.79 $14.85 $0.15 
December 31, 2021$22.88 $15.49 $0.15 
March 31, 2022$19.18 $13.93 $0.15 
June 30, 2022$15.77 $8.42 $0.15 
September 30, 2022$11.72 $7.40 $0.15 
December 31, 2022$13.53 $7.83 $0.17 
March 31, 2023$14.51 $8.77 $0.17 
June 30, 2023$11.58 $9.05 $0.17 


Dividend Reinvestment Plan

Stockholders may automatically reinvest their dividends in additional common stock of the Company through the Direct Investment Program, which also provides for purchase by voluntary cash contributions. For additional information, please contact Computershare Trust Company, N.A. at 877-373-6374.

Corporate HeadquartersTransfer Agent
The Macerich CompanyComputershare
401 Wilshire Boulevard, Suite 700P.O. Box 43078
Santa Monica, California 90401Providence, RI 02940-3078
310-394-6000877-373-6374
www.macerich.com1-781-575-2879 International calls
www.computershare.com

Macerich Website

For an electronic version of our annual report, our SEC filings and documents relating to Corporate Governance, please visit www.macerich.com.


Investor Relations

Samantha Greening
Director, Investor Relations
Phone: 603-953-6203
samantha.greening@macerich.com

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