mac-20231031
0000912242FALSE00009122422023-10-312023-10-31

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): October 31, 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 October 31, 2023, The Macerich Company (the “Company) released its financial results for the three and nine months ended September 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
October 31, 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 Nine Months Ended September 30, 2023


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The Macerich Company
Earnings Results & Supplemental Information
For the Three and Nine Months Ended September 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
September 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 nine consecutive years (2015-2023).

General Updates:

The majority of our operating metrics showed continued improvement in the third quarter of 2023, as noted below in ‘Results for the Quarter.’ Occupancy as of September 30, 2023 showed healthy increases relative to both the second quarter of 2023 and the third quarter of 2022. Trailing twelve-month leasing spreads at September 30, 2023 showed continued strength, now reflecting the second consecutive quarter of double-digit increases and averaging 11% in both the second and third quarter of 2023. While year-to-date tenant sales declined modestly, retailer demand for space has remained strong and resilient, with square footage leasing volumes during the first nine months of 2023 outpacing the same period in 2022. Strong leasing demand has enabled us to amass a very impactful pipeline of leases for future, exciting new uses, many of which are slated to open over the coming months and into 2024 and 2025. We are incredibly pleased to have once again recently earned a #1 ranking in the United States by GRESB (the global real estate sustainability benchmark) for the ninth consecutive year among US Retail Shopping Centers, as well as a #1 Ranking for all retail in the Americas.

Results for the Quarter:

The net loss attributable to the Company was $262.5 million or $1.22 per share-diluted during the third quarter of 2023, compared to the net loss attributable to the Company of $15.2 million or $0.07 per share-diluted attributable to the Company for the quarter ended September 30, 2022. The majority of this net loss in the third quarter of 2023 was driven by impairment charges resulting from expected, shortened holding periods on Country Club Plaza and Fashion Outlets of Niagara, which totaled $107.7 million (at the Company’s share) and $144.7 million, respectively.

Funds from Operations (“FFO”), excluding financing expense in connection with Chandler Freehold and accrued default interest expense was $99.1 million or $0.44 per share-diluted during the third quarter of 2023, compared to $102.8 million or $0.46 per share-diluted for FFO excluding financing expense in connection with Chandler Freehold for the quarter ended September 30, 2022.

Same center net operating income (“NOI”), excluding lease termination income, increased 4.8% in the third quarter of 2023 compared to the third quarter of 2022. Year to date through September 30, 2023, same center NOI, excluding lease termination income, increased 5.0% 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 September 30, 2023 were $847 compared to $877 for the trailing twelve months ended September 30, 2022. Portfolio tenant sales for the nine months ended September 30, 2023 from comparable spaces less than 10,000 square feet decreased 1.9% compared to the same period in 2022.

Portfolio occupancy continues to improve and as of September 30, 2023 was 93.4%, a 1.3% increase compared to the 92.1% occupancy rate at September 30, 2022 and a sequential 0.8% improvement compared to the 92.6% occupancy rate at June 30, 2023.

Re-leasing spreads were 10.6% greater than expiring base rent for the twelve months ended September 30, 2023. Leasing spreads continue to show strong and steady improvement, with this being the seventh consecutive quarter of positive base rent leasing spreads.

Year-to-date through September 30, 2023, we have signed leases for 3.14 million square feet, which is 10% more square footage signed than during the same period in 2022, on a comparable center basis.




1





The Macerich Company
Executive Summary
September 30, 2023
Balance Sheet:

During the third quarter of 2023, our financing activity included the following:

On September 11, 2023, we entered into an amended and restated corporate credit facility. The new facility has a $650 million capacity, which is a $125 million increase over the prior $525 million facility. The new facility matures on February 1, 2028 (including an extension option), and currently bears interest at SOFR + 2.35%.

We are currently working to refinance the loans on Tysons Corner and Chandler Boulevard Shops, and both loans are expected to close during the fourth quarter of 2023.

As of the date of this filing, we had approximately $665 million of liquidity, including $515 million of available capacity on our $650 million revolving line of credit.

2023 Earnings Guidance:

At this time, we are reducing our 2023 guidance for estimated EPS-diluted and we are maintaining our guidance for FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense:



Fiscal Year 2023
Guidance
EPS-diluted($1.52)-($1.46)
Plus: real estate depreciation and amortization1.92 -1.92 
Plus: loss on sale or write-down of depreciable assets(1) 1.34 -1.34 
FFO per share-diluted1.74 -1.80 
Less: impact of financing expense in connection with Chandler Freehold(1)— -— 
Plus: impact of accrued default interest expense(2)0.03 0.03 
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense$1.77 -$1.83 

(1) Changes reflect actual amounts recognized during the quarter ended September 30, 2023.

(2) Represents accrued default interest expense on non-recourse debt associated with Towne Mall, Country Club Plaza and     
Fashion Outlets of Niagara. Generally Accepted Accounting Principles require that we accrue these amounts, which are not expected to be paid and are expected to
be reversed once a loan is modified or once title to the mortgaged loan collateral is transferred.

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 October 27, 2023, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on December 1, 2023 to stockholders of record at the close of business on November 9, 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 October 31, 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
September 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 September 30,For the Nine Months Ended September 30,
UnauditedUnaudited
2023202220232022
Revenues:
Leasing revenue$197,305 $195,594 $589,003 $587,596 
Other income13,403 7,503 34,143 21,911 
Management Companies’ revenues7,444 7,607 22,234 21,432 
Total revenues218,152 210,704 645,380 630,939 
Expenses:
Shopping center and operating expenses 76,358 74,694 216,793 217,342 
Management Companies' operating expenses 16,513 16,553 52,852 51,242 
Leasing expenses 8,777 8,704 26,880 24,463 
REIT general and administrative expenses 5,910 6,779 21,692 20,082 
Depreciation and amortization 70,755 72,739 212,596 218,053 
Interest expense (a)53,380 52,630 147,507 157,680 
Total expenses231,693 232,099 678,320 688,862 
Equity in (loss) income of unconsolidated joint ventures (107,465)6,322 (176,235)(16,422)
Income tax (expense) benefit(1,672)166 (161)(963)
(Loss) gain on sale or write down of assets, net(149,287)1,405 (135,229)6,767 
     Net loss(271,965)(13,502)(344,565)(68,541)
Less net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
     Net loss attributable to the Company$(262,547)$(15,193)$(336,244)$(67,757)
Weighted average number of shares outstanding - basic215,632 215,134 215,461 214,982 
Weighted average shares outstanding, assuming full conversion of OP Units (b)224,611 223,754 224,441 223,636 
Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b) 224,611 223,754 224,441 223,636 
Earnings per share ("EPS") - basic $(1.22)$(0.07)$(1.56)$(0.32)
EPS - diluted $(1.22)$(0.07)$(1.56)$(0.32)
Dividend paid per share $0.17 $0.15 $0.51 $0.45 
FFO - basic and diluted (b) (c)$91,957 $96,126 $272,721 $294,703 
FFO - basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$95,046 $102,810 $272,462 $318,032 
FFO - basic and diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense (b) (c)$99,096 $102,810 $276,512 $318,032 
FFO per share - basic and diluted (b) (c)$0.41 $0.43 $1.22 $1.32 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$0.42 $0.46 $1.21 $1.42 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense (b) (c)$0.44 $0.46 $1.23 $1.42 











4





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 $1,995 and a credit of $5,522 to adjust for the change in the fair value of the financing arrangement obligation during the three and nine months ended September 30, 2023, respectively; and an expense of $5,053 and $14,837 to adjust for the change in the fair value of the financing arrangement obligation during the three and nine months ended September 30, 2022, respectively; (ii) distributions of $330 and $250 to its partner representing the partner's share of net income for the three and nine months ended September 30, 2023, respectively; and ($211) and $39 to its partner representing the partner's share of net (loss) income for the three and nine months ended September 30, 2022; respectively; and (iii) distributions of $1,094 and $5,263 to its partner in excess of the partner's share of net income for the three and nine months ended September 30, 2023, respectively; and $1,631 and $8,492 to its partner in excess of the partner's share of net income for the three and nine months ended September 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 and accrued default interest expense.
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 and accrued default interest expense 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 default interest expense reflects the interest accruing on the nonrecourse loans associated with Towne Mall and Country Club Plaza. GAAP requires that the Company accrue these amounts, which are not expected to be paid and are expected to be reversed once a loan is modified or once title to the mortgaged loan collateral is transferred.

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 and accrued default interest expense (c):

For the Three Months Ended September 30,For the Nine Months Ended September 30,
UnauditedUnaudited
2023202220232022
Net loss attributable to the Company$(262,547)($15,193)($336,244)($67,757)
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(10,939)(607)(14,009)(2,729)
Loss (gain) on sale or write down of consolidated assets, net149,287 (1,405)135,229 (6,767)
Add: gain on undepreciated asset sales from consolidated assets480 4,867 2,968 15,592 
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, net338 1,373 2,224 5,816 
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net101,048 (8,922)152,396 20,060 
Add: gain on undepreciated asset sales from unconsolidated joint ventures (pro rata)6,636 5,561 6,740 7,116 
Depreciation and amortization on consolidated assets 70,755 72,739 212,596 218,053 
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(3,660)(3,683)(10,927)(17,976)
Depreciation and amortization on unconsolidated joint ventures (pro rata) 42,464 44,028 127,801 133,591 
Less: depreciation on personal property (1,905)(2,632)(6,053)(8,296)
FFO attributable to common stockholders and unit holders - basic and diluted91,957 96,126 272,721 294,703 
Financing expense in connection with Chandler Freehold3,089 6,684 (259)23,329 
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold - basic and diluted95,046 102,810 272,462 318,032 
Accrued default interest expense4,050 — 4,050 — 
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold and accrued default interest expense - basic and diluted$99,096 $102,810 $276,512 $318,032 




Reconciliation of EPS to FFO per share—diluted (c):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
UnauditedUnaudited
2023202220232022
EPS - diluted$(1.22)$(0.07)$(1.56)$(0.32)
   Per share impact of depreciation and amortization of real estate0.48 0.49 1.44 1.46 
   Per share impact of loss on sale or write down of assets, net1.15 0.01 1.34 0.18 
FFO per share - basic and diluted0.41 0.43 1.22 1.32 
   Per share impact of financing expense in connection with Chandler Freehold0.01 0.03 (0.01)0.10 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold0.42 0.46 1.21 1.42 
   Per share impact of accrued default interest expense0.02 — 0.02 — 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense$0.44 $0.46 $1.23 $1.42 


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 September 30,For the Nine Months Ended September 30,
UnauditedUnaudited
2023202220232022
Net loss attributable to the Company$(262,547)$(15,193)($336,244)($67,757)
   Interest expense - consolidated assets53,380 52,630 147,507 157,680 
   Interest expense - unconsolidated joint ventures (pro rata)36,983 26,228 104,946 76,866 
   Depreciation and amortization - consolidated assets70,755 72,739 212,596 218,053 
   Depreciation and amortization - unconsolidated joint ventures (pro rata)42,464 44,028 127,801 133,591 
   Noncontrolling interests in the OP(10,939)(607)(14,009)(2,729)
   Less: Interest expense and depreciation and amortization allocable to
   noncontrolling interests in consolidated joint ventures
(7,565)(7,098)(21,999)(29,239)
   Loss (gain) on sale or write down of assets, net - consolidated assets149,287 (1,405)135,229 (6,767)
   Loss (gain) on sale or write down of assets, net -
   unconsolidated joint ventures (pro rata)
101,048 (8,922)152,396 20,060 
   Add: Noncontrolling interests share of gain on sale or write-down of
   consolidated joint ventures, net
338 1,373 2,224 5,816 
   Income tax expense (benefit)1,672 (166)161 963 
   Distributions on preferred units87 87 261 261 
Adjusted EBITDA (d)174,963 163,694 510,869 506,798 
   REIT general and administrative expenses5,910 6,779 21,692 20,082 
   Management Companies' revenues(7,444)(7,607)(22,234)(21,432)
   Management Companies' operating expenses 16,513 16,553 52,852 51,242 
   Leasing expenses, including joint ventures at pro rata9,380 9,423 29,006 26,528 
   Straight-line and above/below market adjustments (667)(3,441)(4,169)(6,766)
NOI - All Centers198,655 185,401 588,016 576,452 
   NOI of non-Same Centers(3,988)647 (7,690)(2,860)
NOI - Same Centers (e)194,667 186,048 580,326 573,592 
   Lease termination income of Same Centers(1,257)(1,467)(3,985)(24,876)
NOI - Same Centers, excluding lease termination income (e)$193,410 $184,581 $576,341 $548,716 
NOI - Same Centers percentage change, including lease termination income (e)4.63 %1.17 %
NOI - Same Centers percentage change, excluding lease termination income (e)4.78 %5.03 %

(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.
7





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization

Period Ended
9/30/202312/31/202212/31/2021
(dollars in thousands, except per share data)
Closing common stock price per share$10.91 $11.26 $17.28 
52 week high$14.51 $19.18 $25.99 
52 week low$7.83 $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 units224,618,756 224,230,924 223,474,639 
Total common and equivalent shares/units outstanding224,718,321 224,330,489 223,574,204 
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata$6,825,331 $6,812,823 $6,977,458 
Equity market capitalization2,451,677 2,525,961 3,863,362 
Total market capitalization$9,277,008 $9,338,784 $10,840,820 
Debt as a percentage of total market capitalization73.6 %73.0 %64.4 %


https://cdn.kscope.io/f596e48f0daff962660d5b1e25cad3be-chart-5ef5fd30e6974d05b68.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
Conversion of partnership units to cash(4,128)(4,128)
Conversion of partnership units to common shares(18,106)18,106
Issuance of stock/partnership units from restricted stock issuance or other
share or unit-based plans
19,59419,594
Balance as of September 30, 20238,963,259215,655,49799,565224,718,321
    
9





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

For the Three Months Ended September 30,For the Nine Months Ended September 30,
20232023
Revenues:
Leasing revenue$197,305 $589,003 
Other income13,403 34,143 
Management Companies' revenues7,444 22,234 
Total revenues218,152 645,380 
Expenses:
Shopping center and operating expenses76,358 216,793 
Management Companies' operating expenses16,513 52,852 
Leasing expenses8,777 26,880 
REIT general and administrative expenses5,910 21,692 
Depreciation and amortization70,755 212,596 
Interest expense53,380 147,507 
Total expenses231,693 678,320 
Equity in loss of unconsolidated joint ventures(107,465)(176,235)
Income tax expense(1,672)(161)
Loss on sale or write down of assets, net(149,287)(135,229)
Net loss (271,965)(344,565)
Less net loss attributable to noncontrolling interests(9,418)(8,321)
Net loss attributable to the Company$(262,547)$(336,244)

10





THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of September 30, 2023
(Dollars in thousands)
ASSETS:
Property, net (a)$5,950,089 
Cash and cash equivalents111,802 
Restricted cash96,332 
Tenant and other receivables, net152,205 
Right-of-use assets, net120,410 
Deferred charges and other assets, net232,103 
Due from affiliates6,624 
Investments in unconsolidated joint ventures918,540 
Total assets$7,588,105 
LIABILITIES AND EQUITY:
Mortgage notes payable$4,166,335 
Bank and other notes payable118,635 
Accounts payable and accrued expenses73,923 
Lease liabilities85,726 
Other accrued liabilities312,236 
Distributions in excess of investments in unconsolidated joint ventures195,179 
Financing arrangement obligation137,699 
Total liabilities5,089,733 
Commitments and contingencies
Equity:
Stockholders' equity:
      Common stock2,155 
      Additional paid-in capital5,519,029 
      Accumulated deficit(3,089,298)
      Accumulated other comprehensive income556 
Total stockholders' equity2,432,442 
Noncontrolling interests65,930 
Total equity2,498,372 
Total liabilities and equity$7,588,105 

(a)Includes construction in progress of $427,771.
11





THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
September 30, 2023
For the Nine Months Ended
September 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$(10,948)$109,914 $(32,375)$318,809 
Other income(1,105)1,868 (3,610)975 
      Total revenues(12,053)111,782 (35,985)319,784 
Expenses:
Shopping center and operating expenses (3,191)38,035 (9,919)108,147 
Leasing expense(114)717 (603)2,729 
Depreciation and amortization (3,660)42,464 (10,927)127,801 
Interest expense (3,905)36,983 (11,072)104,946 
      Total expenses(10,870)118,199 (32,521)343,623 
Equity in loss of unconsolidated joint ventures— 107,465 — 176,235 
Gain/loss on sale or write down of assets, net(338)(101,048)(2,224)(152,396)
Net income(1,521)— (5,688)— 
Less net income attributable to noncontrolling interests(1,521)— (5,688)— 
Net income attributable to the Company$— $— $— $— 

(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 September 30, 2023
Noncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)$(474,957)$3,567,370 
Cash and cash equivalents(24,346)86,796 
Restricted cash(1,881)29,973 
Tenant and other receivables, net(10,141)86,906 
Right-of-use assets, net(464)68,356 
Deferred charges and other assets, net(26,317)39,276 
Due from affiliates759 (3,345)
Investments in unconsolidated joint ventures, at equity— (918,540)
Total assets$(537,347)$2,956,792 
LIABILITIES AND EQUITY:
Mortgage notes payable$(396,439)$2,936,800 
Accounts payable and accrued expenses(3,470)55,157 
Lease liabilities(1,646)66,778 
Other accrued liabilities(52,387)93,236 
Distributions in excess of investments in unconsolidated joint ventures— (195,179)
Financing arrangement obligation(137,699)— 
Total liabilities(591,641)2,956,792 
Equity:
   Stockholders' equity19,135 — 
   Noncontrolling interests35,159 — 
     Total equity54,294 — 
     Total liabilities and equity$(537,347)$2,956,792 

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

(b)This includes $7,633 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $214,259 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 September 30, 2023
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
  Minimum rents (b)$123,810 $(7,011)$116,799 $72,798 $189,597 
  Percentage rents8,207 (650)7,557 6,229 13,786 
  Tenant recoveries58,551 (2,934)55,617 28,131 83,748 
  Other6,511 (337)6,174 2,469 8,643 
  Bad debt income226 (16)210 287 497 
     Total leasing revenue$197,305 $(10,948)$186,357 $109,914 $296,271 
For the Nine Months Ended September 30, 2023
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
  Minimum rents (b)$371,243 $(20,875)$350,368 $216,408 $566,776 
  Percentage rents18,213 (1,479)16,734 13,191 29,925 
  Tenant recoveries175,110 (9,019)166,091 81,271 247,362 
  Other22,564 (1,042)21,522 7,557 29,079 
  Bad debt income 1,873 40 1,913 382 2,295 
     Total leasing revenue$589,003 $(32,375)$556,628 $318,809 $875,437 
(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 reducing our 2023 guidance for estimated EPS-diluted and we are maintaining our guidance for FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense. The following is a reconciliation of estimated EPS-diluted to FFO per share-diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense:
Fiscal Year 2023
Guidance
EPS-diluted($1.52)-($1.46)
Plus: real estate depreciation and amortization1.92 -1.92 
Plus: loss on sale or write-down of depreciable assets(1)1.34 -1.34 
FFO per share-diluted1.74 -1.80 
Less: impact of financing expense in connection with Chandler Freehold(1)— -— 
Plus: impact of accrued default interest expense(2)0.03 0.03 
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense $1.77 -$1.83 

(1) Changes reflect actual amounts recognized during the quarter ended September 30, 2023.

(2) Represents accrued default interest expense on non-recourse debt associated with Towne Mall, Country Club Plaza and Fashion
Outlets of Niagara. Generally Accepted Accounting Principles require that we accrue these amounts, which are not expected to be
paid and are expected to be reversed once a loan is modified or once title to the mortgaged loan collateral is transferred.

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.


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$13 $0.06 
Straight-line rental income$(2)$(0.01)
Amortization of acquired above and below-market leases (net-revenue)$6 $0.03 
Interest expense (c)$328 $1.46 
Capitalized interest$32 $0.14 

(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. This amount also includes an estimated $0.03 per share of accrued default interest on non-recourse debt. See footnote (2) to table above for further information.
15





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
As of September 30,
20232022
dollars in millions
Straight-line rent receivable$171.5 $169.3 

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
dollars in millions
Lease termination income (b)$1.3 $1.5 $4.0 $24.9 
Straight-line rental (expense) income (b)$(0.3)$2.2 $0.2 $3.1 
Business development and parking income (c)$14.5 $14.0 $47.8 $43.3 
Gain on sales or write down of undepreciated assets$7.1 $10.4 $9.7 $22.7 
Amortization of acquired above and below-market leases, net revenue (b)$1.0 $1.2 $4.0 $3.6 
Amortization of debt discounts, net$(0.3)$(0.3)$(1.0)$(0.9)
Bad debt income (b)$(0.5)$(0.8)$(2.3)$(1.7)
Leasing expense$9.4 $9.4 $29.0 $26.5 
Interest capitalized$8.8 $5.4 $24.6 $15.2 
Chandler Freehold financing arrangement (d):
   Distributions equal to partners' share of net income (loss) $0.3 $(0.2)$0.2 $— 
   Distributions in excess of partners' share of net income (e)1.1 1.6 5.3 8.5 
   Fair value adjustment (e)2.0 5.0 (5.5)14.8 
Total Chandler Freehold financing arrangement expense (d)$3.4 $6.4 $— $23.3 

(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 Nine Months Ended September 30,For the Twelve Months Ended December 31,
2023202220222021
dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment (b)$69.3 $37.7 $49.5 $18.7 
Development, redevelopment, expansions and renovations of Centers56.6 40.7 55.5 46.3 
Tenant allowances22.5 18.0 25.0 22.1 
Deferred leasing charges4.8 1.7 2.4 2.6 
Total$153.2 $98.1 $132.4 $89.7 
Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment$8.8 $6.7 $13.2 $18.8 
Development, redevelopment, expansions and renovations of Centers51.9 43.5 74.6 48.5 
Tenant allowances11.1 12.2 16.8 11.6 
Deferred leasing charges3.4 2.7 4.1 2.9 
Total$75.2 $65.1 $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
9/30/2023$719 $1,007 $847 
9/30/2022$747 $1,040 $877 
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.


https://cdn.kscope.io/f596e48f0daff962660d5b1e25cad3be-chart-09c0ddd19cce47e28dc.jpg
18





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


Period EndedConsolidated CentersUnconsolidated Joint Venture CentersTotal
Centers
9/30/202393.4 %93.5 %93.4 %
9/30/202291.7 %92.5 %92.1 %
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
9/30/2023$61.82 $55.18 $51.81 
9/30/2022$60.80 $58.06 $56.09 
12/31/2022$60.72 $56.63 $56.44 
12/31/2021$59.86 $56.39 $55.91 
Unconsolidated Joint Venture Centers
9/30/2023$70.10 $67.27 $57.27 
9/30/2022$66.99 $68.33 $61.52 
12/31/2022$67.37 $69.88 $62.72 
12/31/2021$66.12 $66.98 $60.48 
All Regional Town Centers
9/30/2023$64.71 $59.27 $53.58 
9/30/2022$62.96 $61.40 $57.60 
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
September 30, 2023December 31, 2022
Consolidated Centers
Minimum rents7.8 %7.4 %
Percentage rents0.9 %1.1 %
Expense recoveries (a)3.3 %3.1 %
Total12.0 %11.6 %
Unconsolidated Joint Venture Centers
Minimum rents6.8 %6.5 %
Percentage rents1.1 %1.0 %
Expense recoveries (a)2.9 %2.8 %
Total10.8 %10.3 %
All Centers
Minimum rents7.3 %6.9 %
Percentage rents1.0 %1.1 %
Expense recoveries (a)3.1 %2.9 %
Total11.4 %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)
California27.6 %
New York21.6 %
Arizona17.4 %
Pennsylvania & Virginia9.9 %
New Jersey & Connecticut8.6 %
Colorado, Illinois & Missouri7.2 %
Oregon4.2 %
Other(b)3.5 %
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
September 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
2001/2002ongoing1,428,000
2100 %Danbury Fair Mall
Danbury, Connecticut
1986/200520161,276,000
3100 %Desert Sky Mall
Phoenix, Arizona
1981/20022007738,000
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(d)
Niagara Falls, New York
1982/20112014676,000
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
1966/20042016633,000
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
1978/200220171,206,000
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
1980/1999ongoing527,000
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
1953/19971991927,000
22100 %Superstition Springs Center
Mesa, Arizona
1990/20022002955,000
23100 %Towne Mall(e)
Elizabethtown, Kentucky
1985/20051989350,000
23





The Macerich Company
Property Listing
September 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
1990/20052020714,000
Total Consolidated Centers25,488,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
2960 %Arrowhead Towne Center
Glendale, Arizona
1993/200220151,078,000
3050 %Biltmore Fashion Park
Phoenix, Arizona
1963/20032020602,000
3150 %Broadway Plaza
Walnut Creek, California
1951/19852016996,000
3250.1 %Corte Madera, The Village at
Corte Madera, California
1985/19982020502,000
3350 %Country Club Plaza(f)
Kansas City, Missouri
1922/20162015971,000
3451 %Deptford Mall
Deptford, New Jersey
1975/200620201,010,000
3551 %Flatiron Crossing
Broomfield, Colorado
2000/200220091,395,000
3650 %Kierland Commons
Phoenix, Arizona
1999/20052003435,000
3760 %Lakewood Center
Lakewood, California
1953/197520082,050,000
3860 %Los Cerritos Center
Cerritos, California
1971/199920161,008,000
3950 %Scottsdale Fashion Square
Scottsdale, Arizona
1961/2002ongoing1,869,000
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
1968/200520141,842,000
4360 %Washington Square
Portland, Oregon
1974/199920051,303,000
4419 %West Acres
Fargo, North Dakota
1972/19862001692,000
Total Unconsolidated Joint Venture Centers17,581,000
Total Regional Town Centers43,069,000
24





The Macerich Company
Property Listing
September 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(g)
Queens, New York
2006/20112013372,000
250 %Boulevard Shops(g)
Chandler, Arizona
2001/20022004185,000
3100 %Southridge Center(h)
Des Moines, Iowa
1975/19982013801,000
Total Community / Power Centers1,358,000
OTHER ASSETS:
100 %Various(h)267,000
25 %One Westside(g)
Los Angeles, California
1985/19982022680,000
50 %Scottsdale Fashion Square-Office(g)
Scottsdale, Arizona
1984/20022016123,000
50 %Tysons Corner Center-Office(g)
Tysons Corner, Virginia
1999/20052012166,000
50 %Hyatt Regency Tysons Corner Center(g)
Tysons Corner, Virginia
20152015290,000
50 %VITA Tysons Corner Center(g)
Tysons Corner, Virginia
20152015398,000
50 %Tysons Tower(g)
Tysons Corner, Virginia
20142014535,000
OTHER ASSETS UNDER REDEVELOPMENT:
%Paradise Valley Mall (g)(i)
Phoenix, Arizona
1979/2002ongoing303,000
Total Other Assets2,762,000
Grand Total47,189,000

The Company owned or had an ownership interest in 44 regional town centers (including office, hotel and residential space adjacent to these shopping centers), three 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)Effective October 6, 2023, the loan encumbering this property is in default. The Company is in negotiations with the lender on terms of this non-recourse loan.

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

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

(g)Included in Unconsolidated Joint Venture Centers.

(h)Included in Consolidated Centers.

(i)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.


25





The Macerich Company
Joint Venture List
As of September 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 LLC602,000 
Boulevard Shops50 %50 %Propcor II Associates, LLC185,000 
Broadway Plaza50 %50 %Macerich HHF Broadway Plaza LLC996,000 
Chandler Fashion Center(d)(e)50.1 %50.1 %Freehold Chandler Holdings LP1,428,000 
Corte Madera, The Village at50.1 %50.1 %Corte Madera Village, LLC502,000 
Country Club Plaza50 %50 %Country Club Plaza KC Partners LLC971,000 
Deptford Mall51 %51 %Macerich HHF Centers LLC1,010,000 
Fashion District Philadelphia50 %(f)Various Entities802,000 
FlatIron Crossing51 %51 %Macerich HHF Centers LLC1,395,000 
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 LLC435,000 
Lakewood Center60 %60 %Pacific Premier Retail LLC2,050,000 
Los Angeles Premium Outlets50 %50 %CAM-CARSON LLC— 
Los Cerritos Center(d)60 %60 %Pacific Premier Retail LLC1,008,000 
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 Partnership1,869,000 
Scottsdale Fashion Square-Office50 %50 %Scottsdale Fashion Square Partnership123,000 
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 LLC1,842,000 
Tysons Corner Center-Office50 %50 %Tysons Corner Property LLC166,000 
Tysons Tower50 %50 %Tysons Corner Property LLC535,000 
VITA Tysons Corner Center50 %50 %Tysons Corner Property LLC398,000 
Washington Square(d)60 %60 %Pacific Premier Retail LLC1,303,000 
West Acres19 %19 %West Acres Development, LLP692,000 

(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 September 30, 2023
(e)The joint venture entity was formed in September 2009. Upon liquidation of the partnership, distributions are made in the following order: pro rata 49.9% to the third-party partner and 50.1% to the Company until a 13% internal rate of return on and of certain capital expenditures is received; 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 nine months ended September 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 September 30, 2023 was $253.2 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 September 30, 2023
Fixed RateFloating RateTotal
Dollars in thousands
Mortgage notes payable$3,795,958 $370,377 

$4,166,335 
Bank and other notes payable118,635 

118,635 
Total debt per Consolidated Balance Sheet3,795,958 489,012 4,284,970 
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures(359,836)(36,603)(396,439)
Adjusted Consolidated Debt3,436,122 452,409 3,888,531 
Add: Company’s share of debt from unconsolidated joint ventures2,843,491 93,309 2,936,800 
Total Company’s Pro Rata Share of Debt$6,279,613 $545,718 $6,825,331 
Weighted average interest rate4.67 %7.70 %4.92 %
Weighted average maturity (years)3.55 

(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 September 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 (c)10/06/236.45 %86,415 — 86,415 
Oaks, The 06/05/245.74 %152,408 — 152,408 
Danbury Fair Mall 07/01/248.01 %130,134 — 130,134 
Chandler Fashion Center (d)07/05/244.18 %128,193 — 128,193 
Victor Valley, Mall of 09/01/244.00 %114,951 — 114,951 
Queens Center 01/01/253.49 %600,000 — 600,000 
Vintage Faire Mall03/06/263.55 %228,620 — 228,620 
Fresno Fashion Fair11/01/263.67 %324,404 — 324,404 
Green Acres Mall01/06/286.62 %358,593 — 358,593 
SanTan Village Regional Center (e)07/01/294.34 %186,429 — 186,429 
Freehold Raceway Mall (d)11/01/293.94 %199,900 — 199,900 
Kings Plaza Shopping Center 01/01/303.71 %536,828 — 536,828 
Fashion Outlets of Chicago02/01/314.61 %299,415 — 299,415 
Pacific View05/06/325.45 %70,946 — 70,946 
Total Fixed Rate Debt for Consolidated Assets4.48 %$3,436,122 $ $3,436,122 
Fashion District Philadelphia (f)01/22/249.49 %$— $36,603 $36,603 
Santa Monica Place (g)12/09/257.28 %— 297,171 297,171 
The Macerich Partnership, L.P. - Line of Credit (g)02/01/288.48 %— 118,635 118,635 
Total Floating Rate Debt for Consolidated Assets7.78 %$ $452,409 $452,409 
Total Debt for Consolidated Assets4.86 %$3,436,122 $452,409 $3,888,531 
II. Unconsolidated Assets (At Company’s pro rata share):
Tysons Corner Center (50%)01/01/244.13 %$335,931 $— $335,931 
Paradise Valley I (5%) 09/29/245.00 %1,870 — 1,870 
FlatIron Crossing (51%) (g),(h)02/09/258.55 %88,258 — 88,258 
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%) (i)04/01/263.88 %147,617 — 147,617 
Deptford Mall (51%) (g)04/03/263.98 %74,724 — 74,724 
Lakewood Center (60%)06/01/264.15 %198,569 — 198,569 
Paradise Valley II (5%) 07/21/266.95 %872 — 872 
Washington Square (60%) (g),(h)11/01/268.18 %300,080 — 300,080 
Atlas Park (50%) (g),(h)11/09/267.88 %32,123 — 32,123 
Kierland Commons (50%) 04/01/273.98 %98,121 — 98,121 
Los Cerritos Center (60%)11/01/274.00 %304,658 — 304,658 
Arrowhead Towne Center (60%)02/01/284.05 %233,287 — 233,287 
Scottsdale Fashion Square (50%) 03/06/286.28 %348,922 — 348,922 
Corte Madera, The Village at (50.1%) 09/01/283.53 %110,187 — 110,187 
West Acres - Development (19%) 10/10/293.72 %683 — 683 
Tysons Tower (50%)10/11/293.38 %94,619 — 94,619 
Broadway Plaza (50%) 04/01/304.19 %219,172 — 219,172 
Tysons VITA (50%)12/01/303.43 %44,590 — 44,590 
West Acres (19%)3/1/20324.61 %12,708 — 12,708 
Total Fixed Rate Debt for Unconsolidated Assets4.91 %$2,843,491 $ $2,843,491 
29





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Outstanding Debt by Maturity Date
As of September 30, 2023
Center/Entity (dollars in thousands)Maturity
Date
Effective Interest
Rate (a)
FixedFloatingTotal Debt Balance (a)
Boulevard Shops (50%) 12/05/237.62 %$— $11,494 $11,494 
One Westside (25%) (g)12/18/247.26 %— 81,068 81,068 
Paradise Valley Retail (5%) (g)02/03/278.32 %— 73 73 
Paradise Valley Residential (2.5%) (g)02/03/288.08 %— 674 674 
Total Floating Rate Debt for Unconsolidated Assets7.31 %$ $93,309 $93,309 
Total Debt for Unconsolidated Assets4.99 %$2,843,491 $93,309 $2,936,800 
Total Debt4.92 %$6,279,613 $545,718 $6,825,331 
Percentage to Total92.00 %8.00 %100.00 %


(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)Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.

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

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

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

(h)This loan requires an interest rate cap agreement to be in place at all times, which limits how high the prevailing floating loan rate benchmark 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 is considered fixed rate debt.

(i)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 September 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$22024/202522% - 24%
Scottsdale Fashion Square
Scottsdale, AZ
Redevelopment of two-level Nordstrom wing with luxury-focused retail and restaurant uses809050%404516202413% - 15%
TOTAL$115$130$75$85$18

(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 
September 30, 2023$12.99 $10.65 $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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