mac-20240207
0000912242FALSE00009122422024-02-072024-02-07

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): February 7, 2024

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 February 7, 2024, The Macerich Company (the “Company) released its financial results for the three and twelve months ended December 31, 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
February 7, 2024
/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 Twelve Months Ended December 31, 2023


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The Macerich Company
Earnings Results & Supplemental Information
For the Three and Twelve Months Ended December 31, 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
December 31, 2023

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We own 46 million square feet of real estate consisting primarily of interests in 43 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:

We recently announced that Jackson Hsieh will become the President and Chief Executive of Macerich on March 1, 2024, following the retirement of Thomas O’Hern after 31 years of service to the Company. We are excited to make this leadership transition at a time when the fundamentals of the company are strong, along with recent shareholder returns which ranked approximately eleventh among all REIT’s on a trailing three-year basis as of December 31, 2023 at approximately 69%.

2023 was an exceptional and historic year for our leasing team. We finished the year having leased 4.2 million square feet of space, a 12% increase over 2022, which was itself an extraordinary year of leasing activity. 2023 leasing represents a record high for Macerich dating back to our 1994 inception as a public company. As a result, we have amassed a very impactful pipeline of small and large format lease deals, which are signed but not yet open. We expect to open most of these exciting new uses during 2024 and 2025. Occupancy as of December 31, 2023 was 93.5%, a healthy increase compared to year-end 2022. Trailing twelve-month base rent leasing spreads at December 31, 2023 showed strong double-digit increases for the third consecutive quarter. We also made considerable progress since the third quarter of 2023 in addressing our near-term debt maturities through various financing and disposition transactions.

Results for the Quarter:

The net income attributable to the Company was $62.2 million or $0.29 per share-diluted during the fourth quarter of 2023, compared to the net income attributable to the Company of $1.7 million or $0.01 per share-diluted attributable to the Company for the quarter ended December 31, 2022.

Funds from Operations (“FFO”), excluding financing expense in connection with Chandler Freehold, accrued default interest expense and gain on extinguishment of debt was $126.5 million or $0.56 per share-diluted during the fourth quarter of 2023, compared to $119.5 million or $0.53 per share-diluted for FFO excluding financing expense in connection with Chandler Freehold, accrued default interest expense and gain on extinguishment of debt for the quarter ended December 31, 2022.

Same center net operating income (“NOI”), excluding lease termination income, increased 3.0% in the fourth quarter of 2023 compared to the fourth quarter of 2022. For the year ended December 31, 2023, same center NOI, excluding lease termination income, increased 4.5% compared to 2022.

Portfolio tenant sales per square foot for space less than 10,000 square feet for the year ended December 31, 2023 were $836 compared to $869 for the year ended December 31, 2022. Portfolio tenant sales for the year ended December 31, 2023 from comparable spaces less than 10,000 square feet decreased modestly by 1.8% compared to the year ended December 31, 2022.

Portfolio occupancy continues to improve and as of December 31, 2023 was 93.5%, a 0.9% increase compared to the 92.6% occupancy rate at December 31, 2022 and a sequential 0.1% improvement compared to the 93.4% occupancy rate at September 30, 2023.

Base rent re-leasing spreads were 17.2% greater than expiring base rent for the year ended December 31, 2023. This was the ninth consecutive quarter of positive base rent leasing spreads.

During 2023, we signed leases for a company record 4.2 million square feet, which is 12% more square footage signed than during 2022, on a comparable center basis. This included an 18% increase in leased square footage during the fourth quarter of 2023 compared to the fourth quarter of 2022, on a comparable center basis.

Balance Sheet:

During the fourth quarter of 2023 and in early 2024, we made extensive progress in managing our near-term debt maturities, including the following financing and disposition activity:

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The Macerich Company
Executive Summary
December 31, 2023
On December 4, 2023, our joint venture closed a $710 million refinance of the existing $666 million loan on Tysons Corner Center. The new loan bears interest at a fixed rate of 6.60%, is interest only during the entire loan term and matures on December 6, 2028.

On December 27, 2023, our joint venture sold One Westside for $700 million. The existing $325 million loan on the property was repaid, and $78 million of net proceeds were generated at our 25% ownership share, which were used to reduce our revolving line of credit.
On January 10, 2024, our joint venture closed a $24 million refinance of the existing $23 million loan on Boulevard Shops. The new loan bears variable interest at SOFR + 2.50%, is interest only during the entire loan term and matures on December 5, 2028.

On January 22, 2024, we repaid the majority of the loan on Fashion District Philadelphia. The remaining $8 million matures on April 21, 2024.

On January 25, 2024, we closed a $155 million refinance of the existing $117 million loan on Danbury Fair Mall. The new loan bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034.

To recap 2023 and year-to-date 2024 financing activities, across seven separate transactions we have refinanced or extended eight loans totaling $2.8 billion, or $2 billion at our ownership share. This included an approximate 4.5 year renewal and upsizing of our $650 million revolving corporate credit facility during the third quarter of 2023.

As of the date of this filing, we had approximately $657 million of liquidity, including $490 million of available capacity on our $650 million revolving line of credit.

2024 Earnings Guidance:

At this time, we are issuing our 2024 guidance for both estimated EPS-diluted and 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 2024
Guidance
EPS-diluted($0.08)-$0.02 
Plus: real estate depreciation and amortization1.83 -1.83 
FFO per share-diluted1.75 -1.85 
Less: impact of financing expense in connection with Chandler Freehold0.00-0.00
Plus: impact of accrued default interest expense(1)0.01 -0.01 
FFO per share – diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense$1.76 -$1.86 

(1) Represents accrued default interest expense on non-recourse debt associated with Country Club Plaza. 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 2024. 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 February 2, 2024, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on March 4, 2024 to stockholders of record at the close of business on February 16, 2024.

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 February 7, 2024 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
December 31, 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 46 million square feet of gross leasable area (“GLA”) consisting primarily of interests in 43 regional town centers, three community/power shopping centers and one redevelopment property. These 47 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 any future pandemic, epidemic or outbreak of any 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 December 31,For the Twelve Months Ended December 31,
UnauditedUnaudited
2023202220232022
Revenues:
Leasing revenue$220,020 $212,952 $809,023 $800,548 
Other income10,717 8,193 44,860 30,104 
Management Companies’ revenues7,951 7,080 30,185 28,512 
Total revenues238,688 228,225 884,068 859,164 
Expenses:
Shopping center and operating expenses 71,614 72,542 288,407 289,884 
Management Companies' operating expenses 17,208 16,557 70,060 67,799 
Leasing expenses 9,543 8,207 36,423 32,670 
REIT general and administrative expenses 7,546 7,082 29,238 27,164 
Depreciation and amortization 69,765 73,559 282,361 291,612 
Interest expense (a)25,413 59,171 172,920 216,851 
Gain on extinguishment of debt(8,208)— (8,208)— 
Total expenses192,881 237,118 871,201 925,980 
Equity in income (loss) of unconsolidated joint ventures 19,298 11,166 (156,937)(5,256)
Income tax benefit (expense)655 258 494 (705)
Gain (loss) on sale or write down of assets, net706 931 (134,523)7,698 
Net income (loss)66,466 3,462 (278,099)(65,079)
Less net income (loss) attributable to noncontrolling interests4,287 1,773 (4,034)989 
Net income (loss) attributable to the Company$62,179 $1,689 $(274,065)$(66,068)
Weighted average number of shares outstanding - basic215,807 215,178 215,548 215,031 
Weighted average shares outstanding, assuming full conversion of OP Units (b)224,675 223,802 224,501 223,678 
Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b) 224,675 223,802 224,501 223,678 
Earnings per share ("EPS") - basic $0.29 $0.01 $(1.28)$(0.31)
EPS - diluted $0.29 $0.01 $(1.28)$(0.31)
Dividend paid per share $0.17 $0.17 $0.68 $0.62 
FFO - basic and diluted (b) (c)$158,391 $109,931 $431,112 $404,632 
FFO - basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$132,339 $119,504 $404,801 $437,534 
FFO - basic and diluted, excluding financing expense in connection with Chandler Freehold, gain on extinguishment of debt and accrued default interest expense (b) (c)$126,498 $119,504 $403,010 $437,534 
FFO per share - basic and diluted (b) (c)$0.71 $0.49 $1.92 $1.81 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold (b) (c)$0.59 $0.53 $1.80 $1.96 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold, gain on extinguishment of debt and accrued default interest expense (b) (c)$0.56 $0.53 $1.80 $1.96 









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) a credit of $29,597 and $35,118 to adjust for the change in the fair value of the financing arrangement obligation during the three and twelve months ended December 31, 2023, respectively; and an expense of $9,396 and $24,233 to adjust for the change in the fair value of the financing arrangement obligation during the three and twelve months ended December 31, 2022, respectively; (ii) distributions of $1,855 and $2,105 to its partner representing the partner's share of net income for the three and twelve months ended December 31, 2023, respectively; and $1,794 and $1,833 to its partner representing the partner's share of net income for the three and twelve months ended December 31, 2022; respectively; and (iii) distributions of $3,545 and $8,807 to its partner in excess of the partner's share of net income for the three and twelve months ended December 31, 2023, respectively; and $177 and $8,669 to its partner in excess of the partner's share of net income for the three and twelve months ended December 31, 2022, respectively. On November 16, 2023, the Company acquired its partners' interest in Freehold Raceway Mall and as a result, that property is no longer part of the financing arrangement and is 100% owned by the Company. References to "Chandler Freehold" after November 16, 2023 shall be deemed to only refer to Chandler Fashion Center.

(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, gain on extinguishment of debt 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, impact associated with extinguishment of debt 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, Fashion Outlets of Niagara 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. Towne Mall was sold by the receiver on December 4, 2023, resulting in a gain on extinguishment of debt of $8.2 million and the reversal of the entire $0.7 million of accrued default interest expense.

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 income (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, gain on extinguishment of debt and accrued default interest expense (c):
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
UnauditedUnaudited
2023202220232022
Net income (loss) attributable to the Company$62,179 $1,689 ($274,065)($66,068)
Adjustments to reconcile net income (loss) attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP2,620 69 (11,389)(2,660)
(Gain) loss on sale or write down of consolidated assets, net(706)(931)134,523 (7,698)
Add: gain on undepreciated asset sales from consolidated assets737 499 3,705 16,091 
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— 472 2,224 6,287 
(Gain) loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net(16,019)(663)136,377 19,397 
Add: gain on undepreciated asset sales from unconsolidated joint ventures (pro rata)362 678 7,102 7,794 
Depreciation and amortization on consolidated assets 69,765 73,559 282,361 291,612 
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures(1,011)(3,616)(11,938)(21,592)
Depreciation and amortization on unconsolidated joint ventures (pro rata) 42,398 42,712 170,199 176,303 
Less: depreciation on personal property (1,934)(4,537)(7,987)(12,834)
FFO attributable to common stockholders and unit holders - basic and diluted158,391 109,931 431,112 404,632 
Financing expense in connection with Chandler Freehold(26,052)9,573 (26,311)32,902 
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold - basic and diluted132,339 119,504 404,801 437,534 
Gain on extinguishment of debt(8,208)— (8,208)— 
Accrued default interest expense2,367 — 6,417 — 
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, gain on extinguishment of debt and accrued default interest expense - basic and diluted$126,498 $119,504 $403,010 $437,534 



Reconciliation of EPS to FFO per share—diluted (c):
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
UnauditedUnaudited
2023202220232022
EPS - diluted$0.29 $0.01 $(1.28)$(0.31)
   Per share impact of depreciation and amortization of real estate0.49 0.48 1.93 1.94 
   Per share impact of (gain) loss on sale or write down of assets, net(0.07)— 1.27 0.18 
FFO per share - basic and diluted0.71 0.49 1.92 1.81 
   Per share impact of financing expense in connection with Chandler Freehold(0.12)0.04 (0.12)0.15 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold0.59 0.53 1.80 1.96 
  Per share impact of gain on extinguishment of debt and accrued default interest
expense
(0.03)— — — 
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold, gain on extinguishment of debt and accrued default interest expense$0.56 $0.53 $1.80 $1.96 
6





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

Reconciliation of Net income (loss) attributable to the Company to Adjusted EBITDA, to Net Operating Income ("NOI") and to NOI - Same Centers:
For the Three Months Ended December 31,For the Twelve Months Ended December 31,
UnauditedUnaudited
2023202220232022
Net income (loss) attributable to the Company$62,179 $1,689 ($274,065)($66,068)
   Interest expense - consolidated assets25,413 59,171 172,920 216,851 
   Interest expense - unconsolidated joint ventures (pro rata)38,206 28,969 143,152 105,835 
   Depreciation and amortization - consolidated assets69,765 73,559 282,361 291,612 
   Depreciation and amortization - unconsolidated joint ventures (pro rata)42,398 42,712 170,199 176,303 
   Noncontrolling interests in the OP2,620 69 (11,389)(2,660)
   Less: Interest expense and depreciation and amortization allocable
   to noncontrolling interests in consolidated joint ventures
(3,908)(9,039)(25,907)(38,278)
   Gain on extinguishment of debt(8,208)— (8,208)— 
   (Gain) loss on sale or write down of assets, net - consolidated assets(706)(931)134,523 (7,698)
   (Gain) loss on sale or write down of assets, net - unconsolidated joint
    ventures (pro rata)
(16,019)(663)136,377 19,397 
   Add: Noncontrolling interests share of gain on sale or write-down of
   consolidated joint ventures, net
— 472 2,224 6,287 
   Income tax (benefit) expense(655)(258)(494)705 
   Distributions on preferred units87 87 348 348 
Adjusted EBITDA (d)211,172 195,837 722,041 702,634 
   REIT general and administrative expenses7,546 7,082 29,238 27,164 
   Management Companies' revenues(7,951)(7,080)(30,185)(28,512)
   Management Companies' operating expenses 17,208 16,557 70,060 67,799 
   Leasing expenses, including joint ventures at pro rata10,212 8,923 39,218 35,451 
   Straight-line and above/below market adjustments (125)(4,424)(4,294)(11,190)
NOI - All Centers238,062 216,895 826,078 793,346 
   NOI of non-Same Centers(7,677)(1,849)(15,367)(4,708)
NOI - Same Centers (e)230,385 215,046 810,711 788,638 
   Lease termination income of Same Centers(9,215)(350)(13,200)(25,226)
NOI - Same Centers, excluding lease termination income (e)$221,170 $214,696 $797,511 $763,412 
NOI - Same Centers percentage change, including lease termination income (e)7.13 %2.80 %
NOI - Same Centers percentage change, excluding lease termination income (e)3.02 %4.47 %

(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
12/31/202312/31/202212/31/2021
(dollars in thousands, except per share data)
Closing common stock price per share$15.43 $11.26 $17.28 
52 week high$16.54 $19.18 $25.99 
52 week low$8.77 $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 units226,095,455 224,230,924 223,474,639 
Total common and equivalent shares/units outstanding226,195,020 224,330,489 223,574,204 
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata$6,919,579 $6,812,823 $6,977,458 
Equity market capitalization3,490,189 2,525,961 3,863,362 
Total market capitalization$10,409,768 $9,338,784 $10,840,820 
Debt as a percentage of total market capitalization66.5 %73.0 %64.4 %


https://cdn.kscope.io/14823914d17d45807249927a7dc641e2-chart-3b5055ad3ea342d4850.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
Conversion of partnership units to cash(500)(500)
Conversion of partnership units to common shares(165,384)165,384
Issuance of stock/partnership units from restricted stock issuance or other
share or unit-based plans
1,321,465155,7341,477,199
Balance as of December 31, 202310,118,840215,976,61599,565226,195,020
    
9





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

For the Three Months Ended December 31,For the Twelve Months Ended December 31,
20232023
Revenues:
Leasing revenue$220,020 $809,023 
Other income10,717 44,860 
Management Companies' revenues7,951 30,185 
Total revenues238,688 884,068 
Expenses:
Shopping center and operating expenses71,614 288,407 
Management Companies' operating expenses17,208 70,060 
Leasing expenses9,543 36,423 
REIT general and administrative expenses7,546 29,238 
Depreciation and amortization69,765 282,361 
Interest expense25,413 172,920 
Gain on extinguishment of debt(8,208)(8,208)
Total expenses192,881 871,201 
Equity in income (loss) of unconsolidated joint ventures19,298 (156,937)
Income tax benefit655 494 
Gain (loss) on sale or write down of assets, net706 (134,523)
Net income (loss)66,466 (278,099)
Less net income (loss) attributable to noncontrolling interests4,287 (4,034)
Net income (loss) attributable to the Company$62,179 $(274,065)

10





THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of December 31, 2023
(Dollars in thousands)
ASSETS:
Property, net (a)$5,900,489 
Cash and cash equivalents94,936 
Restricted cash95,358 
Tenant and other receivables, net183,478 
Right-of-use assets, net118,664 
Deferred charges and other assets, net263,068 
Due from affiliates4,755 
Investments in unconsolidated joint ventures852,764 
Total assets$7,513,512 
LIABILITIES AND EQUITY:
Mortgage notes payable$4,136,136 
Bank and other notes payable89,548 
Accounts payable and accrued expenses64,194 
Lease liabilities83,989 
Other accrued liabilities334,742 
Distributions in excess of investments in unconsolidated joint ventures174,786 
Financing arrangement obligation102,516 
Total liabilities4,985,911 
Commitments and contingencies
Equity:
Stockholders' equity:
      Common stock2,158 
      Additional paid-in capital5,509,603 
      Accumulated deficit(3,063,789)
      Accumulated other comprehensive income(952)
Total stockholders' equity2,447,020 
Noncontrolling interests80,581 
Total equity2,527,601 
Total liabilities and equity$7,513,512 

(a)Includes construction in progress of $340,496.
11





THE MACERICH COMPANY
NON-GAAP PRO RATA FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Three Months Ended
December 31, 2023
For the Twelve Months Ended
December 31, 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$(5,031)$118,255 $(37,407)$437,064 
Other income(1,462)2,962 (5,071)3,937 
      Total revenues(6,493)121,217 (42,478)441,001 
Expenses:
Shopping center and operating expenses (900)36,647 (10,819)144,794 
Leasing expense(18)687 (621)3,416 
Depreciation and amortization (1,011)42,398 (11,938)170,199 
Interest expense (2,897)38,206 (13,969)143,152 
      Total expenses(4,826)117,938 (37,347)461,561 
Equity in (income) loss of unconsolidated joint ventures— (19,298)— 156,937 
Gain/loss on sale or write down of assets, net— 16,019 (2,224)(136,377)
Net income(1,667)— (7,355)— 
Less net income attributable to noncontrolling interests(1,667)— (7,355)— 
Net income attributable to the Company$— $— $— $— 

(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 December 31, 2023
Noncontrolling Interests of Consolidated
Joint Ventures (a)
Company's Share of Unconsolidated Joint Ventures
ASSETS:
Property, net (b)$(86,670)$3,442,931 
Cash and cash equivalents(10,615)73,381 
Restricted cash(51)44,085 
Tenant and other receivables, net(2,161)82,104 
Right-of-use assets, net— 68,092 
Deferred charges and other assets, net(6,306)36,172 
Due from affiliates170 (4,987)
Investments in unconsolidated joint ventures, at equity— (852,764)
Total assets$(105,633)$2,889,014 
LIABILITIES AND EQUITY:
Mortgage notes payable$(160,765)$2,854,660 
Accounts payable and accrued expenses(1,238)46,846 
Lease liabilities— 67,106 
Other accrued liabilities(29,100)95,188 
Distributions in excess of investments in unconsolidated joint ventures— (174,786)
Financing arrangement obligation(102,516)— 
Total liabilities(293,619)2,889,014 
Equity:
   Stockholders' equity153,796 — 
   Noncontrolling interests34,190 — 
     Total equity187,986 — 
     Total liabilities and equity$(105,633)$2,889,014 

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

(b)This includes $2,438 of construction in progress relating to the Company's partners' share from consolidated joint ventures and $164,361 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 December 31, 2023
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
  Minimum rents (b)$135,941 $(3,181)$132,760 $74,274 $207,034 
  Percentage rents19,979 (778)19,201 15,118 34,319 
  Tenant recoveries53,840 (969)52,871 25,915 78,786 
  Other9,433 (147)9,286 3,657 12,943 
  Bad debt income (expense)827 44 871 (709)162 
     Total leasing revenue$220,020 $(5,031)$214,989 $118,255 $333,244 
For the Twelve Months Ended December 31, 2023
ConsolidatedNon-
Controlling Interests (a)
Company's Consolidated ShareCompany's Share of Unconsolidated Joint VenturesCompany's Total
Share
Revenues:
  Minimum rents (b)$507,186 $(24,056)$483,130 $290,682 $773,812 
  Percentage rents38,192 (2,257)35,935 28,309 64,244 
  Tenant recoveries228,949 (9,989)218,960 107,186 326,146 
  Other31,997 (1,189)30,808 11,214 42,022 
  Bad debt income (expense)2,699 84 2,783 (327)2,456 
     Total leasing revenue$809,023 $(37,407)$771,616 $437,064 $1,208,680 
(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
2024 Earnings Guidance (unaudited)
At this time, we are issuing our 2024 guidance for both estimated EPS-diluted and 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 2024
Guidance
EPS-diluted($0.08)-$0.02 
Plus: real estate depreciation and amortization1.83 -1.83 
FFO per share-diluted1.75 -1.85 
Less: impact of financing expense in connection with Chandler Freehold0.00-0.00
Plus: impact of accrued default interest expense(1)0.01 -0.01 
FFO per share – diluted, excluding financing expense in connection with
Chandler Freehold and accrued default interest expense
$1.76 -$1.86 

(1) Represents accrued default interest expense on non-recourse debt associated with Country Club Plaza. 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 2024. 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 2024 Guidance:

Cash Same Center Net Operating Income (“NOI”) Growth, excluding Lease Termination Income (a)2.25 %-3.25%

Year 2024
($ millions)(b)
Year 2024
FFO / Share Impact
Lease termination income$10 $0.04 
Straight-line rental income$1$0.00
Amortization of acquired above and below-market leases (net-revenue)$6 $0.03 
Interest expense (c)$325 $1.43 
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 $0.01 per share of accrued default interest on non-recourse debt. See footnote (1) to table above for further information.
15





The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental FFO Information(a)
As of December 31,
20232022
dollars in millions
Straight-line rent receivable$160.4 $172.2 

For the Three Months Ended December 31,For the Twelve Months Ended December 31,
2023202220232022
dollars in millions
Lease termination income (b)$9.2 $0.4 $13.2 $25.2 
Straight-line rental (expense) income (b)$(1.3)$3.1 $(1.1)$6.2 
Business development and parking income (c)$18.2 $17.9 $66.0 $61.2 
Gain on sales or write down of undepreciated assets$1.1 $1.2 $10.8 $23.9 
Amortization of acquired above and below-market leases, net revenue (b)$1.4 $1.4 $5.4 $5.0 
Amortization of debt discounts, net$(0.3)$(0.3)$(1.4)$(1.3)
Bad debt (income) expense (b)$(0.2)$1.9 $(2.5)$0.2 
Leasing expense$10.2 $8.9 $39.2 $35.4 
Interest capitalized$8.3 $6.3 $33.0 $21.6 
Chandler Freehold financing arrangement (d):
   Distributions equal to partners' share of net income $1.9 $1.8 $2.1 $1.8 
   Distributions in excess of partners' share of net income (e)3.5 0.2 8.8 8.7 
   Fair value adjustment (e)(29.6)9.4 (35.1)24.2 
Total Chandler Freehold financing arrangement expense (d)$(24.2)$11.4 $(24.2)$34.7 

(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 Twelve Months Ended December 31,
202320222021
dollars in millions
Consolidated Centers
Acquisitions of property, building improvement and equipment (b) $83.0 $49.5 $18.7 
Development, redevelopment, expansions and renovations of Centers94.6 55.5 46.3 
Tenant allowances27.1 25.0 22.1 
Deferred leasing charges5.6 2.4 2.6 
Total$210.3 $132.4 $89.7 
Unconsolidated Joint Venture Centers
Acquisitions of property, building improvement and equipment$17.6 $13.2 $18.8 
Development, redevelopment, expansions and renovations of Centers58.1 74.6 48.5 
Tenant allowances18.5 16.8 11.6 
Deferred leasing charges4.6 4.1 2.9 
Total$98.8 $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
12/31/2023$712 $990 $836 
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/14823914d17d45807249927a7dc641e2-chart-a6af6672bf9d4fe8a5f.jpg
18





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


Period EndedConsolidated CentersUnconsolidated Joint Venture CentersTotal
Centers
12/31/202393.6 %93.5 %93.5 %
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
12/31/2023$61.66 $58.97 $50.14 
12/31/2022$60.72 $56.63 $56.44 
12/31/2021$59.86 $56.39 $55.91 
Unconsolidated Joint Venture Centers
12/31/2023$70.42 $64.42 $55.74 
12/31/2022$67.37 $69.88 $62.72 
12/31/2021$66.12 $66.98 $60.48 
All Regional Town Centers
12/31/2023$64.68 $61.00 $52.04 
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
December 31, 2023December 31, 2022
Consolidated Centers
Minimum rents7.9 %7.4 %
Percentage rents0.8 %1.1 %
Expense recoveries (a)3.4 %3.1 %
Total12.1 %11.6 %
Unconsolidated Joint Venture Centers
Minimum rents7.1 %6.5 %
Percentage rents1.1 %1.0 %
Expense recoveries (a)2.9 %2.8 %
Total11.1 %10.3 %
All Centers
Minimum rents7.5 %6.9 %
Percentage rents0.9 %1.1 %
Expense recoveries (a)3.2 %2.9 %
Total11.6 %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)
California27.3 %
New York22.0 %
Arizona18.2 %
Pennsylvania & Virginia10.3 %
Colorado, Illinois & Missouri7.4 %
New Jersey & Connecticut6.9 %
Oregon4.4 %
Other(b)3.5 %
Total100.0 %

(a)The percentage of Portfolio 2023 Estimated Pro Rata Real Estate NOI excludes disposed properties, 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, North Dakota, and Texas.

22





The Macerich Company
Property Listing
December 31, 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
2001/200220231,402,000
2100 %Danbury Fair Mall
Danbury, Connecticut
1986/200520161,275,000
3100 %Desert Sky Mall
Phoenix, Arizona
1981/20022007738,000
4100 %Eastland Mall(c)
Evansville, Indiana
1978/199819961,017,000
5100 %Fashion District Philadelphia(d)
Philadelphia, Pennsylvania
1977/20142019802,000
6100 %Fashion Outlets of Chicago
Rosemont, Illinois
2013/—530,000
7100 %Fashion Outlets of Niagara Falls USA(e)
Niagara Falls, New York
1982/20112014674,000
8100 %Freehold Raceway Mall(f)
Freehold, New Jersey
1990/200520071,546,000
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
1966/20042016671,000
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
1973/19982001934,000
15100 %Oaks, The
Thousand Oaks, California
1978/200220171,207,000
16100 %Pacific View
Ventura, California
1965/19962001886,000
17100 %Queens Center(c)
Queens, New York
1973/19952004968,000
18100 %Santa Monica Place
Santa Monica, California
1980/1999ongoing534,000
1984.9 %SanTan Village Regional Center
Gilbert, Arizona
2007/—20181,203,000
20100 %SouthPark Mall
Moline, Illinois
1974/19982015802,000
21100 %Stonewood Center(c)
Downey, California
1953/19971991927,000
22100 %Superstition Springs Center
Mesa, Arizona
1990/20022002955,000
23100 %Valley Mall
Harrisonburg, Virginia
1978/19981992506,000
23





The Macerich Company
Property Listing
December 31, 2023
CountCompany’s Ownership(a)Name of
Center/Location
Year of
Original
Construction/
Acquisition
Year of Most Recent Expansion/RenovationTotal
GLA(b)
24100 %Valley River Center
Eugene, Oregon
1969/20062007814,000
25100 %Victor Valley, Mall of
Victorville, California
1986/20042012578,000
26100 %Vintage Faire Mall
Modesto, California
1977/19962020916,000
27100 %Wilton Mall
Saratoga Springs, New York
1990/20052020741,000
Total Consolidated Centers25,127,000
UNCONSOLIDATED JOINT VENTURE CENTERS:
2860 %Arrowhead Towne Center
Glendale, Arizona
1993/200220151,078,000
2950 %Biltmore Fashion Park
Phoenix, Arizona
1963/20032020611,000
3050 %Broadway Plaza
Walnut Creek, California
1951/19852016996,000
3150.1 %Corte Madera, The Village at
Corte Madera, California
1985/19982020502,000
3250 %Country Club Plaza(g)
Kansas City, Missouri
1922/20162015971,000
3351 %Deptford Mall
Deptford, New Jersey
1975/200620201,016,000
3451 %Flatiron Crossing
Broomfield, Colorado
2000/200220091,393,000
3550 %Kierland Commons
Phoenix, Arizona
1999/20052003438,000
3660 %Lakewood Center
Lakewood, California
1953/197520082,050,000
3760 %Los Cerritos Center
Cerritos, California
1971/199920161,011,000
3850 %Scottsdale Fashion Square
Scottsdale, Arizona
1961/2002ongoing1,871,000
3960 %South Plains Mall
Lubbock, Texas
1972/199820171,243,000
4051 %Twenty Ninth Street(c)
Boulder, Colorado
1963/19792007694,000
4150 %Tysons Corner Center
Tysons Corner, Virginia
1968/200520141,848,000
4260 %Washington Square
Portland, Oregon
1974/199920051,301,000
4319 %West Acres
Fargo, North Dakota
1972/19862001692,000
Total Unconsolidated Joint Venture Centers17,715,000
Total Regional Town Centers42,842,000
24





The Macerich Company
Property Listing
December 31, 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(h)
Queens, New York
2006/20112013373,000
250 %Boulevard Shops(h)
Chandler, Arizona
2001/20022004205,000
3100 %Southridge Center(i)
Des Moines, Iowa
1975/19982013801,000
Total Community / Power Centers1,379,000
OTHER ASSETS:
100 %Various(i)267,000
50 %Scottsdale Fashion Square-Office(h)
Scottsdale, Arizona
1984/20022016123,000
50 %Tysons Corner Center-Office(h)
Tysons Corner, Virginia
1999/20052012170,000
50 %Hyatt Regency Tysons Corner Center(h)
Tysons Corner, Virginia
20152015290,000
50 %VITA Tysons Corner Center(h)
Tysons Corner, Virginia
20152015398,000
50 %Tysons Tower(h)
Tysons Corner, Virginia
20142014539,000
OTHER ASSETS UNDER REDEVELOPMENT:
%Paradise Valley Mall (h)(j)
Phoenix, Arizona
1979/2002ongoing303,000
Total Other Assets2,090,000
Grand Total46,311,000

The Company owned or had an ownership interest in 43 regional town centers (including office, hotel and residential space adjacent to these shopping centers), three community/power shopping centers 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)On December 9, 2023, the Company acquired its joint venture partner’s 50% interest in this property for no consideration, and the Company now owns 100% of this property.

(e)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.

(f)On November 16, 2023, the Company acquired its joint venture partner’s 49.9% interest in Freehold Raceway Mall for $5.6 million and the assumption of the partner's share of debt. The Company now owns 100% of this property.

(g)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.

(h)Included in Unconsolidated Joint Venture Centers.

(i)Included in Consolidated Centers.

(j)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 December 31, 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.373,000 
Biltmore Fashion Park50 %50 %Biltmore Shopping Center Partners LLC611,000 
Boulevard Shops50 %50 %Propcor II Associates, LLC205,000 
Broadway Plaza50 %50 %Macerich HHF Broadway Plaza LLC996,000 
Chandler Fashion Center(d)(e)50.1 %50.1 %Freehold Chandler Holdings LP1,402,000 
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 LLC1,016,000 
FlatIron Crossing51 %51 %Macerich HHF Centers LLC1,393,000 
Hyatt Regency Tysons Corner Center50 %50 %Tysons Corner Hotel I LLC290,000 
Kierland Commons50 %50 %Kierland Commons Investment LLC438,000 
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 LLC1,011,000 
Paradise Valley Mall(f)%%Various Entities303,000 
SanTan Village Regional Center84.9 %84.9 %Westcor SanTan Village LLC1,203,000 
Scottsdale Fashion Square50 %50 %Scottsdale Fashion Square Partnership1,871,000 
Scottsdale Fashion Square-Office50 %50 %Scottsdale Fashion Square Partnership123,000 
South Plains Mall60 %60 %Pacific Premier Retail LLC1,243,000 
Twenty Ninth Street51 %51 %Macerich HHF Centers LLC694,000 
Tysons Corner Center50 %50 %Tysons Corner LLC1,848,000 
Tysons Corner Center-Office50 %50 %Tysons Corner Property LLC170,000 
Tysons Tower50 %50 %Tysons Corner Property LLC539,000 
VITA Tysons Corner Center50 %50 %Tysons Corner Property LLC398,000 
Washington Square(d)60 %60 %Pacific Premier Retail LLC1,301,000 
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 three Centers is included in Total GLA at the center level.

(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 approximately $5.8 million; and, thereafter, pro rata 35% to the third-party partner and 65% to the Company.



26





The Macerich Company
Joint Venture List
As of December 31, 2023
(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 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 December 31, 2023
Fixed RateFloating RateTotal
Dollars in thousands
Mortgage notes payable$3,767,842 $368,294 

$4,136,136 
Bank and other notes payable89,548 

89,548 
Total debt per Consolidated Balance Sheet3,767,842 457,842 4,225,684 
Adjustments:
Less: Noncontrolling interests or financing arrangement share of debt from consolidated joint ventures(160,765)— (160,765)
Adjusted Consolidated Debt3,607,077 457,842 4,064,919 
Add: Company’s share of debt from unconsolidated joint ventures2,809,730 44,930 2,854,660 
Total Company’s Pro Rata Share of Debt$6,416,807 $502,772 $6,919,579 
Weighted average interest rate4.79 %8.04 %5.02 %
Weighted average maturity (years)3.64 

(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 December 31, 2023
Center/Entity (dollars in thousands)Maturity
Date
Effective Interest
Rate (a)
FixedFloatingTotal Debt Balance (a)
I. Consolidated Assets:
Fashion Outlets of Niagara Falls USA (b)10/06/236.45 %$86,470 — $86,470 
Oaks, The 06/05/245.74 %151,496 — 151,496 
Danbury Fair Mall (c)07/01/248.51 %122,502 — 122,502 
Chandler Fashion Center (d)07/05/244.18 %128,217 — 128,217 
Victor Valley, Mall of 09/01/244.00 %114,966 — 114,966 
Queens Center 01/01/253.49 %600,000 — 600,000 
Vintage Faire Mall03/06/263.55 %226,910 — 226,910 
Fresno Fashion Fair11/01/263.67 %324,453 — 324,453 
Green Acres Mall01/06/286.62 %359,264 — 359,264 
SanTan Village Regional Center (e)07/01/294.34 %186,448 — 186,448 
Freehold Raceway Mall 11/01/293.94 %399,044 — 399,044 
Kings Plaza Shopping Center 01/01/303.71 %536,956 — 536,956 
Fashion Outlets of Chicago02/01/314.61 %299,375 — 299,375 
Pacific View05/06/325.45 %70,976 — 70,976 
Total Fixed Rate Debt for Consolidated Assets4.46 %$3,607,077 $ $3,607,077 
Fashion District Philadelphia (f)01/22/249.50 %$— $70,820 $70,820 
Santa Monica Place (g)12/09/257.32 %— 297,474 297,474 
The Macerich Partnership, L.P. - Line of Credit (g)02/01/288.57 %— 89,548 89,548 
Total Floating Rate Debt for Consolidated Assets7.90 %$ $457,842 $457,842 
Total Debt for Consolidated Assets4.84 %$3,607,077 $457,842 $4,064,919 
II. Unconsolidated Assets (At Company’s pro rata share):
Paradise Valley I (5%) 09/29/245.00 %$1,307 $— $1,307 
FlatIron Crossing (51%) (g),(h)02/09/258.55 %88,455 — 88,455 
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 %147,628 — 147,628 
Deptford Mall (51%) (g)04/03/263.98 %74,031 — 74,031 
Lakewood Center (60%)06/01/264.15 %197,389 — 197,389 
Paradise Valley II (5%) 07/21/266.95 %1,025 — 1,025 
Washington Square (60%) (g),(h)11/01/268.18 %291,218 — 291,218 
Kierland Commons (50%) 04/01/273.98 %97,492 — 97,492 
Los Cerritos Center (60%)11/01/274.00 %303,188 — 303,188 
Arrowhead Towne Center (60%)02/01/284.05 %232,187 — 232,187 
Scottsdale Fashion Square (50%) 03/06/286.28 %348,983 — 348,983 
Corte Madera, The Village at (50.1%) 09/01/283.53 %109,642 — 109,642 
Tysons Corner Center (50%)12/06/286.89 %349,980 — 349,980 
West Acres - Development (19%) 10/10/293.72 %680 — 680 
Tysons Tower (50%)10/11/293.38 %94,635 — 94,635 
Broadway Plaza (50%) 04/01/304.19 %218,183 — 218,183 
Tysons VITA (50%)12/01/303.43 %44,607 — 44,607 
West Acres (19%) 03/01/324.61 %12,600 — 12,600 
Total Fixed Rate Debt for Unconsolidated Assets5.21 %$2,809,730 $ $2,809,730 
Boulevard Shops (50%) (j)03/04/247.41 %$— $11,500 $11,500 
Atlas Park (50%) (g)11/09/2610.24 %— 32,210 32,210 
Paradise Valley Retail (5%) (g)02/03/278.35 %— 221 221 
Paradise Valley Residential (2.5%) (g)02/03/288.10 %— 999 999 
Total Floating Rate Debt for Unconsolidated Assets9.46 %$ $44,930 $44,930 
Total Debt for Unconsolidated Assets5.28 %$2,809,730 $44,930 $2,854,660 
Total Debt5.02 %$6,416,807 $502,772 $6,919,579 
Percentage to Total92.73 %7.27 %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)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.

(c)On January 25, 2024, the Company closed a $155 million, ten-year refinance of the loan on Danbury Fair Mall. The new loan bears a fixed interest rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034.

(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)On January 22, 2024, the Company repaid $60 million of this loan. The remaining $8 million was extended to April 21, 2024.
(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.

(j)On January 10, 2024, the Company's joint venture closed a five-year refinance of this loan. The extended loan amount was increased to $24 million ($12 million at the Company's share) and will bear interest at a floating rate of SOFR plus 2.50%, is interest only during the entire loan term and matures on December 5, 2028. The extended loan also has a required interest rate cap throughout the term of the loan at a strike rate of 7.50%.











30





The Macerich Company
Supplemental Financial and Operating Information (Unaudited)
Development and Redevelopment Pipeline Forecast
(Dollars in millions)
As of December 31, 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$52024/202522% - 24%
Scottsdale Fashion Square
Scottsdale, AZ
Redevelopment of two-level Nordstrom wing with luxury-focused retail and restaurant uses808650%404321202415% - 17%
TOTAL$115$126$75$83$26

(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 
December 31, 2023$16.54 $9.21 $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

32