The Macerich Company (MAC) investor relations material

Executive summary

• Path Forward 3.0 plan execution is ahead of schedule, driving tangible results and positioning for accretive growth above original expectations.

• Portfolio comprised 37 regional retail centers and one community/power shopping center totaling ~40 million sq. ft. as of June 30, 2026.

• Net loss attributable to the company was $27.1 million ($0.10 per share diluted) in Q2 2026, improving from a $40.9 million loss ($0.16 per share diluted) in Q2 2025, mainly due to a gain on asset sales.

• FFO, as adjusted, was $100.4 million ($0.35 per share diluted) for Q2 2026, up from $88.7 million ($0.34 per share diluted) in Q2 2025.

• Leasing initiatives are ahead of schedule, with 88% of new deals completed in the five-year plan, surpassing the 85% midyear target.

Financial highlights

• Q2 2026 revenues were $249.7 million, nearly flat year-over-year; six-month revenues were $491.2 million, down 1.6% from 2025.

• FFO as adjusted for Q2 2026 was $100.4 million ($0.35 per share diluted), up from $88.7 million ($0.34 per share diluted) in Q2 2025.

• Go-forward portfolio centers NOI, excluding lease termination income, increased 3.8% year-over-year in Q2 2026.

• Portfolio sales reached $919 per square foot, and $954 in the go-forward portfolio, with leased occupancy at 94% and 95.5% respectively.

• Net loss for Q2 2026 was $27.1 million, improved from $40.9 million loss in Q2 2025.

Outlook and guidance

• NOI growth for full-year 2026 expected to be at least 3% over 2025, with acceleration projected in 2027 and 2028 as SNO pipeline tenants open.

• SNO pipeline reached $124 million, with a total opportunity of $140 million; annual contributions estimated at $30 million in 2026, $40–$45 million in 2027, and $45–$50 million in 2028.

• Path Forward Plan targets lower Net Debt to Adjusted EBITDA leverage over 2–3 years via asset sales, acquisitions, and organic EBITDA growth.

• 2026 expected to generate positive cash flow after recurring capex, leasing capex, and dividends; excess cash to fund development, acquisitions, or deleveraging.

• Three-year NOI CAGR midpoint projected at 6.5% for 2026–2028, implying over 8% annual growth in 2027 and 2028.