The Macerich Company (MAC) investor relations material

Strategic plan progress and portfolio transformation

• Path Forward 3.0 plan is ahead of schedule, with $1.3B of $2B planned dispositions completed and $1.6B–$1.7B expected by year-end 2026.

• Net debt to EBITDA reduced to 7.3x, with a target of around 6x by 2028, down from nearly 9x two years ago.

• Leasing momentum remains strong, with 950 of 1,000 targeted new leases committed or under LOI, and 2026 renewals completed.

• Focus has shifted to converting signed leases into rent-paying tenants, with 485 spaces open and paying rent and 75 under construction.

• All 30 targeted vacant anchor stores are now committed, expected to generate $750M in sales and drive traffic and leasing in previously underperforming areas.

Operational performance and growth outlook

• NOI is projected to grow at least 3% in 2026, with acceleration to 3.5% in the second half and further growth in 2027–2028 as SNO pipeline tenants open.

• Top centers like Kierland Commons, Broadway Plaza, Scottsdale Fashion Square, and Tysons Corner are leading in traffic, sales, and NOI growth.

• SNO pipeline stands at $128M of $140M total opportunity, with contributions ramping from $30M in 2026 to $45M–$50M in 2028.

• Experiential anchors such as DICK'S House of Sport and Dave & Buster's are driving significant traffic increases, with seven open and more scheduled through 2028.

• Back-to-school traffic reached a five-year high, with new store openings like Uniqlo and Gap performing strongly.

Acquisition strategy and market environment

• Acquisition pipeline is the most robust in two years, with a focus on assets accretive to 2028 and located in strong trade areas.

• Recent acquisitions have been at stabilized yields north of 10%, with A centers targeted in the 8% range.

• No new Class A regional malls are being built; capital is selective and top retailers are concentrating in the best centers.

• The company can acquire assets all-equity and still delever, with potential to reach leverage in the low 5x range if desired.

• Debt yields for Class A malls are currently 10.5%–12%, with cap rates for the portfolio generally around 10%, though top assets are sub-6%.