The Macerich Company Q3 FY2025 earnings call

• Leasing momentum: Signed 1.5 million sq ft in Q3 2025, 87% increase y-o-y; YTD 5.4 million sq ft, 86% increase. Initial lease deal goal of 70% by year-end 2025 achieved, on track for 85% by mid-2026.
• SNO pipeline: Grew to $99 million, on track for $100M by year-end; inclusion of Crabtree expected to add $140M in incremental SNO.
• Acquisition of Crabtree: Positive progress on leasing and operational improvement; closed $160M term loan on Crabtree with favorable terms.
• Anchor leasing: 30 anchors targeted to open between 2025-2028, 25 committed; Dick's House of Sport's grand opening at Freehold revitalized the center.
• Balance sheet: Made progress on deleveraging; paid down ~$1B of 2026 maturing debt; sold assets like Atlas Park, Lakewood, Valley Mall; currently ~$1B liquidity including $650M on revolving line.

In the third quarter, Macerich signed 1.5 million square feet of new and renewal leases, an 87% increase from Q3 2024. Year-to-date signed leases in 2025 total 5.4 million square feet, an 86% increase compared to the same period in 2024. The SNO pipeline grew from $87 million in August to $99 million, on track for the $100 million target by year-end. Portfolio sales at the end of the third quarter were $867 per square foot, up almost 4% from Q3 2024. Go-forward portfolio occupancy was 94.3%, up 150 basis points from the prior quarter. Trailing 12-month leasing spreads as of September 30, 2025, remained positive at 5.9%, representing 16 consecutive quarters of positive leasing spreads.

• Leasing volume: Ahead of schedule, on track for 85% lease deal completion by mid-2026; SNO pipeline on track to meet/exceed $100M target by year-end.
• Deleveraging: Crabtree acquisition expected to stay within deleveraging targets; ATM proceeds bring Crabtree acquisition closer to leverage neutral.
• 5-year plan: Executing on target for market net effective rent assumptions, with leasing speedometer at 70% completion for new lease deals by year-end 2025.

• Macroeconomic uncertainties: Impact on retailer demand and consumer spending.
• Tariffs: Potential impact on retailer costs and pricing.
• Debt maturities: Remaining 2026 debt maturities to be addressed via asset sales, refinancings, etc.
• Lease expirations: Need to manage tenant renewals and re-leasing to maintain occupancy and rents.

Q: Clarify SNO pipeline related to Crabtree acquisition.

A: SNO at Crabtree is a combination of in-place SNO at acquisition and incremental leasing since ownership, with more deals in process.

Q: Talk about '26 expirations.

A: 55% of '26 expiring square footage committed, 30% in LOI stage; ahead of '25 expirations at this time last year.

Q: Cadence of anchor lease commencements.

A: Large majority to commence back half of 2027/early 2028; tenant allowance varies by tenant, Dick's House of Sport deals on higher end of landlord costs but drive incremental traffic.

Q: Financing for acquisitions like Crabtree.

A: Crabtree had a $160M term loan at SOFR plus 250, providing flexibility with 2-year term and extension options.

Q: Impact of Forever 21 liquidation on NOI.

A: Near-term impact due to transitional year and frictional downtime, but longer term positive with higher quality tenants and higher rent potential when backfilled.