Macerich : First Quarter 2024 Earnings Results and Supplemental Information

Exhibit 99.1

Earnings Results & Supplemental Information

For the Three Months Ended March 31, 2024

The Macerich Company
Earnings Results & Supplemental Information
For the Three Months Ended March 31, 2024
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
	Page No.
Executive Summary & Financial Highlights	1
Executive Summary	1
Financial Highlights	4
Capital Information	8
Capital Information and Market Capitalization	8
Changes in Total Common and Equivalent Shares/Units	9
Financial Data	10
Consolidated Statements of Operations (Unaudited)	10
Consolidated Balance Sheet (Unaudited)	11
Non-GAAP Pro Rata Financial Information (Unaudited)	12
2024 Earnings Guidance	15
Supplemental FFO Information	16
Capital Expenditures	17
Operational Data	18
Trailing Twelve Month Sales Per Square Foot	18
Portfolio Occupancy	19
Average Base Rent Per Square Foot	20
Cost of Occupancy	21
Percentage of Net Operating Income by State	22
Property Listing	23
Joint Venture List	26
Debt Tables	27
Debt Summary	27
Outstanding Debt by Maturity Date	28
Development and Redevelopment Pipeline Forecast	30
Corporate Information	31

The Macerich Company

Executive Summary

March 31, 2024

We own 47 million square feet of real estate consisting primarily of interests in 43 regional retail 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 GRESB ranking for the North American retail sector for nine consecutive years (2015-2023).

General Updates:

During March, we celebrated our 30th anniversary as a public company. We also welcomed Jack Hsieh as our CEO and President. The Company's leadership team has already spent considerable time refining the path forward for the Company, one which is focused on robust portfolio management with a goal of significantly reducing leverage over the coming few years.

The first quarter of 2024 was strong in terms of operating fundamentals. We leased 14% more space during the first quarter of 2024 compared to the same period in 2023. This solid start to 2024 for leasing is against the backdrop of 2023, which was the highest volume leasing year in the Company's history, just as the three-year period from 2021 through 2023 was also the highest volume three-year period in the Company's history in terms of square footage leased. We have amassed an impactful pipeline of small and large format lease deals, which are signed but not yet open, and most of these exciting new uses are expected to open during 2024 and 2025. Occupancy as of March 31, 2024 was 93.4%, a healthy 1.2% increase compared to the first quarter of 2023. Additionally, trailing twelvemonth base rent leasing spreads as of March 31, 2024 showed strong double-digit increases for the fourth consecutive quarter. We also continued to be highly active addressing our near-term debt maturities through various financing transactions.

While the operating fundamentals continued to show strength during the first quarter of 2024, this quarter was challenging in terms of reported Funds From Operations ("FFO"), with a substantial decline relative to our expectations due to a significant impact from Express, which recently filed for bankruptcy, and other factors. Notwithstanding these unexpected setbacks, we are pleased to have provided robust total shareholder returns for the trailing one-year,two-year and three-year time periods as of March 31, 2024, each of which ranked within the top 10-percentile of all publicly traded real estate investment trusts during these periods.

Results for the Quarter:

• The net loss attributable to the Company was $126.7 million or $0.59 per share-diluted during the first quarter of 2024, compared to the net loss attributable to the Company of $58.7 million or $0.27 per share-diluted attributable to the Company for the quarter ended March 31, 2023.
• FFO excluding financing expense in connection with Chandler Freehold, accrued default interest expense and unrealized loss on non-real estate investments was $74.6 million or $0.33 per share-diluted during the first quarter of 2024, compared to $95.9 million or $0.43 per share-diluted for FFO excluding financing expense in connection with Chandler Freehold, accrued default interest expense and unrealized loss on non-real estate investments for the quarter ended March 31, 2023.
• Same center net operating income ("NOI"), excluding lease termination income, decreased 1.9% in the first quarter of 2024 compared to the first quarter of 2023, and decreased 2.3% when including lease termination income.
• Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended March 31, 2024 were $837 compared to $836 for the year ended December 31, 2023, and compared to $866 for the quarter ended March 31, 2023. Portfolio tenant sales for the quarter ended March 31, 2024 from comparable spaces less than 10,000 square feet decreased modestly by 0.8% compared to the quarter ended March 31, 2023.
• Portfolio occupancy as of March 31, 2024 was 93.4%, a solid 1.2% increase compared to the 92.2% occupancy rate at March 31, 2023 and a nominal, post-holiday, sequential 0.1% decline compared to the 93.5% occupancy rate at December 31, 2023.
• Base rent re-leasing spreads were 14.7% greater than expiring base rent for the trailing twelve months ended March 31, 2024. This was the tenth consecutive quarter of positive base rent leasing spreads.
• During the first quarter of 2024, we signed leases for 1.04 million square feet, which was a 14% increase in leased square footage compared to the first quarter of 2023, on a comparable center basis. This strong leasing volume follows a record year in terms of leased square footage in 2023 during which we leased 4.2 million square feet.

1

The Macerich Company

Executive Summary

March 31, 2024

Balance Sheet:

Year-to-date in 2024, we continued to actively address our near-term maturities with the following transactions:

• 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 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.
• On March 19, 2024, we closed a three-year extension of the $85 million loan on Fashion Outlets of Niagara. The extended loan will bear the same fixed interest rate of 5.90% and will mature on October 6, 2026.
• On April 9, 2024, we defaulted on the $300 million loan on Santa Monica Place. The Company is in negotiations with the lender on terms of this non-recourse loan.
• On April 19, 2024, we repaid in full the remaining $8 million loan on Fashion District Philadelphia.
• We are in the process of closing a two-year extension of the $151 million loan on The Oaks, which matures on June 5, 2024. We expect the new interest rate during the first year of the extended term will be 7.5%, increasing to 8.5% during the second year of the extended term.
• We are in the process of closing a refinance of the $256 million loan on Chandler Fashion Center, which matures on July 5, 2024. The new five-year loan, which is expected to be $275 million, will bear a fixed interest rate that is yet to be determined.

As of the date of this filing, we had approximately $640 million of liquidity, including $465 million of available capacity on our $650 million revolving line of credit.

2024 Earnings Guidance:

Under new leadership, we are focused on a strategic plan to reduce our Net Debt to EBITDA leverage to a level in the low to mid-6x range over the next few years. This plan may be effected through a variety of methods, including various asset dispositions and acquisitions, organic growth in EBITDA as our robust lease pipeline opens for business, and opportunistically issuing equity. We have already started to execute on that plan, including property sales, potentially returning assets to lenders and buying out joint venture interests on certain assets. The timing and extent of these transactions will impact our reported 2024 financial results, and is currently indeterminable. At this time, we are withdrawing our 2024 guidance for both estimated EPS-diluted and FFO per share diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and unrealized loss on non-real estate investments.

Guidance

Dividend:

On April 26, 2024, we announced a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on June 3, 2024 to stockholders of record at the close of business on May 20, 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 April 30, 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

March 31, 2024

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 retail 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 43 regional retail 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, 2023, 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

March 31,

		Unaudited
		2024			2023
Revenues:
Leasing revenue	$	191,652	$	199,045
Other income		8,902			9,054
Management Companies' revenues		8,229			6,755
Total revenues		208,783			214,854
Expenses:
Shopping center and operating expenses		74,187			70,487
Management Companies' operating expenses		19,199			18,900
Leasing expenses		10,522			9,656
REIT general and administrative expenses		7,643			6,980
Depreciation and amortization		68,351			71,453
Interest expense (a)		52,190			39,423
Total expenses		232,092			216,899
Equity in loss of unconsolidated joint ventures		(73,276)			(61,810)
Income tax benefit		1,224			1,882
(Loss) gain on sale or write down of assets, net		(36,085)			3,779
Net loss		(131,446)			(58,194)
Less net (loss) income attributable to noncontrolling interests		(4,718)			539
Net loss attributable to the Company	$	(126,728)	$	(58,733)
Weighted average number of shares outstanding - basic
	216,036			215,291
Weighted average shares outstanding, assuming full conversion of OP Units (b)		226,141			224,271
Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b)		226,141			224,271
Earnings per share ("EPS") - basic	$	(0.59)		$	(0.27)
EPS - diluted	$	(0.59)		$	(0.27)
Dividend paid per share	$	0.17		$	0.17
FFO - basic and diluted (b) (c)	$	66,545	$	97,775
FFO - basic and diluted, excluding financing expense in connection with Chandler
Freehold (b) (c)	$	70,184	$	88,708
FFO - basic and diluted, excluding financing expense in connection with Chandler
Freehold, accrued default interest expense and unrealized loss on non-real estate
investments (b) (c)	$	74,600		$	95,918
FFO per share - basic and diluted (b) (c)	$	0.29	$	0.44
FFO per share - basic and diluted, excluding financing expense in connection with
Chandler Freehold (b) (c)	$	0.31	$	0.40
FFO per share - basic and diluted, excluding financing expense in connection with
Chandler Freehold, accrued default interest expense and unrealized loss on non-real	$	0.33		$	0.43
estate investments (b) (c)

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THE MACERICH COMPANY

FINANCIAL HIGHLIGHTS

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

1. 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 $2,939 and a credit of $11,884 to adjust for the change in the fair value of the financing arrangement obligation during the three months ended March 31, 2024 and 2023, respectively; (ii) distributions of $800 and ($339) to its partner representing the partner's share of net income (loss) for the three months ended March 31, 2024 and 2023, respectively; and (iii) distributions of $700 and $2,817 to its partner in excess of the partner's share of net income for the three months ended March 31, 2024 and 2023, 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.
2. 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.
3. 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 or loss on extinguishment of debt, accrued default interest expense and unrealized gain or loss on non-real estate investments.

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, accrued default interest expense and impact of non-cash changes in the market value of non-real estate investments 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. On March 19, 2024, the Company closed on a three-year extension of the Fashion Outlets of Niagara non-recourse loan and all default interest expense was reversed. GAAP requires that the Company accrue default interest expense, which is not expected to be paid and is expected to be reversed once a loan is modified or once title to the mortgaged loan collateral is transferred. The Company believes that the accrual of default interest on non-recourse loans, and the related reversal thereof should be excluded. The Company holds certain non-real estate investments that are subject to mark to market changes every quarter. These investments are not core to the Company's business, and the changes to market value and the related unrealized gain or loss are entirely non-cash in nature. As a result, the Company believes that the unrealized gain or loss on non real-estate investments should be excluded. In the first quarter of 2024, the Company updated its presentation to exclude unrealized gain or loss on non-real estate investments for the reasons noted above. The Company recast the presentation for prior periods to reflect this change.

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.

5

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, accrued default interest expense and unrealized loss on non-real estate investments(c):

For the Three Months Ended

March 31,

Unaudited

				2024					2023
Net loss attributable to the Company	$	(126,728)					($58,733)
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			(5,930)					(2,453)
Loss (gain) on sale or write down of consolidated assets, net			36,085					(3,779)
Add: gain on undepreciated asset sales from consolidated assets			-				2,488
Noncontrolling interests share of gain on sale or write-down of consolidated joint ventures, net			-				1,886
Loss on sale or write down of assets from unconsolidated joint ventures (pro rata), net			57,655					50,127
Add: (loss) gain on undepreciated asset sales from unconsolidated joint ventures (pro rata)			(17)					104
Depreciation and amortization on consolidated assets in consolidated joint ventures			68,351					71,453
Less depreciation and amortization allocable to noncontrolling interests			(1,733)					(3,648)
Depreciation and amortization on unconsolidated joint ventures (pro rata)			40,697					42,507
Less: depreciation on personal property				(1,835)					(2,177)
FFO attributable to common stockholders and unit holders - basic and diluted			66,545					97,775
Financing expense in connection with Chandler Freehold				3,639					(9,067)
FFO attributable to common stockholders and unit holders, excluding financing expense in
connection with Chandler Freehold - basic and diluted			70,184					88,708
Accrued default interest expense			(1,045)					-
Unrealized loss on non-real estate investments				5,461					7,210
FFO attributable to common stockholders and unit holders, excluding financing expense in
connection with Chandler Freehold, accrued default interest expense and unrealized loss on non-
real estate investments - basic and diluted		$	74,600		$	95,918
Reconciliation of EPS to FFO per share-diluted (c):
				For the Three Months Ended
				March 31,
				Unaudited
				2024					2023
EPS - diluted	$	(0.59)	$	(0.27)
Per share impact of depreciation and amortization of real estate			0.47					0.48
Per share impact of loss on sale or write down of assets, net			0.41					0.23
FFO per share - basic and diluted			0.29					0.44
Per share impact of financing expense in connection with Chandler Freehold			0.02					(0.04)
FFO per share - basic and diluted, excluding financing expense in connection with Chandler Freehold			0.31					0.40
Per share impact of accrued default interest expense			-				-
Unrealized loss on non-real estate investments			0.02					0.03
FFO per share - basic and diluted, excluding financing expense in connection with Chandler
Freehold, accrued default interest expense and unrealized loss on non-real estate investments	$	0.33		$	0.43

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 March

31,

		Unaudited
		2024			2023
Net loss attributable to the Company	$	(126,728)	$	(58,733)
Interest expense - consolidated assets		52,190			39,423
Interest expense - unconsolidated joint ventures (pro rata)		35,290			31,781
Depreciation and amortization - consolidated assets		68,351			71,453
Depreciation and amortization - unconsolidated joint ventures (pro rata)		40,697			42,507
Noncontrolling interests in the OP		(5,930)			(2,453)
Less: Interest expense and depreciation and amortization allocable
to noncontrolling interests in consolidated joint ventures		(4,201)			(6,930)
Loss (gain) on sale or write down of assets, net - consolidated assets		36,085			(3,779)
Loss on sale or write down of assets, net - unconsolidated joint ventures
(pro rata)		57,655			50,127
Add: Noncontrolling interests share of gain on sale or write-down of consolidated
joint ventures, net		-			1,886
Income tax benefit		(1,224)			(1,882)
Distributions on preferred units		87			87
Adjusted EBITDA (d)		152,272			163,487
REIT general and administrative expenses		7,643			6,980
Management Companies' revenues		(8,229)			(6,755)
Management Companies' operating expenses		19,199			18,900
Leasing expenses, including joint ventures at pro rata		11,384			10,378
Straight-line and above/below market adjustments		3,503			(2,288)
NOI - All Centers		185,772			190,702
NOI of non-Same Centers		3,709			3,214
NOI - Same Centers (e)		189,481			193,916
Lease termination income of Same Centers		(1,191)			(1,966)
NOI - Same Centers, excluding lease termination income (e)	$	188,290	$	191,950
NOI - Same Centers percentage change, including lease termination income (e)
	(2.29)%
NOI - Same Centers percentage change, excluding lease termination income (e)		(1.91)%

1. 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.
2. 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
		3/31/2024			12/31/2023			12/31/2022
		(dollars in thousands, except per share data)
Closing common stock price per share	$	17.23	$	15.43	$	11.26
52 week high	$	17.69	$	16.54	$	19.18
52 week low	$	9.05	$	8.77	$	7.40
Shares outstanding at end of period
Class A non participating convertible preferred units		99,565			99,565			99,565
Common shares and partnership units	226,196,355		226,095,455		224,230,924
Total common and equivalent shares/units outstanding	226,295,920	226,195,020	224,330,489
Portfolio capitalization data
Total portfolio debt, including joint ventures at pro rata	$	6,958,686	$	6,919,579	$	6,812,823
Equity market capitalization		3,899,079			3,490,189			2,525,961
Total market capitalization	$	10,857,765	$	10,409,768	$	9,338,784
Debt as a percentage of total market capitalization
	64.1%			66.5%			73.0%

Portfolio Capitalization at March 31, 2024

Floating Rate Debt 4.8%

Common Equity 35.9%

Fixed Rate Debt 59.3%

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