Macerich Company (the) · NYSE:MAC
Macerich Company (the) — Investor Presentation (June 2026)
48 slides from Macerich Company (the)'s investor presentation, Jun 1, 2026
Slide 1: Macerich Investor Presentation June 2026
Exhibit 99.1 MACERICH INVESTOR PRESENTATION June 2026 NYSE: MAC | Macerich.com Crabtree | Raleigh, NC
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER Note: This document contains statements that constitute forward-looking statements, which can be identified by the use of words, such as “will,” “expects,” “pro forma”, “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “potential,” “target,” “projects,” “scheduled” and
Slide 3: Table of Contents
TABLE OF CONTENTS § Macerich Overview § The Mall Resurgence § Path Forward Plan v 3.0 § Elevate & Transform Case Studies § Portfolio and Financial Overview § 2028 and Beyond § Appendix 3 Copyright © 2026 Macerich
Slide 4: Macerich Overview
MACERICH OVERVIEW 4 Freehold Raceway Mall | Freehold, NJ
Slide 5: Mission Statement and Core Values
MISSION STATEMENT Own and operate thriving retail centers that bring our communities together and create long-term value for shareholders, partners and customers CORE VALUES Our core values define the principles that guide our actions, decisions and the culture fostered within Macerich EXCELLENCE RE
Slide 6: Focused management team executing on Path Forward Plan
Focused management team executing on Path Forward Plan HIGHLY EXPERIENCED & and strategic growth that is accretive to the plan ALIGNED MANAGEMENT TEAM HIGHLY Seasoned management team with extensive EXPERIENCED public company leadership experience Ann Menard Jackson Hsieh Dan Swanstrom Doug Healey Se
Slide 7: Seasoned board and sound corporate governance
Macerich prioritizes board independence and refreshment, SEASONED BOARD & along with sound governance policies and practices SOUND CORPORATE GOVERNANCE INDEPENDENT BOARD Seven of our eight directors are independent, AND CHAIRPERSON including our Chairman of the Board BOARD Over 60% of our directors
Slide 8: One of the country's leading owners, operators and developers of major retail real estate
One of the country’s leading owners, operators and developers MACERICH OVERVIEW of major retail real estate Portfolio Repositioning Focused On Owning High-Quality, Top-Performing Regional Retail Centers 1972 1994 2024 GO-FORWARD PORTFOLIO Established IPO Jackson Hsieh (3) NOI CONCENTRATION BY STATE
Slide 9: Strategic Focus on Class A Malls
STRATEGIC FOCUS ON CLASS A MALLS GO-FORWARD PORTFOLIO % OF MACERICH PRO-RATA NOI The contraction in the number of U.S. regional malls reflects a strategic consolidation, primarily affecting lower-performing properties. In contrast, top-tier Class A malls have demonstrated ~90% resilience and continu
Slide 10: Strong Portfolio Positioning
STRONG PORTFOLIO POSITIONING Key Metrics Across Top Retail REITs Underscore Macerich’s Superior Competitive Positioning PORTFOLIO SALES PER SQUARE FOOT AVERAGE MONTHLY VISITS PER LOCATION $1,000 700 $941 644 $899 620 $900 $819 600 $800 $700 500 450 $600 $482 $453 $500 400 335 $400 299 300 $300 $200
Slide 11: The Mall Resurgence
THE MALL RESURGENCE 11 Arrowhead Towne Center | Glendale, AZ
Slide 12: Making Headlines
THE MALL RESURGENCE MAKING HEADLINES Not only did e-commerce fail to supplant “Not only did e-commerce fail to supplant bricks and mortar, bricks and mortar, it made “in real life” it made ‘in real life’ retail essential.” retail essential. - Forbes, April 16, 2026 National media coverage underscore
Slide 13: High-Quality Portfolio Capturing Growing Demand
MACERICH HIGH-QUALITY PORTFOLIO CAPTURING GROWING DEMAND As retail supply remains constrained and retailer demand for premier locations continues to rise, Macerich’s high-quality assets are well- positioned to benefit from growing consumer preference for in-store shopping and experiential retail des
Slide 14: Improving Sentiment on the Mall Sector
IMPROVING SENTIMENT ON THE MALL SECTOR Wall Street continues to recognize the favorable supply-demand dynamics shaping the retail sector, as limited new development and growing retailer demand reinforce the long-term value of high-quality retail assets “Given the limited supply “The retail industry
Slide 15: Gen Z Rewriting the Narrative
GEN Z REWRITING THE NARRATIVE “What Gen Z demands today, other generations may begin Gen Z is a digital-first generation that prefers in-store shopping. They’re blending online discovery with real-world experience – turning malls into destinations for immediacy, connection and exploration. And in do
Slide 16: How We Evolve for What's Next
HOW WE EVOLVE FOR WHAT’S NEXT Macerich is evolving to meet the expectations of this generation through deeper consumer insights and meaningful perspectives that are helping shape the future of our malls into more engaging, camera-ready environments designed for connection and longer, more meaningful
Slide 17: Future-Focused Mall Experiences
FUTURE-FOCUSED MALL EXPERIENCES “If you want to sell look-good, feel-good merchandise, put your stores where your customers are – next to busy look-good/feel-good services.” – Forbes We continue to adapt our properties with diverse uses through a curated mix to capitalize on growth opportunities acr
Slide 18: Malls Remain Among Top Performing REITs
MALLS REMAIN AMONG TOP PERFORMING REITS As retailer demand concentrates around high-performing destinations, premier malls continue to outperform across the REIT landscape. Supported by strong leasing fundamentals, growing consumer engagement and limited new supply, Macerich’s portfolio remains posi
Slide 19: Path Forward Plan v 3.0
PATH FORWARD PLAN v 3.0 19 FlatIron Crossing | Broomfield, CO
Slide 20: The Macerich Advantage
THE MACERICH ADVANTAGE Irreplaceable assets. Proven platform. Clear growth path. HIGHLY EXPERIENCED & HIGH-QUALITY, PROVEN OPERATIONAL MULTIPLE ALIGNED LEADERSHIP IRREPLACEABLE PORTFOLIO WITH PLATFORM GROWTH ENGINES SUPERIOR PERFORMANCE Approximately 90% of Go-Forward CEO-led transformation: 2025 Re
Slide 21: Path Forward Strategy
PATH FORWARD STRATEGY SIMPLE AND EXECUTABLE PLAN: 1. Simplify the Business 2. Improve Operational Performance 3. Reduce Leverage RECAP OF WHAT WE ARE SOLVING FOR STRENGTHEN FORTIFY CORE DRIVE OPERATIONAL POSITION BALANCE SHEET PORTFOLIO EXCELLENCE FOR GROWTH Deleverage the capital Invest in and fort
Slide 22: Substantial Progress on Path Forward Plan
SUBSTANTIAL PROGRESS ON PATH FORWARD PLAN Simplify the Business | Improve Operational Performance | Reduce Leverage TODAY v 1.0 GOALS (established in 2024) Asset ranking refresh done; sharpened focus on core portfolio with ~$1.2B of planned o Invest in and fortify Fortress and Steady Eddy capital in
Slide 23: Leasing Speedometer Ahead of Plan
LEASING SPEEDOMETER AHEAD OF PLAN New Lease Deal Completion Percentage 1. Leasing dashboard tool to The Five-year Plan has ~1,000 new tenant openings, with ~875 either improve visibility and efficiency committed (~750) or in LOI negotiations (~125) 2. Tracks revenue completion percentage for all new
Slide 24: Project Milestones
PROJECT MILESTONES STORE OPENINGS COMPLETION PERCENTAGE Letter of Intent 125 New Operating Metric / Dashboard Lease Out 125 DASHBOARD: a new operational metric to track execution and increase transparency • Created alignment – the Store Openings Completion Percentage STORE OPENINGS COMPLETION PERCEN
Slide 25: Substantial Leasing Pipeline to Drive Growth
SUBSTANTIAL LEASING PIPELINE TO DRIVE GROWTH Signed Not Open (SNO) Pipeline Summary (1) ~$120 million of in-place SNO committed – Includes new store leases which have or will commence from 2024 through 2028, and are expected to produce total gross revenue of ~$120 million in excess of the revenue ge
Slide 26: New Anchors Expected to Drive Traffic, Sales & Inline Leasing
NEW ANCHORS EXPECTED TO DRIVE TRAFFIC, SALES & INLINE LEASING ANCHORS OPENING BY YEAR Committed for 30 out of 30 anchor and big box replacements 13 (1) • 30 anchors totaling 2.9 million square feet to replace outdated or vacant retail ~1.4M SF • We have 6 anchors open, 12 under construction, 5 execu
Slide 27: Path Forward Plan Projected Occupancy
PATH FORWARD PLAN PROJECTED PERMANENT PHYSICAL OCCUPANCY REPRESENTS AN ANNUAL AVERAGE Path Forward Plan estimated to increase 95% 95% 95% permanent occupancy by 500bps 94% 94% 94% Curated mix of top-tier and emerging 91% 91% 6% 90% brands – elevating the customer (1) 89% experience 6% 8% 8% 7% Boost
Slide 28: Major Development Projects Expected to Drive NOI Growth
MAJOR DEVELOPMENT PROJECTS EXPECTED TO DRIVE NOI GROWTH / LEVERAGE REDUCTION Green Acres | Valley Stream, NY Scottsdale Fashion Square | Scottsdale, AZ FlatIron Crossing | Bloomfield, CO GREEN ACRES SCOTTSDALE FASHION SQUARE FLATIRON Replacing 375,000 square feet of outdated retail and Complementing
Slide 29: Significant Progress on Leverage Reduction
SIGNIFICANT PROGRESS ON LEVERAGE Pro Forma leverage reduced by REDUCTION 1.5x - on track to achieve +/- 6.0x Path Forward Disposition Summary $1.2 billion $125 million $300 - $400 million ~$1.7 billion Completed mall Sold 2026 anticipated Year-end target + + = sales and givebacks outparcels disposit
Slide 30: External Growth - Acquisitions Overview
EXTERNAL GROWTH - ACQUISITIONS OVERVIEW ANNAPOLIS MALL CRABTREE MALL Class A retail in Raleigh, NC Class A retail in Annapolis, MD June 2025 1.3M $973 95% 8.5M April 2026 1.5M $751 88% 7.3M Acquisition Square Feet Sales Per Total Annual Acquisition Square Feet Sales Per Total Annual (1) Date of GLA
Slide 31: External Growth - Acquisitions Opportunity
EXTERNAL GROWTH – ACQUISITIONS OPPORTUNITY Acquisition Pipeline – Actively Evaluating Opportunities to Drive Shareholder Value MACERICH COMPETITIVE ADVANTAGE CURRENT INVESTMENT OPPORTUNITY FOCUS Integrated Operating Platform: Vertically integrated leasing, management, Asset Profile: Class A / A- (or
Slide 32: Elevate & Transform Case Studies
ELEVATE & TRANSFORM CASE STUDIES 32 Annapolis Mall | Annapolis, MD
Slide 33: Measurable Value Creation with Organic Growth
MEASURABLE VALUE CREATION WITH ORGANIC GROWTH EARLY-STAGE MOMENTUM MID-STAGE ACCELERATION LATER-STAGE VALUE CREATION An initial anchor activation drives new traffic and Growth and demand accelerate, driving stronger lease At this stage with anchors opening, stabilized occupancy is begins building le
Slide 34: Tysons Corner Center Continued Reinvestment
MEASURABLE VALUE CREATION WITH ORGANIC GROWTH Continued Reinvestment Creating Tenant Demand TYSONS CORNER CENTER Reinvestment continues to build on an already dominant asset. The 2015 mixed-use expansion created a thriving live-work-stay destination, while the recent East and West End transformation
Slide 35: Measurable Value Creation with External Growth: Crabtree Mall
MEASURABLE VALUE CREATION WITH EXTERNAL GROWTH Acquisitions with Value-add Opportunities for Long-term Growth CRABTREE MALL Acquired in June 2025, Crabtree Mall brings a market-dominant retail destination in a fast-growing market into the Macerich portfolio. With strong traffic, healthy sales produc
Slide 36: Portfolio and Financial Overview
PORTFOLIO AND FINANCIAL OVERVIEW 36 Fashion District Philadelphia | Philadelphia, PA
Slide 37: Go-Forward Portfolio List
Go-Forward Portfolio (1) grouped by asset rankings GO-FORWARD PORTFOLIO LIST FORTRESS STEADY EDDY EDDY Green Acres Mall Annapolis Mall Fashion District Philadelphia Los Cerritos Center Corte Madera, The Village at NorthPark Mall Queens Center Deptford Mall Superstition Springs Center Scottsdale Fash
Slide 38: Path Forward Plan - Financial Summary
PATH FORWARD PLAN - FINANCIAL SUMMARY Illustrative Pro Forma NOI and Target FFO Ranges LOW MID HIGH 2028 PRO FORMA GO-FORWARD PORTFOLIO $950 $970 $990 (1)(2) NOI COMPELLING EXTERNAL GROWTH OPPORTUNITY 2026 – 2028 NOI CAGR GO-FORWARD 5.8% 6.5% 7.2% (3) PORTFOLIO (%) § Compelling opportunity for accre
Slide 39: Path to Deleveraging Target
PATH TO DELEVERAGING TARGET Pro Forma leverage reduced by 1.5x - on track to achieve 6.0x +/- ~1.5x lower leverage achieved to-date LEVERAGE AS OF DEC 31, 2023 CURRENT 8.76x PRO FORMA SALES & (1, 2) LEVERAGE GIVE-BACKS NOI ~7.26x 0.3x – 0.4x GROWTH TARGET 0.8x – 1.0x LEVERAGE 6.0x +/- (1) Leverage a
Slide 40: Anticipated Capital Investments Summary
ANTICIPATED CAPITAL INVESTMENTS SUMMARY LIQUIDITY SNAPSHOT CAPITAL INVESTMENTS SUMMARY As of May 15, 2026 2026 - 2028 Available Capacity on $900M Line of Credit Cash and Cash Equivalents ~$1.2B ~$1.0B (1) (5) LIQUIDITY CAPITAL INVESTMENT $180M $340M (2) Leasing $300M (3) Capex $200M $210M $900M (4)
Slide 41: 2028 and Beyond
2028 AND BEYOND 41 Tysons Corner Center | Tysons, VA
Slide 42: Summary - Key Takeaways
SUMMARY – KEY TAKEAWAYS • The Path Forward Plan has moved from strategy to proven operating model, delivering strong execution across leasing, portfolio optimization and balance sheet improvement • The portfolio continues to be refined toward a high-quality, pure-play Class A platform of top-perform
Slide 43: 2028 and Beyond
2028 AND BEYOND • By 2028, we will have elevated and transformed our retail centers into a best-in-class portfolio generating durable NOI and strong free cash flow • We expect to be operating at ~95% leased and ~88% permanent occupancy, which gives us meaningfully greater pricing power on renewals a
Slide 44: Appendix
APPENDIX 44 Washington Square | Portland, OR
Slide 45: Reconciliation of Net Loss to Adjusted EBITDA & NOI
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO THE COMPANY TO ADJUSTED EBITDA & NET OPERATING INCOME (“NOI”) (In Thousands) For The Three Months Ended March 31, 2026 Net loss attributable to the Company ($36,350) Interest expense – consolidated assets 67,500 Interest expense – unconsolidated joint ventu
Slide 46: Net Debt to Adjusted EBITDA
NET DEBT TO ADJUSTED EBITDA (Dollars in Thousands, at Company’s Pro Rata Share) (a) Total Company's Pro Rata Share of Debt $ 6,451,780 Less: Cash, including joint ventures at the Company's share (231,628) Restricted Cash, including joint ventures at the Company's share $ (104,097) Exclude: Restricte
Slide 47: Net Debt to EBITDA Footnotes
NET DEBT TO EBITDA FOOTNOTES a) The debt balances include the unamortized debt discounts and loan finance costs. Debt discounts represent the deficiency of the fair value of debt below the principal value of debt assumed in various acquisitions. Debt discounts and loan finance costs are amortized in
Slide 48: Macerich
MACERICH (NYSE: MAC) ONE OF THE NATION’S LEADING OWNERS, OPERATORS & DEVELOPERS OF MAJOR RETAIL PROPERTIES IN ATTRACTIVE U.S. MARKETS, INCLUDING CALIFORNIA, PHOENIX/SCOTTSDALE, PACIFIC NORTHWEST, GREATER NEW YORK, NORTH CAROLINA AND WASHINGTON, D.C.