马塞里奇房产 2025年度报告

2 0 2 5|F O R M1 0 - K DIRECTORS Diana M. Laing Steven R. Hash Retired Chief Financial Officer ofAmerican Homes 4 Rent Retired President and Chief Operating Officerof Renaissance Macro Research, LLC Enrique Hernandez, Jr.Executive Chairmanof Inter-Con Security Systems, Inc. Marianne LowenthalPresident and Sole Principal of Granadier Co. Devin I. MurphyRetired President of Phillips Edison & Company Daniel J. HirschPrincipal at Anzu Partners Andrea M. StephenRetired Executive Vice President, Investmentsof The Cadillac Fairview Corporation Limited Jackson HsiehPresident and Chief Executive Officerof The Macerich Company EXECUTIVE OFFICERS Jackson HsiehPresident and Chief Executive Officer Ann C. Menard Senior Executive Vice President,Chief Legal and AdministrativeOfficer and Secretary Douglas J. HealeySenior Executive Vice President,Head of Leasing Daniel E. Swanstrom IISenior Executive Vice President,Chief Financial Officer and Treasurer MACERICHANNUAL REPORT DEAR FELLOW SHAREHOLDERS, Our signed-not-open (SNO) pipeline has grown toapproximately$107 million,exceeding our 2025year-end target of $100 million. This is relative to ourtotal cumulative SNO opportunity of approximately$140 million in excess of the revenue generated in2024. Of the $140 million of total SNO, the estimatedincremental annual contribution is $30 million in 2026,$40 million to $45 million in 2027 and $45 million to$50 million in 2028, with $20 million realized in 2025. For Macerich, 2025 was a pivotal year – defined bystrong execution and meaningful progress towardthe objectives in our five-year Path Forward Plan.We entered the year with clear priorities: simplifythebusiness,drive operational performance andreduceleverage.I am pleased to report that wedeliveredsubstantial progress against each pillar,demonstratingthat our Path Forward Plan hasevolved from a blueprint into a proven operatingmodel. 30 ANCHORS COMMITTED Anchors are a core component of our strategy, actingas catalysts that drive traffic, extend dwell time andunlock in-line leasing in our centers. We targeted30 anchor and big box replacements in our PathForward Plan, and I’m delighted to report that all30 are now committed. We have five anchors open,five under construction, 11 executed and nine withleases out. These 30 anchors total 2.9 million squarefeet and are expected to generate approximately$750 million in annual tenant sales. Here are our major accomplishments in 2025 andfurther details on our march toward 2028 goals: RECORD-BREAKINGLEASING PERFORMANCE Leasingcontinues to be the powerful enginedriving our Path Forward Plan. In 2025, we signed7.1 million square feet of new and renewal leases ona comparable center basis, an 85% increase over fullyear 2024, setting a new company record. Our leasingspeedometer,which tracks revenue completionpercentage for all new leasing activity required toachieve the leasing components of our five-year plan,was at 76% when we reported full year 2025 results,exceeding our 2025 year-end target of 70%. We’reon track for our mid-2026 target of 85%, signalingsubstantial completion of the leasing component ofour plan. Importantly, we are achieving our targetmarket rent assumptions in the plan. In 2025, we opened our first DICK’S House of Sportstore at Freehold Raceway Mall in the former Lord& Taylor box. This early November grand openingwas one of the best in the brand’s entire 35-storechain. We’ve seen an increase in traffic, not only in itswing, but also throughout the property. And this hasalready had a positive effect on leasing space outsidethe DICK’S location on both levels of the center. SOLID PERFORMANCE METRICS +HEALTHY RETAILER CLIMATE our Path Forward Plan. To date, we’ve completedapproximately $1.3 billion of mall and outparcel salestoward our $2 billion disposition target. The Go-Forward Portfolio tenant sales per square footfor spaces under 10,000 square feet for the twelvemonths ended December 31, 2025 reached $921 persquare foot, setting a new company record since ourIPO1. We opened 1.3 million square feet of new storesduring the year, including 416,000 square feet in thefourth quarter alone. Traffic for 2025 was in line with2024. We have early commitments on 80% of 2026expirations, with another 16% in LOI – an unprecedentedlevel of visibility this far in advance and an importantelement of derisking our renewal pipeline. We also made significant progress reducing leverage.Net debt to EBITDA declined to 7.78x at year end –one full turn lower than at the outset of the plan. Weaddressed all 2025 debt maturities and a substantialportion of those scheduled for 2026, and we believewehave a clear plan to address the remaining2026 debt maturities. Liquidity remains strong atapproximately $990 million, including $650 millionof revolver capacity at year end. Subsequent to yearend, we closed an amended and restated revolvingcredit facility that increased the size of the facilityto $900 million, extended the ma