MAC FINANCIAL STATEMENTS

Macerich Company — balance sheet, income statement and cash flow trends

MACMacerich Company

🇺🇸 USA · NYSE · Real Estate · REIT - Retail

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1 B $+5.2%

Gross Profit212.6 M $-58.7%

Operating Income166.9 M $-0.7%

EBITDA396.8 M $+2.3%

Net Income-183.4 M $—

Peer Comparison· REIT - Retail

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MAC	5.2%	21.1%	39.3%	-18.2%
VCX	-2.6%	70.9%	102.0%	98.6%
CHP-UN	3.2%	71.7%	30.6%	-3.6%
REI-UN	8.8%	53.2%	50.2%	17.2%
SRU-UN	-0.8%	60.8%	67.6%	39.3%
FCR-UN	6.9%	63.3%	58.1%	143.0%
Industry median	8.1%	62.1%	76.5%	35.2%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MAC	5.2%	21.1%	39.3%	-18.2%
EPRT	24.7%	70.3%	90.8%	43.3%
KRG	-3.5%	52.3%	95.1%	34.6%
PECO	9.1%	53.4%	68.7%	15.6%
NNN	5.8%	81.4%	93.0%	41.4%
ADC	17.8%	87.6%	81.8%	29.3%
Industry median	8.1%	62.1%	76.5%	35.2%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity2.4 B $30%
Current Liabilities799.8 M $10%
Long-term Liabilities4.9 B $60%

Key Figures

YoY change

Total Assets8.2 B $-5.6%

Total Liabilities5.7 B $-4.3%

Total Equity2.4 B $-8.5%

Cash & ST Investments51.1 M $-79.8%

Total Debt5.1 B $-4.6%

Net Debt5 B $-0.8%

Peer Comparison· REIT - Retail

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MAC	0.50	207.4%	12.61	29.8%
VCX	0.21	44.7%	3.82	69.4%
CHP-UN	0.94	64.8%	15.49	59.3%
REI-UN	0.36	104.4%	10.23	47.6%
SRU-UN	0.14	99.8%	8.31	42.9%
FCR-UN	0.43	82.3%	9.13	52.3%
Industry median	0.83	82.3%	5.12	51.3%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MAC	0.50	207.4%	12.61	29.8%
EPRT	736.22	60.1%	4.87	61.4%
KRG	1.92	104.7%	3.77	45.0%
PECO	0.14	114.6%	5.13	42.6%
NNN	0.48	110.4%	5.57	46.6%
ADC	0.83	52.7%	5.32	61.3%
Industry median	0.83	82.3%	5.12	51.3%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow348.7 M $+0.3%

Capital Expenditures469.8 M $+168.3%

Free Cash Flow294.6 M $-4.3%

Dividends Paid-229.6 M $-236.5%

Peer Comparison· REIT - Retail

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MAC	34.6%	29.2%	46.6%	-190.2%
VCX	49.5%	14.1%	35.4%	50.2%
CHP-UN	47.8%	44.1%	3.8%	-1,312.4%
REI-UN	31.6%	21.2%	10.4%	183.5%
SRU-UN	40.0%	39.8%	0.2%	102.0%
FCR-UN	29.0%	18.3%	14.8%	20.3%
Industry median	48.1%	37.5%	17.4%	142.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MAC	34.6%	29.2%	46.6%	-190.2%
EPRT	68.1%	-77.9%	146.0%	157.3%
KRG	49.0%	30.9%	18.2%	141.6%
PECO	46.4%	28.0%	18.4%	297.5%
NNN	69.6%	69.6%	228.0%	168.1%
ADC	69.7%	14.7%	522.8%	238.0%
Industry median	48.1%	37.5%	17.4%	142.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.