a2025macerichinvestorpre

MACERICH INVESTOR PRESENTATION May 2025 NYSE: MAC | Macerich.com Washington Square | Portland, OR

C o p yr ig h t © 2 0 2 5 M ac er ic h 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 similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including the Path Forward Plan and its ability to meet the established goals under such Plan, including growth rates and acquisition and disposition goals, 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 tariffs and elevated 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, elevated interest rates and its impact on the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing and operating 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 elevated inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any 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, 2024, 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. 2

C o p yr ig h t © 2 0 2 5 M ac er ic h TABLE OF CONTENTS ▪ The New Macerich ▪ Path Forward Plan v 2.0 ▪ Portfolio and Financial Overview ▪ Case Studies ▪ Appendix Kierland Commons | Scottsdale, AZ 3

4 THE NEW MACERICH Scottsdale Fashion Square | Scottsdale, AZ

C o p yr ig h t © 2 0 2 5 M ac er ic h Own and operate thriving retail centers that bring our communities together and create long-term value for shareholders, partners and customers MISSION STATEMENT CORE VALUES Our core values define the principles that guide our actions, decisions and the culture fostered within Macerich Excellence EmpowermentIntegrityRelationships Optimism Fun 5

C o p yr ig h t © 2 0 2 5 M ac er ic h 6 HIGHLY EXPERIENCED & ALIGNED MANAGEMENT TEAM Focused management team executing on new CEO’s strategic plan to simplify the business, improve operational performance and reduce leverage Jack Hsieh CEO, President and Director Doug Healey Senior Executive Vice President, Leasing Ann Menard Senior Executive Vice President, Chief Legal Officer F.K. Grunert Executive Vice President, Leasing Michael Guerin Executive Vice President, Leasing Olivia Bartel Leigh Executive Vice President, Portfolio Operations and People Cory Scott Executive Vice President, Asset Management Dan Swanstrom Senior Executive Vice President, CFO and Treasurer Seasoned management team with extensive public company leadership experience HIGHLY EXPERIENCED Significant retail industry, real estate and capital markets expertise DEEP INDUSTRY EXPERTISE Executive compensation heavily tied to long-term total shareholder return performance ALIGNED WITH SHAREHOLDERS

C o p yr ig h t © 2 0 2 5 M ac er ic h Macerich prioritizes board independence and refreshment, along with sound governance policies and practices 7 REFRESHED BOARD & SOUND CORPORATE GOVERNANCE Jack Hsieh CEO, President & Director Daniel Hirsch Independent Director Andrea Stephen Independent Director Enrique Hernandez, Jr. Independent Director Marianne Lowenthal Independent Director Diana Laing Independent Director Devin Murphy Independent Director Seven of our eight directors are independent, including our Chairman of the Board INDEPENDENT BOARD AND CHAIRPERSON Over 60% of our directors have been elected to our Board within the last several years BOARD REFRESHMENT Opted out of the provisions of MUTA, and prohibited from opting back in without shareholder approval MUTA OPT OUT Primary oversight responsibility for environmental, social and governance programs ESG OVERSIGHT Steven R. Hash Independent Chairman No shareholder rights plan in effect NO POISON PILL

C o p yr ig h t © 2 0 2 5 M ac er ic h Portfolio repositioning focused on owning high-quality, top performing regional retail centers 8 MACERICH OVERVIEW One of the country’s leading owners, operators and developers of major retail real estate (1) Represents the percentage of Go-Forward Portfolio 2024 Pro Rata NOI, see Go-Forward Portfolio list on page 28 TOTAL PORTFOLIO As of Dec 31, 2024 GO-FORWARD PORTFOLIO As of Dec 31, 2024 # of Regional Retail Centers 42 31 Total GLA (SF) 43M 34M Portfolio Occupancy 94.1% 94.5% Portfolio Sales Per Square Foot $837 $894 Average Annual Traffic Per Center 7.0M 7.6M CALIFORNIA 24% ARIZONA 20% NEW JERSEY & CONNECTICUT 10% NEW YORK 18% PENNSYLVANIA & VIRGINIA 10% OTHER 18% NOI CONCENTRATION BY STATE(1) 1972 Established 1994 IPO (NYSE: MAC) 2024 Jack Hsieh Named New CEO GO-FORWARD PORTFOLIO

C o p yr ig h t © 2 0 2 5 M ac er ic h 9 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 resilience and continued growth, supported by strong occupancy rates, high sales per square foot and increased foot traffic STRATEGIC FOCUS ON CLASS A MALLS Sources: Green Street Advisors May 21, 2025; Coresight Research 2023 “The State of the American Mall,” Cushman & Wakefield Q4 2024 ~92% of Macerich’s NOI comes from A or higher-tier properties, highlighting our strong positioning in the top-performing retail real estate segment ~92% GRADE A GO-FORWARD PORTFOLIO % OF MACERICH PRO-RATA NOI

C o p yr ig h t © 2 0 2 5 M ac er ic h As supply shrinks, malls prove resilient as retailers recognize the necessity for brick-and-mortar establishments in higher-quality assets. In-store experiences continue to be a key element in customers' shopping expectations 10 HIGH-QUALITY PORTFOLIO WITHIN FAVORABLE U.S. RETAIL LANDSCAPE Sources: Coresight Research, State of the American Mall, 2023 (data as of 2022); Store Openings & Closures Tracker, 2025 (data as of 2024); Cushman & Wakefield, U.S. Retail MarketBeat, Q4 2024 (data as of 2024); NRF, 2022–2025 6,400 Store Openings across major U.S. retail sectors and categories Vacancy Rate Down to 5.4% in the U.S. (near record low) Foot Traffic Up 12% at U.S. top-tier malls in the U.S. compared to 2019 $3.6T $3.8T $4.0T $4.6T $4.9T $5.1T $5.3T 2018 2019 2020 2021 2022 2023 2024 U.S. ANNUAL RETAIL SALES* 2018-2024 84% In-store sales 16% Online sales *Excludes automobile dealers, gasoline stations and restaurants to focus on core retail

C o p yr ig h t © 2 0 2 5 M ac er ic h “For retailers, having both an in-store and e-commerce presence promises synergistic sales opportunities that online-only platforms cannot recreate. According to ICSC, on average, when a retailer opens a new physical store, it sees a 37% gain in traffic to their website.” – Coresight Research 11 THE POSITIVE IMPACT OF A PHYSICAL STORE Sources: ICSC Halo Effect III, 2023; Coresight Research, “Competing with E-Commerce Giants Through 2030: The Future of Malls-Part 3,” 2024 IMPACT OF OPENING A RETAIL STORE FOR ONLINE SALES IMPACT OF CLOSING A RETAIL STORE FOR ONLINE SALES Department Stores +51% increase -49% decrease Apparel +12% increase -37% decrease Home +10% increase -59% decrease Discount Department Stores +5% increase -42% decrease Big Box Specialty +2% increase -6% decrease Cosmetics - 5% decrease -36% decrease -11.5%+6.9% Online Sales Increase After Opening a Store Online Sales Decrease After Closing a Store All Retailers (Established and Emerging) All Retailers (Established and Emerging)

C o p yr ig h t © 2 0 2 5 M ac er ic h Key metrics across top retail REITs underscore Macerich’s competitive positioning 12 STRONG PORTFOLIO POSITIONING Portfolio Sales Per Square Foot Sources: Macerich data as of Q4 2024; Simon Property Group Earnings Release, Q4 2024; CBL Earnings Release, Q4 2024; Tanger Earnings Release, Q4 2024 Average Monthly Visits Per Location Sources: Macerich data as of Q4 2024; Placer.ai data as of April 17, 2025 and based on locations covered by Placer.ai, which may exclude some locations owned, managed or controlled by the company $837 $894 $739 $418 $444 0 100 200 300 400 500 600 700 800 900 1000 Total Porfolio Go-Forward Portfolio Simon CBL Tanger 42 31 214 84 37 585 633 444 325 275 0 100 200 300 400 500 600 700 0 50 100 150 200 Total Portfolio Go-Forward Portfolio Simon CBL Tanger in t h o u sa n d s # of Locations Avg Monthly Visits Per Location Macerich PORTFOLIO SALES PER SQUARE FOOT AVERAGE MONTHLY VISITS PER LOCATION Macerich

13 PATH FORWARD PLAN v 2.0 Chandler Fashion Center | Chandler, AZ

C o p yr ig h t © 2 0 2 5 M ac er ic h STRENGTHEN BALANCE SHEET PATH FORWARD STRATEGY 14 RECAP OF WHAT WE ARE SOLVING FOR FORTIFY CORE PORTFOLIO DRIVE OPERATIONAL EXCELLENCE POSITION FOR GROWTH Deleverage the capital structure to a low-to-mid 6x range over 3-4 years Deliver FFO/share launch goal of ~$1.80 over the next 3-4 years Invest in and fortify Fortress and Steady Eddy Portfolio Proactively consolidate selected joint venture assets that are core to the overall strategy Achieve outstanding operational results through rigorous internal process improvements Enable the Company to go on offense: • Strategic acquisitions • Smart reinvestments • Targeted developments SIMPLE AND EXECUTABLE PLAN: 1. Simplifying the Business 2. Operational Performance Improvement 3. Leverage Reduction

C o p yr ig h t © 2 0 2 5 M ac er ic h 1. SIMPLIFYING THE BUSINESS Los Cerritos Center | Cerritos, CA Washington Square | Portland, OR Arrowhead Towne Center | Glendale, AZ Refresh portfolio ranking to focus on criteria beyond sales per square foot Implemented expanded asset ranking criteria, refreshed portfolio groups and asset rankings (Fortress, Fortress Potential, Steady Eddy, Eddy) 01 Enhance the portfolio through asset sales and give-backs Successful disposition program has resulted in refined portfolio and more focused platform for growth 02 Proactively consolidate selected joint ventures Purchased our partners’ interests and consolidated 100% ownership in five regional centers 03 New capital allocation framework and clarity on priorities Formalize capital allocation strategy 04 INITIAL PLAN PROGRESS ON TRACK SIMPLE & EXECUTABLE PLAN 15

C o p yr ig h t © 2 0 2 5 M ac er ic h 01 02 03 04 Continue to drive incremental total gross revenue from executed lease pipeline Drive NOI growth – particularly among Eastern Seaboard assets Proactively replace obsolete anchor spaces with anchors of the future 16 Anchor backfills, redevelopment and strategic leasing driving NOI growth Strong leasing volumes and new lease deal completion percentage ahead of plan Signed Not Opened (SNO) pipeline of ~$80 million on track for ultimate opportunity to achieve ~$130 million in cumulative SNO potential Committed or in LOI negotiations for 23 out of 26 anchor and big box replacements projected to open in Path Forward Plan between 2025 to 2028 Improve permanent occupancy Achieve outstanding operational results by evaluating and realigning internal processes Streamlined leasing team structure, eliminated manual processes and created an advanced leasing tool/dashboard (i.e., “Leasing Speedometer”) for real-time lease tracking 05 2. OPERATIONAL PERFORMANCE IMPROVEMENT INITIAL PLAN PROGRESS ON TRACK SIMPLE & EXECUTABLE PLAN

C o p yr ig h t © 2 0 2 5 M ac er ic h ✓ 01 Committed or in LOI negotiations for 23 out of 26 anchor and big box replacements ShopRite at Green Acres Mall replacing Sears RH at Broadway Plaza replacing Neiman Marcus • 26 anchors(1) totaling 2.3 million square feet to replace outdated retail • 88% committed or in LOI discussions • Estimated $600 million in annual sales (1) Tenants > 40K Square Feet; 26 anchors projected to open in Path Forward Plan between 2025 to 2028 OPERATIONAL PERFORMANCE IMPROVEMENT NEW ANCHORS EXPECTED TO DRIVE TRAFFIC, SALES & INLINE LEASING 17

C o p yr ig h t © 2 0 2 5 M ac er ic h TYSONS CORNER CENTER Tysons, Virginia Tysons Corner Center has solidified its position as a retail powerhouse, and we continue to enhance the center West End: Reimagining the shopper experience from Bloomingdale’s to Macy’s into a vibrant and walkable retail, dining and entertainment district, anchored by upscale dining and a luxury market East End: Common area project complete. Experience-driven entertainment Level 99, popular family dining options Maggiano’s and The Cheesecake Factory, best-in-class retail and more to come 18 West End Future East End After Before Before Case Study: Strategic Redevelopment Of Tysons Corner Center ✓ 02 OPERATIONAL PERFORMANCE IMPROVEMENT STRATEGIC REDEVELOPMENT EXPECTED TO DRIVE NOI GROWTH

C o p yr ig h t © 2 0 2 5 M ac er ic h ✓ 03 & 04 Strong leasing volumes and productivity FY 2024 Q1 2025 3.6M 2.6M New and Renewal Space Signed 863 320 Signed Leases (a 15% Increase from FY 2023 to FY 2024) 213 37 Store Openings 13 14 Consecutive Quarters of Positive Base Rent Leasing Spreads 70 22 New-to-Macerich Brands Executive Leasing Committee has reviewed 70% more new and renewal deals, and 145% more square footage 2025 year-to-date than during the same period last year Both periods represent the portfolio as of March 31, 2025 OPERATIONAL PERFORMANCE IMPROVEMENT STRONG LEASING PRODUCTIVITY & MOMENTUM 19

C o p yr ig h t © 2 0 2 5 M ac er ic h ✓ 03 & 04 New store leases which have or will commence from 2024 through 2028 are expected to produce total gross revenue of ~$80 million in excess of the revenue generated in the same spaces during 2024 ~$25 ~$30 ~$15 ~$10 $0 $5 $10 $15 $20 $25 $30 $35 2025 2026 2027 2028 ($ in m ill io n s) Cumulative SNO pipeline of ~$80 million • ~$6 million of SNO realized in 1Q25 (against ~$25 million estimate for 2025) • ~$74 million of remaining SNO to be realized in the balance of 2025 and thereafter On track for ultimate opportunity to achieve ~$130 million in cumulative SNO potential, representing an additional ~$50 million to the current SNO pipeline of ~$80 million Data as of May 12, 2025 (1) This new store leasing pipeline represents a cumulative estimate and includes open stores, leases signed not open and leases in documentation. The amounts are based on the permanent tenant revenues in the Go-Forward Portfolio, including development/redevelopment and excluding anticipated dispositions/give-backs. The Company estimates the SNO flow through to NOI to be approximately 80% OPERATIONAL PERFORMANCE IMPROVEMENT SUBSTANTIAL LEASING PIPELINE EXPECTED TO DRIVE GROWTH ~$80 MILLION SNO PIPELINE – ESTIMATED ANNUAL CONTRIBUTION 20

C o p yr ig h t © 2 0 2 5 M ac er ic h YEAR-END 2024 39% Complete MAY 2025 60% Complete YEAR-END 2025 TARGET 70% Complete MID-2026 TARGET 85% Complete FULL OPPORTUNITY 100% Complete 1. Implemented a new leasing dashboard tool to improve visibility and efficiency 2. Tracks revenue completion percentage for all new leasing activity in the 5-Year Plan 3. As of May 2025, the Company is ahead of schedule with 60% complete against initial target of ~50% by mid- 2025 MACERICH LEASING SPEEDOMETER - NEW LEASE DEAL COMPLETION % OPERATIONAL PERFORMANCE IMPROVEMENT NEW LEASE DEAL COMPLETION PERCENTAGE AHEAD OF PLAN ✓ 03 & 04 & 05 21

C o p yr ig h t © 2 0 2 5 M ac er ic h ✓ 05 OPERATIONAL PERFORMANCE IMPROVEMENT STREAMLINED ORGANIZATIONAL STRUCTURE & IMPROVED INTERNAL PROCESSES DRIVES PERFORMANCE ORGANIZATIONAL CHANGES PROCESS IMPROVEMENTS 8 Direct Reports 4 Direct Reports CEO Reports: Permanent Leasing Temporary Leasing Anchor Perm/Temp/Anchor Leasing 150 People (Asset Management, Property Management, Marketing) 25 People (Property Strategy, P&L Responsibility and Portfolio Management) Asset Management Reorganization to Enhance Operational Focus: Financial Focus: Pivot from short-term FFO objectives and capital decision making to long-term strategic decision making and value- creation focus. Created space specific long-term models for every asset that are used daily for revenue and capital decision making Technology: Implemented dashboards for Asset Management, Leasing, Legal and Tenant Coordination for real-time visibility into the deal making, lease signing and store opening processes. Ultimately, streamlining communications for more efficient and effective decision making – eliminating 2,500+ spreadsheets and saving 15,000 annual man hours Property Management: All processes are reviewed, and standard operating procedures (SOPs) are implemented Revenue Responsibility: Consolidated Departments 22

C o p yr ig h t © 2 0 2 5 M ac er ic h Asset sales with accretive proceeds and asset give-backs Opportunistic equity issuance based on progress milestones Organic NOI growth Achieved equity issuance component of Plan in 2H24 Substantial progress on sales and give-back component of Plan – ~$1.2 billion completed or under contract (~$1.1 billion asset sales/give-backs and ~$0.1 billion outparcels/land) Identified clear path to achieving $2 billion disposition target Significant leasing progress and redevelopment/development on track to realize NOI growth potential and to achieve ~$130 million in cumulative SNO potential 01 02 03 3. LEVERAGE REDUCTION INITIAL PLAN PROGRESS ON TRACK 23 SIMPLE & EXECUTABLE PLAN

C o p yr ig h t © 2 0 2 5 M ac er ic h 24Information is estimated and may periodically change. See the Company’s forward-looking disclosures SCOTTSDALE FASHION SQUARE TOTAL COST: $84-90M | PRO RATA TOTAL COST: $42-45M | STABILIZED YIELD 16%-18% The completion of Phase II with Caesars Republic Hotel will continue with the luxury transformation into the 200K square foot two-level Nordstrom wing. Phase III will include the elevated renovation of Palm Court GREEN ACRES TOTAL COST: $130-150M | PRO RATA TOTAL COST: $130-150M | STABILIZED YIELD 12.5%-13.5% Replacing 375K SF of outdated retailers and parking structures with a new grocery anchor, entertainment, modern retail, new-to-market eateries and eye-catching gathering spaces, all with a sweeping new streetscape. The pre-leasing demand has been very strong with almost 50% of the redevelopment square footage committed and another 17% in LOI stage, including signed deals from 80,000 square foot supermarket anchor, ShopRite, and The Cheesecake Factory FLATIRON CROSSING TOTAL COST: $245-265M | PRO RATA TOTAL COST: $125-135M | STABILIZED YIELD 6.75%-7.75% Densifying into a high-profile campus with a multi-use community hub – HiFi. Over three phases, 25 acres will be transformed into luxury apartments, new/repurposed retail, food and beverage and the redevelopment of a former Nordstrom FlatIron Crossing | Broomfield, Colorado Scottsdale Fashion Square | Scottsdale, Arizona ~$35 MILLION = PROJECTED ANNUAL PRO RATA NOI @ STABILIZATION ✓ 01 LEVERAGE REDUCTION NOI GROWTH FROM MAJOR DEVELOPMENT IS CONTRIBUTING TO LEVERAGE TARGETS Green Acres Mall | Valley Stream, New York MAJOR DEVELOPMENTS

C o p yr ig h t © 2 0 2 5 M ac er ic h LEVERAGE REDUCTION COMPLETED AND UNDER CONTRACT → (~$1.1 BILLION) ✓ Santa Monica Place - defaulted on $300 million loan ✓ The Oaks - closed on $157 million sale ✓ Country Club Plaza - closed on $147 million short sale and discounted payoff ✓ Biltmore Fashion Park - closed on $110 million sale ✓ Wilton Mall - closed on $25 million sale ✓ SouthPark Mall - closed on $11 million sale ✓ Southridge Mall - closed on $4 million sale ✓ Lakewood Center - under contract to sell IN PROGRESS ❑ Several additional Eddy mall sales or give-backs totaling up to $300-$400 million → $1.4-$1.5 billion of goal ❑ Ongoing sale of outparcels, freestanding retail, non-enclosed malls and land ($77 million sold or under contract against 2025 target of $100-$150 million) → $2 billion final goal Lakewood Center Under Contract SouthPark Mall Sold SALES AND GIVE-BACKS ✓ 03 ASSET SALE & GIVE-BACK STRATEGY IS WORKING 25

26 PORTFOLIO AND FINANCIAL OVERVIEW Fashion Outlets of Chicago | Chicago, IL

C o p yr ig h t © 2 0 2 5 M ac er ic h Strategic disposition plan refines portfolio and creates a more focused platform for growth 27 PORTFOLIO OVERVIEW (1) Includes two community/power centers (2) Represents actual 2024 NOI – All Centers (3) Represents Pro Forma Go-Forward Portfolio NOI, adjusted to account for 2024 acquisitions, dispositions and other activity, as well as future projected asset sales, give-backs and outparcel sales (4) Debt balance outstanding includes the unamortized debt discounts and loan finance costs (5) The Company's total outstanding loan indebtedness, which includes mortgages and other notes payable, at December 31, 2024 was $6.7 billion (consisting of $4.99 billion of consolidated debt, less $0.03 billion of noncontrolling interests, plus $1.69 billion of its pro rata share of unconsolidated joint venture debt) (6) The Company's total Go-Forward Portfolio outstanding loan indebtedness, which includes mortgages and other notes payable, at December 31, 2024 was $5.8 billion (consisting of $4.31 billion of consolidated debt, less $0.03 billion of noncontrolling interests, plus $1.50 billion of its pro rata share of unconsolidated joint venture debt) KEY METRIC TOTAL PORTFOLIO As of Dec 31, 2024 GO-FORWARD PORTFOLIO As of Dec 31, 2024 # OF REGIONAL RETAIL CENTERS 42(1) 31 TOTAL GLA (SF) 43M 34M PORTFOLIO OCCUPANCY 94.1% 94.5% PORTFOLIO SALES PER SQUARE FOOT $837 $894 AVERAGE ANNUAL TRAFFIC 7.0M 7.6M NOI AT PRO RATA SHARE $826M(2) $720M(3) TOTAL YEAR END 2024 DEBT AT PRO RATA SHARE(4) $6.7B(5) $5.8B(6)

C o p yr ig h t © 2 0 2 5 M ac er ic h 28 GO-FORWARD PORTFOLIO LIST(1) Go-Forward Portfolio grouped by asset rankings (1) Preliminary list of Go-Forward assets; subject to change FORTRESS Green Acres Mall Los Cerritos Center Queens Center Scottsdale Fashion Square Tysons Corner Center FORTRESS POTENTIAL Arrowhead Towne Center Broadway Plaza Chandler Fashion Center Danbury Fair Mall Fashion Outlets of Chicago Kierland Commons SanTan Village Regional Center Washington Square STEADY EDDY Corte Madera, The Village at Deptford Mall Desert Sky Mall Eastland Mall FlatIron Crossing Freehold Raceway Mall Fresno Fashion Fair Inland Center Kings Plaza Shopping Center Stonewood Center Valley River Center Victor Valley, Mall of Vintage Faire Mall EDDY Fashion District Philadelphia NorthPark Mall Pacific View South Plains Mall Superstition Springs Center The Village at Corte Madera | Corte Madera, CA

C o p yr ig h t © 2 0 2 5 M ac er ic h PATH FORWARD PLAN – ILLUSTRATIVE NOI BRIDGE Footnotes: See next page (dollars in millions) 29

C o p yr ig h t © 2 0 2 5 M ac er ic h ILLUSTRATIVE NOI BRIDGE FOOTNOTES (1) Net Operating Income represents NOI - All Centers for the twelve months ended December 31, 2024. NOI is a non-GAAP measurement. See ’Appendix’ for a discussion of the non-GAAP measurement and a reconciliation to GAAP loss (2) Dispositions represents the net operating income pro forma adjustment as if the following transactions were in effect for the full year A) the dispositions of i) Country Club Plaza, ii) Biltmore Fashion Park, iii) the stand- alone parcel at Valle Vista Mall, iv) Southridge Mall and v) The Oaks; and B) loans in default for which the Company anticipates transferring title to the underlying property for Santa Monica Place (3) Acquisitions represents the net operating income pro forma adjustment to recognize the annualized net operating income from the acquisition as if acquired for the full year for i) Arrowhead Towne Center, ii) South Plains Mall, iii) Lakewood Center, iv) Los Cerritos Center and v) Washington Square (4) Other includes the net operating income pro forma adjustments (income) expense components excluded from NOI - All Centers, including legal claims settlement income, interest income, non-real estate investments and other assets (5) Pro Forma NOI is the net operating income for the period ended December 31, 2024, adjusted for the annualized net operating income from Acquisitions, Dispositions and Other as noted in footnotes 2, 3 and 4. The Company believes it is useful for investors to evaluate the operating performance of the Company after pro forma adjustments for partial year acquisition and disposition activity and legal claims settlement income, interest income, non-real estate investments and other assets (6) Asset Sales / Give-backs represents the estimated net operating income adjustment for 10 assets that are projected to be sold or given back to secured lenders. This total bucket assumes an estimated weighted average cap rate range of 10%-11%. Included in this bucket are i) Wilton Mall (closed 1Q25), ii) Southridge Mall (closed 2Q25), iii) Lakewood Center (under contract) and iv) The Shops at Atlas Park (marketed for sale) (7) Outparcel Sales represents the estimated net operating income adjustment for the projected sale of vacant land, non-mall assets and free-standing, triple-net parcels. Total Outparcel Sales (excluding land) estimated to be in the range of $425-$475 million at an estimated weighted average cap-rate range of 7%-8%. Land sales estimated to be in the range of $100-$150 million (8) Pro Forma Go-Forward NOI represents the 2024 adjusted base net operating income for the Company's projected, Go-Forward asset portfolio which has been adjusted to account for Acquisitions, Dispositions, Other Adjustments in 2024 as well as future projected, Asset Sales / Give-Backs and Outparcel Sales (9) NOI Growth includes incremental NOI derived primarily from new leasing activity and contractual rent escalations and includes specialty leasing and ancillary income growth and operating expense growth Approximately 65%, or $70 million, of the NOI growth is secured through escalations or committed through in-place leases, signed not open leases and leases in documentation (10) Major Development Projects includes the incremental pro forma NOI from major development projects: Scottsdale Fashion Square - Nordstrom wing renovation/re-leasing, Green Acres Mall redevelopment and FlatIron Crossing residential and retail development. Approximately 45% of the Major Development NOI is committed through in-place leases, signed not open leases and leases in documentation (11) Other Redevelopment includes the incremental pro forma NOI from anchor redevelopments and replacements and other large format leasing projects. Approximately 50% of the Redevelopment NOI growth is committed through in-place leases, signed not open leases and leases in documentation (12) 2028 Pro Forma NOI represents the combined pro forma NOI from NOI growth, Major Development and Other Redevelopment. 2028 Pro Forma NOI is provided for illustrative purposes to reflect the potential impact of the Path Forward Plan and does not represent guidance (13) The Company did not include a reconciliation of 2028 net (loss) income attributable to the Company to Net Operating Income (“NOI”) because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company's results (14) Due to rounding, numbers presented may not add up precisely to the totals provided 30

C o p yr ig h t © 2 0 2 5 M ac er ic h 31 ROADMAP TO FFO – KEY 2028 COMPONENTS ILLUSTRATIVE PRO FORMA NOI AND TARGET FFO RANGES 2028 PRO FORMA GO-FORWARD PORTFOLIO NOI $860 $880 $900 (1) Management Company and REIT G&A, net (80) (75) (70) (2) Other income, expenses and GAAP adjustments 8 10 12 (3) Leasing Expenses (50) (45) (40) (4) Interest Expense, net (295) (285) (275) (5) 2028 TARGET FFO $443 $485 $527 (6) TARGET SHARE COUNT IN 2028 268 268 268 (7) TARGET FFO PER SHARE $1.65 $1.81 $1.97 (in millions, except per share data) (1) 2028 Pro forma NOI represents an illustrative range of the combined pro forma Go-Forward Portfolio NOI, which includes NOI Growth, Major Development Projects and Other Redevelopment and does not represent guidance (2) Management Company and REIT G&A, net includes management company and REIT general and administrative expenses, net of management company revenues and capitalized development overhead (3) Other income, expenses and GAAP adjustments includes municipal income, property-level interest income and other corporate income, less expenses including income tax expense and various GAAP adjustments such as straight-lining of rent and above/below market adjustments for in place leases (4) Leasing Expenses includes expenses associated with internal leasing personnel and their efforts to lease the portfolio (5) Interest Expense, net includes target interest expense related to applicable mortgage loans in the Go-Forward portfolio, target interest expense from The Macerich Partnership, L.P. - Line of Credit, target amortization of finance costs, target capitalized interest and target debt (discounts) or premiums. Interest expense is forecasted based on asset specific financing assumptions, extensions or modifications, or repayment in full of applicable mortgage loans. The weighted average interest rate for the refinancing of debt maturing in years 2025-2028 is estimated at 6.25% (6) 2028 Target FFO represents an illustrative range of FFO based on pro forma NOI and other income, less expenses. 2028 Target FFO represents the Company’s target and does not represent guidance (7) 2028 Target Share Count includes the estimated effect of share and unit-based compensation plans over the forecast period (8) The Company did not include a reconciliation of 2028 net (loss) income attributable to the Company to 2028 Pro Forma Go-Forward Portfolio Net Operating Income (“NOI”) and 2028 Target FFO because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company's results

C o p yr ig h t © 2 0 2 5 M ac er ic h 3-PRONGED PLAN TO DELEVER ▪ Opportunistic equity issuance: Completed ▪ Asset sales and asset give-backs: ~60% Completed ▪ Total NOI growth: ~60% Secured 32 PATH TO DELEVERAGING TARGET GOAL: From a high 8x to a low-to-mid 6x target leverage (1) See appendix for net debt to EBITDA calculation CURRENT LEVERAGE(1) AS OF MAR 31, 2025 SALES & GIVE BACKS NOI GROWTH LEVERAGE AS OF DEC 31, 2023 6.25x – 6.55x TARGET LEVERAGE 8.76x 7.95x 0.5x – 0.6x 0.9x – 1.1x ~1x lower leverage achieved to-date

C o p yr ig h t © 2 0 2 5 M ac er ic h 33 (1) Available Liquidity as of May 12, 2025, excludes restricted cash (2) Leasing includes tenant improvement allowances and leasing commissions associated with the Go-Forward Portfolio, which drives NOI Growth (3) Operating Capex assumes approximately $60-$65 million per annum in maintenance capex across the Portfolio (4) Large Scale Capex includes larger scale common area redevelopment, interior renovations, physical plant, signage, etc. (5) Capital Investment includes capital spend for major development, other redevelopment, NOI growth, leasing costs, operating maintenance capex and other large scale capex projects. Represents estimated capital spend from 2025 through 2028 at the Company's pro rata share. The Company anticipates these capital uses to be funded by cash on hand, cash generated by the Company, available capacity under the Macerich Partnership, L.P. Line of Credit and/or net proceeds from asset sales. Capital investment excludes capitalized interest and other development related costs ANTICIPATED CAPITAL INVESTMENTS SUMMARY LIQUIDITY SNAPSHOT $650M $345M ~$1.0B LIQUIDITY (1) As of May 12, 2025 Leasing (2) $320M Capex (3) $250M Large Scale Capex (4) $150M ~$1.2B CAPITAL INVESTMENT (5) $200M $720M$230M CAPITAL INVESTMENTS SUMMARY

C o p yr ig h t © 2 0 2 5 M ac er ic h SUMMARY – KEY TAKEAWAYS • The Path Forward Plan strategy is working • The New Macerich is a much better informed, aligned and operationally focused company than ever before • Portfolio is being repositioned to focus on the high-quality, top-performing regional retail centers • Substantial progress on sales and givebacks ahead of Plan with ~$500 million of outparcels/land remaining to sell • We are ahead of schedule on our leasing progress targets with ~$50 million of SNO left to achieve our ultimate opportunity • Our leasing progress puts us on track to reach a major inflection point in mid-2026 – signaling our proximity to substantial completion of the Path Forward Plan Danbury Fair Mall | Danbury, CT 34

35 CASE STUDIES Scottsdale Fashion Square | Scottsdale, AZ

C o p yr ig h t © 2 0 2 5 M ac er ic h AFTER BEFORE PHASE I – LUXURY WING COMPLETED NOVEMBER 2018 The Neiman Marcus wing was reimagined to deliver Arizona’s premier luxury destination, featuring world-class dining, iconic designer brands and an elite fitness club with a rooftop pool and bar. The Phase I project has driven a 13% increase in visitor traffic in 2024 compared to 2019 and 118% increase in sales from December 2017 to Q1 2025 through continuously strong leasing demand from best-in-class brands and restaurants REINVESTMENT SUCCESS SCOTTSDALE FASHION SQUARE AFTER BEFORE BARNEY’S TO APPLE & INDUSTRIOUS COMPLETED 2018-2019 A vacant Barney’s New York transformed into a new wing anchored by a flagship Apple (opened September 2018) and a first-to-market Industrious (opened January 2019), resulting in double-digit traffic increase from 2018 to 2019 Flagship FlagshipFlagship Flagship FlagshipFlagship We continue to strategically reinvest in our high-quality shopping centers, enhancing their appeal and long- term value 36 Sources: Placer.ai

C o p yr ig h t © 2 0 2 5 M ac er ic h 37 AFTER BEFORE Phase II In Progress: $100M In Center Enhancements Driven by strong sales and growing foot traffic, Tysons Corner Center has attracted $66M in retailer investments for store upgrades and first-of-its-kind concepts, including a first in the world Apple store design. Macerich is adding $45M in enhancements, underscoring our commitment to a best-in-class, unique shopping experience AFTER BEFORE Sources: Placer.ai; Scarborough Research 2025, Release 2 (Sept 2012-Aug 2013) vs. Release 2 (Aug 2023-Apr 2024/Mar-Sep 2024) Phase I Completed May 2015: Residential, Office, Hotel & Plaza To serve the rapidly expanding and upscale region, we completed the development of a luxury residential tower, a trophy office tower, a flagship Hyatt Regency with 300 keys and a 1.5-acre elevated plaza for year-round activations. The result is a 40% increase in visitor traffic from 2013 to 2024 and a 36% increase in Sales Per Square Foot from 2015 at $851 to $1,157 in Q4 2024 RENOVATIONSEXPANSIONS Flagship TYSONS CORNER CENTER Apple’s first in the world retail store completed a relocation and expansion in 2023 to reopen a new, first-in-the- world store design REINVESTMENT SUCCESS

C o p yr ig h t © 2 0 2 5 M ac er ic h In Fall 2023, the former 144K square foot Nordstrom was transformed into a first-to-market 220K square foot Scheels All Sports—marking a strategic repositioning that has already delivered strong performance gains, increased foot traffic and the designation as Scheels’ top-performing location nationwide Sources: Placer.ai CHANDLER FASHION CENTER — NORDSTROM TO SCHEELS AFTER BEFORE+21% Increase in total visitor traffic +44% Expansion in the total trade area Compared to the same 18-month period in 2017-2019 during Nordstrom’s operations 38 REINVESTMENT SUCCESS

39 APPENDIX Broadway Plaza | Walnut Creek, CA

C o p yr ig h t © 2 0 2 5 M ac er ic h RECONCILIATION OF NET LOSS ATTRIBUTABLE TO THE COMPANY TO ADJUSTED EBITDA & NET OPERATING INCOME (“NOI”) FOR THE YEAR ENDED DECEMBER 31, 2024 Net loss attributable to the Company ($194,120) Interest expense – consolidated assets 219,987 Interest expense – unconsolidated joint ventures (pro rata) 130,217 Depreciation and amortization – consolidated assets 294,780 Depreciation and amortization – unconsolidated joint ventures (pro rata) 148,740 Noncontrolling interests in the Operating Partnership (8,766) Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures (9,736) Gain on extinguishment of debt, net (14,403) Loss (gain) on sale or write down of assets, net – consolidated assets (38,959) Loss on sale or write down of assets, net – unconsolidated joint ventures (pro rata) 180,089 Add: Noncontrolling interests share of gain on sale or write-down of consolidated joint ventures, net 330 Income tax benefit (1,300) Distributions on preferred units 348 Adjusted EBITDA (a) 707,207 REIT general and administrative expenses 28,145 Management Companies' revenues (29,814) Management Companies' operating expenses 82,059 Leasing expense, including joint ventures at pro rata 44,152 Straight-line and above/below market adjustments (5,972) NOI - All Centers (b) $ 825,777 Note: The Company did not include a reconciliation of 2028 net (loss) income attributable to the Company to adjusted EBITDA and net operating income (“NOI”) because the Company is unable, without making unreasonable efforts, to provide meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results (a) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the Operating Partnership, loss on sale or write down of assets, gain on extinguishment of debt and distributions on preferred units and includes joint ventures at the Company's pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net loss 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 (b) The Company presents NOI because the Company believes it is useful for investors to evaluate operating performance of the Centers. 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 (in thousands, except per share amounts) 40

C o p yr ig h t © 2 0 2 5 M ac er ic h NET DEBT TO ADJUSTED EBITDA Total Company's Pro Rata Share of Debt $ 6,798,037 (a) Less: Cash, including joint ventures at the Company's share (311,608) Restricted Cash, including joint ventures at the Company's share $ (114,586) Exclude: Restricted Cash that is not loan cash collateral 55,609 Less: Restricted Cash - loan cash collateral (58,977) (b) Less: Debt for Santa Monica Place (lender-controlled) (299,121) Net Debt 6,128,331 (c) Adjusted EBITDA (trailing twelve months) $ 727,673 (d) Plus: Leasing expenses (trailing twelve months) 44,811 (e) Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments (trailing twelve months) 10,758 (f) Plus: adjustment for acquisitions and dispositions (trailing twelve months) (9,402) (g) Plus: Other adjustments (trailing twelve months) (2,545) (h) Adjusted EBITDA, as further modified (trailing twelve months) $ 771,295 Net Debt to Adjusted EBITDA, as further modified 7.95x (i) Footnotes: See next page (dollars in thousands, at Company’s pro rata share) 41

C o p yr ig h t © 2 0 2 5 M ac er ic h 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 into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. As of March 31, 2025, the Company's pro rata share of unamortized debt discounts and loan finance costs were $66.8 million and $28.0 million, respectively b) Represents Restricted Cash that is held by lenders for various purposes, which effectively serves as cash collateral to the underlying loan until the cash is recouped into liquid resources by the borrower c) Net Debt is a non-GAAP measure which represents Debt less Cash and Restricted Cash. Management believes that the presentation of Net Debt provides useful information to investors because it reviews Net Debt as part of its management of the Company's overall liquidity, financial flexibility, capital structure and financial leverage d) Adjusted EBITDA for the trailing twelve months is calculated as follows: e) GAAP provides that leasing costs incurred through outside, external leasing brokers may be capitalized. However, leasing compensation incurred through internally staffed leasing personnel generally may not be capitalized and must be expensed. Management believes adding back these leasing expenses provides useful information to investors because it allows them to more easily compare the Company's results to other REIT's f) The Company holds certain non-real estate investments that are subject to market changes every quarter. These investments are not core to the Company's business, and the changes to market value and the related gain or loss are entirely non-cash in nature. As a result, the Company believes that the gain or loss on non-real estate investments should be excluded from Adjusted EBITDA g) Represents the net forward EBITDA adjustment to properly account for the trailing twelve-months Adjusted EBITDA for: A) the acquisitions of: i) Arrowhead Towne Center, ii) South Plains Mall; iii) Lakewood Center, iv) Los Cerritos Center and v) Washington Square and Square Too; B) the dispositions of i) One Westside, iI) Country Club Plaza, iii) Biltmore Fashion Park, iv) the stand-alone parcel at Valle Vista Mall, v) Southridge Mall, vi) The Oaks and vii) Wilton Mall; and C) loans in default for which the Company anticipates transferring title to the underlying property for Santa Monica Place h) Represents the adjustment for employee severance costs and legal claims settlement income, net i) Net Debt to Adjusted EBITDA, as further modified, is calculated using net debt as of period end divided by Adjusted EBITDA, as further modified, for the twelve months then ended. Management uses this ratio to evaluate the Company's capital structure and financial leverage. This ratio is also commonly used in the Company's industry, and management believes it provides a meaningful supplemental measure of the Company's overall liquidity, financial flexibility, capital structure and financial leverage Add: Subtract: Add: For the Three Months Ended For the Three Months Ended For the Twelve Months Ended Trailing Twelve Months March 31, 2025 March 31, 2024 December 31, 2024 March 31, 2025 Adjusted EBITDA, as reported $ 172,738 $ 152,272 $ 707,207 $ 727,673 For a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, see the Company’s Supplemental Information. For the first quarter 2025 on the Company’s website and for the twelve months ended December 31, 2024, see page 40 42

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 AND WASHINGTON, D.C.