MACERICH COMAC

MACERICH CO Debt Disclosure

10-KFiled Feb 20, 20262 min read
Bank and Other Notes Payable:
Bank and other notes payable at December 31, 2025 and 2024 consist of the following:
Credit Facility:
On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amended and restated their prior credit agreement, and provides for an aggregate $650,000 revolving credit facility that matures on February 1, 2027, with a one-year extension option. The revolving credit facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the revolving credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The revolving credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum.
As of December 31, 2025 and 2024, the borrowing rate was SOFR plus a spread of 2.10% and 2.35%, respectively. As of December 31, 2025, there were no borrowings outstanding under the revolving credit facility. Unamortized deferred finance costs were $7,890 as of December 31, 2025, which are netted against balances outstanding or within deferred charges and other assets, net when no borrowings are outstanding on the revolving credit facility which was the case as of December 31, 2025. As of December 31, 2024, the revolving credit facility was $110,000, less unamortized deferred finance costs of $11,677, at a total interest rate of 7.59%. As of December 31, 2025, the Company's availability under the revolving credit facility for additional borrowings was $649,409.
As of December 31, 2025 and 2024, the Company was in compliance with all applicable financial loan covenants.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 28, 2025
2023Feb 26, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2018Feb 25, 2019
2017Feb 23, 2018

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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