OUR PLAN FOR CARBON NEUTRALITY

Achieving carbon neutrality requires a combination of strategic planning, stakeholder collaboration and bold near-term decision-making. Macerich pursues our goal by engaging all departments across our Company to consider the potential costs, impacts and benefits of reducing the environmental footprint of our properties and business operations. Based on engagement from our stakeholders, including internal employees, tenants, customers and shareholders, we have developed the following strategic path to carbon neutrality by 2030:

Utility and Procured Renewable Energy

Through partnership with local and national clean energy providers

Reduced Utilization

Through capital investments in clean-energy technology

Carbon Offsets and Renewable Energy Credits

Additional Hard Energy Assets

Including solar, energy storage and other on-site energy sources

Utility & Procured Renewable Energy Reduced Utilization

Offsets & RECs Additional Hard Energy Assets

Reduced Utilization

ONGOING AND COMPLETED PRACTICES

• Tenant engagement: We provide ongoing support for tenants to capture incentives and rebates that make energyefficiency projects economically feasible.

• Real-time monitoring systems: We continually assess and control property operations for electricity and water use to reduce load and cost and detect waste.

• Targeted carbon reduction strategies: We are evaluating programs to lower and eliminate emissions from other sources, such as reducing refrigerant emissions and phasing out all systems using R-22 and R-123 by 2030; electrifying our vehicle fleet; and minimizing emissions from Company travel and employee commutes.

Additional Hard Energy Assets

ONGOING AND COMPLETED PRACTICES

• Renewable generation: We are implementing on-site renewable generation where technically and economically viable. During 2022, we added 1,050 kilowatts of solar energy production across our portfolio — a 6.25% increase in just one year — which deliver a combined net $500,000 reduction in operating expenses. Including these projects, each asset produces over 50% of total energy consumption on-site.

• Overall, our portfolio includes solar energy systems at 15 properties, generating almost 15 million kilowatt hours (kWh) of electricity annually. Additionally, we continue to evaluate potential new solar projects, including largescale units that substantially outpace our estimates for green growth.

CASE STUDY - REDUCED UTILIZATION

TURNTIDE TECHNOLOGIES: AC MOTOR RETROFIT DELIVERS COOL ROI

When it comes to energy use, HVAC is a monster: 35% of the energy used in buildings is consumed by HVAC, and 30% of HVAC energy use is wasted by inefficient equipment. In 2022, Macerich and Motus Power set out to change that with the Turntide Smart Motor System, a drop-in HVAC retrofit solution that replaces AC induction motors on rooftop units.

In a pilot project at Los Cerritos Center in Cerritos, California, Macerich sought to evaluate whether Turntide Smart Motors could deliver an 18% internal rate of return (IRR), a key performance indicator measuring the effectiveness of financial investments. The results were convincing: The pilot retrofit of four AC motors provided a 21% IRR without compromising shopper comfort, and projections for broader implementation indicate a potential IRR of 24%–30%. Additionally, the Turntide motors provided energy savings of 56% over non-optimized motors — helping to reduce energy usage and thus the Company’s carbon output.

The outcome demonstrates the value of discovering interesting new technology uses, driven by careful evaluation of costs and benefits. In 2023, Macerich will retrofit more than 350 HVAC motors across our portfolio for a projected annual energy savings of 1.5 million kWh.

CASE STUDY - ADDITIONAL HARD ENERGY ASSETS

QUEENS CENTER: SOLAR SHINES A BRIGHT LIGHT ON HARD-ASSET INVESTMENTS

In autumn 2022, Macerich’s 750-kilowatt solar project at Queens Center in New York City powered on, launching a dynamic energy source that will produce over 1 million kWh annually — 20% of the center’s needed energy. The solar array offsets more than $275,000 in annual operating expenses and brings Queens Center's on-site green energy usage to over 50% of total consumption.

The newest Queens Center solar project is an extension of sustainability efforts going back more than a decade, ranging from the early adoption of electric vehicles by shopping center staff to energy-reduction devices for escalators, elevators and HVAC systems. Queens Center has been partially solar-powered since 2014, when installed solar at 11 Macerich properties nationwide delivered 12 megawatts of electricity annually. The 2022 launch demonstrates the dramatic increase in the power and availability of renewable energy sources — not to mention the growing cost-effectiveness of choosing renewable energy generation.