Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2025

Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):


	2025		2024		2023
Numerator
Net loss	$	(201,059)	$	(197,665)	$	(278,099)
Less: net loss attributable to noncontrolling interests	(3,910)		(3,545)		(4,034)
Net loss attributable to the Company	(197,149)		(194,120)		(274,065)
Allocation of earnings to participating securities	(774)		(906)		(870)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(197,923)	$	(195,026)	$	(274,935)
Denominator




Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	254,216		221,845		215,548
EPS—net loss attributable to common stockholders:
Basic and diluted	$	(0.78)	$	(0.88)	$	(1.28)

____________________________________

(1)Diluted EPS excludes 99,565, 99,565 and 99,565 convertible preferred units for the years ended December 31, 2025, 2024 and 2023, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,755,282, 10,017,081 and 8,952,452 Operating Partnership units ("OP Units") for the years ended December 31, 2025, 2024 and 2023, respectively, as their effect was antidilutive.

MACERICH CO 10-K