The Macerich Company
Macerich is a U.S. real estate investment trust that owns, develops, redevelops, manages and leases regional and community/power shopping centers. Its portfolio is concentrated in major U.S. retail markets and includes about 39 million square feet of gross leasable area across 38 centers, with a mix of wholly owned and joint venture properties.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore rental income from regional and community/power shopping centers leased to retailers and anchors.
Capital projects that reposition centers, add uses, and improve leasing economics over time.
In-house management, marketing, maintenance, and leasing services for owned and select third-party assets.
Temporary retailer rents, percentage rent, parking, and other center-level income streams.
Customers
Macerich’s direct customers are retail tenants, including national chains, anchor tenants, specialty retailers, and temporary holiday-season tenants that lease space in its centers. Its properties are also shaped by consumer traffic and retailer demand, so the company effectively serves both tenants and the shoppers whose spending supports rent generation.
Large retailers that occupy key spaces and help drive traffic to the center, supporting occupancy and leasing spreads.
Smaller in-line tenants that lease most of the shop space and generate recurring base rent and percentage rent.
Seasonal retailers that pay specialty rents during the holiday period when mall traffic and sales peak.
Owners of select centers that hire Macerich for management and leasing on a fee basis.
Strategy
Macerich’s strategy centers on improving operations, leasing performance and tenant mix while selectively redeveloping and developing assets that can create long-term value. Management’s Path Forward Plan also emphasizes deleveraging, asset dispositions, and a more offensive stance on acquisitions and reinvestment as market conditions allow.
Better execution on leasing, property management and cost control supports occupancy and margins in a competitive retail environment.
Reducing leverage improves financial flexibility and supports refinancing and capital allocation decisions.
Repositioning centers can improve tenant mix, traffic and rent growth in mature mall assets.
Acquisitions and reinvestment can strengthen the portfolio if pricing and financing conditions are attractive.
Geography
Macerich’s portfolio is located throughout the United States, with management highlighting concentration in California, New York and Arizona. That geographic mix matters because local economic conditions, consumer spending, real estate values and regulatory costs can affect leasing demand and property performance unevenly across markets.
Risks
Macerich is exposed to retail real estate cyclicality, tenant bankruptcies, e-commerce substitution and local market weakness, all of which can reduce occupancy, rent growth and property values. Its concentrated U.S. mall portfolio also faces financing, safety, and redevelopment execution risks, while seasonality makes fourth-quarter results disproportionately important.
- E-commerce substitutionImpact: HighLikelihood: High
Online shopping reduces demand for physical retail space and can weaken mall traffic over time.
Exposure: Regional malls and in-line specialty retail space
- Interest rate and refinancing riskImpact: HighLikelihood: High
Debt-heavy REIT structures are sensitive to borrowing costs and access to capital markets.
Exposure: Mortgage and other notes payable
- Tenant bankruptcies and retailer distressImpact: HighLikelihood: Medium
Store closures and restructurings can leave space vacant and pressure rent collections and leasing spreads.
Exposure: Retail tenants such as apparel chains and other mall-based retailers
- Geographic concentrationImpact: MediumLikelihood: Medium
A significant share of centers is located in California, New York and Arizona, increasing sensitivity to local downturns.
Exposure - Safety and security incidentsImpact: MediumLikelihood: Medium
Violence, vandalism, civil unrest and terrorism can reduce shopper traffic and raise insurance and security costs.
Exposure: Public-facing shopping centers
Accounting
Judgemental itemsRent and percentage rent timing can shift reported revenue between quarters, especially in the holiday season.
Impact: Quarterly comparability
These estimates affect operating expenses and can move with property-level activity and tax assessments.
Impact: Net operating income
Tenant credit issues and bankruptcies can require higher reserves and reduce reported income.
Impact: Rental revenue and earnings
Underperforming centers may need write-downs if expected cash flows decline.
Impact: Asset values and earnings
Acquisitions, dispositions and joint venture interests require valuation judgments that affect reported gains, assets and liabilities.
Impact: Balance sheet and transaction gains/losses
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Last updated: 24/09/2026