# The Macerich Company > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/The Macerich Company). ## Overview 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. ## Products & services • Ownership and leasing of regional shopping centers • Development and redevelopment of retail properties • Property management and tenant mix optimization • Acquisition and disposition of retail real estate assets • Third-party property management and leasing services - **Shopping center ownership and leasing** (70%) — Core rental income from regional and community/power shopping centers leased to retailers and anchors. - **Redevelopment and development** (15%) — Capital projects that reposition centers, add uses, and improve leasing economics over time. - **Property management and leasing services** (10%) — In-house management, marketing, maintenance, and leasing services for owned and select third-party assets. - **Ancillary and specialty income** (5%) — Temporary retailer rents, percentage rent, parking, and other center-level income streams. - Ownership and leasing of regional shopping centers - Development and redevelopment of retail properties - Property management and tenant mix optimization - Acquisition and disposition of retail real estate assets - Third-party property management and leasing services ## 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. - **Anchor tenants** (primary) — Large retailers that occupy key spaces and help drive traffic to the center, supporting occupancy and leasing spreads. - **Specialty retailers** (primary) — Smaller in-line tenants that lease most of the shop space and generate recurring base rent and percentage rent. - **Temporary holiday tenants** (secondary) — Seasonal retailers that pay specialty rents during the holiday period when mall traffic and sales peak. - **Third-party property owners** (emerging) — Owners of select centers that hire Macerich for management and leasing on a fee basis. - National and regional retailers leasing mall and center space - Anchor tenants that drive traffic and support smaller tenants - Specialty and temporary tenants that pay holiday-season rents - Retailers seeking high-quality, well-located trade areas - Third-party property owners using Macerich for management services ## 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. - **United States** (100%) — All centers are located throughout the United States. - Portfolio is spread across the United States - High concentration in California, New York and Arizona - Local market health affects rent levels and occupancy - U.S.-only footprint reduces currency risk but raises regional exposure - Center performance depends on trade-area demographics ## 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. - **Operational improvement** (short-term) — Better execution on leasing, property management and cost control supports occupancy and margins in a competitive retail environment. - **Portfolio deleveraging** (medium-term) — Reducing leverage improves financial flexibility and supports refinancing and capital allocation decisions. - **Redevelopment and selective development** (medium-term) — Repositioning centers can improve tenant mix, traffic and rent growth in mature mall assets. - **Offensive capital allocation** (medium-term) — Acquisitions and reinvestment can strengthen the portfolio if pricing and financing conditions are attractive. - Improve center operations through internal process discipline - Drive leasing volume and leasing spreads across the portfolio - Redevelop and selectively develop core retail assets - Sell non-core assets and vacant land to reduce leverage - Use acquisitions and reinvestment to strengthen the portfolio ## 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. - **Tenant bankruptcies and retailer distress** [high] — Store closures and restructurings can leave space vacant and pressure rent collections and leasing spreads. - **E-commerce substitution** [high] — Online shopping reduces demand for physical retail space and can weaken mall traffic over time. - **Geographic concentration** [medium] — A significant share of centers is located in California, New York and Arizona, increasing sensitivity to local downturns. - **Interest rate and refinancing risk** [high] — Debt-heavy REIT structures are sensitive to borrowing costs and access to capital markets. - **Safety and security incidents** [medium] — Violence, vandalism, civil unrest and terrorism can reduce shopper traffic and raise insurance and security costs. - Retail tenant bankruptcies can reduce occupancy and leasing income - E-commerce shifts can weaken demand for physical retail space - Concentration in California, New York and Arizona raises regional risk - High leverage increases sensitivity to interest rates and refinancing - Safety, crime and vandalism concerns can hurt traffic and tenant demand - Fourth-quarter seasonality makes results uneven across the year ## Accounting Macerich’s results are affected by judgment-heavy real estate estimates, including revenue recognition, common area maintenance and real estate tax accruals, and provisions for uncollectible accounts. Investors should also watch impairment testing, fair value measurements, purchase price allocation, and the seasonal concentration of specialty rents and percentage rent in the fourth quarter. - **Revenue recognition and percentage rent** — Quarterly comparability - **Common area maintenance and real estate tax accruals** — Net operating income - **Allowance for uncollectible accounts** — Rental revenue and earnings - **Impairment of long-lived assets** — Asset values and earnings - **Fair value measurements and purchase price allocation** — Balance sheet and transaction gains/losses - Revenue recognition affects timing of rent and percentage rent - Common area maintenance and tax accruals require management estimates - Allowance for doubtful accounts affects net rental income - Impairment testing can write down underperforming properties - Fair value and purchase price allocation affect acquisition accounting - Fourth-quarter seasonality makes quarterly comparisons uneven --- *Last updated: 2026-09-24T12:17:30.144112+00:00*