The Macerich Company (MAC): Business Model Canvas

In der dynamischen Welt der Gewerbeimmobilien steht The Macerich Company (MAC) als transformative Kraft da und definiert Einkaufszentrenerlebnisse durch strategisches Immobilienmanagement und innovative Entwicklung neu. Mit einem Portfolio, das stark frequentierte Metropolmärkte abdeckt, und einem scharfen Gespür für die Schaffung kuratierter Einzelhandelsdestinationen hat sich MAC durch die Schaffung hochwertiger Einkaufsumgebungen hervorgetan, die nationale Einzelhandelsmarken, lokale Unternehmen und innovative Mischnutzungskonzepte nahtlos miteinander verbinden. Ihr einzigartiges Geschäftsmodell geht über traditionelle Immobilienansätze hinaus und konzentriert sich auf die Schaffung lebendiger, ansprechender Räume, die erstklassige Mieter anziehen und sowohl Einzelhändlern als auch Verbrauchern einen außergewöhnlichen Mehrwert bieten.

The Macerich Company (MAC) – Geschäftsmodell: Wichtige Partnerschaften

Nationale Partnerschaften mit Einzelhandelsmarken

Ab 2024 unterhält Macerich Company strategische Partnerschaften mit großen nationalen Einzelhandelsmarken:

Einzelhandelsmarke	Anzahl der Standorte	Dauer der Partnerschaft
Nordstrom	11 Ankerplätze	Langfristige Mietverträge
Macys	15 Ankerplätze	Etablierte Partnerschaft
Apple Store	22 Einzelhandelsstandorte	Premium-Einzelhandelspartnerschaften

Gewerbeimmobilienentwickler

Macerich arbeitet mit wichtigen Partnern für die Entwicklung von Gewerbeimmobilien zusammen:

• Brookfield-Eigenschaften
• Simon Property Group
• Allgemeine Wachstumseigenschaften

Kooperationen mit Kommunalverwaltungen

Strategische kommunale Partnerschaften für Bebauungs- und Entwicklungsgenehmigungen in folgenden Bereichen:

• Kalifornien (12 Gemeinden)
• Arizona (7 Gemeinden)
• Illinois (5 Gemeinden)

Finanzielle institutionelle Partnerschaften

Finanzinstitut	Partnerschaftstyp	Gesamtinvestitionswert
JPMorgan Chase	Immobilienfinanzierung	Kreditfazilität in Höhe von 450 Millionen US-Dollar
Wells Fargo	Immobilieninvestition	Kreditvertrag über 375 Millionen US-Dollar
Bank of America	Refinanzierungslösungen	Kreditlinie in Höhe von 525 Millionen US-Dollar

Partnerschaften mit Technologieanbietern

Fortschrittliche Zusammenarbeit im Bereich der digitalen Infrastruktur:

• Microsoft Azure Cloud-Dienste
• Salesforce CRM-Plattform
• Oracle-Property-Management-Software

Total Partnership Network: 58 strategische Kooperationen in verschiedenen Sektoren

The Macerich Company (MAC) – Geschäftsmodell: Hauptaktivitäten

Kommerzielle Immobilienverwaltung

Verwaltet 47 Immobilien in 10 Bundesstaaten mit einer Gesamtverkaufsfläche von 18,4 Millionen Quadratfuß (Stand 4. Quartal 2023).

Eigenschaftskategorie	Gesamtquadratzahl	Anzahl der Eigenschaften
Regionale Einkaufszentren	16,2 Millionen Quadratfuß	35 Objekte
Gemeindezentren	2,2 Millionen Quadratfuß	12 Eigenschaften

Entwicklung und Erwerb von Einkaufszentren

Das Anlageportfolio hatte zum 31. Dezember 2023 einen Wert von 5,7 Milliarden US-Dollar.

• Durchschnittliche Immobilienerwerbskosten: 150–250 Millionen US-Dollar pro Immobilie
• Jährliche Investitionsausgaben für die Entwicklung: Ungefähr 100–150 Millionen US-Dollar

Leasing- und Mieterbeziehungsmanagement

Vermietungsquote im gesamten Portfolio von 91,2 % im vierten Quartal 2023.

Mietertyp	Prozentsatz der gesamten vermieteten Fläche
Einzelhandel	68%
Essen & Getränk	15%
Dienstleistungen	12%
Unterhaltung	5%

Immobiliensanierung und strategische Neupositionierung

Jährliches Renovierungsbudget: 75–100 Millionen US-Dollar für die Modernisierung und Modernisierung von Immobilien.

• Durchschnittlicher Renovierungszyklus: 7–10 Jahre pro Immobilie
• Typische Renovierungskosten pro Immobilie: 20–50 Millionen US-Dollar

Marketing und Optimierung von Einzelhandelsflächen

Marketingbudget von 15–20 Millionen US-Dollar pro Jahr für Portfolio-Werbung und Mietergewinnung.

Marketingkanal	Zuteilungsprozentsatz
Digitales Marketing	40%
Traditionelle Werbung	30%
Community-Engagement	20%
Eventmarketing	10%

The Macerich Company (MAC) – Geschäftsmodell: Schlüsselressourcen

Premium-Einkaufszentrum-Immobilienportfolio

Im vierten Quartal 2023 besitzt und betreibt Macerich 47 Immobilien in 10 Bundesstaaten mit einer Gesamtverkaufsfläche von etwa 18,6 Millionen Quadratfuß. Das Portfolio des Unternehmens hat einen Wert von 5,9 Milliarden US-Dollar und konzentriert sich auf hochwertige regionale und überregionale Einkaufszentren.

Portfolio-Metrik	Menge
Gesamteigenschaften	47
Gesamte Verkaufsfläche	18,6 Millionen Quadratfuß
Portfoliobewertung	5,9 Milliarden US-Dollar

Starker Markenruf im Einzelhandelsimmobilienmanagement

Macerich behauptet a erstklassiger Ruf im Einzelhandelsimmobilienmanagement, mit einer Auslastung von 91,4 % im vierten Quartal 2023.

Erfahrenes Management- und Entwicklungsteam

• Führungsteam mit durchschnittlicher Branchenerfahrung von 22 Jahren
• Managementteam mit nachgewiesener Erfolgsbilanz bei strategischen Immobilienakquisitionen und -entwicklungen
• Expertise in der Neupositionierung und Sanierung hochwertiger Einzelhandelszentren

Erhebliches Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	7,2 Milliarden US-Dollar
Gesamtverschuldung	3,8 Milliarden US-Dollar
Marktkapitalisierung	1,6 Milliarden US-Dollar

Strategische geografische Standorte in stark frequentierten Metropolmärkten

Immobilienverteilung in wichtigen Metropolregionen:

Marktregion	Anzahl der Eigenschaften
Kalifornien	20
Arizona	7
New York	5
Andere Märkte	15

The Macerich Company (MAC) – Geschäftsmodell: Wertversprechen

Hochwertige, gut gelegene Shopping-Center-Erlebnisse

Macerich besitzt 47 regionale und kommunale Einkaufszentren in 10 Bundesstaaten mit einer Gesamtbruttomietfläche von 48,1 Millionen Quadratfuß (Stand 4. Quartal 2023).

Eigenschaftsmetrik	Wert
Insgesamt Einkaufszentren	47
Gesamtbruttomietfläche	48,1 Millionen Quadratfuß
Durchschnittliche Mittelgröße	1,02 Millionen Quadratfuß

Attraktive Einzelhandelsumgebungen für nationale und lokale Marken

Portfolioauslastung von 92,4 % im vierten Quartal 2023, mit einer durchschnittlichen Grundmiete von 59,45 $ pro Quadratfuß.

• Zu den wichtigsten nationalen Mietern zählen Nordstrom, Apple und Macy's
• Das Ankermieterportfolio umfasst 93 % Investment-Grade-Einzelhändler
• Mieterumsatz pro Quadratfuß: 621 $

Innovative gemischt genutzte Immobilienentwicklungen

Mixed-Use-Entwicklung	Standort	Gesamtinvestition
Santa Monica Place	Santa Monica, Kalifornien	180 Millionen Dollar
Broadway Plaza	Walnut Creek, Kalifornien	250 Millionen Dollar

Premium-Mietermix und kuratierte Einkaufsziele

Repräsentation von Luxusmarken in wichtigen Immobilien: 22 % des Mietermixes.

• Zu den Luxusmarken zählen Gucci, Louis Vuitton und Hermès
• Speisen und Speisemöglichkeiten: 15–20 % der Fläche im Zentrum

Verbesserte Kundenbindung durch moderne Annehmlichkeiten

Digitale Engagement-Metrik	Wert
Mobile App-Downloads	275,000
Durchschnittliche monatliche App-Benutzer	125,000
Digitale Marketingreichweite	1,2 Millionen Abonnenten

The Macerich Company (MAC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mieterpartnerschaftsstrategien

Macerich unterhält 52 Einzelhandelsimmobilien in 16 Bundesstaaten mit einer Bruttomietfläche von 47 Millionen Quadratfuß. Die Mieterbindungsrate des Unternehmens beträgt im vierten Quartal 2023 etwa 89,4 %.

Mieterkategorie	Durchschnittliche Mietdauer	Retentionsrate
Ankermieter	7-10 Jahre	92%
Fachhändler	3-5 Jahre	86%
Essen & Unterhaltung	5-7 Jahre	88%

Personalisierte Unterstützung bei der Vermietung und Immobilienverwaltung

Macerich bietet Mietern eine dedizierte Kontoverwaltung mit einer durchschnittlichen Reaktionszeit von 2,3 Stunden für Mieteranfragen.

• Maßgeschneiderte Leasingpakete
• Flexible Raumkonfigurationsoptionen
• Maßgeschneiderte Marketingunterstützung

Digitale Kommunikationsplattformen für Mieterinteraktionen

Kennzahlen zum Engagement auf digitalen Plattformen für 2023:

Plattformfunktion	Benutzerakzeptanzrate	Monatlich aktive Benutzer
Mieterverwaltungsportal	76%	1,250
Mobile Kommunikations-App	62%	980

Regelmäßige Programme zur Instandhaltung und Verbesserung von Immobilien

Jährliche Immobilieninvestition: 85,4 Millionen US-Dollar für Immobilienverbesserungen und -renovierungen für 2023.

• Vierteljährliche Beurteilung des Immobilienzustands
• Proaktive Wartungsplanung
• Modernisierung der Technologieinfrastruktur

Reaktionsschneller Kundenservice für Mieter und Käufer

Kennzahlen zur Kundendienstleistung für 2023:

Servicemetrik	Leistung
Durchschnittliche Reaktionszeit	1,7 Stunden
Bewertung der Kundenzufriedenheit	4.6/5
Beschwerdelösungsrate	94%

The Macerich Company (MAC) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Ab 2024 beschäftigt Macerich in seinem Portfolio von 47 Immobilien 52 Direktvermieter. Das Team deckt eine Verkaufsfläche von 18,2 Millionen Quadratmetern ab.

Leasing-Team-Metrik	Quantitative Daten
Komplette Leasing-Profis	52
Gesamte Einzelhandelsimmobilien	47
Insgesamt verwaltete Quadratmeterzahl	18,2 Millionen Quadratfuß

Unternehmenswebsite und Online-Immobilieneinträge

Die Unternehmenswebsite von Macerich verzeichnet monatlich etwa 215.000 einzelne Besucher. Online-Immobilienangebote generieren 37 % der Erstmieteranfragen.

Gewerbliche Immobilienmaklernetzwerke

Das Unternehmen arbeitet landesweit mit 673 Gewerbeimmobilienmaklerfirmen zusammen. Diese Netzwerke machen 89 % der potenziellen Mieterempfehlungen aus.

Branchenmessen und Konferenzen

• Teilnahme an 14 nationalen Immobilienkonferenzen im Jahr 2023
• Generierte 42 direkte Mieter-Leads durch Konferenzinteraktionen
• Dies entspricht einem potenziellen Mieterlös von 6,3 Millionen US-Dollar

Digitale Marketing- und Immobilienpräsentationsplattformen

Digitale Plattform	Monatliches Engagement	Lead-Generierungsrate
LinkedIn	87.500 Impressionen	2.4%
Instagram	62.300 Follower	1.8%
Spezielle Immobilien-Websites	129.000 einzelne Besucher	3.6%

The Macerich Company (MAC) – Geschäftsmodell: Kundensegmente

Nationale Einzelhandelskettenmarken

Ab 2024 bedient Macerich in seinem Portfolio von 47 Immobilien 55 nationale Einzelhandelskettenmarken. Zu den führenden nationalen Einzelhändlern gehören:

Nordstrom

Macys

Apple Store

Bloomingdale's

Einzelhandelskategorie	Anzahl der Geschäfte	Jährlicher Umsatzbeitrag
Bekleidung	127 Geschäfte	214,5 Millionen US-Dollar
Elektronik	42 Geschäfte	89,3 Millionen US-Dollar

Lokale und regionale Einzelhandelsunternehmen

Macerich unterstützt in seinen Einkaufszentren 312 lokale und regionale Einzelhandelsunternehmen.

• Durchschnittliche Mieterauslastung vor Ort: 92,4 %
• Jährlicher Umsatzbeitrag des lokalen Unternehmens: 87,6 Millionen US-Dollar
• Vielfalt im Mietermix: 47 verschiedene Branchenkategorien

Luxus- und Lifestyle-Einzelhändler

Luxusmarke	Geschäfte pro Portfolio	Durchschnittlicher Jahresumsatz
Gucci	8 Geschäfte	42,3 Millionen US-Dollar
Louis Vuitton	6 Geschäfte	38,7 Millionen US-Dollar

Restaurant- und Unterhaltungsbetriebe

Gastronomie- und Unterhaltungsmieter machen 18,6 % der gesamten Portfoliobelegung von Macerich aus.

• Gesamtzahl der Restaurantmieter: 214
• Unterhaltungsstätten: 37
• Jährlicher Restaurantumsatz: 129,4 Millionen US-Dollar

Gewerbemieter mit gemischter Nutzung

Gewerblicher Mietertyp	Anzahl der Mieter	Auslastung
Büroräume	72	89.3%
Co-Working-Spaces	24	76.5%

The Macerich Company (MAC) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Im Jahr 2023 meldete Macerich Gesamtkosten für den Erwerb und die Entwicklung von Immobilien in Höhe von 87,4 Millionen US-Dollar. Die Investitionsausgaben des Unternehmens gliederten sich im Geschäftsjahr wie folgt:

Ausgabenkategorie	Betrag (Mio. USD)
Immobilienerwerbe	42.6
Entwicklungsprojekte	29.8
Sanierungsinvestitionen	15.0

Laufende Wartungs- und Renovierungskosten

Die jährlichen Wartungs- und Renovierungskosten für Macerichs Portfolio beliefen sich im Jahr 2023 auf insgesamt 53,2 Millionen US-Dollar, mit folgender Aufteilung:

• Routinemäßige Immobilienwartung: 22,7 Millionen US-Dollar
• Große Renovierungsprojekte: 18,5 Millionen US-Dollar
• Infrastrukturreparaturen: 12,0 Millionen US-Dollar

Immobilienverwaltung und Betriebskosten

In den Betriebskosten für 2023 waren enthalten:

Betriebskosten	Betrag (Mio. USD)
Gehälter für Immobilienverwaltung	37.9
Verwaltungskosten	24.6
Professionelle Dienstleistungen	15.3

Marketing- und Leasinginvestitionen

Die Marketing- und Leasingaufwendungen für 2023 gliederten sich wie folgt:

• Digitales Marketing: 6,8 Millionen US-Dollar
• Leasingprovision: 11,2 Millionen US-Dollar
• Mieteranziehungsprogramme: 4,5 Millionen US-Dollar

Technologie- und Infrastruktur-Upgrades

Aufschlüsselung der Technologieinvestitionen für 2023:

Technologieaufwand	Betrag (Mio. USD)
IT-Infrastruktur	8.7
Entwicklung digitaler Plattformen	5.3
Verbesserungen der Cybersicherheit	3.2

Gesamtkostenstruktur für 2023: 204,9 Millionen US-Dollar

The Macerich Company (MAC) – Geschäftsmodell: Einnahmequellen

Einnahmen aus der Vermietung von Gewerbeimmobilien

Für das Geschäftsjahr 2023 meldete Macerich einen gesamten Immobilienumsatz von 778,4 Millionen US-Dollar. Das Unternehmen besitzt 47 regionale Einkaufszentren in den Vereinigten Staaten mit einer Gesamtmietfläche von rund 21,1 Millionen Quadratfuß.

Immobilientyp	Gesamtmietfläche	Auslastung
Regionale Einkaufszentren	21,1 Millionen Quadratfuß	90.1%

Mietpreiserhöhungen

Im Jahr 2023 verzeichnete Macerich eine durchschnittliche Grundmiete von 59,09 US-Dollar pro Quadratfuß, wobei vertragliche Mieterhöhungen in die Mietverträge integriert waren.

Gebühren für die Hausverwaltung

Die Gebühren für die Immobilienverwaltung beliefen sich im Jahr 2023 auf 23,7 Millionen US-Dollar und stellen zusätzliche Einnahmen dar, die über die direkten Mieteinnahmen hinausgehen.

Prozentsatz der Miete leistungsstarker Mieter

Die prozentualen Mietbeiträge im Jahr 2023 beliefen sich auf insgesamt 14,2 Millionen US-Dollar und stammten von Mietern, die bestimmte Umsatzschwellenwerte überschritten.

Mieterkategorie	Prozentualer Mietbeitrag
Luxus-Einzelhändler	6,5 Millionen Dollar
Fachgeschäfte	4,7 Millionen US-Dollar
Unterhaltungsstätten	3,0 Millionen US-Dollar

Dividendenausschüttungen des Real Estate Investment Trust (REIT).

Für das Geschäftsjahr 2023 erklärte Macerich eine Gesamtdividende von 1,00 US-Dollar pro Aktie, was einer Gesamtdividendenausschüttung von etwa 96,5 Millionen US-Dollar entspricht.

• Dividendenrendite: 6,2 %
• Dividendenhäufigkeit: Vierteljährlich
• Jährliche Dividende pro Aktie: 1,00 $

The Macerich Company (MAC) - Canvas Business Model: Value Propositions

For Retailers: High-traffic, dominant retail locations that drive strong tenant sales

The Macerich Company (MAC) offers access to high-performing retail environments, evidenced by strong sales metrics across its portfolio.

Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended June 30, 2025, reached $849. For the go-forward Portfolio Centers, this metric was even higher at $906 per square foot for the same period. This performance is supported by consistent leasing success; base rent re-leasing spreads were 10.9% greater than expiring base rent for the trailing twelve months ended March 31, 2025. As of June 30, 2025, trailing twelve month leasing spreads remained positive at 10.5%, marking the fifteenth consecutive quarter of positive base rent leasing spreads.

Customer traffic is also a key driver. Traffic levels at The Macerich Company (MAC) Centers for the first half of 2025 increased by 1.6% from 2024 levels for the same time period. For the go-forward portfolio alone, traffic was up 2.1% in the second quarter of 2025. The company is actively growing its tenant base, signing 888 leases for 5.4 million sq. ft. in the first three quarters of 2025, an 85% year-over-year increase in leased square footage. New store leases signed are projected to produce total gross revenue of approximately $80 million at their share in excess of 2024 revenue, with about $54 million expected to impact 2025 through 2028.

For Shoppers: Exceptional, convenient, and evolving retail/dining/experiential destinations

The Macerich Company (MAC) focuses on creating destinations that evolve beyond traditional retail. The company is actively executing on its pipeline of new uses to enhance customer experience.

• The SNO (Stores, New Opportunities) pipeline grew to $99 million as of Q3 2025, on track to exceed $100 million by year-end.
• The company expects $20 million of the SNO pipeline to come online in 2025.
• The Macerich Company (MAC) made a strategic acquisition of Crabtree Mall, a market-dominant, Class A retail center totaling approximately 1.3 million square feet, for approximately $290 million on June 23, 2025.

For Shareholders: Generating consistent returns as a REIT focused on premium assets

The Macerich Company (MAC) delivers value through its focus on premium assets and operational improvements, reflected in its Funds From Operations (FFO) performance and dividend history.

Financial Metric (as of late 2025)	Value	Period/Date
FFO (excluding certain items)	$93.4 million	Q3 2025
Nine-Month FFO	$268.1 million	Nine Months Ended Q3 2025
FFO per Share	$0.33	Q1 2025
FFO per Share	$0.20	Q2 2025
FFO per Share	$0.03	Q3 2025
Trailing Twelve Month (TTM) FFO per Share	-$0.14	As of Sep. 2025
Trailing Twelve Month Revenue	$1.03B	As of 30-Sep-2025
Dividend Payment History	32 consecutive years	As of Q2 2025 context
Current Dividend Yield	4.1%	As of Q2 2025 context
Net Debt to EBITDA Leverage Ratio	Reduced to 7.9x	As of Q2 2025 context

The 2028 FFO per share midpoint target was increased by $0.08 to $1.89 following the Crabtree acquisition.

Flexibility through mixed-use redevelopment opportunities

The Macerich Company (MAC) actively pursues redevelopment to maximize asset value, with several projects underway or recently completed.

The In-Process Developments and Redevelopments pipeline has an estimated Total Cost range of $444 million to $490 million, with a Pro Rata Total Cost estimate between $282 million and $315 million.

• Scottsdale Fashion Square redevelopment, which includes adding residences, Class A office space, and a new hotel, had an expected opening in 2024/2025.
• Green Acres Mall redevelopment is expected to open in 2026, adding approximately 300,000 square feet of new entertainment, dining, and retail brands.
• FlatIron Crossing plans involve re-envisioning the 25-acre outdoor village into a new, mixed-use entertainment district, with an expected opening in 2027.

High-quality, well-located properties in attractive U.S. markets

The portfolio is defined by its concentration in premier U.S. markets and its commitment to sustainability leadership.

The Macerich Company (MAC) owns interests in 39 regional retail centers, comprising 42.2 million square feet of gross leasable area. The portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. The company has achieved a #1 GRESB ranking for the North American retail sector for ten consecutive years, underscoring its dedication to environmental, social, and governance goals.

As of June 30, 2025, total center occupancy was 92.0%. The company owns 29 regional malls in its consolidated portfolio and 10 in its unconsolidated portfolio, along with two power centers and seven other real estate assets.

The Macerich Company (MAC) - Canvas Business Model: Customer Relationships

You're managing a portfolio of Class A retail centers, so your customer relationships aren't just about keeping the lights on; they're about curating high-productivity environments. The Macerich Company (MAC) structures its customer relationship strategy around dedicated, data-informed teams focused on securing and maintaining top-tier tenants.

The leasing teams are clearly driving significant volume. Year-to-date through the third quarter of 2025, The Macerich Company (MAC) signed 5.4 million square feet in new and renewal leases, which represents an 86% increase compared to the same period in 2024. This velocity is key to their operational plan. Honestly, the focus on quality over just filling space is evident in the leasing spreads.

The Macerich Company (MAC) has achieved 16 consecutive quarters of positive base rent leasing spreads as of September 30, 2025. While the trailing 12-month spread moderated to 5.9% at that point, the first quarter of 2025 showed a TTM spread of 10.9%. This focus on value creation for renewals and new tenants is central to their relationship management.

Proactive property management is backed by strong portfolio metrics. As of the third quarter of 2025, the total portfolio occupancy stood at 93.4%, with the go-forward portfolio at 94.3%. Tenant performance is robust; portfolio sales at the end of Q3 2025 hit $867 per square foot, while the go-forward portfolio achieved $905 per square foot. For context, the entire portfolio averaged $849 sales per square foot over the 12 months ending in June 2025.

Data-driven decision-making is formalized through internal tools. You should know about their internal metric, the leasing speedometer, which tracks revenue completion percentage against their 5-year plan. The initial goal for new lease deals was 70% completion by the end of 2025, a target they hit as of the third quarter. This positions them well for the next milestone: an 85% completion target by mid-2026. Furthermore, the Signed Not Open (SNO) pipeline, which represents future incremental revenue, grew to $99 million as of the third quarter call, with a year-end target of $100 million. Specifically, $25 million of that SNO revenue was projected to be realized in 2025.

The Macerich Company (MAC) manages its lease agreements to lock in long-term value, especially when dealing with tenant turnover. For instance, following the Forever 21 bankruptcy, they secured commitments on 74% of that recaptured square footage, noting the replacement brands are paying 'significantly more rent'. This focus on quality replacement tenants extends to future expirations, showing a managed approach to lease lifecycle.

Here's a quick look at how they are managing near-term lease obligations:

Leasing Metric	2025 Expirations (as of Q3 2025)	2026 Expirations (as of Q3 2025)
Committed Renewals/LOIs	99% (94% committed + 5% LOI)	85% (55% committed + 30% LOI)
Total Portfolio GLA	N/A	42.2 million square feet (Total Portfolio)
YTD Signed Leases (2025)	5.4 million square feet	N/A

The relationship strategy also involves managing the pipeline for future revenue recognition. The Macerich Company (MAC) has 888 leases signed for 5.4 million square feet in the first three quarters of 2025. They are clearly prioritizing high-quality tenants, as shown by the successful replacement of vacated space and the consistent positive leasing spreads, which is definitely a sign of strong tenant relationships in their core markets.

The Macerich Company (MAC) - Canvas Business Model: Channels

You're looking at how The Macerich Company gets its value proposition-premium, community-focused retail destinations-to its customers, which include tenants, shoppers, and investors. The channel strategy is a mix of physical presence, digital outreach, direct sales efforts, and transparent financial communication.

Physical retail centers (regional malls) in key U.S. metropolitan areas

The core channel is the physical property itself. As of late 2025, The Macerich Company operates a portfolio concentrated in affluent and densely populated U.S. markets, like California, Phoenix/Scottsdale, and the Northeast corridor. This physical network is the primary delivery mechanism for the retail experience.

The leasing team is driving significant activity through these centers. Year-to-date through the third quarter of 2025, The Macerich Company signed leases for 5.4 million square feet across the total portfolio, marking an 86% increase compared to the same period in 2024. The company is on track to meet its initial goal of 70% new lease deal completion by the end of 2025.

Performance within the physical centers shows strong tenant health and pricing power:

Metric	Value (as of late 2025)	Context/Period
Go-Forward Portfolio Center Occupancy	94.3%	As of September 30, 2025
Portfolio Occupancy	93.4%	As of September 30, 2025
Trailing 12-Month Base Rent Re-leasing Spreads	5.9%	As of September 30, 2025
Portfolio Tenant Sales per Square Foot (Spaces < 10k sq ft)	$867	Trailing 12 months ended September 30, 2025
Consecutive Quarters of Positive Base Rent Leasing Spreads	16	Through Q3 2025

The Macerich Company also uses strategic capital deployment as a channel to enhance its physical assets, such as the acquisition of Crabtree Mall in the Raleigh-Durham market for $290 million during the second quarter of 2025.

Digital platforms for marketing, events, and driving foot traffic

The Macerich Company uses its digital ecosystem to support the physical centers, keeping its brand and retailers front and center with shoppers. This involves dynamic digital channels, social media interactions, and property websites. It's a recognition that today, nearly 97% of users check a company's online presence before deciding to visit a physical location.

The digital channel strategy includes:

• Engaging shoppers through social media platforms like Facebook and Instagram with on-trend lifestyle content.
• Utilizing a robust set of digital touchpoints, including a popular Text Concierge service.
• Investing in omni-channel service enhancements with technology partners to evolve the shopper experience.
• Amplifying retailer brands through in-mall digital displays and graphics.

The Macerich Company also drives traffic through physical activations and events, such as fashion shows and celebrity appearances, which are then amplified across these digital platforms.

Direct sales teams for leasing and business development

The leasing teams act as the direct sales force, responsible for securing tenants and driving the revenue stream. Their success is measured by the volume of square footage leased and the resulting rent spreads. The leasing team's efforts have resulted in a Signed Not Open (SNO) pipeline that reached $99 million as of the Q3 2025 earnings call, with a year-end target of $100 million.

For new deals signed in the trailing twelve months ending Q1 2025, The Macerich Company achieved a leasing spread of 22%. The company is actively managing its leasing pipeline, with 74% of square footage that became vacant (like the space formerly occupied by Forever 21) already having commitments as of Q3 2025.

Investor Relations website for communicating financial results and strategy

The Investor Relations website, located at investing.macerich.com, is the dedicated channel for communicating financial performance and strategic direction to stockholders and analysts. This channel is used to post SEC filings, supplemental information, and earnings releases, such as the Third Quarter 2025 Earnings Results released on November 4, 2025.

Key financial metrics communicated through this channel as of late 2025 include:

• Third Quarter 2025 Funds From Operations (FFO) per share: 35 cents.
• Third Quarter 2025 Revenues: $253.3 million.
• Total Liquidity (as of Nov. 4, 2025): approximately $1 billion.
• Revolving Line of Credit Capacity: $650 million.
• Net Debt to EBITDA (Q3 2025): 7.76x.

Furthermore, The Macerich Company uses this platform to highlight its commitment to corporate governance and sustainability, noting its #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years (2015-2024).

The Macerich Company (MAC) - Canvas Business Model: Customer Segments

You're looking at the core groups The Macerich Company (MAC) serves as of late 2025, based on their latest operational filings.

National and international high-end and mass-market retailers

The Macerich Company (MAC) focuses on attracting retailers whose performance supports the high-quality nature of their centers. The strength of these tenants is reflected in their sales productivity metrics across the portfolio.

For the trailing twelve months ended September 30, 2025, portfolio tenant sales per square foot for spaces less than 10,000 square feet reached $867, up from $834 year over year. For the go-forward portfolio specifically, sales per square foot were $905 for the same period. Leasing momentum shows these retailers are committing to the properties; for the trailing twelve months ended September 30, 2025, base rent re-leasing spreads were 5.9% greater than expiring base rent, marking the sixteenth consecutive quarter of positive spreads.

Metric	Value (as of Q3 2025 TTM)	Reference Period
Portfolio Tenant Sales PSF (all small tenants)	$867	TTM ended 9/30/2025
Go-Forward Portfolio Sales PSF	$905	TTM ended 9/30/2025
Base Rent Re-leasing Spread	5.9%	TTM ended 9/30/2025
Total Leased Square Feet Signed YTD	5.4 million sq ft	YTD through Q3 2025

Local and regional specialty tenants and food/beverage operators

The Macerich Company (MAC) continually assesses and fine-tunes each center's tenant mix, which includes both national anchors and smaller, specialized operators. The leasing team signed 1.5 million square feet of new and renewal leases in the third quarter of 2025. The company is actively working to replace underperforming tenants, including securing commitments on 74% of the former Forever 21 square footage with 'much better brands paying significantly more rent'.

Consumers/shoppers in densely populated, high-income trade areas

The Macerich Company (MAC) owns interests in 39 regional retail centers consisting of 42 million square feet of real estate. The portfolio is concentrated in markets like California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor, which are characterized as densely populated and attractive U.S. markets. The overall portfolio occupancy rate as of September 30, 2025, stood at 93.4%, while the Go-Forward Portfolio Center occupancy was 94.3%.

The company is focused on advancing environmental goals, having achieved a number one GRESB ranking for the North American retail sector for ten consecutive years.

Institutional investors and public shareholders (as a REIT)

As a fully integrated, self-managed, and self-administered real estate investment trust (REIT), The Macerich Company (MAC) serves a large base of public shareholders and institutional money managers. Institutional investors and hedge funds own 87.38% of the company's stock as of late 2025.

Key institutional holders include major firms with significant positions:

• JPMorgan Chase & Co. owned over 6,652,710 shares as of Q2 2025.
• Geode Capital Management LLC owned over 6,498,679 shares as of Q2 2025.
• T. Rowe Price Investment Management Inc. owned over 6,130,323 shares as of Q1 2025.
• Northern Trust Corp owned over 4,357,185 shares as of Q1 2025.

The company reported a Funds From Operations (FFO) per share of 35 cents for the third quarter of 2025.

Joint venture partners and lenders

The Macerich Company (MAC) is actively managing its capital structure, which involves relationships with lenders and joint venture partners. The company has a stated goal to reduce debt by $2 billion as part of its Path Forward plan. Liquidity as of November 4, 2025, was around $1 billion, including $650 million of available capacity on its revolving line of credit.

The Macerich Company (MAC) is open to using joint ventures to effectuate its strategy moving forward. Recent activity included the joint venture closing on the sale of Atlas Park for $72 million in July 2025, with net proceeds used to repay a portion of a loan. The company also acquired Crabtree Mall in June 2025 for approximately $290 million.

Finance: draft 13-week cash view by Friday.

The Macerich Company (MAC) - Canvas Business Model: Cost Structure

You're looking at the hard costs Macerich Company (MAC) shoulders to keep its high-end regional malls operating and growing. For a real estate investment trust (REIT) focused on premier properties, the cost structure is heavily weighted toward debt service and property upkeep, but the current investment cycle adds significant capital outlay.

Significant interest expense on mortgage notes payable is a major fixed cost. Even with efforts to shed debt, the balance sheet carries substantial leverage. While the prompt specifies a figure, recent data shows the debt load is in that ballpark. For instance, as of June 2025, one report indicated debt at approximately $5.08 billion. The cost of servicing this debt, the interest expense, fluctuates with market rates. For the fiscal quarter ending in June 2025, Macerich reported $71.92 million in Interest Expense on Debt. Looking at the first quarter of 2025, the reported interest expense was $69,074 thousand (or $69.074 million). This is a key area where refinancing decisions directly impact near-term profitability, especially as older, lower-rate loans mature.

Property operating expenses are the day-to-day costs of running these massive centers. These costs cover the essentials that keep centers safe, attractive, and functional for tenants and shoppers. For the three months ended March 31, 2025, Shopping Center and Operating Expenses totaled $85,163 thousand. For the full year ended December 31, 2024, these expenses amounted to $306,868 thousand. These figures encompass utilities, property taxes, common area maintenance, and security.

The current strategy involves a substantial capital expenditure push. Macerich is actively investing $1.2 billion into the portfolio for development, tenant allowances, and general capital projects. This investment is aimed at driving future Net Operating Income (NOI) growth. Breaking down the leasing-related capital costs, for the twelve months ended December 31, 2024, total tenant allowances and deferred leasing charges were $343.6 million. For the first quarter of 2025 alone, tenant allowances and deferred leasing charges were $42.3 million.

General and administrative expenses (G&A) cover the corporate overhead required to manage the portfolio. Macerich has stated an intent to grow the business rather than aggressively cut G&A. For the three months ended March 31, 2025, REIT general and administrative expenses were $7,612 thousand. Looking at the full year 2024, the REIT G&A expenses were $28,145 thousand.

Finally, the costs associated with portfolio refinement, such as asset dispositions, factor in. While these often result in gains, the process involves transaction costs and potential write-downs. For example, in 2024, Macerich recognized a gain of $42.8 million from the sale of its interest in Biltmore Fashion Park and a $0.8 million gain on the sale of a parcel at Valle Vista Mall. Impairment charges, if any, would be reflected in the GAAP results, but the focus on core assets suggests active management of the asset base.

Here's a look at the key expense components based on the latest available full-year and quarterly data:

Cost Category	Period Ending March 31, 2025 (3 Months)	Period Ending December 31, 2024 (12 Months)
Interest Expense (Total)	$69,074 thousand	$219,987 thousand
Shopping Center & Operating Expenses	$85,163 thousand	$306,868 thousand
REIT General & Administrative Expenses	$7,612 thousand	$28,145 thousand
Leasing Expenses (Total)	$11,219 thousand	$41,340 thousand

The planned $1.2 billion investment is a forward-looking cost commitment that will shape the expense structure for the next few years. This spend is intended to be funded from cash flow, dispositions, and potentially joint ventures, but it represents a significant planned outlay against the current debt load of $5.15 billion (as per your required figure).

You should track the quarterly breakdown of leasing capital closely, as it shows the immediate cash impact of securing new tenants:

• Tenant Allowances & Deferred Leasing Charges (Q1 2025): $42.3 million.
• Tenant Allowances & Deferred Leasing Charges (Full Year 2024): $343.6 million.
• Development, Redevelopment, Expansions & Renovations (Full Year 2024): $39.8 million (Consolidated Centers).

Finance: draft 13-week cash view by Friday.

The Macerich Company (MAC) - Canvas Business Model: Revenue Streams

You're looking at the core ways The Macerich Company brings in cash, which for a Real Estate Investment Trust (REIT) like this, is heavily weighted toward property income. Honestly, the numbers tell a clear story about their focus on high-quality centers and asset recycling.

The primary engine is the rent collected from tenants locked into long-term agreements. For the second quarter of 2025, The Macerich Company reported leasing revenue of $232.7 million (in thousands: $232,725). This strong leasing performance helped push total revenues for that quarter to $249.793 million. By the third quarter of 2025, total revenue was reported at $253.3 million.

Beyond the base rent, The Macerich Company captures upside through performance-based rent. This is the percentage rent component, which kicks in when tenant sales exceed certain agreed-upon thresholds. The leasing momentum is translating into better pricing, as evidenced by base rent re-leasing spreads achieving a 10.5% increase over expiring base rents as of June 30, 2025. For smaller spaces (under 10,000 square feet), portfolio tenant sales per square foot reached $849 for the trailing twelve months ending June 30, 2025.

The Macerich Company actively manages its portfolio by selling non-core assets, which is a significant, albeit non-recurring, revenue source. They are targeting $100 million to $150 million in total sales from outparcels, freestanding retail, non-enclosed malls, and land for 2025. As of the September 2025 update, they reported having $120 million either sold or under contract against that 2025 goal.

Here's a quick look at how the core revenue components stack up based on recent reporting:

Revenue Component	Latest Reported Metric/Amount	Context/Date
Rental Income (Leasing Revenue)	$232.7 million	Q2 2025
Outparcel/Land Sales Progress	$120 million (Sold or Under Contract)	Against 2025 Target of $100M - $150M
Base Rent Re-leasing Spreads	10.5%	As of Q2 2025
Tenant Sales PSF (Small Spaces TTM)	$849	As of Q2 2025
Expected Future Percentage Rent Impact	$54 million	Expected to impact 2025 through 2027

Other income sources provide smaller, less predictable boosts. Lease termination fees are one such area; management expected a couple more million dollars in this income for the remainder of the year based on commentary from Q1 2025. Income from joint ventures is also a factor, though The Macerich Company recently consolidated interests in some of these ventures, such as Pacific Premier assets, in Q2 2025.

The structure of their portfolio directly impacts this JV income stream:

• The Macerich Company owns 29 regional malls in its consolidated portfolio.
• They hold interests in 10 regional malls within their unconsolidated portfolio.
• The total portfolio spans approximately 42.1 million square feet of gross leasable area.

It's important to note that the core operating performance, measured by Net Operating Income (NOI) for the go-forward portfolio, showed a 2.4% increase year-over-year in Q2 2025, excluding lease termination income, which helps isolate the recurring rental revenue quality. Finance: draft 13-week cash view by Friday.