La empresa Macerich (MAC): Lienzo del modelo de negocio [Actualizado en enero de 2025]

En el mundo dinámico de los bienes raíces comerciales, la Compañía Macerich (MAC) se erige como una fuerza transformadora, reinventando las experiencias del centro comercial a través de la gestión estratégica de propiedades y el desarrollo innovador. Con una cartera que abarca mercados metropolitanos de alto tráfico y un buen ojo para crear destinos minoristas seleccionados, Mac se ha distinguido al crear entornos de compras premium que combinan perfectamente marcas minoristas nacionales, negocios locales y conceptos de uso mixto de vanguardia. Su modelo de negocio único trasciende los enfoques inmobiliarios tradicionales, centrándose en crear espacios vibrantes y atractivos que atraen a los inquilinos de primer nivel y brindan un valor excepcional tanto a los minoristas como a los consumidores.

The Macerich Company (Mac) - Modelo de negocio: asociaciones clave

Asociaciones nacionales de marcas minoristas

A partir de 2024, Macerich Company mantiene asociaciones estratégicas con las principales marcas minoristas nacionales:

Marca minorista	Número de ubicaciones	Duración de la asociación
Nordstrom	11 ubicaciones de anclaje	Contratos de arrendamiento a largo plazo
Macy's	15 ubicaciones de anclaje	Asociación establecida
Tienda de manzana	22 ubicaciones minoristas	Asociaciones minoristas premium

Desarrolladores de bienes raíces comerciales

Macerich colabora con socios clave de desarrollo inmobiliario comercial:

• Brookfield Properties
• Grupo de propiedades Simon
• Propiedades de crecimiento general

Colaboraciones del gobierno municipal

Asociaciones municipales estratégicas para las aprobaciones de zonificación y desarrollo en todo:

• California (12 municipios)
• Arizona (7 municipios)
• Illinois (5 municipios)

Asociaciones institucionales financieras

Institución financiera	Tipo de asociación	Valor de inversión total
JPMorgan Chase	Financiamiento de la propiedad	Capacidad de crédito de $ 450 millones
Wells Fargo	Inversión inmobiliaria	Acuerdo de préstamo de $ 375 millones
Banco de América	Soluciones de refinanciación	Línea de crédito de $ 525 millones

Asociaciones de proveedores de tecnología

Colaboraciones avanzadas de infraestructura digital:

• Servicios en la nube de Microsoft Azure
• Plataforma Salesforce CRM
• Software de administración de propiedades de Oracle

Red de asociación total: 58 colaboraciones estratégicas en varios sectores

The Macerich Company (Mac) - Modelo de negocio: actividades clave

Administración de propiedades de bienes raíces comerciales

Administra 47 propiedades en 10 estados, por un total de 18.4 millones de pies cuadrados de espacio minorista a partir del cuarto trimestre de 2023.

Categoría de propiedad	Hoques cuadrados totales	Número de propiedades
Centros comerciales regionales	16.2 millones de pies cuadrados	35 propiedades
Centros comunitarios	2.2 millones de pies cuadrados	12 propiedades

Desarrollo y adquisición del centro comercial

La cartera de inversiones valorada en $ 5.7 mil millones al 31 de diciembre de 2023.

• Costo promedio de adquisición de propiedades: $ 150-250 millones por propiedad
• Gastos de capital anuales para el desarrollo: aproximadamente $ 100-150 millones

Gestión de la relación de arrendamiento y inquilinos

Tasa de ocupación del 91.2% en toda la cartera en el cuarto trimestre de 2023.

Tipo de inquilino	Porcentaje del espacio alquilado total
Minorista	68%
Alimento & Bebida	15%
Servicios	12%
Entretenimiento	5%

Renovación de propiedad y reposicionamiento estratégico

Presupuesto anual de renovación: $ 75-100 millones para actualizaciones de propiedades y modernización.

• Ciclo de renovación promedio: 7-10 años por propiedad
• Costo de renovación típico por propiedad: $ 20-50 millones

Marketing y optimización del espacio comercial

Presupuesto de marketing de $ 15-20 millones anuales para la promoción de la cartera y la atracción del inquilino.

Canal de marketing	Porcentaje de asignación
Marketing digital	40%
Publicidad tradicional	30%
Compromiso comunitario	20%
Marketing de eventos	10%

The Macerich Company (Mac) - Modelo de negocio: recursos clave

Portafolio de bienes raíces del centro comercial premium

A partir del cuarto trimestre de 2023, Macerich posee y opera 47 propiedades en 10 estados, por un total de aproximadamente 18.6 millones de pies cuadrados de espacio minorista. La cartera de la compañía está valorada en $ 5.9 mil millones, con una concentración en centros comerciales regionales y súper regionales de alta calidad.

Métrico de cartera	Cantidad
Propiedades totales	47
Espacio minorista total	18.6 millones de pies cuadrados
Valoración de cartera	$ 5.9 mil millones

Reputación de marca sólida en administración de propiedades minoristas

Macerich mantiene un reputación de primer nivel en gestión de bienes raíces minoristas, con una tasa de ocupación del 91.4% a partir del cuarto trimestre de 2023.

Equipo experimentado de gestión y desarrollo

• Equipo de liderazgo ejecutivo con experiencia promedio de la industria de 22 años
• Equipo de gestión con un historial comprobado de adquisiciones y desarrollos de propiedades estratégicas
• Experiencia en reposicionamiento y reurbanización de centros minoristas de alta gama

Capacidades significativas de capital financiero y inversión

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 7.2 mil millones
Deuda total	$ 3.8 mil millones
Capitalización de mercado	$ 1.6 mil millones

Ubicaciones geográficas estratégicas en mercados metropolitanos de alto tráfico

Distribución de propiedades en áreas metropolitanas clave:

Región de mercado	Número de propiedades
California	20
Arizona	7
Nueva York	5
Otros mercados	15

The Macerich Company (MAC) - Modelo de negocio: propuestas de valor

Experiencias de centro comercial de alta calidad y bien ubicado

Macerich posee 47 centros comerciales regionales y comunitarios en 10 estados, con un área total de 48.1 millones de pies cuadrados a partir del cuarto trimestre de 2023.

Métrico de propiedad	Valor
Centros de compras totales	47
Área de lesiones gruesas totales	48.1 millones de pies cuadrados
Tamaño central promedio	1.02 millones de pies cuadrados

Entornos minoristas atractivos para marcas nacionales y locales

Tasa de ocupación de cartera de 92.4% a partir del cuarto trimestre de 2023, con un alquiler base promedio de $ 59.45 por pie cuadrado.

• Los principales inquilinos nacionales incluyen a Nordstrom, Apple, Macy's
• La cartera de inquilinos de anclaje incluye minoristas de grado de inversión del 93%
• Ventas del inquilino por pie cuadrado: $ 621

Desarrollos de propiedades de uso mixto innovadores

Desarrollo de uso mixto	Ubicación	Inversión total
Lugar de Santa Mónica	Santa Mónica, CA	$ 180 millones
Plaza de Broadway	Walnut Creek, CA	$ 250 millones

Mezcla de inquilinos premium y destinos de compras curados

Representación de la marca de lujo en las propiedades clave: 22% de la mezcla de inquilinos.

• Las marcas de lujo incluyen Gucci, Louis Vuitton, Hermès
• Opciones de comida y gastronomía: 15-20% del espacio central

Compromiso mejorado del cliente a través de comodidades modernas

Métrica de compromiso digital	Valor
Descargas de aplicaciones móviles	275,000
Usuarios promedio de aplicaciones mensuales	125,000
Alcance de marketing digital	1.2 millones de suscriptores

The Macerich Company (Mac) - Modelo de negocio: relaciones con los clientes

Estrategias de asociación de inquilinos a largo plazo

Macerich mantiene 52 propiedades minoristas en 16 estados, con 47 millones de pies cuadrados de área gruesa leable. La tasa de retención de inquilinos de la compañía es de aproximadamente 89.4% a partir del cuarto trimestre de 2023.

Categoría de inquilino	Duración promedio de arrendamiento	Tasa de retención
Anchor inquilinos	7-10 años	92%
Minoristas especializados	3-5 años	86%
Alimento & Entretenimiento	5-7 años	88%

Soporte personalizado de arrendamiento y administración de propiedades

Macerich proporciona administración de cuentas dedicada para los inquilinos, con un tiempo de respuesta promedio de 2.3 horas para las consultas de inquilinos.

• Paquetes de arrendamiento personalizados
• Opciones de configuración de espacio flexible
• Soporte de marketing a medida

Plataformas de comunicación digital para interacciones de inquilinos

Métricas de participación de la plataforma digital para 2023:

Característica de la plataforma	Tasa de adopción de usuarios	Usuarios activos mensuales
Portal de gestión de inquilinos	76%	1,250
Aplicación de comunicación móvil	62%	980

Programas regulares de mantenimiento y mejora de la propiedad

Inversión de propiedad anual: $ 85.4 millones en mejoras de propiedad y renovaciones para 2023.

• Evaluaciones de condición de propiedad trimestral
• Programación de mantenimiento proactivo
• Actualizaciones de infraestructura tecnológica

Servicio al cliente receptivo para inquilinos y compradores

Métricas de rendimiento del servicio al cliente para 2023:

Métrico de servicio	Actuación
Tiempo de respuesta promedio	1.7 horas
Calificación de satisfacción del cliente	4.6/5
Tasa de resolución de quejas	94%

The Macerich Company (Mac) - Modelo de negocio: canales

Equipos de arrendamiento directo

A partir de 2024, Macerich mantiene 52 profesionales de arrendamiento directo en su cartera de 47 propiedades. El equipo cubre 18.2 millones de pies cuadrados de espacio comercial.

Métrica del equipo de arrendamiento	Datos cuantitativos
Profesionales de arrendamiento total	52
Propiedades minoristas totales	47
Total de pies cuadrados administrados	18.2 millones de pies cuadrados

Sitio web corporativo y listados de propiedades en línea

El sitio web corporativo de Macerich recibe aproximadamente 215,000 visitantes únicos mensuales. Los listados de propiedades en línea generan el 37% de las consultas iniciales de inquilinos.

Redes de corredores de bienes raíces comerciales

La compañía se involucra con 673 firmas de corretaje de bienes raíces comerciales en todo el país. Estas redes representan el 89% de las referencias potenciales de inquilinos.

Ferias y conferencias comerciales de la industria

• Participó en 14 conferencias inmobiliarias nacionales en 2023
• Generó 42 liderazgo directo de inquilinos a través de interacciones de la conferencia
• Representó $ 6.3 millones en posibles ingresos de arrendamiento

Plataformas de exhibición de marketing digital y propiedades

Plataforma digital	Compromiso mensual	Tasa de generación de leads
LinkedIn	87,500 impresiones	2.4%
Instagram	62,300 seguidores	1.8%
Sitios web de propiedades dedicadas	129,000 visitantes únicos	3.6%

The Macerich Company (Mac) - Modelo de negocio: segmentos de clientes

Marcas nacionales de la cadena minorista

A partir de 2024, Macerich atiende a 55 marcas nacionales de cadena minorista en su cartera de 47 propiedades. Los principales minoristas nacionales incluyen:

Nordstrom

Macy's

Tienda de manzana

Bloomingdale's

Categoría minorista	Número de tiendas	Contribución anual de ingresos
Vestir	127 tiendas	$ 214.5 millones
Electrónica	42 tiendas	$ 89.3 millones

Empresas minoristas locales y regionales

Macerich admite 312 empresas minoristas locales y regionales en sus centros comerciales.

• Tasa promedio de ocupación local del inquilino: 92.4%
• Contribución de ingresos anuales de negocios locales: $ 87.6 millones
• Diversidad de mezcla de inquilinos: 47 categorías comerciales diferentes

Minoristas de lujo y estilo de vida

Marca de lujo	Tiendas por cartera	Ventas anuales promedio
Gucci	8 tiendas	$ 42.3 millones
Louis Vuitton	6 tiendas	$ 38.7 millones

Establecimientos de restaurantes y entretenimiento

Los inquilinos gastronómicos y de entretenimiento representan el 18.6% de la ocupación total de cartera de Macerich.

• Inquilinos totales de restaurantes: 214
• Lugares de entretenimiento: 37
• Ingresos anuales del restaurante: $ 129.4 millones

Inquilinos comerciales de uso mixto

Tipo de inquilino comercial	Número de inquilinos	Tasa de ocupación
Espacios de oficina	72	89.3%
Espacios de trabajo conjunto	24	76.5%

The Macerich Company (Mac) - Modelo de negocio: estructura de costos

Gastos de adquisición y desarrollo de propiedades

En 2023, Macerich reportó gastos totales de adquisición de propiedades y desarrollo de $ 87.4 millones. Los gastos de capital de la compañía para el año se estructuraron de la siguiente manera:

Categoría de gastos	Cantidad ($ m)
Adquisiciones de propiedades	42.6
Proyectos de desarrollo	29.8
Inversiones de reurbanización	15.0

Costos continuos de mantenimiento y renovación

Los gastos anuales de mantenimiento y renovación para la cartera de Macerich totalizaron $ 53.2 millones en 2023, con el siguiente desglose:

• Mantenimiento de la propiedad de rutina: $ 22.7 millones
• Proyectos de renovación importantes: $ 18.5 millones
• Reparaciones de infraestructura: $ 12.0 millones

Gestión de propiedades y gastos generales operativos

Los costos operativos para 2023 incluyeron:

Gasto operativo	Cantidad ($ m)
Salarios de administración de propiedades	37.9
Gastos administrativos	24.6
Servicios profesionales	15.3

Inversión de marketing y arrendamiento

Los gastos de marketing y arrendamiento para 2023 se estructuraron de la siguiente manera:

• Marketing digital: $ 6.8 millones
• Comisión de arrendamiento: $ 11.2 millones
• Programas de atracción de inquilinos: $ 4.5 millones

Actualizaciones de tecnología e infraestructura

Desglose de inversión tecnológica para 2023:

Gasto tecnológico	Cantidad ($ m)
Infraestructura	8.7
Desarrollo de plataforma digital	5.3
Mejoras de ciberseguridad	3.2

Estructura de costos totales para 2023: $ 204.9 millones

The Macerich Company (Mac) - Modelo de negocio: flujos de ingresos

Ingresos de arrendamiento de propiedades comerciales

Para el año fiscal 2023, Macerich reportó ingresos por propiedad total de $ 778.4 millones. La compañía posee 47 centros comerciales regionales en los Estados Unidos, por un total de aproximadamente 21.1 millones de pies cuadrados de área leable.

Tipo de propiedad	Área total leable	Tasa de ocupación
Centros comerciales regionales	21.1 millones de pies cuadrados	90.1%

Escalas de tasa de alquiler

En 2023, Macerich experimentó una renta base promedio de $ 59.09 por pie cuadrado, con aumentos de alquiler contractuales integrados en los contratos de arrendamiento.

Tarifas de administración de propiedades

Las tarifas de administración de la propiedad para 2023 ascendieron a $ 23.7 millones, lo que representa ingresos adicionales más allá de los ingresos directos de arrendamiento.

Porcentaje de alquiler de inquilinos de alto rendimiento

Las contribuciones porcentuales de alquiler en 2023 totalizaron $ 14.2 millones, derivadas de inquilinos que exceden los umbrales de ventas especificados.

Categoría de inquilino	Porcentaje de contribución de alquiler
Minoristas de lujo	$ 6.5 millones
Tiendas especializadas	$ 4.7 millones
Lugares de entretenimiento	$ 3.0 millones

Distribuciones de dividendos de fideicomiso de inversión inmobiliaria (REIT)

Para el año fiscal 2023, Macerich declaró dividendos totales de $ 1.00 por acción, con una distribución total de dividendos de aproximadamente $ 96.5 millones.

• Rendimiento de dividendos: 6.2%
• Frecuencia de dividendos: trimestralmente
• Dividendo anual por acción: $ 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.