The Macerich Company (Mac): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'immobilier commercial, la Macerich Company (MAC) est une force transformatrice, réinvenant les expériences du centre commercial grâce à la gestion immobilière stratégique et à un développement innovant. Avec un portefeuille couvrant des marchés métropolitains à haut trafic et un œil attentif pour la création de destinations de vente au détail organisées, Mac s'est distingué par la fabrication d'environnements d'achat haut de gamme qui mélangent de manière transparente les marques de vente au détail nationales, les entreprises locales et les concepts à usage mixte de pointe. Leur modèle commercial unique transcende les approches immobilières traditionnelles, en se concentrant sur la création d'espaces dynamiques et engageants qui attirent les locataires de haut niveau et offrent une valeur exceptionnelle aux détaillants et aux consommateurs.

The Macerich Company (Mac) - Modèle d'entreprise: partenariats clés

Partenariats nationaux de marque de vente au détail

Depuis 2024, Macerich Company entretient des partenariats stratégiques avec les grandes marques nationales de vente au détail:

Marque de vente au détail	Nombre d'emplacements	Durée du partenariat
Nordstrom	11 Emplacements d'ancrage	Accords de location à long terme
Macy	15 emplacements d'ancrage	Partenariat établi
Magasin Apple	22 emplacements de vente au détail	Partenariats de vente au détail premium

Promoteurs immobiliers commerciaux

Macerich collabore avec les principaux partenaires de développement immobilier commercial:

• Propriétés de Brookfield
• Groupe de propriétés Simon
• Propriétés de croissance générale

Collaborations du gouvernement municipal

Partenariats municipaux stratégiques pour les approbations de zonage et de développement à travers:

• Californie (12 municipalités)
• Arizona (7 municipalités)
• Illinois (5 municipalités)

Partenariats institutionnels financières

Institution financière	Type de partenariat	Valeur d'investissement totale
JPMorgan Chase	Financement immobilier	450 millions de dollars facilité de crédit
Wells Fargo	Investissement immobilier	Contrat de prêt de 375 millions de dollars
Banque d'Amérique	Solutions de refinancement	Ligne de crédit de 525 millions de dollars

Partenariats des fournisseurs technologiques

Collaborations avancées des infrastructures numériques:

• Services cloud Microsoft Azure
• Plateforme Salesforce CRM
• Logiciel de gestion immobilière Oracle

Réseau total de partenariat: 58 collaborations stratégiques dans divers secteurs

The Macerich Company (Mac) - Modèle d'entreprise: activités clés

Gestion des biens immobiliers commerciaux

Gère 47 propriétés dans 10 États, totalisant 18,4 millions de pieds carrés d'espace de vente au détail au quatrième trimestre 2023.

Catégorie de propriété	Total en pieds carrés	Nombre de propriétés
Centres commerciaux régionaux	16,2 millions de pieds carrés	35 propriétés
Centres communautaires	2,2 millions de pieds carrés	12 propriétés

Développement et acquisition du centre commercial

Portefeuille d'investissement d'une valeur de 5,7 milliards de dollars au 31 décembre 2023.

• Coût moyen d'acquisition de propriétés: 150 à 250 millions de dollars par propriété
• Dépenses en capital annuelles pour le développement: environ 100 à 150 millions de dollars

Location et gestion des relations locataires

Taux d'occupation de 91,2% dans le portefeuille du T4 2023.

Type de locataire	Pourcentage de l'espace loué total
Vente au détail	68%
Nourriture & Boisson	15%
Services	12%
Divertissement	5%

Rénovation des biens et repositionnement stratégique

Budget de rénovation annuel: 75 à 100 millions de dollars pour les mises à niveau des biens et la modernisation.

• Cycle de rénovation moyen: 7 à 10 ans par propriété
• Coût de rénovation typique par propriété: 20 à 50 millions de dollars

Marketing et optimisation des espaces de vente au détail

Budget marketing de 15 à 20 millions de dollars par an pour la promotion du portefeuille et l'attraction des locataires.

Canal de marketing	Pourcentage d'allocation
Marketing numérique	40%
Publicité traditionnelle	30%
Engagement communautaire	20%
Marketing d'événement	10%

The Macerich Company (Mac) - Modèle d'entreprise: Ressources clés

Portfolio immobilier du centre commercial premium

Au quatrième trimestre 2023, Macerich possède et exploite 47 propriétés dans 10 États, totalisant environ 18,6 millions de pieds carrés d'espace de vente au détail. Le portefeuille de la société est évalué à 5,9 milliards de dollars, avec une concentration dans les centres commerciaux régionaux et super-régionaux de haute qualité.

Métrique de portefeuille	Quantité
Propriétés totales	47
Espace de vente au détail total	18,6 millions de pieds carrés
Évaluation du portefeuille	5,9 milliards de dollars

Grande réputation de marque dans la gestion immobilière de la vente au détail

Macerich maintient un Réputation de haut niveau dans la gestion immobilière de la vente au détail, avec un taux d'occupation de 91,4% au quatrième trimestre 2023.

Équipe de gestion et de développement expérimentée

• Équipe de direction exécutive avec une expérience moyenne de l'industrie de 22 ans
• Équipe de direction avec des antécédents éprouvés des acquisitions et développements de propriété stratégiques
• Expertise dans le repositionnement et le réaménagement du centre de vente au détail haut de gamme

Capacités de capital financier et d'investissement importantes importantes

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Actif total	7,2 milliards de dollars
Dette totale	3,8 milliards de dollars
Capitalisation boursière	1,6 milliard de dollars

Emplacements géographiques stratégiques sur les marchés métropolitains à fort trafic

Distribution des biens dans les principales zones métropolitaines:

Région de marché	Nombre de propriétés
Californie	20
Arizona	7
New York	5
Autres marchés	15

The Macerich Company (Mac) - Modèle d'entreprise: propositions de valeur

Expériences de centre commercial de haute qualité et bien situé

Macerich possède 47 centres commerciaux régionaux et communautaires dans 10 États, avec une superficie totale de location brute de 48,1 millions de pieds carrés au quatrième trimestre 2023.

Métrique immobilière	Valeur
Centres commerciaux totaux	47
Zone de levage brute totale	48,1 millions de pieds carrés
Taille centrale moyenne	1,02 million de pieds carrés

Environnements de vente au détail attrayants pour les marques nationales et locales

Taux d'occupation du portefeuille de 92,4% au quatrième trimestre 2023, avec un loyer de base moyen de 59,45 $ par pied carré.

• Les meilleurs locataires nationaux incluent Nordstrom, Apple, Macy's
• Le portefeuille de locataires ancre comprend 93% de détaillants de qualité investissement
• Ventes de locataires par pied carré: 621 $

Développements immobiliers innovants à usage mixte

Développement à usage mixte	Emplacement	Investissement total
Place Santa Monica	Santa Monica, CA	180 millions de dollars
Broadway Plaza	Walnut Creek, CA	250 millions de dollars

Mélange de locataires premium et destinations de magasinage organisées

Représentation de la marque de luxe aux propriétés clés: 22% du mélange de locataires.

• Les marques de luxe incluent Gucci, Louis Vuitton, Hermès
• Options de nourriture et de restauration: 15-20% de l'espace central

Amélioration de l'engagement client à travers les équipements modernes

Métrique de l'engagement numérique	Valeur
Téléchargements d'applications mobiles	275,000
Utilisateurs de l'application mensuelles moyennes	125,000
Reach marketing numérique	1,2 million d'abonnés

The Macerich Company (Mac) - Modèle d'entreprise: relations clients

Stratégies de partenariat à long terme aux locataires

Macerich maintient 52 propriétés de vente au détail dans 16 États, avec 47 millions de pieds carrés de superficie de location brute. Le taux de rétention des locataires de l'entreprise est d'environ 89,4% au quatrième trimestre 2023.

Catégorie des locataires	Durée de location moyenne	Taux de rétention
Ancrer les locataires	7-10 ans	92%
Détaillants spécialisés	3-5 ans	86%
Nourriture & Divertissement	5-7 ans	88%

Assistance personnalisée à la location et à la gestion immobilière

Macerich fournit une gestion des comptes dédiée aux locataires, avec un temps de réponse moyen de 2,3 heures pour les enquêtes sur les locataires.

• Packages de location personnalisés
• Options de configuration d'espace flexible
• Assistance marketing sur mesure

Plateformes de communication numérique pour les interactions des locataires

Métriques d'engagement de la plate-forme numérique pour 2023:

Fonctionnalité de plate-forme	Taux d'adoption des utilisateurs	Utilisateurs actifs mensuels
Portail de gestion des locataires	76%	1,250
Application de communication mobile	62%	980

Programmes de maintenance et d'amélioration des biens réguliers

Investissement immobilier annuel: 85,4 millions de dollars d'améliorations et de rénovations immobilières pour 2023.

• Évaluations trimestrielles des conditions de propriété
• Planification de maintenance proactive
• Mises à niveau des infrastructures technologiques

Service client réactif pour les locataires et les acheteurs

Métriques de performance du service client pour 2023:

Métrique de service	Performance
Temps de réponse moyen	1,7 heures
Évaluation de satisfaction du client	4.6/5
Taux de résolution des plaintes	94%

The Macerich Company (Mac) - Modèle d'entreprise: canaux

Équipes de location directe

En 2024, Macerich maintient 52 professionnels de location directe à travers son portefeuille de 47 propriétés. L'équipe couvre 18,2 millions de pieds carrés d'espace de vente au détail.

Métrique de l'équipe de location	Données quantitatives
Professionnels totaux de location	52
Total des propriétés de vente au détail	47
Total géré en pieds carrés	18,2 millions de pieds carrés

Listes de sites Web d'entreprise et de propriétés en ligne

Le site Web d'entreprise de Macerich reçoit environ 215 000 visiteurs uniques mensuels. Les listes de propriétés en ligne génèrent 37% des demandes initiales des locataires.

Réseaux de courtiers immobiliers commerciaux

La société s'engage avec 673 sociétés de courtage immobilier commerciales à l'échelle nationale. Ces réseaux représentent 89% des références potentielles des locataires.

Salons et conférences de l'industrie

• Participé à 14 conférences immobilières nationales en 2023
• Généré 42 mèches de locataire direct par le biais des interactions de conférence
• Représenté 6,3 millions de dollars de revenus de location potentiels

Plate-forme de marketing numérique et de vitrine immobilière

Plate-forme numérique	Engagement mensuel	Taux de génération de leads
Liendin	87 500 impressions	2.4%
Instagram	62 300 abonnés	1.8%
Sites Web de propriétés dédiées	129 000 visiteurs uniques	3.6%

The Macerich Company (Mac) - Modèle d'entreprise: segments de clientèle

Marques nationales de chaîne de vente au détail

En 2024, Macerich dessert 55 marques de chaîne de vente au détail nationales à travers son portefeuille de 47 propriétés. Les meilleurs détaillants nationaux comprennent:

Nordstrom

Macy

Magasin Apple

Bloomingdale

Catégorie de vente au détail	Nombre de magasins	Contribution annuelle des revenus
Vêtements	127 magasins	214,5 millions de dollars
Électronique	42 magasins	89,3 millions de dollars

Commerces de détail locaux et régionaux

Macerich soutient 312 entreprises de vente au détail locales et régionales dans ses centres commerciaux.

• Taux d'occupation moyen des locataires locaux: 92,4%
• Contribution des revenus annuels des entreprises locales: 87,6 millions de dollars
• Diversité des mélanges de locataires: 47 catégories commerciales différentes

Détaillants de luxe et de style de vie

Marque de luxe	Magasins par portefeuille	Ventes annuelles moyennes
Gucci	8 magasins	42,3 millions de dollars
Louis Vuitton	6 magasins	38,7 millions de dollars

Établissements de restauration et de divertissement

Les locataires de restauration et de divertissement représentent 18,6% de l'occupation totale du portefeuille de Macerich.

• Total des locataires du restaurant: 214
• LIEUX DE DÉTERMINATION: 37
• Revenus de restaurants annuels: 129,4 millions de dollars

Locataires commerciaux à usage mixte

Type de locataire commercial	Nombre de locataires	Taux d'occupation
Espaces de bureau	72	89.3%
Espaces de travail	24	76.5%

The Macerich Company (Mac) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2023, Macerich a déclaré des frais totaux d'acquisition et de développement de la propriété de 87,4 millions de dollars. Les dépenses en capital de l'entreprise pour l'année ont été structurées comme suit:

Catégorie de dépenses	Montant ($ m)
Acquisitions de biens	42.6
Projets de développement	29.8
Investissements de réaménagement	15.0

Coûts de maintenance et de rénovation continus

Les frais de maintenance et de rénovation annuels du portefeuille de Macerich ont totalisé 53,2 millions de dollars en 2023, avec la ventilation suivante:

• Entretien de la propriété de routine: 22,7 millions de dollars
• Projets de rénovation majeurs: 18,5 millions de dollars
• Réparations des infrastructures: 12,0 millions de dollars

Gestion immobilière et frais généraux opérationnels

Les coûts opérationnels pour 2023 comprenaient:

Dépenses opérationnelles	Montant ($ m)
Salaires de gestion immobilière	37.9
Frais administratifs	24.6
Services professionnels	15.3

Investissement de marketing et de location

Les dépenses de marketing et de location pour 2023 ont été structurées comme suit:

• Marketing numérique: 6,8 millions de dollars
• Commission de location: 11,2 millions de dollars
• Programmes d'attraction des locataires: 4,5 millions de dollars

Mises à niveau de la technologie et des infrastructures

Répartition des investissements technologiques pour 2023:

Dépenses technologiques	Montant ($ m)
Infrastructure informatique	8.7
Développement de plate-forme numérique	5.3
Améliorations de la cybersécurité	3.2

Structure totale des coûts pour 2023: 204,9 millions de dollars

The Macerich Company (Mac) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Pour l'exercice 2023, Macerich a déclaré un chiffre d'affaires total de 778,4 millions de dollars. La société possède 47 centres commerciaux régionaux à travers les États-Unis, totalisant environ 21,1 millions de pieds carrés de superficie de levan.

Type de propriété	Zone de levain total	Taux d'occupation
Centres commerciaux régionaux	21,1 millions de pieds carrés	90.1%

Escalade de taux de location

En 2023, Macerich a connu un loyer moyen de base de 59,09 $ par pied carré, avec des augmentations de loyer contractuels intégrées aux accords de location.

Frais de gestion immobilière

Les frais de gestion des biens pour 2023 s'élevaient à 23,7 millions de dollars, ce qui représente des revenus supplémentaires au-delà des revenus de location directe.

Pourcentage de loyer auprès des locataires très performants

Les contributions au pourcentage de loyer en 2023 ont totalisé 14,2 millions de dollars, dérivées de locataires dépassant les seuils de vente spécifiés.

Catégorie des locataires	Contribution de loyer en pourcentage
Détaillants de luxe	6,5 millions de dollars
Magasins spécialisés	4,7 millions de dollars
Lieux de divertissement	3,0 millions de dollars

Distributions de dividendes de l'investissement immobilier (REIT)

Pour l'exercice 2023, Macerich a déclaré des dividendes totaux de 1,00 $ par action, avec une distribution totale de dividendes d'environ 96,5 millions de dollars.

• Rendement des dividendes: 6,2%
• Fréquence de dividendes: trimestriel
• Dividende annuel par action: 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.