The Macerich Company (MAC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos imóveis comerciais, a Macerich Company (MAC) permanece como uma força transformadora, reimaginando as experiências do shopping center por meio de gerenciamento estratégico de propriedades e desenvolvimento inovador. Com um portfólio abrangendo mercados metropolitanos de alto tráfego e um olhar atento para criar destinos de varejo com curadoria, o MAC se distinguiu criando ambientes de compras premium que misturam perfeitamente marcas de varejo nacionais, empresas locais e conceitos de uso misto de ponta. Seu modelo de negócios exclusivo transcende abordagens imobiliárias tradicionais, com foco na criação de espaços vibrantes e envolventes que atraem inquilinos de primeira linha e agregam valor excepcional a varejistas e consumidores.

A Macerich Company (MAC) - Modelo de Negócios: Principais Parcerias

Parcerias nacionais de marcas de varejo

A partir de 2024, a Macerich Company mantém parcerias estratégicas com as principais marcas nacionais de varejo:

Marca de varejo	Número de locais	Duração da parceria
Nordstrom	11 locais de âncora	Acordos de arrendamento de longo prazo
Macy's	15 locais de âncora	Parceria estabelecida
Apple Store	22 locais de varejo	Parcerias de varejo premium

Promotores imobiliários comerciais

Macerich colabora com os principais parceiros comerciais de desenvolvimento imobiliário:

• Propriedades de Brookfield
• Grupo de Propriedade Simon
• Propriedades gerais de crescimento

Colaborações do governo municipal

Parcerias municipais estratégicas para aprovações de zoneamento e desenvolvimento:

• Califórnia (12 municípios)
• Arizona (7 municípios)
• Illinois (5 municípios)

Parcerias institucionais financeiras

Instituição financeira	Tipo de parceria	Valor total de investimento
JPMorgan Chase	Financiamento de propriedades	Linha de crédito de US $ 450 milhões
Wells Fargo	Investimento imobiliário	Contrato de empréstimos de US $ 375 milhões
Bank of America	Soluções de refinanciamento	Linha de crédito de US $ 525 milhões

Parcerias de fornecedores de tecnologia

Colaborações avançadas de infraestrutura digital:

• Microsoft Azure Cloud Services
• Salesforce CRM Platform
• Software de gerenciamento de propriedades Oracle

Rede de parceria total: 58 colaborações estratégicas em vários setores

The Macerich Company (MAC) - Modelo de Negócios: Atividades -chave

Gerenciamento de imóveis imobiliários comerciais

Gerencia 47 propriedades em 10 estados, totalizando 18,4 milhões de pés quadrados de espaço de varejo a partir do quarto trimestre de 2023.

Categoria de propriedade	Mágua quadrada total	Número de propriedades
Shoppings regionais	16,2 milhões de pés quadrados	35 propriedades
Centros comunitários	2,2 milhões de pés quadrados	12 propriedades

Desenvolvimento e aquisição do shopping center

O portfólio de investimentos no valor de US $ 5,7 bilhões em 31 de dezembro de 2023.

• Custo médio de aquisição de propriedades: US $ 150-250 milhões por propriedade
• Despesas de capital anual para desenvolvimento: aproximadamente US $ 100-150 milhões

Leasing e Gerenciamento de Relacionamento Inquilino

Taxa de ocupação de 91,2% em todo o portfólio no quarto trimestre 2023.

Tipo de inquilino	Porcentagem do espaço arrendado total
Varejo	68%
Comida & Bebida	15%
Serviços	12%
Entretenimento	5%

Renovação de propriedades e reposicionamento estratégico

Orçamento anual de renovação: US $ 75-100 milhões para atualizações de propriedades e modernização.

• Ciclo médio de renovação: 7-10 anos por propriedade
• Custo típico de renovação por propriedade: US $ 20-50 milhões

Marketing de espaço de varejo e otimização

Orçamento de marketing de US $ 15 a 20 milhões anualmente para promoção do portfólio e atração de inquilinos.

Canal de marketing	Porcentagem de alocação
Marketing digital	40%
Publicidade tradicional	30%
Engajamento da comunidade	20%
Marketing de eventos	10%

The Macerich Company (MAC) - Modelo de Negócios: Recursos -Principais

Portfólio imobiliário de shopping center premium

A partir do quarto trimestre de 2023, Macerich possui e opera 47 propriedades em 10 estados, totalizando aproximadamente 18,6 milhões de pés quadrados de espaço de varejo. O portfólio da empresa está avaliado em US $ 5,9 bilhões, com uma concentração em centros comerciais regionais e super-regionais de alta qualidade.

Métrica do portfólio	Quantidade
Propriedades totais	47
Espaço total de varejo	18,6 milhões de pés quadrados
Avaliação do portfólio	US $ 5,9 bilhões

Forte reputação da marca em gerenciamento de propriedades de varejo

Macerich mantém a Reputação de primeira linha na gestão imobiliária de varejo, com uma taxa de ocupação de 91,4% a partir do quarto trimestre 2023.

Equipe experiente de gerenciamento e desenvolvimento

• Equipe de liderança executiva com experiência média no setor de 22 anos
• Equipe de gerenciamento com histórico comprovado de aquisições e desenvolvimentos estratégicos de propriedades
• Experiência em reposicionamento de centro de varejo de ponta e reconstrução

Capital financeiro significativo e capacidades de investimento

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 7,2 bilhões
Dívida total	US $ 3,8 bilhões
Capitalização de mercado	US $ 1,6 bilhão

Locais geográficos estratégicos em mercados metropolitanos de alto tráfego

Distribuição de propriedades nas principais áreas metropolitanas:

Região de mercado	Número de propriedades
Califórnia	20
Arizona	7
Nova Iorque	5
Outros mercados	15

The Macerich Company (MAC) - Modelo de Negócios: Proposições de Valor

Experiências de alta qualidade e bem localizadas

Macerich possui 47 shopping centers regionais e comunitários em 10 estados, com uma área total de 48,1 milhões de pés quadrados a partir do quarto trimestre de 2023.

Métrica de propriedade	Valor
Total de shopping centers	47
Área Lasível Bruta Total	48,1 milhões de pés quadrados
Tamanho médio central	1,02 milhão de pés quadrados

Ambientes de varejo atraentes para marcas nacionais e locais

Taxa de ocupação de portfólio de 92,4% a partir do quarto trimestre 2023, com aluguel médio de US $ 59,45 por pé quadrado.

• Os principais inquilinos nacionais incluem Nordstrom, Apple, Macy's
• O portfólio de inquilinos âncora inclui 93% de varejistas de grau de investimento
• Vendas de inquilino por pé quadrado: $ 621

Desenvolvimentos inovadores de imóveis de uso misto

Desenvolvimento de uso misto	Localização	Investimento total
Place de Santa Monica	Santa Monica, CA.	US $ 180 milhões
Broadway Plaza	Walnut Creek, CA.	US $ 250 milhões

Mix de inquilinos premium e destinos de compras com curadoria

Representação da marca de luxo em propriedades -chave: 22% da mistura de inquilinos.

• Marcas de luxo incluem Gucci, Louis Vuitton, Hermès
• Opções de comida e jantar: 15-20% do espaço central

Engajamento aprimorado do cliente através de comodidades modernas

Métrica de engajamento digital	Valor
Downloads de aplicativos móveis	275,000
Usuários médios mensais de aplicativos	125,000
Alcance de marketing digital	1,2 milhão de assinantes

The Macerich Company (MAC) - Modelo de Negócios: Relacionamentos do Cliente

Estratégias de parceria de inquilino de longo prazo

Macerich mantém 52 propriedades de varejo em 16 estados, com 47 milhões de metros quadrados de área arrebatada. A taxa de retenção de inquilinos da empresa é de aproximadamente 89,4% a partir do quarto trimestre 2023.

Categoria de inquilino	Duração média do arrendamento	Taxa de retenção
Inquilinos ancorados	7-10 anos	92%
Varejistas especializados	3-5 anos	86%
Comida & Entretenimento	5-7 anos	88%

Suporte personalizado de leasing e gerenciamento de propriedades

Macerich fornece gerenciamento de contas dedicado para inquilinos, com um tempo médio de resposta de 2,3 horas para consultas de inquilinos.

• Pacotes de leasing personalizados
• Opções de configuração de espaço flexível
• Suporte de marketing personalizado

Plataformas de comunicação digital para interações de inquilinos

Métricas de engajamento da plataforma digital para 2023:

Recurso da plataforma	Taxa de adoção do usuário	Usuários ativos mensais
Portal de gerenciamento de inquilinos	76%	1,250
Aplicativo de comunicação móvel	62%	980

Programas regulares de manutenção e melhoria de propriedades

Investimento de propriedade anual: US $ 85,4 milhões em melhorias e reformas de propriedades para 2023.

• Avaliações trimestrais de condição de propriedade
• Programação de manutenção proativa
• Atualizações de infraestrutura de tecnologia

Atendimento ao cliente responsivo para inquilinos e compradores

Métricas de desempenho de atendimento ao cliente para 2023:

Métrica de serviço	Desempenho
Tempo médio de resposta	1,7 horas
Classificação de satisfação do cliente	4.6/5
Taxa de resolução de reclamação	94%

The Macerich Company (MAC) - Modelo de Negócios: Canais

Equipes diretas de leasing

A partir de 2024, Macerich mantém 52 profissionais de leasing direto em seu portfólio de 47 propriedades. A equipe cobre 18,2 milhões de pés quadrados de espaço de varejo.

Métrica da equipe de leasing	Dados quantitativos
Total de profissionais de leasing	52
Total de propriedades de varejo	47
Mágua quadrada gerenciada total	18,2 milhões de pés quadrados

Site corporativo e listagens de propriedades on -line

O site corporativo de Macerich recebe aproximadamente 215.000 visitantes únicos mensais. As listagens de propriedades on -line geram 37% das consultas iniciais do inquilino.

Redes de corretoras imobiliárias comerciais

A empresa se envolve com 673 corretor imobiliário comercial em todo o país. Essas redes representam 89% dos possíveis referências de inquilinos.

Feiras e conferências do setor

• Participou de 14 conferências imobiliárias nacionais em 2023
• Gerados 42 leads de inquilinos diretos através de interações da conferência
• Representou US $ 6,3 milhões em potencial receita de arrendamento

Plataformas de marketing digital e vitrine de propriedades

Plataforma digital	Engajamento mensal	Taxa de geração de leads
LinkedIn	87.500 impressões	2.4%
Instagram	62.300 seguidores	1.8%
Sites de propriedades dedicadas	129.000 visitantes únicos	3.6%

The Macerich Company (MAC) - Modelo de Negócios: Segmentos de Clientes

Marcas da cadeia de varejo nacionais

A partir de 2024, a Macerich atende a 55 marcas nacionais da cadeia de varejo em seu portfólio de 47 propriedades. Os principais varejistas nacionais incluem:

Nordstrom

Macy's

Apple Store

Bloomingdale's

Categoria de varejo	Número de lojas	Contribuição anual da receita
Vestuário	127 lojas	US $ 214,5 milhões
Eletrônica	42 lojas	US $ 89,3 milhões

Negócios de varejo locais e regionais

A Macerich suporta 312 empresas locais e regionais de varejo em seus shopping centers.

• Taxa média de ocupação local de inquilino: 92,4%
• Contribuição da receita anual comercial local: US $ 87,6 milhões
• Diversidade de mistura de inquilinos: 47 categorias de negócios diferentes

Varejistas de luxo e estilo de vida

Marca de luxo	Lojas por portfólio	Vendas médias anuais
Gucci	8 lojas	US $ 42,3 milhões
Louis Vuitton	6 lojas	US $ 38,7 milhões

Restaurantes e estabelecimentos de entretenimento

Os inquilinos de restaurantes e entretenimento representam 18,6% da ocupação total de portfólio de Macerich.

• Total de inquilinos de restaurantes: 214
• Locais de entretenimento: 37
• Receita anual de restaurantes: US $ 129,4 milhões

Inquilinos comerciais de uso misto

Tipo de inquilino comercial	Número de inquilinos	Taxa de ocupação
Espaços de escritório	72	89.3%
Espaços de trabalho de trabalho	24	76.5%

A Macerich Company (MAC) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição e desenvolvimento de propriedades

Em 2023, Macerich relatou despesas totais de aquisição e desenvolvimento de propriedades de US $ 87,4 milhões. As despesas de capital da empresa para o ano foram estruturadas da seguinte forma:

Categoria de despesa	Valor ($ m)
Aquisições de propriedades	42.6
Projetos de desenvolvimento	29.8
Investimentos de reconstrução	15.0

Custos contínuos de manutenção e renovação

As despesas anuais de manutenção e renovação do portfólio de Macerich totalizaram US $ 53,2 milhões em 2023, com a seguinte quebra:

• Manutenção de propriedade de rotina: US $ 22,7 milhões
• Principais projetos de renovação: US $ 18,5 milhões
• Reparos de infraestrutura: US $ 12,0 milhões

Gerenciamento de propriedades e sobrecarga operacional

Custos operacionais para 2023 incluídos:

Despesa operacional	Valor ($ m)
Salários de gerenciamento de propriedades	37.9
Despesas administrativas	24.6
Serviços profissionais	15.3

Investimento de marketing e leasing

As despesas de marketing e leasing para 2023 foram estruturadas da seguinte forma:

• Marketing Digital: US $ 6,8 milhões
• Comissão de Leasing: US $ 11,2 milhões
• Programas de atração de inquilinos: US $ 4,5 milhões

Atualizações de tecnologia e infraestrutura

Redução de investimentos em tecnologia para 2023:

Despesa de tecnologia	Valor ($ m)
Infraestrutura de TI	8.7
Desenvolvimento da plataforma digital	5.3
Aprimoramentos de segurança cibernética	3.2

Estrutura de custo total para 2023: US $ 204,9 milhões

The Macerich Company (MAC) - Modelo de Negócios: Fluxos de Receita

Renda de arrendamento de propriedade comercial

Para o ano fiscal de 2023, Macerich relatou receitas totais de propriedades de US $ 778,4 milhões. A empresa possui 47 shopping centers regionais nos Estados Unidos, totalizando aproximadamente 21,1 milhões de pés quadrados de área locável.

Tipo de propriedade	Área Lasível Total	Taxa de ocupação
Centers comerciais regionais	21,1 milhões de pés quadrados	90.1%

Escalas da taxa de aluguel

Em 2023, Macerich experimentou aluguel médio de US $ 59,09 por pé quadrado, com aumentos contratuais de aluguel incorporados em acordos de arrendamento.

Taxas de gerenciamento de propriedades

As taxas de gerenciamento de propriedades para 2023 totalizaram US $ 23,7 milhões, representando receita adicional além da receita direta do arrendamento.

Aluguel percentual de inquilinos de alto desempenho

As contribuições percentuais do aluguel em 2023 totalizaram US $ 14,2 milhões, derivadas de inquilinos que excedam os limiares de vendas especificados.

Categoria de inquilino	Contribuição percentual de aluguel
Varejistas de luxo	US $ 6,5 milhões
Lojas especializadas	US $ 4,7 milhões
Locais de entretenimento	US $ 3,0 milhões

Distribuições de Dividendos de Confiança de Investimento Imobiliário (REIT)

Para o ano fiscal de 2023, Macerich declarou dividendos totais de US $ 1,00 por ação, com uma distribuição total de dividendos de aproximadamente US $ 96,5 milhões.

• Rendimento de dividendos: 6,2%
• Frequência de dividendos: trimestralmente
• Dividendo anual por ação: US $ 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.