$MAC The Macerich Company | Understand Stock

What Do They Do?

Owns, develops, manages and leases shopping centers to retail tenants, and provides property and leasing services to shopping-center owners.

How Do They Make Money?

Retail tenants pay rent over lease terms, with some rent tied to sales and reimbursements tied to property expenses; the Management Companies charge monthly fees based on the rental revenue of properties they manage.

revenue

Segment	Share	Revenue	How money arrives
Other Recurring	64% FY2022: 51%		Recurring
Management Companies Recurring	36% FY2022: 49%		Recurring

Who Are Their Customers?

Retail tenants, including anchor stores and other mall retailers, lease space in the centers. The Management Companies also serve affiliated and outside shopping-center owners.

Do Revenues Turn Into Profits?

No. It lost $197.1M in FY2025.

Net income, FY2025

−19% of revenue

▲ +2% (Loss) vs FY2024 (−$194.1M, −21%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ 0%; vs $249.8M in Q2 FY2025
Net income: ▼ −34% (Loss); vs −$40.9M in Q2 FY2025

Other share of revenue vs 65.2% in Q2 FY2025

Growing. Revenue grew 20% in 4 years, from $847.4M in FY2021 to $1B in FY2025, about 5% a year.

Revenue over time

Other Management Companies

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025