Macerich Co (NYSE: MAC) is a real estate investment trust (REIT) that owns, operates, and redevelops regional and town center shopping malls across the United States. The company generates revenue primarily through base rents and percentage rents collected from retail tenants leasing space within its mall portfolio. The 10-K filed 2026-02-20 (accession 000091224226000016) identifies tenant demand, anchor store health, lease rates, and availability of financing as the primary drivers of operating performance. Risk factors cited in the filing include anchor or tenant bankruptcies, closures, mergers, and consolidations, as well as competition from other retail formats and technology. The filing also notes exposure to elevated interest rates affecting borrowing costs on floating-rate debt and potential mortgage loan defaults. Macerich operates as a REIT, making it a dividend-oriented, capital-intensive structure dependent on occupancy levels and rental income from a diversified retail tenant base.

Revenue model

Base rents and percentage rents from retail tenants leasing space in shopping malls; REIT structure requires distribution of taxable income to shareholders.

Products and services

Ownership, operation, leasing, and redevelopment of regional and town center shopping malls.

Customers and end markets

Retail tenants including anchor stores and in-line retailers; end markets include consumer retail spending at enclosed and open-air mall properties.

Value-chain role

Property owner and operator; landlord to retail tenants; real estate developer and redeveloper of mall assets.

Geographic exposure

United States (regional and local markets, as referenced in the FY2025 10-K filed 2026-02-20).

Source: SEC 10-K, filed 2026-02-20

Industry: Real Estate Investment Trusts Peers: SPIRIT REALTY CAPITAL, INC. Site Centers Corp Getty Realty Corp Inventrust Properties Corp Kite Realty Group Trust RETAIL OPPORTUNITY INVESTMENTS CORP Phillips Edison & Co Inc Realty Income Corp Tanger Inc Urban Edge Properties