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Here are 1-2 brief analogies for Macerich (MAC):

• Simon Property Group (SPG) for high-end shopping malls.
• Marriott (MAR) for shopping malls (owning and managing a portfolio of large retail properties).

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• Retail Real Estate Leasing: Providing leasable retail space within their portfolio of high-end shopping centers and malls to various tenants.
• Property Management: Operating and maintaining their retail properties, including common areas, security, and marketing, to create desirable shopping environments.
• Ancillary Services: Generating additional revenue through services like advertising opportunities, event hosting, and parking within their properties.

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Macerich (MAC) is a Real Estate Investment Trust (REIT) that owns, operates, and develops shopping centers, primarily high-end regional malls. As such, its primary customers are the businesses that lease retail space within its properties.

The company sells primarily to other companies. While Macerich has a highly diversified tenant base across hundreds of retailers, restaurants, and entertainment venues, and no single tenant typically accounts for a significant portion of its total revenue, some of the major types of companies that are its customers include large department stores, apparel retailers, and specialty stores. Examples of such customer companies that lease space from Macerich, and are public companies, include:

• Macy's, Inc. (Symbol: M)
• Nordstrom, Inc. (Symbol: JWN)
• The Gap, Inc. (Symbol: GPS)

These examples represent the kinds of prominent national and international retail chains that commonly operate stores within Macerich's portfolio of shopping centers.

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Jackson Hsieh President & CEO and Director

Jackson Hsieh became President and Chief Executive Officer of Macerich in March 2024. Prior to joining Macerich, Mr. Hsieh served as President and Chief Executive Officer of Spirit Realty Capital, beginning in 2017. During his tenure at Spirit Realty Capital, he led the successful merger of Spirit with Realty Income Corporation, an all-stock transaction with an enterprise value of approximately $9.3 billion. Before his time at Spirit, Mr. Hsieh spent decades as a high-level global banking executive, including roles as Managing Director and Vice Chairman of Investment Banking at Morgan Stanley and Vice Chairman and Sole/Co-Global Head of UBS's Real Estate Investment Banking Group.

Daniel E. Swanstrom II Senior Executive Vice President, Chief Financial Officer and Treasurer

Daniel E. Swanstrom II was appointed Chief Financial Officer of Macerich, effective November 16, 2024. He brings over 20 years of experience in the real estate industry. Mr. Swanstrom previously served as Executive Vice President and Chief Financial Officer of CorePoint Lodging Inc. from 2018 to 2022. He also held the position of Chief Financial Officer and Executive Vice President of Monogram Residential Trust, Inc. from 2015 to 2017. From 2013 to 2015, he was an Executive Director of the Real Estate Investment Banking Division at Morgan Stanley. He has served as CFO at two public REITs.

Steven R. Hash Independent Chairman

Steven R. Hash was elected Independent Chairman of Macerich in 2018 and has served on its Board as an independent director since 2015. He co-founded Renaissance Macro Research, LLC, an equity research and trading firm, where he served as President and Chief Operating Officer from its inception in 2012 until his retirement in April 2020. From 1993 to 2012, Mr. Hash held various leadership positions with Lehman Brothers and its successor, Barclays Capital, including Global Head of Real Estate Investment Banking and Chief Operating Officer of Global Investment Banking.

Doug Healey Senior Executive Vice President, Leasing

As Senior Executive Vice President, Doug Healey is responsible for directing the strategic leasing for Macerich's entire portfolio of full-price regional shopping centers. Mr. Healey has over 20 years of experience in retail merchandising and has held tenures with widely recognized commercial retail property owners and developers. He joined Wilmorite Properties as a leasing representative in 1991, and in 2005, he assumed oversight of Macerich's East Coast leasing operations following the company's acquisition of the Wilmorite portfolio.

Scott Nelson Senior Vice President, Real Estate Services

Scott Nelson serves as Senior Vice President of Real Estate Services for Macerich, where he manages development and redevelopment projects within the company's West Region portfolio. Mr. Nelson has over 18 years of experience in real estate and management consulting. Before joining Macerich, he worked with Ernst & Young's Management Consulting firm, collaborating with Fortune 500 companies to implement business best practices. He has been with Macerich since 2003, and has held his current position since 2014.

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1. Impact of Online Shopping and E-commerce: The increasing adoption of online shopping poses a significant threat to Macerich's market share for its brick-and-mortar retail centers. This shift in consumer behavior can adversely affect the demand for physical retail space.
2. High Leverage and Interest Rate Exposure: Macerich operates with a substantially leveraged balance sheet and carries a high level of net debt relative to its EBITDA. This financial structure leads to significant interest expenses, and the need for further refinancing in the near future exposes the company to risks associated with rising interest rates and potential refinancing challenges.
3. Tenant Bankruptcies and Macroeconomic Headwinds: The company's performance is susceptible to potential tenant bankruptcies, closures, mergers, or consolidations. Additionally, broader macroeconomic headwinds, such as economic downturns, can negatively impact demand for retail space, lease rates, and tenant creditworthiness, thereby affecting Macerich's operational and financial results.

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The increasing adoption and sophistication of livestream shopping platforms represents a clear emerging threat. This model allows consumers to purchase products, including luxury and fashion items, directly from live video streams, potentially reducing the need for physical visits to malls for browsing and impulse purchases. As this trend grows, it could divert significant retail sales and consumer engagement away from traditional brick-and-mortar stores, impacting foot traffic and tenant demand within Macerich's properties.

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The Macerich Company (MAC) is anticipated to drive future revenue growth over the next two to three years through a combination of increased leasing activity, rising occupancy rates, strategic redevelopments and re-tenanting, and a growing Signed Not Open (SNO) pipeline.

Here are the key expected drivers:

1. Increased Leasing Activity: Macerich has demonstrated significant momentum in its leasing efforts. In the third quarter of 2025, the company signed 1.5 million square feet of new and renewal leases, marking an 87% increase from Q3 2024. Year-to-date, signed leases totaled 5.4 million square feet, an 86% increase compared to the same period in 2024. This surge in leasing activity is expected to translate into higher rental income.
2. Occupancy Growth: Alongside robust leasing, Macerich has seen an improvement in its portfolio occupancy rates. Occupancy rose to 93.4% at the end of the third quarter of 2025, up 140 basis points from the previous quarter. The go-forward portfolio occupancy was even higher at 94.3%. This upward trend in occupancy directly contributes to increased rental revenue as more spaces are leased.
3. Strategic Redevelopment and Re-tenanting: Macerich is actively redeveloping and re-tenanting its properties, particularly focusing on optimizing spaces formerly occupied by tenants like Forever 21. The company has commitments on 74% of the former Forever 21 square footage, with new brands paying "significantly more rent." This strategy allows Macerich to enhance the tenant mix and secure higher rental rates, thereby boosting revenue.
4. Growth in Signed Not Open (SNO) Pipeline: The company's SNO pipeline has shown considerable growth, expanding from $87 million in August to $99 million as of the Q3 2025 earnings call, with a target to exceed $100 million by year-end and potentially reaching $140 million with the inclusion of Crabtree Mall. The conversion of these signed but not yet open leases into operational stores will contribute to future revenue streams.
5. "Path Forward" Plan for Operational Performance: Macerich's "Path Forward" plan, which emphasizes improving operational performance, is expected to contribute to revenue growth. This includes strategic acquisitions like Crabtree Mall, which is anticipated to be a compelling investment and contribute to the SNO pipeline. The plan also aims to simplify the business and strengthen the balance sheet, indirectly supporting revenue-generating initiatives.

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Share Repurchases

• Macerich did not make any share repurchases under its Stock Buyback Program during the nine months ended September 30, 2025, or in 2024.

Share Issuance

• In November 2024, Macerich completed a public offering of 23,000,000 shares of common stock at $19.75 per share, generating gross proceeds of approximately $454.25 million and net proceeds of approximately $439.41 million.
• During the third quarter of 2025, the company issued 2.8 million shares of common stock through its ATM Program, yielding approximately $50 million in net proceeds at a weighted average price of $18.03 per share.
• Macerich has utilized an "at the market" (ATM) offering program, with the 2021 ATM Program being fully utilized by September 30, 2024, and a 2024 ATM Program authorized for up to $500 million.

Outbound Investments

• Macerich acquired Crabtree Mall for approximately $290 million, funded by cash on hand and $100 million from its revolving line of credit.
• In May 2024, Macerich acquired the remaining 40% share of Arrowhead Towne Center and South Plains Mall from a joint venture partner for $36.5 million plus debt, gaining full ownership of these assets.
• For the nine months ended September 30, 2025, Macerich's operating cash flow supported $266.9 million in property acquisitions and $75.4 million in development spending.

Capital Expenditures

• Macerich supported $75.4 million in development spending during the nine months ended September 30, 2025.
• The company's capital expenditures include property improvements and leasing capital, with an ongoing focus on reinvesting in its best assets to refine its tenant mix.
• Significant capital costs are anticipated for commencing new leases, with the large majority of new stores expected to open in the latter half of 2027 and early 2028.