Macerich Company (MAC)

Over the past six months, Macerich's stock gained 16.2%, outperforming the industry's decline, attributed to its premium shopping centers and capital-recycling program. In Q3 2025, Macerich reported an EPS of $0.35, missing estimates, but quarterly revenue rose 15.0% year-over-year. Earlier in the year, the Q1 2024 earnings report caused a stock price drop due to performance below expectations, partly attributed to the Express bankruptcy and increased interest expenses. Macerich announced a quarterly dividend of $0.17 per share and continues to focus on its "Path Forward Plan" to simplify the business, improve performance, and reduce debt.

Macerich's properties are subject to the seasonality of retail sales, typically favoring the fourth quarter due to holiday shopping. The business model includes providing opportunities for specialty leasing such as pop-up shops and kiosks, catering to evolving consumer trends and seasonal retail demands.

Macerich Co. is a fully integrated REIT specializing in high-quality retail and mixed-use properties, primarily focusing on regional malls and shopping centers in densely populated U.S. markets. The company leases retail space, manages properties, and develops properties with experiential elements, dining, entertainment, and office/residential components. Macerich owns interests in 38 retail centers, encompassing 39 million square feet.

Macerich's portfolio is concentrated in key metropolitan areas across the United States, including California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.

Macerich has maintained a strong brand reputation, achieving the #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years (2015-2024). In 2024, Macerich earned inclusion on the CDP Climate Change A List and was recognized among Newsweek's "America's Most Responsible Companies."

Institutional shareholders own 99.43% of Macerich's stock, with major holders including BlackRock, Inc., Vanguard Group Inc, Fmr Llc, State Street Corp, Smead Capital Management, Inc., and Jpmorgan Chase & Co. The largest single shareholder is Teachers Pension Plan Board Ontario, holding 26.86% of the company's stock. Individual insiders hold 37.63% of the company's stock.