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REIT that owns and operates high-quality regional shopping malls and lifestyle centers across the US.
REIT that owns and operates high-quality regional shopping malls and lifestyle centers across the US.
Collects base rent and sales-linked percentage rent from retailers and charges tenants for property costs, so income depends on occupancy and how much retailers sell. Some malls are owned through joint ventures with other investors. Under a plan launched in 2024 it is selling weaker malls and concentrating on its best-located centres and on adding housing and offices at them.
Moat: narrow (scale, installed base). Well-located malls in dense, affluent trade areas are hard to replicate, but mall retail demand has structurally declined.
Headquarters: Santa Monica, California, United States · Founded: 1964 · Employees: 598
Size Macerich (MAC) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $7.04B, the 958th largest of 3,117 United States companies the cockpit tracks. Shares closed at $24.84 on 6 Nov 2026.
Performance Over six months the shares gained 13.6%, against +0.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 9.5% over the last twelve months (peer median +5.6%); the operating margin is -5.7% (peer median 41.5%).
Valuation It trades at 2.50× book value against a peer median of 1.39× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 33.9%; Macerich delivers -14.5%, so the price asks more than the business earns today.
Short interest Short interest is 11.8% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.01B | $1.02B | $924M | $881M | $859M |
| Revenue growth | — | +10% | +5% | +3% | — |
| Gross profit | -$18.3M | $204M | $199M | $204M | $177M |
| EBITDA | $510M | $525M | $474M | $495M | $417M |
| Net income | -$392M | -$198M | -$195M | -$275M | -$66.9M |
| Free cash flow | $187M | $267M | $210M | $444M | $374M |
| Capital expenditure | $230M | $173M | $173M | $160M | $97.9M |
| Total debt | $4.98B | $5.14B | $5.06B | $4.41B | $4.64B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Macerich MAC | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% |
| Simon Property SPG | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% |
| CBL & Associates Properties CBL | $1.46B | 0% | +9% | 61% | 3.43× | 33.7% |
| Tanger SKT | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% |
| Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod URW.PA | n/a | -7% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | +5.5% | 5th highest of 21 |
| 6-month return | +13.6% | +0.4% | 4th highest of 21 |
| Return on equity | -14.5% | 7.2% | lowest of 21 |
| Price / book | 2.50× | 1.39× | 4th most expensive of 21 |
| ROE the price implies | 33.9% | 11.9% | 2nd most demanding of 21 |
| ROE delivered | -14.5% | 7.2% | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |