MACERICH Business Summary

Macerich (NYSE: MAC) is a self-managed Real Estate Investment Trust (REIT) specializing in the acquisition, leasing, and management of high-productivity, Class A regional shopping centers in affluent, high-density U.S. gateway markets. The company generates revenue primarily through long-term lease agreements with premier retailers, comprising fixed base rents, percentage rents based on tenant sales, and recoveries for common area maintenance (CAM) and property taxes. Its portfolio is concentrated in high-barrier-to-entry markets across California, the Pacific Northwest, Phoenix/Scottsdale, and the Northeast, with a strategic focus on the "Path Forward" initiative to densify assets with mixed-use and experiential components. Macerich competes directly with Simon Property Group, Kimco Realty, and Federal Realty Investment Trust; it distinguishes itself through a highly concentrated portfolio of top-tier, high-sales-per-square-foot assets, positioning the firm as a premium niche operator within the institutional retail real estate sector. The leadership team is led by President and CEO Jackson (Jack) Hsieh, who joined in 2024 after serving as CEO of Spirit Realty Capital and holding senior investment banking roles at Morgan Stanley and UBS. He is supported by Senior Executive Vice President and CFO Dan Swanstrom, an industry veteran with deep expertise in real estate capital markets and financial strategy. The company’s governance is overseen by a Board of Directors led by Independent Chairman Steven R. Hash, formerly of Lehman Brothers and Citigroup. While founded in 1964 by Mace Siegel and Richard Cohen, the modern Macerich is backed by significant institutional stakeholders, including the Ontario Teachers' Pension Plan, BlackRock, and Vanguard, who support the firm’s current multi-year strategic pivot toward deleveraging and asset optimization.