The Macerich Company (MAC) is a Real Estate stock trading at $24.40 (as of 2026-08-21), with a market capitalization of $6.92B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Macerich is a real estate investment trust focused on acquiring, leasing, managing, and developing or redeveloping regional shopping centers in the United States. It owns interests totaling about 51 million square feet across 47 regional malls and serves retail tenants through its mall properties.
Understand The Macerich Company: how it makes money
Macerich owns and manages regional shopping malls and earns money primarily from leasing space to retail tenants, with additional rent tied to its leasing pipeline and some revenue from management companies.
Macerich’s profit engine is rent, because the company’s mall footprint (regional shopping centers it leases and manages) creates leasing revenue, and incremental rental results are linked to leasing pipeline execution, with management company revenue as a smaller add-on stream.
Business quality (Weak): Good business model clarity from the company description, but limited financial depth in the provided data, since operating and gross margins are not shown and the segment-style figures provided may not reconcile cleanly to the reported total revenue.
Bull case
Leasing-led revenue model tied to a large mall portfolio: The company focuses on acquiring, leasing, management, development, and redevelopment of regional malls, and currently owns 51 million square feet across interests in 47 regional shopping centers.
Potential upside from leasing pipeline activity: The provided figures include Incremental Rental Revenue from Leasing Pipeline (Aggregate) (0.07B) and New Store Leasing Pipeline Gross Revenue at Our Share (Incremental Estimate) (0.09B), indicating a pipeline component to revenue.
Secondary contribution from management company revenues: Management Companies' Revenues (0.01B) adds a smaller, distinct revenue stream alongside leasing revenue.
Bear case
Leasing pipeline outcomes may not translate into incremental rent consistently: Incremental Rental Revenue from Leasing Pipeline (Aggregate) is explicitly tracked (0.07B), so results depend on leasing pipeline progress.
Management company revenue is a small portion: Management Companies' Revenues (0.01B) is minor versus leasing-related figures, so weakness in this area may have limited offset value.
Limited provided visibility into profitability: Gross margin and operating margin are not provided (null), so it is harder to assess how leasing revenue changes flow through to operating performance.