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The Macerich Company provides retail space in U.S. shopping centers such as Tysons Corner Center, and develops and redevelops those properties. Retailers pay fixed rent, rent linked to store sales, or both, and generally contribute toward property taxes and operating costs. Smaller mall shops and freestanding stores supply most rent, rather than large-format and anchor stores. Dick’s Sporting Goods is its largest tenant by rent, but accounts for only a small share of the total.
The business depends on keeping space leased, renewing leases at viable rents and tenants selling enough to pay their bills. Anchor-store closures can also allow other tenants to reduce rent or leave, extending the impact beyond the vacated space. Many of its centers are in California, New York and Arizona, making local retail conditions in those states particularly important.
Macerich relies mainly on outside borrowing to fund growth and meet debt maturities. It operates as a real estate investment trust, or REIT, whose tax rules require it to distribute most taxable income to shareholders and restrict certain property sales. These requirements limit how much cash it can retain and its flexibility to sell assets.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Simon Property Group and The Macerich Company compete to rent regional-mall space to retailers, so those retailers’ sales and expansion plans shape both landlords’ occupancy and achievable rents. Watch Simon’s mall leasing for signs of retailers’ willingness to take space.
CBL & Associates Properties, Inc. and The Macerich Company both collect rent from regional-mall retailers and depend on tenant sales, rent payments and successful redevelopment. CBL’s efforts to add non-retail uses on land and parking areas offer a concrete test of whether redevelopment can bring more shoppers and sales.
Tanger Inc. competes with The Macerich Company for apparel and other discretionary retailers’ rent payments and shoppers, offering outlets and open-air lifestyle centers instead of malls. Watch leasing to apparel, footwear and accessories brands for demand for these alternative store locations.
Federal Realty Investment Trust competes with The Macerich Company for rent-paying retailers seeking strong sales and experience-oriented shopping settings, through retail centers and properties combining retail with other uses. Federal Realty’s tenant sales and rent growth show how well its densely populated, affluent locations support that offer.
UBRAN EDGE PROPERTIES competes with The Macerich Company for retailers renting space in affluent metropolitan trade areas, through malls, outlets and shopping centers. Its tenant sales and room to raise existing rents toward market levels are worth watching, chiefly along the Washington, D.C.-to-Boston corridor.
Acadia Realty Trust gives retailers alternatives to The Macerich Company’s malls through urban street shops and open-air retail properties in metropolitan markets with limited property supply. Its rental revenue is worth watching as a measure of how these competing locations perform.
The Macerich Company’s largest rent exposure to a single tenant is Dick’s Sporting Goods: its 67 locations represented 4.0% of rents in place at December 31, 2025. Dick’s sells sports equipment, apparel and footwear to shoppers; its store sales and plans for experience-focused stores are worth watching against that rent exposure.
Victoria’s Secret pays rent to The Macerich Company for 37 locations, representing 2.2% of rents in place at December 31, 2025. Its sales of women’s intimates, apparel and beauty products through stores and digital channels provide a read on the business supporting those leases.
Signet Jewelers pays The Macerich Company rent for 82 locations, representing 1.9% of rents in place at December 31, 2025. Its jewelry sales through stores and websites are worth watching, particularly purchases for gifts, where it competes with other discretionary spending.
Abercrombie & Fitch pays rent to The Macerich Company for 46 locations, accounting for 1.8% of rents in place at December 31, 2025. Watch Hollister’s store sales in particular: in fiscal 2025, stores generated most Hollister sales, while digital channels generated most Abercrombie-brand sales.
Fed Interest Rate Decision
Macerich’s rate-sensitive debt and refinancing needs link Fed policy rates to the interest it pays and the cash left for its shopping centers and distributions.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets rates higher than expected, Macerich may pay more on debt that reprices and on new or refinanced loans, leaving less cash for property operations and distributions.
If it comes in below expectations
If the Fed sets rates lower than expected, repricing debt and new or refinanced loans may cost Macerich less, leaving more cash for property operations and distributions.
The Macerich Company earningsThis company
Most of Macerich’s rent comes from smaller mall stores, and this report will show whether their sales can support higher rents while keeping space occupied.
Read sales at smaller stores and leased occupancy alongside the rent per square foot on new and renewed leases versus expiring leases. Steady sales and occupancy, with new rents above expiring rents, would show Macerich can retain tenants and raise income from its main rent base. Weaker sales or occupancy, or new rents no longer above expiring rents, would point to harder renewals and leasing, and more pressure on rent growth.
Simon Property Group, Inc. earningsSPG
Simon Property Group’s mall leasing will show whether retailers still take space and pay rent in the regional-mall market where Macerich also leases space.
Look at Simon’s mall occupancy and rents on new leases. Steady occupancy and supported rents would suggest retailers are still seeking mall space, giving Macerich a better chance to maintain occupancy and rents. Weaker occupancy or rents would point to mall landlords competing harder for tenants, a tougher leasing market for Macerich too.
CBL & Associates Properties, Inc. earningsCBL
CBL & Associates Properties’ report can show whether adding non-retail uses on mall land and parking areas also supports shop activity and sales, a relevant test for Macerich’s redevelopment efforts.
Look for what CBL reports about its non-retail redevelopment, alongside whether mall tenant sales are holding up. Redevelopment that brings activity while shop sales remain firm would suggest other uses can help sustain mall customers, a useful signal for Macerich’s projects. If redevelopment proceeds without supporting shop sales, adding non-retail uses alone may not solve weak retail demand.
Retail Sales MoM (Oct)
Retail sales track how much shoppers spend at stores, and matter to Macerich because sales at the smaller Mall and Freestanding Store tenants that provide about 73% of rents support their ability to pay rent and can generate percentage rent tied to sales.
Stronger retail sales suggest that Macerich’s smaller store tenants may be better able to pay rent and may generate more sales-linked percentage rent; weaker sales suggest more pressure on rent-paying capacity and less such rent.
Dick's Sporting Goods, Inc. earningsDKS
Dick’s Sporting Goods is Macerich’s largest single tenant, and its store sales and store plans will show how well the rent from those 67 locations is supported.
Read Dick’s store sales alongside its plans to invest in stores. Steady sales and continued store investment would suggest this tenant, which accounts for 4.0% of Macerich’s rents in place, can sustain its locations. Weaker sales or reduced store investment would put the durability of rent from those 67 locations more in question.
