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The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 39 million square feet of real estate, consisting primarily of interests in 38 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. The Macerich Company was incorporated in 1964.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | $448M | $-197M | $322M | -8.1% | 10.4% | 1.6% |
| 2024 | $918M | $327M | $-194M | $283M | -7.0% | 3.9% | -29.2% |
| 2023 | $884M | $191M | $-274M | $296M | -11.2% | 2.9% | 314.8% |
| 2022 | $859M | $455M | $-66M | $338M | -2.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 859.16 | 884.07 | 918.20 | 1,013.98 |
| Cost Of Revenue | - | 390.35 | 394.89 | 430.27 | 457.60 |
| Gross Profit | - | 468.81 | 489.18 | 487.94 | 556.38 |
| Operating Expense | - | 318.78 | 311.60 | 322.92 | 388.62 |
| Operating Income | - | 150.04 | 177.58 | 165.01 | 167.76 |
| EBITDA | - | 454.96 | 190.72 | 326.90 | 448.39 |
| EBIT | - | 152.48 | -105.67 | 21.02 | 80.29 |
| Pretax Income | - | -64.37 | -278.59 | -198.96 | -203.25 |
| Tax Provision | - | 0.70 | -0.49 | -1.30 | -2.19 |
| Net Income | - | -66.07 | -274.06 | -194.12 | -197.15 |
| Net Income Common Stockholders | - | -66.92 | -274.94 | -195.03 | -197.92 |
| Total Expenses | - | 709.13 | 706.49 | 753.19 | 846.22 |
| Interest Expense | - | 216.85 | 172.92 | 219.99 | 283.54 |
| Selling General And Administration | - | 27.16 | 29.24 | 28.14 | 31.54 |
| Normalized EBITDA | - | 447.26 | 317.04 | 273.54 | 571.81 |
| Normalized Income | - | -72.15 | -147.97 | -247.13 | -93.73 |
| Market Cap | 5,515.73 | 5,515.73 | 5,515.73 | 5,515.73 | 5,515.73 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Macerich Companythis co. | MAC | - | -27.98 | 2.25 | -8.1% | 23.13 |
| Apple Hospitality REIT, Inc. | APLE | $3.1B | 17.75 | 0.99 | 5.6% | 10.56 |
| Curbline Properties Corp. | CURB | $3.0B | 74.46 | 1.55 | 2.1% | 24.85 |
| Urban Edge Properties | UE | $2.7B | 32.46 | 2.36 | 7.3% | 14.89 |
| Highwoods Properties, Inc. | HIW | $2.6B |
| - |
| - |
| - |
| - |
| - |
| 16.50 |
| 1.12 |
| 6.8% |
| 10.10 |
| Four Corners Property Trust, Inc. | FCPT | $2.6B | 24.84 | 1.71 | 6.9% | 17.72 |
| Uniti Group Inc. | UNIT | $2.4B | 2.23 | 7.64 | 343.1% | 5.31 |
| DiamondRock Hospitality Company | DRH | $2.4B | 20.62 | 1.44 | 7.0% | 11.69 |
| Getty Realty Corp. | GTY | $2.0B | 25.54 | 1.89 | 7.4% | 16.00 |
| Peer Median | - | 22.73 | 1.63 | 7.0% | 13.29 | |