The Macerich Company Investor Relations Material

Macerich is an American real estate investment trust (REIT) specializing in the ownership, development, and management of retail properties, primarily focusing on high-end shopping malls. The company’s properties are usually strategically located in densely populated and affluent areas. Macerich's strategy involves not only traditional retail operations but also a focus on transforming mall spaces into mixed-use developments, incorporating elements like residential units, offices, and entertainment facilities. The company is headquartered in Santa Monica, California, and its shares are listed on the NYSE.

A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. These types of companies make it possible for individual investors and institutions to earn dividends from real estate investments without having to buy, manage, or finance any properties themselves. To qualify as a REIT, a company must comply with certain IRS regulations, including paying at least 90% of its taxable income in dividends to shareholders, which provides a regular income stream for investors. Similar companies to Macerich that also operate as REITs include Simon Property Group, Regency Centers, and Brixmor Property.

Macerich was established in 1964 by Mace Siegel and Richard Cohen, whose names served as inspiration for the name of the company. It started as a small real estate management and over the years it evolved into a major player in the shopping mall industry. In 1994, Macerich took a significant step by going public as a REIT, which enabled larger-scale investments and growth. The company expanded its portfolio through strategic acquisitions, including notable purchases like the acquisition of Westcor in 2002 and Wilmorite in 2005, significantly expanding its presence in the retail property sector.

Macerich's business model revolves around investing in, developing, and managing high-end retail properties, primarily focusing on upscale shopping malls. The company strategically selects locations in densely populated, affluent areas, aiming to attract premium retailers and upscale consumers. Additionally, Macerich has been adapting its business model by incorporating mixed-use elements into its properties. This includes adding residential units, office spaces, and leisure facilities in order to diversify its tenants and sources of revenue.