The Macerich Company is a real estate investment trust (REIT) that functions as a fully integrated, self-managed owner, operator, and developer of high-quality retail real estate. The company's portfolio consists primarily of regional retail centers and is concentrated in densely populated U.S. markets. Key areas of ownership and investment include California, the Pacific Northwest, the Phoenix/Scottsdale region, and the corridor stretching from Metro New York to Washington, D.C. A notable part of the company's strategy includes the active development and redevelopment of its properties.
Macerich is currently executing a multi-year "Path Forward Plan" aimed at deleveraging its balance sheet, optimizing its real estate portfolio, and improving operational metrics. The strategy heavily focuses on selling non-core properties to achieve a $2.0 billion disposition target, while simultaneously executing on a goal to lease 1,000 new units to elevate and transform the merchandising mix of its go-forward assets. The company continues to prioritize its higher-quality Class A mall properties while selectively acquiring assets that present value-add lease-up opportunities.
The company is also operating with the expanded scale of historical joint venture consolidations from recent years. In October 2024, Macerich acquired its partner's 40% interest in the Pacific Premier Retail Trust (PPRT) portfolio—which included Los Cerritos Center, Washington Square, and Lakewood Center—for $122.1 million at a 7.4% cap rate. Previously, in May 2023, the company acquired Seritage's remaining 50% ownership interest in a joint venture that owned five former Sears parcels for a total purchase price of $46.7 million.
**Acquisitions**
**Dispositions**
**Refinancings, new loans & other capital markets**
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