Macerich owns and operates a portfolio of 38 regional shopping malls across the U.S., totaling approximately 39 million square feet of gross leasable area. Macerich leases space to two types of tenants: large anchor tenants (department stores and large-format retailers like Dick's Sporting Goods, Target, and Primark) that drive foot traffic, and smaller inline Mall Store tenants (under 10,000 sq ft) that generate the majority of rental revenue. Revenue comes from base rent, percentage rent tied to tenant sales, and expense recoveries. Macerich is structured as a REIT and is self-administered, managing leasing and property operations internally. The portfolio is divided into a Go-Forward Portfolio of 32 core assets and non-core "Eddy" assets being sold or returned to lenders. Within the Go-Forward Portfolio, Macerich further categorizes assets as "Fortress" (its highest-quality, dominant malls), "Fortress Potential," and "Steady Eddies." Macerich is executing a multi-year "Path Forward Plan" focused on three pillars: deleveraging the balance sheet toward a low-to-mid 6x net debt to EBITDA target, aggressive leasing and anchor re-tenanting, and selective mixed-use redevelopments at key assets including Scottsdale Fashion Square, Green Acres Mall, and Flatiron Crossing. Macerich also resumed acquisitions in 2025, targeting value-add deals where its leasing platform can drive occupancy gains.