MACMACERICH CO

Real Estate Investment Trusts

Revenue: $1.0B; 10% YoY
Operating margin: —
EBITDA: —
Market cap: $6.9B
Employees: 598; $2M revenue each
Net debt / EBITDA: —; $4.6B net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
59% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 66th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$64K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$847M	$859M	$884M	$918M	$1.0B	10%
Net income	$14M	−$66M	−$274M	−$195M	−$197M	1.1%
Operating cash flow	$286M	$338M	$296M	$283M	$322M	13%
Stock-based comp	$14M	$18M	$13M	$12M	$18M	50%
Dividends	$143M	$186M	$159M	$161M	$188M	17%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 10, 2021	PASSIVE INVESTMENT TRUST	SC 13D/A	4.9%	Passive
Jan 29, 2021	PASSIVE INVESTMENT TRUST	SC 13D/A	5.5%	Passive
Jan 28, 2021	ONTARIO TEACHERS PENSION PLAN BOARD	SC 13D/A	0.0%	Passive
Oct 7, 2020	PASSIVE INVESTMENT TRUST	SC 13D/A	6.8%	Passive
Aug 12, 2020	PASSIVE INVESTMENT TRUST	SC 13D	6.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $64K · 1
Net: −$64K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	211	174
FY2024	—	—	219	166
FY2023	—	—	166	146
FY2022	—	—	114	132
FY2021	—	—	168	152