Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
The Macerich Company is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, leasing, and redevelopment of high-quality regional shopping centers. The company operates within the retail real estate industry, with a strategic focus on Class A and flagship malls located in densely populated, high-income urban and suburban markets. Its primary revenue drivers are base rent, percentage rent, and other tenant-related income generated from long-term leases with national, regional, and local retailers.
Founded in 1963, Macerich evolved from a regional shopping center developer into one of the largest mall-focused REITs in the United States. The company gained scale through organic development and acquisitions, including the transformative merger with the mall portfolio of Simon Property Group in 2005. Over time, Macerich has repositioned its portfolio toward fewer, higher-quality assets, emphasizing experiential retail, mixed-use redevelopment, and long-term value creation through asset densification.
Business Operations
Macerich operates a single reportable business focused on retail real estate ownership and operations, primarily consisting of regional shopping centers and urban flagship properties. Revenue is generated through leasing retail space to tenants across sectors such as apparel, dining, entertainment, and specialty retail, as well as through redevelopment projects that enhance property value and tenant mix. The company actively manages leasing, marketing, and redevelopment to drive foot traffic and tenant sales productivity.
Operations are predominantly domestic, with properties located across major U.S. metropolitan areas. Macerich controls and manages its assets directly, supported by in-house expertise in leasing, redevelopment, finance, and property management. The company conducts business through its operating partnership, The Macerich Partnership, L.P., which holds substantially all real estate assets and related operations.
Strategic Position & Investments
Macerich’s strategy centers on concentrating capital in high-performing assets while selectively disposing of non-core properties to strengthen its balance sheet. Growth initiatives include redevelopment and mixed-use expansion projects that add residential, office, hotel, and entertainment components to existing mall sites, increasing asset density and long-term cash flow potential. The company has emphasized disciplined capital allocation and debt reduction in response to changing retail dynamics.
The company has made targeted investments in property enhancements and tenant experiences rather than large-scale acquisitions in recent years. Notable redevelopment projects span several flagship centers, and Macerich has historically partnered with institutional investors on select assets through joint ventures to share risk and access capital while retaining operational control.
Geographic Footprint
Macerich’s portfolio is concentrated in major U.S. markets, with a strong presence in California, Arizona, New York, Illinois, Pennsylvania, and Virginia. The company’s headquarters are located in Santa Monica, California, reflecting its historical roots and concentration on coastal and gateway markets.
While operations are primarily domestic, Macerich’s assets exert national influence through their locations in globally recognized cities such as Los Angeles, New York City, Chicago, and Washington, D.C. The company does not maintain significant international property operations, but its centers often host global retail brands and attract international tourism in key urban locations.
Leadership & Governance
Macerich is led by an experienced executive team with deep expertise in retail real estate, capital markets, and asset redevelopment. The leadership emphasizes operational excellence, balance sheet strength, and long-term value creation through high-quality real estate stewardship and strategic reinvestment.
Key executives include:
- Jackie Soffer – Chairman and Chief Executive Officer
- Adrian M. Block – President
- Danielle B. Moore – Chief Financial Officer
- Kathy Anderson – Senior Executive Vice President, Leasing
- Sean Paterson – Senior Executive Vice President, Development
The company is governed by a board of directors with experience spanning real estate, finance, retail, and corporate governance, supporting management’s focus on disciplined growth and shareholder alignment.