Macerich Company (The) (MAC) concentration risks

The company's sole disclosed concentration exposure is geographic: a significant percentage of its centers are located in California, New York and Arizona. By disclosed size this is a medium-share exposure, and the character is structural — it reflects where the portfolio was assembled historically rather than dependence on any single tenant, customer, or counterparty that could exit unilaterally. There is no disclosed customer, product, or supplier concentration on record to layer on top of this regional footprint. The practical implication is that the properties are exposed to the regulatory, economic, and consumer environments of those three states in particular. California and New York carry above-average regulatory complexity for retail property operators — including rent-related rules, permitting, and tenant-protection frameworks — while also representing large, high-income consumer markets. Because the character is structural, the exposure is unlikely to change quickly; reducing it would require either asset dispositions or geographic expansion through acquisitions. On balance, the disclosed profile is limited to this single regional tilt; there are no disclosed idiosyncratic concentrations (specific tenants, suppliers, or counterparties) that would represent a sharper, more immediately actionable risk. Investors should primarily monitor macroeconomic and regulatory trends in California, New York and Arizona as the dominant variables affecting this disclosed exposure.

For the engine’s reasoning on MAC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.