The Macerich Company (MAC) — ESG & Values Scores

Environment story

MAC discloses #1 GRESB ranking in North American Retail Sector for ten consecutive years and emphasizes sustainability strategies including energy efficiency and green building codes. However, the 10-K contains no quantified Scope 1, Scope 2, or Scope 3 emissions data, no renewable electricity percentage disclosure, and no formal net-zero target year or interim decarbonization milestones. The company acknowledges environmental liabilities including asbestos-containing materials, underground storage tanks, and chlorinated hydrocarbons at multiple centers, with Phase I assessments completed but remediation status unclear. Climate risk exposure is material: properties in California (high earthquake/wildfire concentration), coastal regions (sea-level/hurricane risk), and flood plains are disclosed. No evidence of direct operational decarbonization investments (e.g., on-site renewables, EV charging infrastructure) is provided; sustainability initiatives are referenced only generically. The GRESB ranking, while prestigious, does not substitute for transparent emissions accounting. Deductions applied for undisclosed Scope 3, absent net-zero target, and environmental liabilities without clear mitigation plans.

Criticisms on file

Undisclosed Scope 1, 2, and 3 emissions; no net-zero target year or interim milestones disclosed
Source: MAC 10-K (2025); Corporate Responsibility Report not included in filing; no emissions data in Risk Factors or MD&A.
Environmental liabilities at multiple centers: asbestos-containing materials (ACMs), underground storage tanks (some with suspected leaks), chlorinated hydrocarbons (perchloroethylene and degradation byproducts from dry cleaning operations); Phase I assessments completed but remediation timeline and cost unclear
Source: MAC 10-K Item 1A Risk Factors: 'Possible environmental liabilities could adversely affect us'; specific acknowledgment of ACMs with operations/maintenance plan, USTs, and chlorinated hydrocarbons.
Properties in high-risk geographies: California (earthquake, wildfire, flood exposure); coastal regions (sea-level rise, hurricane/tropical storm risk); flood plains (tornado risk); climate change could render centers inoperable or uninsurable
Source: MAC 10-K Item 1A Risk Factors: 'We face risks associated with climate change' and 'Some of our properties are subject to potential natural or other disasters'.
No disclosure of renewable electricity percentage, on-site renewables, or direct decarbonization capex; sustainability strategies referenced generically without quantified impact
Source: MAC 10-K MD&A and Item 1A; Corporate Responsibility Report referenced but not filed; no GHG intensity or energy consumption metrics disclosed.

Disclosed initiatives

GRESB #1 Ranking (10 consecutive years)

Company achieved top ranking in North American Retail Sector per Global Real Estate Sustainability Benchmark; sustainability policies and Corporate Responsibility Report available on company website.

Market recognition of sustainability leadership; transparency via public reporting.
Energy Efficiency and Green Building Codes

Company states commitment to promote energy efficiency and other sustainability strategies at properties, including compliance with green building codes.

Intended to reduce operating costs and occupancy/rental rates; no quantified energy or carbon savings reported.

Social story

MAC reports 598 employees (596 full-time, 2 part-time) with 14.3% turnover rate, 10.9-year average tenure, and 55 NPS score (rated 'excellent' by Bain). Workforce composition: 58% female, 30% underrepresented groups. Strong benefits package including 401(k) match, ESPP, 529 plans, paid family leave, paid volunteer time, health/wellness, and EAP. Company cites 'good' employee relations, compliance with federal/state labor laws, EEO commitment, and ADA compliance policies. Professional development programs and performance management platform implemented. No CEO-to-worker pay ratio disclosed, preventing direct assessment against the 200:1 threshold. No documented union-suppression activities or major strikes disclosed within 24 months. No supply-chain labor-rights audits or human-rights policy disclosures provided. Diversity representation (58% women, 30% URG) suggests moderate inclusion in overall workforce but leadership diversity not separately reported; no evidence of targeted executive/board diversity initiatives. Deductions applied for undisclosed CEO-to-worker ratio (assumed unfavorable) and absence of supply-chain ethics disclosures typical for large retail REIT.

Criticisms on file

CEO-to-median-worker pay ratio not disclosed; unable to assess compliance with 200:1 threshold
Source: MAC 10-K (2025) Human Capital section; no executive compensation ratio disclosed.
No supply-chain labor audits, human-rights due diligence, or forced-labor/modern-slavery policies disclosed despite large tenant base (4,600+ retail tenants) with potential international supply-chain exposure
Source: MAC 10-K MD&A and Item 1A; no supply-chain ethics, DRC cobalt, or conflict-minerals disclosures.
Leadership diversity metrics (executive/board) not separately reported from workforce diversity; no board-level or C-suite gender/ethnicity breakdown disclosed
Source: MAC 10-K Human Capital section reports aggregate 58% female and 30% URG but omits leadership-specific diversity.

Disclosed initiatives

Comprehensive Employee Benefits & Compensation

401(k) matching, ESPP, 529 educational savings, matched donor-advised fund, paid vacation/sick/holidays, paid family leave, paid volunteer time, medical/dental/vision, life/disability/critical illness insurance, FSAs, referral bonuses, EAP.

Competitive talent attraction and retention; employee financial security and professional support.
Employee Training & Professional Development

Job-function training, policy/compliance/privacy/cybersecurity training, performance management platform with OKR tracking, 1-on-1 reviews, peer recognition.

Skill development, career growth, engagement; 55 NPS ('excellent' rating).
Inclusive Workplace Culture & EEO Policy

Zero-discrimination hiring/promotion across protected classes; EEO and ADA compliance; employee resource/recognition programs.

58% female, 30% URG workforce representation; stated 'good' employee relations.
Health & Safety Protocols

Operational protocols at all centers and corporate offices to safeguard employees, tenants, contractors, customers, and public.

Risk mitigation for on-site safety incidents.

Governance story

MAC is a Maryland corporation and REIT with documented corporate governance policies (Guidelines, Code of Business Conduct, Code of Ethics for CEO/CFO, Committee Charters) posted on investor website. Charter contains ownership limits (max 5% per shareholder) to protect REIT status and prevent takeover; advancement notice requirements, classified board provisions, and supermajority voting on material changes per Maryland General Corporation Law and MAC Charter, creating material anti-takeover defenses. Board independence percentage not disclosed. Single share class structure (no dual-class voting identified in 10-K). Lobbying expenditure amount not disclosed; company does not report PAC contributions. Path Forward Plan includes potential asset sales and debt restructuring, including defaulted mortgages at Santa Monica Place (April 2024) and Twenty Ninth Street joint venture (February 2026). No antitrust, consumer-safety, or financial-fraud regulatory proceedings disclosed in risk factors, though company discloses substantial debt ($6.59B), covenant compliance risks, and refinancing dependencies. No evidence of shareholder lawsuits or SEC consent decrees. Deductions applied for non-disclosure of board independence and lobbying spend; anti-takeover provisions (ownership limits, advance notice, supermajority requirements) create material entrenchment risk.

Criticisms on file

Board independence percentage not disclosed; Maryland corporate law and Charter contain multiple anti-takeover provisions (ownership limits, advance notice, supermajority voting, potential classified board) that may entrench management
Source: MAC 10-K Item 1A Risk Factors: 'Certain provisions of our Charter and bylaws...' and Maryland General Corporation Law references; board composition details not provided in 10-K.
Lobbying expenditure and PAC contribution amounts not disclosed; no disclosure of trade association alignment or positions on environmental, consumer-protection, or labor regulation
Source: MAC 10-K (2025); no lobbying registry or political contribution disclosure in filing.
Substantial debt ($6.59B as of Dec 31, 2025) with covenant compliance risks; defaulted mortgages at Santa Monica Place (April 2024) and Twenty Ninth Street JV (February 2026) under Path Forward Plan; refinancing dependency creates material financial covenants and default risks
Source: MAC 10-K Item 1A Risk Factors: 'We have substantial debt...', 'We are obligated to comply with financial and other covenants...'; Section re: Path Forward Plan and property defaults.
Operating Partnership structure (Delaware ULPA) with potential conflicts between MAC as sole general partner, limited partners in joint ventures, and shareholders; fiduciary duties may conflict; joint venture dissolution or capital-call disputes could arise
Source: MAC 10-K Item 1A Risk Factors: 'Certain individuals have substantial influence...' and 'Outside partners in Joint Venture Centers...'

Disclosed initiatives

Corporate Governance Documentation

Board Guidelines, Code of Business Conduct, Code of Ethics for CEO and Senior Financial Officers, Audit/Compensation/Executive/Nominating & Governance Committee Charters published on investor relations site.

Formal governance structure and transparency.
REIT Qualification Compliance Program

Internal processes to monitor REIT asset tests, dividend distribution requirements, income sources, and share ownership; structured tax and operational compliance.

Preservation of tax-advantaged REIT status; avoidance of 100% tax on prohibited transactions.
Path Forward Plan (2024+)

Strategic deleveraging via asset dispositions, debt restructuring, selective acquisitions, and operational process improvements; identified Go-Forward Portfolio Centers (30+ core assets); potential default on non-core mortgage debt and lender surrender of properties.

Balance-sheet strengthening and capital structure optimization; potential creditor and covenant risks.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of The Macerich Company. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open The Macerich Company in the app for interactive charts and portfolio building.

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