MACMEDIUM SIGNALOPERATIONAL10-K

MAC executed a major portfolio reshaping strategy, acquiring a $290 million regional mall while disposing of underperforming assets and reducing its total footprint from 43 to 38 centers.

The company's strategic pivot toward fewer, higher-quality assets is evident in the substantial Crabtree Mall acquisition paired with the disposal of Wilton Mall at a loss, indicating management's willingness to rationalize the portfolio despite near-term headwinds. This consolidation approach suggests MAC is positioning for improved operational efficiency in a challenging retail real estate environment.

Comparing 2026-02-20 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

MAC delivered solid operational improvements with revenue growing modestly to $1.0 billion and operating cash flow strengthening to $321.6 million, reflecting better underlying property performance. However, stockholders' equity declined notably to $2.4 billion, likely reflecting the impact of asset dispositions and continued market pressures on property valuations. The overall financial picture suggests operational stability amid ongoing portfolio optimization efforts.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+13.5%
$283.4M→$321.6M

Operating cash flow grew 13.5% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
-11.2%
$2.8B→$2.4B

Equity decreased 11.2% — buybacks or losses reducing book value, monitor solvency ratios.

Revenue
P&L
+10.4%
$918.2M→$1.0B

Revenue growing 10.4% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-28
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.
As of December 31, 2025, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center.
These 38 regional retail centers and the community/power shopping center consist of approximately 39 million square feet of gross leasable area ( GLA ) and are referred to herein as the Centers .
Exhibits and Financial Statement Schedules." Recent Developments Acquisitions: On June 23, 2025, the Company acquired Crabtree Mall, a 1,321,000 square foot regional retail center in Raleigh, North Carolina, for a total purchase price of $290.0 million.
The acquisition was initially funded with cash on hand and $100.0 million of borrowings on the Company's credit facility (See "Financing Activities" and Note 15 Acquisitions in the Notes to the Consolidated Financial Statements).
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.
As of December 31, 2024, the Operating Partnership owned or had an ownership interest in 40 3 regional retail centers (including office, hotel and residential space adjacent to these shopping centers), two community/power shopping centers and one redevelopment property.
These 43 regional retail centers, community/power shopping centers and one redevelopment property consist of approximately 43 million square feet of gross leasable area ( GLA ) and are referred to herein as the Centers .
Exhibits and Financial Statement Schedules." Recent Developments Acquisitions: On May 14, 2024, the Company acquired its joint venture partner's 40% interest in each of Arrowhead Towne Center and South Plains Mall for a purchase price of $36.4 million and the assumption of its joint venture partner's share of debt for each property.
The Company now owns and has consolidated its 100% interests in Arrowhead Towne Center and South Plains Mall (See Note 15 Acquisitions in the Notes to the Consolidated Financial Statements).
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