What Macerich Co. (The) told the SEC could break it.

A meaningful share of Macerich's centers sit in seismically active areas — California, the Pacific Northwest and the New Madrid Seismic Zone — and its earthquake insurance carries a 5% (California) deductible per center, a per-occurrence minimum and only a $100M combined annual aggregate loss limit, leaving large quake losses partly self-insured.

“while the Company or the relevant joint venture, as applicable, carry specific earthquake insurance on the Centers located in California, the policies are subject to a deductible equal to 5% of the total insured value of each Center, a $130,000 per occurrence minimum and a combined annual aggregate loss limit of $100 million on these Centers.”

As a regional-mall REIT, Macerich's rents depend on retail-tenant health; 2025 results were hurt by the bankruptcies of Express, Forever 21 and Claire's and resulting store closures, with further tenant bankruptcies a continuing risk to occupancy and rental income.

“operating results in 2025 were and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's, and resulting store closures, and any future tenant bankruptcies.”

Many of Macerich's mall tenants sell imported goods, so U.S. and retaliatory tariffs raise those tenants' costs; if tenants can't pass the costs to shoppers, their financial health and ability to pay rent could weaken, indirectly pressuring the REIT.

“Many of our tenants sell imported goods and tariffs or other trade restrictions could increase costs for these tenants. To the extent our tenants are unable to pass these costs on to their customers, our tenants could be adversely impacted.”