• Macerich average debt/equity ratio for 2023 was 1.61, a 10.27% increase from 2022.
• Macerich average debt/equity ratio for 2022 was 1.46, a 9.32% increase from 2021.
• Macerich average debt/equity ratio for 2021 was 1.61, a 28.44% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.