• Macerich average gross margin for 2023 was 54.92%, a 0% decline from 2022.
• Macerich average gross margin for 2022 was 54.92%, a 0.86% decline from 2021.
• Macerich average gross margin for 2021 was 54.45%, a 6.64% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.