• Macerich average pre-tax profit margin for 2023 was -15.66%, a 91.44% increase from 2022.
• Macerich average pre-tax profit margin for 2022 was -8.18%, a 5.65% increase from 2021.
• Macerich average pre-tax profit margin for 2021 was -8.67%, a 229.4% decline from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.