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Macerich (MAC) AI Stock Analysis

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MAC

Macerich

(NYSE:MAC)

Select Model
Rating:54Neutral
Price Target:$25.00â–²(1.05% Upside)
Action:reiterated
Date:08/17/26

MAC scores as neutral overall. The biggest constraints are weak reported profitability and a leveraged capital structure (despite improving cash generation). Offsetting this, the latest earnings call supported a more constructive forward outlook with guided NOI growth, strong leasing/occupancy metrics, and an expanding SNO pipeline. Technicals and valuation are mixed, reflecting modest near-term momentum and the challenge of valuing a currently loss-making REIT despite a moderate dividend yield.

Positive Factors
Strong Leasing and OccupancyHigh leased occupancy and substantial leasing volume indicate durable demand for Macerich’s higher-quality shopping centers. Continued tenant commitments can support recurring rent growth, improve property utilization, and strengthen the portfolio’s cash-generating capacity over the next several quarters.
Negative Factors
Elevated LeverageLeverage remains materially above management’s longer-term target, limiting financial flexibility despite recent improvement. High debt relative to operating earnings can constrain redevelopment and acquisition capacity, increase refinancing sensitivity, and make the business more vulnerable to weaker property cash flows.

Macerich Key Performance Indicators (KPIs)

Revenue by SegmentBreaks down the company’s revenue by business line — rental income, percentage rents, property management and services, development or asset sales, and other fees. For Macerich, the mix reveals how reliant cash flow is on recurring mall rents versus one-time property transactions and highlights exposure to foot traffic, anchor-tenant health, and e-commerce pressure. Use this to assess revenue stability, redevelopment or leasing upside, and risk from vacancies or tenant weakness.

$0.00$50.00M$100.00M$150.00M$200.00M$250.00MMar 21Jun 21Sep 21Dec 21Mar 22Jun 22Sep 22Dec 22Mar 23Jun 23Sep 23Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26
Chart Insights

Leasing is clearly the company’s growth engine, showing sustained post‑pandemic recovery and seasonal Q4 strength; management’s record leasing volumes, sizable SNO pipeline and fully committed anchor program make further NOI/FFO upside likely in 2026–28 as leases commence. ‘Other’ and management‑company revenue are small and lumpy, so near‑term earnings hinge on lease conversion and rent commencement timing. The main risk is execution: elevated leverage, remaining uncommitted deals and physical occupancy lags could push out the expected revenue and balance‑sheet improvements.

Data provided by:The Fly

Macerich (MAC) vs. SPDR S&P 500 ETF (SPY)

-10%0%10%20%30%40%50%60%MAC+46.89%SPY+12.53%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
$7.30B
Dividend Yield
2.75%
Average Volume (3M)
3.51M
Price to Earnings (P/E)
-38.1
Beta (1Y)
0.99
Revenue Growth
9.48%
EPS Growth
45.78%
Country
US
Employees
597
Sector
Real Estate
Sector Strength
65
Industry
REIT - Retail

Macerich Business Overview & Revenue Model

Company Description

Macerich operates as a comprehensive, self-managed real estate investment trust (REIT) that independently oversees all aspects of its operations. Its core focus is on the acquisition, leasing, management, development, and revitalization of regional s...

How the Company Makes Money

Macerich makes money primarily from real estate operations as a mall-focused REIT. Its core revenue stream is rental income from tenants that lease space in its properties, typically structured as base (minimum) rent plus additional rent components t...

Macerich Earnings Call Summary

Earnings Call Date:Aug 03, 2026(Q2-2026)|% Change Since:-2.70%|Next Earnings Date:Nov 03, 2026
Earnings Call SentimentPositive

The call emphasized strong operational momentum: record sales per square foot, high leased occupancy, sustained leasing velocity (1.3M sf signed in Q2), a sizable SNO pipeline, and meaningful balance sheet progress (liquidity, equity raises and leverage reduction). Management expects accelerating NOI growth in 2027–2028 and a robust acquisition pipeline that could be accretive. Key risks discussed include remaining elevated leverage (7.3x), a $76M loan in default, the need to complete additional dispositions this year to hit targets, and execution/timing risk converting signed tenants into opened stores and rent. Overall, positive operational and strategic execution materially outweigh near‑term financial and execution challenges, supporting a constructive outlook while acknowledging remaining execution and market risks.

Positive Updates

FFO and Quarterly Results
FFO as adjusted of ~$100 million, or $0.35 per diluted share for Q2 2026; go-forward portfolio NOI grew 3.8% year-over-year in Q2 and 2.5% for the six months ended June 30, 2026.

Negative Updates

Elevated Leverage Remaining
Net debt to adjusted EBITDA remains elevated at 7.3x (though improving); management continues to target further reduction to the ~6x range—leverage still materially above target for full derisking.

Company Guidance

Macerich guided that go‑forward portfolio NOI should increase at least 3% in 2026 (Q2 go‑forward NOI +3.8%; YTD +2.5%) with meaningful acceleration in 2027–28 (Path Forward 3.0 implies a 3‑year NOI CAGR midpoint of 6.5% for ’26–’28, which implies north of ~8% in ’27–’28); they have high confidence in a ~$140M SNO opportunity (SNO pipeline $124M) with estimated annual contributions of ~$30M in 2026 (back‑end weighted), $40–45M in 2027 and $45–50M in 2028. Q2 FFO as‑adjusted was ~$100M or $0.35 per diluted share; leasing activity included 1.3M sq ft signed (645k new) in Q2, ~350k sq ft opened, a leasing speedometer at 88% (vs. 85% midyear target), store openings completion at 57% (ahead of 50% at NAREIT and expected >60% by year‑end), ~1,000 new‑deal program with ~170 deals remaining (≈2/3 in LOI), portfolio sales $919/sq ft ($954 go‑forward), leased occupancy 94% (95.5% go‑forward) and physical occupancy ~91%. On the balance sheet, liquidity is ≈$1.2B (≈$900M revolver), May equity net proceeds ≈$450M, unsettled forward equity ≈$372M available for acquisitions, net debt/adjusted EBITDA was 7.3x (below 7x inclusive of forwards) with a target around 6x, ~$1.3B of dispositions closed (~2/3 of target) with $300–400M more expected to reach ≈$1.7B, and acquisition opportunities underwriting to ~9–11% stabilized yields (deploying $372M of equity at 9–11% would add roughly $0.02–$0.04 of FFO and lower leverage ~25–30 bps).

Macerich Financial Statement Overview

Summary

Overall financial statement quality is below average. Income statement performance is weak with volatile revenue (TTM down ~13%) and negative net income across most periods (including TTM), despite solid EBITDA margins. The balance sheet is a key risk due to historically elevated leverage and negative ROE, which limits flexibility. Cash flow is the main positive: operating cash flow and free cash flow are consistently positive, with very strong TTM FCF growth, but the gap versus reported losses still weighs on quality.

Income Statement

38Negative

Balance Sheet

34Negative

Cash Flow

63Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.01B1.02B918.20M884.07M859.16M847.44M
Gross Profit246.89M387.47M487.94M489.18M468.81M466.55M
EBITDA408.86M407.51M326.90M190.72M454.96M540.19M
Net Income-169.54M-197.15M-194.12M-274.06M-66.07M14.26M
Balance Sheet
Total Assets8.52B8.37B8.57B7.51B8.09B8.35B
Cash, Cash Equivalents and Short-Term Investments227.03M43.01M89.86M94.94M100.32M112.45M
Total Debt4.85B5.20B5.06B4.31B4.50B4.61B
Total Liabilities5.62B5.84B5.72B4.99B5.14B5.17B
Stockholders Equity2.83B2.45B2.76B2.45B2.87B3.05B
Cash Flow
Free Cash Flow211.26M321.60M283.44M295.50M337.51M286.37M
Operating Cash Flow306.84M321.60M283.44M295.50M337.51M286.37M
Investing Cash Flow-403.44M-325.34M19.79M52.54M-1.40M234.97M
Financing Cash Flow182.08M199.22M-316.05M-338.89M-321.94M-837.02M

Macerich Technical Analysis

Technical Analysis SentimentPositive
Last Price24.74

Price Trends

50DMA23.10Positive
100DMA23.98Positive
200DMA22.06Positive

Market Momentum

MACD0.46Negative
RSI66.13Neutral
STOCH88.82Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAC, the sentiment is Positive. The current price of 24.74 is above the 20-day moving average (MA) of 23.38, above the 50-day MA of 23.10, and above the 200-day MA of 22.06, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 66.13 is Neutral, neither overbought nor oversold. The STOCH value of 88.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAC.

Macerich Risk Analysis

Macerich disclosed 38 risk factors in its most recent earnings report. Macerich reported the most risks in the "Finance & Corporate" category.

Higher RiskSector Avg.Lower RiskFinance & CorporateTech & InnovationLegal & RegulatoryProductionAbility to SellMacro & Political
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

0 New Risks

Macerich Peers Comparison

Overall Rating

UnderperformOutperform
Sector (65)

Financial Indicators

MAC against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
SPGSPG83Outperform$71.74B15.71109.38%4.01%15.01%-25.41%
FRTFRT76Outperform$9.64B22.0613.38%4.08%7.77%27.04%
KIMKIM76Outperform$16.66B22.727.27%4.24%3.13%28.07%
BRXBRX72Outperform$9.07B21.0114.11%4.18%5.14%27.80%
SKTSKT72Outperform$4.33B33.8818.64%3.27%11.37%23.27%
Sector *65Neutral$2.17B12.193.79%4.94%3.15%1.96%
MACMAC54Neutral$7.31B-38.06-6.63%2.75%9.48%45.78%

* Real Estate Sector Average

Performance Comparison

0%20%40%MACKIMSPGSKTFRTBRXDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
MAC and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
MACMacerich Company24.747.6444.64%
KIMKimco Realty Corp24.995.4928.16%
SPGSimon Property Group222.0848.7128.10%
SKTTanger Inc.37.614.8514.80%
FRTFederal Realty Investment Trust111.6419.3921.02%
BRXBrixmor Property Group29.414.3217.23%

Macerich Corporate Events

Business Operations and StrategyPrivate Placements and Financing

Macerich Raises Capital Through Exchangeable Senior Notes Offering

Positive
Aug 11, 2026

In early August 2026, Macerich’s operating partnership completed a private offering of exchangeable senior notes due 2031 to qualified institutional buyers, generating approximately $757 million in net proceeds after discounts and expenses. The...

Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance

Macerich Updates Shelf Registration, Expands ATM Program Syndicate

Positive
Aug 5, 2026

On August 5, 2026, Macerich filed a new automatic shelf registration statement with the SEC to replace its prior shelf that expired on August 4, 2026, and simultaneously launched four prospectus supplements to continue existing equity‑related o...

Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing

Macerich Narrows Losses and Advances Growth Strategy

Positive
Aug 4, 2026

For the quarter ended June 30, 2026, Macerich reduced its net loss to $27.1 million, or $0.10 per diluted share, from a $40.9 million loss a year earlier, mainly due to gains on asset sales. Adjusted funds from operations rose to $100.4 million, or $...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 17, 2026