Macerich (M6G) AI Stock Analysis

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Macerich

(Frankfurt:M6G)

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Positive Factors

Leasing and NOI GrowthImproving NOI, occupancy and leasing execution indicate stronger tenant demand and better monetization of Macerich’s centers. The signed pipeline should support recurring rent growth as stores open, while completed leasing work can reinforce property cash flows over the next several quarters.

Negative Factors

High Leverage and Negative ReturnsDebt materially exceeds equity and negative returns show that the asset base is not currently producing acceptable shareholder profitability. High leverage reduces balance-sheet flexibility, increases the importance of refinancing and asset sales, and can constrain investment if operating conditions weaken.

Macerich (M6G) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 7.49B
Dividend Yield: 2.61%
Average Volume (3M): 100
Price to Earnings (P/E): -68.6
Beta (1Y): 0.33
Revenue Growth: 0.84%
EPS Growth: -55.68%
Country: Germany
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...

Macerich Earnings Call Summary

Earnings Call Date:Nov 04, 2026(Q3-2026)|% Change Since:2.80%|Next Earnings Date:Feb 11, 2027

Earnings Call SentimentPositive

The call was strongly positive overall. Management reported accelerating NOI, record sales productivity, improved occupancy, substantial leasing progress, strong retailer demand, successful anchor replacements, better liquidity and lower leverage. The principal negative items were several property loan defaults, continued physical occupancy below leased occupancy, future dispositions and sensitivity to higher interest rates, but management characterized the Path Forward Plan as ahead of schedule and the balance sheet as materially stronger.

Positive Updates

Go-Forward NOI Growth Ahead of Expectations

Third-quarter Go-Forward Portfolio NOI increased 4.7% year over year, while nine-month NOI increased 3.3%. Management said it is tracking ahead of its initial expectation for full-year 2026 NOI to be up at least 3% over 2025 and expects meaningful acceleration in 2027 and 2028 as signed-but-not-open tenants begin paying rent.

Negative Updates

Multiple Property Loans in Default

The $76 million Twenty Ninth Street loan remained in default after its February maturity date. The $74 million Fashion Outlets of Niagara Falls loan entered default effective October 6, and the $325 million Fresno Fashion Fair loan entered default effective November 2. Management said it was in discussions with lenders and did not provide further commentary.

Company Guidance

Management expects full year 2026 Go-Forward Portfolio Centers NOI to be up at least 3% over 2025 and continues to expect NOI growth to accelerate meaningfully in 2027 and 2028, with estimated annual SNO contribution of $30 million in 2026, $40 million to $45 million in 2027 and $45 million to $50 million in 2028, against a total SNO opportunity of approximately $140 million; the acquisition under contract is expected to close by year-end, be within the targeted stabilized yield range of 9% to 11%, be accretive to 2027 and 2028, and deleverage the balance sheet by over 20 basis points; Macerich remains on track to sell or give back $300 million to $400 million of assets, outparcels and land in 2026, expects about $300 million or so of remaining dispositions in 2027 at an expected range of 7% to 8%, targets leverage of 6x plus or minus, expects 89% permanent occupancy and 6% to 7% temporary occupancy, and assumes $55 million to $65 million per year of maintenance CapEx.

Macerich Risk Analysis

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

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

DE:M6G against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FRT	76Outperform	$9.85B	22.35	13.38%	4.02%	7.77%	27.04%
KIM	76Outperform	$17.06B	23.29	7.27%	4.14%	3.13%	28.07%
SKT	76Outperform	$4.57B	35.53	19.22%	3.09%	11.18%	17.16%
BRX	73Outperform	$9.31B	21.61	14.11%	4.06%	5.14%	27.80%
SPG	73Outperform	$75.87B	16.94	97.13%	3.79%	16.21%	-26.25%
Sector *	65Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

* Real Estate Sector Average

Performance Comparison

DE:M6G and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:M6G	Macerich Company	22.00	7.79	54.84%
KIM	Kimco Realty Corp	25.62	6.12	31.39%
SPG	Simon Property Group	234.75	59.27	33.78%
SKT	Tanger Inc.	39.80	7.10	21.71%
FRT	Federal Realty Investment Trust	113.10	19.48	20.81%
BRX	Brixmor Property Group	30.26	4.95	19.57%

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.

Macerich AI Stock Analysis