Macerich (NYSE:MAC) Releases Earnings Results, Beats Expectations By $0.03 EPS

Macerich (NYSE:MAC) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.03, Zacks reports. The business had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. Macerich’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS.

Here are the key takeaways from Macerich’s conference call:

• Path Forward leasing momentum: The company reports its SNO pipeline at $116M of a $140M target, leasing speedometer at ~83% with roughly 250 leases remaining, and expects to substantially complete the 1,000‑lease program by year‑end.
• Financial progress and guidance: Q1 FFO as adjusted was $0.34, go‑forward portfolio NOI rose 1.2% in Q1, management reiterates at least +3% NOI for 2026 and forecasts SNO contributions ramping to ~$30M (2026), $40–45M (2027) and $45–50M (2028), while net debt/adjusted EBITDA sits at 7.76x with a goal of low‑mid‑6x.
• Annapolis Mall acquisition: Closed for $260M (+ $12M Sears parcel), expected year‑one NOI ~$29M (stabilizing ~ $33M), accretive ~+$0.04 to 2028 FFO on a leverage‑neutral basis, funded with cash/ATM proceeds and $150M on the revolver.
• Robust leasing demand and execution: Signed 1.6M sq ft in Q1 (700k sq ft of new deals, double Q1 2025 new leasing), opened notable restaurants and anchors, and reports strong LOI activity ahead of ICSC.
• Remaining financing and disposition risks: A $76M loan (Twenty‑ninth Street JV share) remains in default and is under negotiation, and the company still needs to complete additional asset sales/refinancings to address remaining 2026 maturities.

Macerich Stock Up 2.2%

MAC traded up $0.48 during trading on Friday, hitting $21.85. The company had a trading volume of 1,554,497 shares, compared to its average volume of 2,825,813. The company has a market capitalization of $5.68 billion, a PE ratio of -30.77, a PEG ratio of 1.48 and a beta of 2.12. The company has a quick ratio of 1.02, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich has a one year low of $14.82 and a one year high of $22.56. The firm’s 50-day moving average price is $20.18 and its 200 day moving average price is $18.87.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, June 15th. Macerich’s payout ratio is currently -95.77%.

Institutional Trading of Macerich

Several hedge funds and other institutional investors have recently modified their holdings of MAC. State Street Corp boosted its position in shares of Macerich by 2.4% during the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after buying an additional 351,907 shares during the period. JPMorgan Chase & Co. raised its position in Macerich by 17.7% in the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after buying an additional 2,034,338 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Macerich by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock valued at $93,030,000 after acquiring an additional 123,769 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Macerich by 13.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock worth $63,014,000 after acquiring an additional 461,351 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Macerich by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,782,782 shares of the real estate investment trust’s stock worth $69,831,000 after acquiring an additional 36,052 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MAC shares. The Goldman Sachs Group increased their target price on shares of Macerich from $15.00 to $17.00 and gave the stock a “sell” rating in a report on Monday, March 2nd. Citigroup upped their price objective on shares of Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. KeyCorp set a $25.00 price objective on Macerich and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Scotiabank upgraded Macerich from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $19.00 to $22.00 in a report on Monday, March 30th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.92.

Macerich News Summary

Here are the key news stories impacting Macerich this week:

• Positive Sentiment: Macerich reported Q1 FFO of $0.34 per share and revenue of $241.5 million, both above Wall Street expectations, signaling better-than-expected operating performance. Article Title
• Positive Sentiment: The company said leasing activity improved and occupancy is rising across its go-forward portfolio, with management targeting 88%-89% physical permanent occupancy and at least 3% go-forward NOI growth in 2026. Article Title
• Positive Sentiment: Macerich bought Annapolis Mall and an adjacent parcel for $272 million, a move that adds a major retail asset and may strengthen its long-term portfolio. Article Title
• Neutral Sentiment: Q1 results also showed the company narrowed its loss, which is constructive but still reflects ongoing profitability pressure. Article Title

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.