Macerich (NYSE:MAC) Announces Earnings Results

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

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 Performance

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

Macerich Dividend Announcement

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

More Macerich News

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

Analyst Ratings Changes

A number of brokerages have weighed in on MAC. Weiss Ratings reissued a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Truist Financial raised their price target on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Evercore set a $22.00 price target on Macerich in a report on Friday. JPMorgan Chase & Co. raised their price target on Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Tuesday, March 10th. Finally, Mizuho set a $21.00 price target on Macerich in a report on Friday, January 9th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.92.

Institutional Trading of Macerich

Hedge funds and other institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC increased its position in shares of Macerich by 366.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,095 shares during the period. Triumph Capital Management acquired a new position in Macerich during the third quarter valued at approximately $33,000. Kestra Advisory Services LLC acquired a new position in Macerich during the fourth quarter valued at approximately $43,000. Danske Bank A S acquired a new position in Macerich during the third quarter valued at approximately $56,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Macerich by 16.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 858 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

About Macerich

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.