Macerich (NYSE:MAC) Releases Quarterly Earnings Results

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

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 Price Performance

NYSE MAC traded up $0.48 on Friday, reaching $21.85. 1,554,497 shares of the company’s stock traded hands, compared to its average volume of 2,825,813. The stock has a market cap of $5.68 billion, a PE ratio of -30.77, a P/E/G ratio of 1.48 and a beta of 2.12. Macerich has a 12 month low of $14.82 and a 12 month high of $22.56. The stock has a 50-day simple moving average of $20.18 and a 200 day simple moving average of $18.87. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 1.02.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, June 15th. Macerich’s dividend payout ratio (DPR) is presently -95.77%.

Macerich News Roundup

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

Hedge Funds Weigh In On Macerich

Several institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Macerich by 20.1% in the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Macerich by 2.2% during the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock valued at $640,000 after buying an additional 813 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Macerich by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after buying an additional 13,782 shares during the period. Millennium Management LLC increased its holdings in shares of Macerich by 376.2% in the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after buying an additional 716,394 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Macerich by 12.8% in the 1st quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after acquiring an additional 2,983 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Citigroup increased their price target on shares of Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Truist Financial raised their price objective on shares of Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Mizuho set a $21.00 price objective on shares of Macerich in a report on Friday, January 9th. Finally, Evercore set a $22.00 target price on shares of Macerich in a research report on Friday. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.92.

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.