The Macerich Company
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Range $19 – $28
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About the company
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 shopping malls throughout the United States. The company currently holds interests in 47 regional retail complexes, representing a total portfolio of 51 million square feet of real estate.
- CEO
- Jackson Hsieh
- IPO
- 1994
- Employees
- 597
- HQ
- Santa Monica, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $7.33B
- P/E
- -37.92
- Fwd P/E
- 218.14
- PEG
- -0.41
- P/S
- 7.27
- P/B
- 2.39
- EV/EBITDA
- 29.86
- Div Yield
- 2.76%
- Gross Margin
- 24.47%
- Op Margin
- 9.71%
- Net Margin
- -16.81%
- ROE
- -6.63%
- ROIC
- -30.87%
Latest fiscal year · YoY change
- Revenue
- $1.02B+10.6%
- Gross Profit
- $387.47M-20.6%
- Op Income
- $167.76M
- Net Income
- $-197,148,000-1.6%
- EPS
- $-0.77+2.5%
- OCF Growth
- +13.5%
- FCF Growth
- +13.5%
- 52W High
- $26.68
- 52W Low
- $16.03
- 50D MA
- $25.06
- 200D MA
- $20.88
- Beta
- 2.07
- RSI (14)
- 47
- Avg Volume
- 3.58M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Macerich said Q2 reflected continued leasing momentum, 3.8% go-forward NOI growth, and further progress toward its deleveraging and acquisition strategy.· August 4, 2026
- FFO as adjusted was $0.35 per diluted share, and go-forward portfolio NOI grew 3.8% year over year in Q2.
- Leased occupancy reached 94% overall and 95.5% in the go-forward portfolio; physical occupancy in the go-forward portfolio was 91%.
- The SNO pipeline reached $124 million, with management still confident in the approximately $140 million total opportunity.
- The company said it is ahead of schedule on its leasing plan: the leasing speedometer was 88% versus an 85% midyear target, and store openings completion rose to 57%.
- Management emphasized a robust acquisition pipeline and said $372 million of forward equity is available to fund future deals.
Q2 2026 FFO as adjusted was approximately $100 million, or $0.35 per diluted share. Go-forward portfolio centers NOI, excluding lease termination income, increased 3.8% versus Q2 2025, and was up 2.5% for the first six months of 2026 versus the same period in 2025. Full-year 2026 go-forward portfolio NOI is still expected to rise at least 3% year over year, with management expecting meaningful acceleration in 2027 and 2028 as SNO tenants open. Hard balance-sheet figures included approximately $1.2 billion of liquidity, including $900 million of revolver capacity, plus approximately $372 million of unsettled forward equity proceeds. Net debt to adjusted EBITDA was 7.3x at quarter-end, or below 7x including the forward equity proceeds, and management continues to target 6x, plus or minus. The company said it has completed about $1.3 billion of dispositions to date and still expects another $300 million to $400 million of sales, givebacks, or land/outparcel monetizations by year-end. Other figures cited: portfolio sales were $919 per square foot, and $954 per square foot in the go-forward portfolio; overall leased occupancy was 94%, up 60 bps sequentially; go-forward portfolio occupancy was 95.5%, up 60 bps sequentially and 270 bps year over year; and the company said the SNO opportunity is about $140 million total, with an estimated annual contribution of $30 million in 2026, $40 million to $45 million in 2027, and $45 million to $50 million in 2028.
Jack Hsieh framed the quarter as evidence that Path Forward 3.0 is ahead of schedule and “substantially derisked.” He stressed three priorities: simplifying the business, improving operations, and reducing leverage, while saying the company is already seeing strong traffic, pricing power, and leasing demand in its best centers. He also struck an opportunistic tone on acquisitions, saying the current market is one of the best windows he has seen for buying and transforming enclosed regional malls, while emphasizing discipline on trade area quality, accretion, and leverage.
Dan Swanstrom focused on the numbers behind the plan: $0.35 per share of adjusted FFO, 3.8% Q2 go-forward NOI growth, and a full-year expectation of at least 3% NOI growth. He highlighted the $140 million SNO opportunity, with a back-end weighted $30 million contribution in 2026 and additional ramp in 2027 and 2028, and he tied that to a clear path for incremental growth. On the balance sheet, he pointed to about $1.2 billion of liquidity, 7.3x net debt to adjusted EBITDA, and progress on financing and dispositions, including a $450 million net equity raise in May, a $23.90 forward sale in June, and about $1.3 billion of dispositions completed to date.
Analysts focused heavily on acquisitions, asking how much volume to expect, whether the forward equity could be deployed by June 2027, and whether rising rates change capital allocation. Management said the acquisition pipeline is the most robust it has been since the Path Forward plan began, with about half on-market and half off-market, and Hsieh said the forward equity will be deployed well before settlement and is meant to protect accretion and deleveraging. On operations, questions centered on the cadence of NOI growth, the impact of anchor openings, and redevelopment capital spend; management said the anchor openings create a multi-stage follow-on effect on leasing and traffic, and that redevelopment opportunities at assets like Broadway Plaza, Scottsdale Fashion Square, and Tysons are being evaluated for higher-value in-line uses and traffic generation.
The bull case from this call is that leasing and transformation are visibly working: occupancy is rising, traffic is improving at key assets, and management is already seeing stronger sales and NOI in later-stage centers. The company also has a visible SNO runway, meaningful liquidity, and a large acquisition pipeline that management believes can be funded accretively while pushing leverage lower.
The main risks are execution and timing: the company still has a large amount of tenant openings, redevelopment work, and debt maturities ahead, and some assets like 29th Street remain in default discussions. The acquisition strategy also depends on favorable financing and continued access to attractive assets at 9% to 11% stabilized yields, which management acknowledged could become more competitive if cap rates compress or more buyers enter the market.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 87.6%
- Shares Outstanding
- 297.56M
- Float Shares
- 260.70M
of shares held by institutions
317 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for MAC, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 54.74M | ▲ 8.48M |
| Vanguard Group Inc | 38.58M | ▼ 33.19K |
| Fmr LLC | 31.46M | ▲ 7.41M |
| State Street Corp | 16.34M | ▲ 1.56M |
| Vanguard Capital Management LLC | 12.68M | ▲ 1.21M |
| Smead Capital Management, Inc. | 11.48M | ▼ 673.62K |
| Centersquare Investment Management LLC | 9.00M | ▲ 1.72M |
| Geode Capital Management, LLC | 8.67M | ▲ 1.81M |
| Principal Financial Group Inc | 7.01M | ▲ 5.77M |
| Sixth Street Partners Management Company, L.P. | 5.78M | ▲ 5.78M |
| Charles Schwab Investment Management Inc | 5.78M | ▲ 568.67K |
| T. Rowe Price Investment Management, Inc. | 5.66M | ▼ 1.22M |
Held by 362 ETFs
Biggest fund positions in MAC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 30, 26 | Stephen Andrea M | other | 32.66 |
| Jun 30, 26 | HERNANDEZ ENRIQUE JR | other | 784.05 |
| Jun 1, 26 | HERNANDEZ ENRIQUE JR | other | 6,720 |
| Jun 1, 26 | Stephen Andrea M | other | 6,720 |
| Jun 1, 26 | LAING DIANA | other | 6,720 |
| Jun 1, 26 | Lowenthal Marianne | other | 6,720 |
| Jun 1, 26 | Murphy Devin Ignatius | other | 6,720 |
| Jun 1, 26 | Hirsch Daniel J. | other | 6,720 |
| Jun 1, 26 | Hash Steve | other | 9,520 |
| Feb 16, 26 | Swanstrom Daniel E II | other | 41,411 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MAC coverage
Recent articles, reports, and earnings notes.
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Generate MAC report →Macerich Announces Pricing of Upsized Offering of $675 Million Exchangeable Senior Notes due 2031
globenewswire.com · Aug 7
Macerich Company (The) $MAC Shares Acquired by Amundi
defenseworld.net · Aug 7
Macerich Announces Proposed Offering of Exchangeable Senior Notes
globenewswire.com · Aug 6
Macerich's Q2 FFO & Revenues Beat Estimates on Strong Portfolio NOI
zacks.com · Aug 5
Macerich Q2 Earnings Call Highlights
marketbeat.com · Aug 5
The Macerich Company (MAC) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 5
Macerich (MAC) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
zacks.com · Aug 4
Macerich (MAC) Surpasses Q2 FFO and Revenue Estimates
zacks.com · Aug 4
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