Macerich (NYSE:MAC) Announces Quarterly Earnings Results

Macerich (NYSE:MAC) posted its earnings results on Tuesday. The real estate investment trust reported $0.35 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.40, Zacks reports. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm had revenue of $249.71 million for the quarter, compared to the consensus estimate of $239.77 million. During the same period in the prior year, the business posted $0.33 earnings per share. The business’s quarterly revenue was up .0% on a year-over-year basis.

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

• Go-forward NOI grew 3.8% year over year in Q2, with management maintaining its expectation for at least 3% growth in 2026 and projecting growth above 8% in 2027 and 2028 as signed-but-not-open tenants begin paying rent. The SNO pipeline reached $124 million of a targeted $140 million.
• Leasing and occupancy continued to improve, with portfolio occupancy reaching 94% and the go-forward portfolio reaching 95.5%. Management said 88% of its five-year leasing plan is complete, while demand is strong enough that teams are already leasing into 2029 and 2030.
• Macerich reported meaningful balance-sheet progress: net debt to adjusted EBITDA fell to 7.3x, or below 7x including unsettled forward equity proceeds, and total dispositions reached approximately $1.3 billion. The company expects to complete another $300 million-$400 million of asset, outparcel, and land dispositions by year-end.
• The company described its acquisition pipeline as the most robust since the Path Forward plan began, with targeted stabilized yields of 9%-11% and approximately $372 million of forward equity proceeds available for future purchases. Management expects acquisitions to be accretive while helping reduce leverage toward the high-five-times range.
• A $76 million loan tied to the 29th Street property remains in default after its February maturity, and Macerich is still addressing its remaining 2026 debt maturities through potential asset sales, refinancing, loan modifications, or property give-backs. Management also noted higher management-company expenses from expanded staffing, technology, and AI investments.

Macerich Stock Performance

NYSE:MAC traded down $0.23 during mid-day trading on Tuesday, hitting $25.64. 2,850,370 shares of the company’s stock traded hands, compared to its average volume of 2,701,624. The firm has a 50 day moving average of $24.67 and a two-hundred day moving average of $21.64. Macerich has a 12 month low of $16.03 and a 12 month high of $26.67. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of -36.11, a price-to-earnings-growth ratio of 1.82 and a beta of 2.07. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. raised its stake in shares of Macerich by 5.5% in the 4th quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 637 shares during the period. AQR Capital Management LLC lifted its position in shares of Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after purchasing an additional 813 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Macerich by 16.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 858 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Macerich by 3.2% during the second quarter. Tower Research Capital LLC TRC now owns 29,512 shares of the real estate investment trust’s stock worth $478,000 after purchasing an additional 927 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Macerich by 0.4% in the second quarter. California State Teachers Retirement System now owns 230,069 shares of the real estate investment trust’s stock valued at $3,723,000 after purchasing an additional 1,012 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on MAC shares. Piper Sandler upped their price target on Macerich from $21.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. The Goldman Sachs Group raised their price objective on Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a research note on Friday, May 15th. Evercore set a $24.00 target price on Macerich in a report on Tuesday, July 7th. Scotiabank upped their target price on Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and increased their price target for the company from $20.00 to $27.00 in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.33.

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.