Macerich (NYSE:MAC) Releases Earnings Results, Beats Estimates By $0.01 EPS

Macerich (NYSE:MAC) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $0.37 EPS for the quarter, beating the consensus estimate of $0.36 by $0.01, Zacks reports. The firm had revenue of $260.07 million for the quarter, compared to analyst estimates of $251.31 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%. The company’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 EPS.

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

• Third-quarter FFO as adjusted was $0.37 per diluted share, while Go-Forward Portfolio NOI increased 4.7%; nine-month NOI growth was 3.3%, ahead of the company’s initial full-year expectations. Macerich expects meaningful acceleration in 2027–2028 as signed-but-not-open tenants commence rent, with estimated annual SNO contributions of $40–$45 million in 2027 and $45–$50 million in 2028.
• Leasing and occupancy continued to improve: Go-Forward leased occupancy reached 96.1%, up 180 basis points year over year, and the company has completed or approved 91% of its five-year leasing plan. Portfolio sales also reached a record $972 per square foot in the Go-Forward Portfolio.
• New anchor and experiential openings are generating traffic gains, which management said are supporting inline leasing and sales. Examples included Freehold Raceway Mall traffic rising 9% over the year following DICK’S House of Sport’s opening, and Annapolis Mall traffic increasing 20% over the first month after its opening.
• Macerich is under contract to acquire another mall, expects to close by year-end, and said the deal should be accretive to 2027 and 2028 FFO per share, with a targeted stabilized yield of 9%–11%. The company plans to fund it with unsettled forward equity and said its acquisition pipeline remains robust, while emphasizing disciplined deal selection.
• Despite balance-sheet progress, net debt to adjusted EBITDA was 7.3x at quarter-end, and loans on Twenty Ninth Street, Fashion Outlets of Niagara Falls, and Fresno Fashion Fair are in default as the company negotiates with lenders. Macerich is pursuing asset sales, refinancings, loan modifications, or potential property givebacks to address debt and meet its leverage goals.

Macerich Trading Up 4.3%

Macerich stock traded up $1.07 during trading hours on Wednesday, reaching $25.81. The stock had a trading volume of 4,127,869 shares, compared to its average volume of 3,032,042. The company has a fifty day simple moving average of $23.19 and a 200-day simple moving average of $22.31. Macerich has a 52 week low of $16.03 and a 52 week high of $26.67. The stock has a market cap of $7.32 billion, a PE ratio of -39.71, a PEG ratio of 1.78 and a beta of 2.11. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 28th. Shareholders of record on Monday, December 14th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, December 14th. Macerich’s dividend payout ratio (DPR) is -104.62%.

Insider Activity at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the sale, the chief accounting officer directly owned 847 shares in the company, valued at approximately $19,718.16. This represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MAC. The Goldman Sachs Group restated a “sell” rating and issued a $21.00 price objective on shares of Macerich in a report on Tuesday, September 1st. Mizuho set a $28.00 target price on shares of Macerich in a report on Wednesday, August 5th. Citigroup increased their target price on shares of Macerich from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Griffin Securities set a $26.00 target price on shares of Macerich in a research report on Tuesday, August 18th. Finally, Piper Sandler lowered their price target on shares of Macerich from $30.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.19.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.

Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.

The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.