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what it is
Macerich owns, redevelops, and leases big U.S. shopping centers where retailers pay rent for foot traffic.
how it gets paid
Last year Macerich made $1.0B in revenue. regional town centers was the main engine at $700M, or 70% of sales.
why it's growing
Revenue grew 10.4% last year. The last reported quarter posted revenue of $752 million.
what just happened
Latest earnings beat estimates, but the bigger story was $752M in quarterly revenue and another EPS loss.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
3.7% dividend yield — cash in your pocket every quarter
6.5% return on capital — nothing to write home about
xvary composite: 21/100 — weak
What they do
Macerich owns, redevelops, and leases big U.S. shopping centers where retailers pay rent for foot traffic.
You do not replace 43 million square feet of mall space overnight. Macerich owned or had stakes in 43 properties as of 12/31/24, including 40 regional town centers, which gives it real leverage with tenants. Leasing (renting space to stores) → recurring property income → so what: if your mall is already the local hub, retailers still need your boxes.
How they make money
$1.0B
annual revenue · their business grew +10.4% last year
regional town centers
$700M
community/power centers
$120M
redevelopment property
$40M
management and leasing
$90M
other property income
$50M
The products that matter
regional mall cash engine
Regional Mall Portfolio
44 properties · 93.4% occupancy
This is the whole $1.0B revenue machine, and occupancy slipped from 93.7% to 93.4%. That looks small until you remember filled space is the business.
core cash flow
signed leases that are not open yet
Signed-not-open leases
$140M pipeline · 350 leases
These leases are signed but not paying rent yet. The $140M pipeline is future income on paper. Until stores open, you should treat it as progress, not cash.
future rent
property sales to cut debt
Asset Sale Program
$1.4–$1.5B target
Management wants $1.4–$1.5B of asset sales to support a $2B debt reduction plan. That is not a side project. That is the script.
deleveraging bet
Key numbers
53.0%
operating margin
Operating margin (revenue left after running the properties) → core property profitability → so what: the assets themselves still throw off cash even while EPS stays negative.
$22
18-month target
The 18-month target sits 18% above the $18.59 stock price, which tells you the upside case exists but is not huge relative to the risk range.
3.7%
dividend yield
Dividend yield (cash paid to shareholders each year) → income while you wait → so what: you are getting paid, but not enough to ignore the earnings debate.
6.5%
return on capital
Return on capital (profit from money invested in the business) → efficiency check → so what: 6.5% is positive, but it is not a heroic return for a leveraged landlord.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 4 — safer than 20% of stocks
- price stability 30 / 100
- net profit margin 27.0% — keeps 27 cents of every dollar in revenue
- return on equity 11% — $0.11 profit for every $1 investors have put in
C+ — net profit margin looks solid but balance sheet grade needs watching.
Total return vs. market
You invested $10,000 in MAC 3 years ago → it's now worth $17,490.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Latest earnings beat estimates, but the bigger story was $752M in quarterly revenue and another EPS loss.
The last reported quarter posted revenue of $752 million, up 197% vs. prior year, while EPS came in at -$0.07 versus a -$0.20 estimate. That beat helps sentiment, but annual profitability still looks weak.
$752M
revenue
-$0.07
eps
53.0%
gross margin
the number that mattered
The number that mattered was the 65.0% EPS surprise, because it showed results came in less bad than expected even with weak full-year earnings power.
-
the macerich company stands to generate unimpressive results this year.
-
indeed, during the first nine months, ffo (funds from operations) per share retreated 8.2%, to $1.01, compared to the 2024 tally of $1.10.this stemmed, to a certain degree, from a rise in operating costs (which include such categories as general & administrative expenses and shopping center & operating expenses).
-
moreover, interest charges climbed.
-
there was a greater number of diluted shares outstanding, as well.but higher leasing revenues, the biggest component of total revenues by far, helped the company's performance some.
-
meanwhile, the portfolio occupancy rate for the september interim appeared decent, at 93.4%, just a 0.3% decrease from the 93.7% figure posted in 2024.
source: company earnings report, 2026
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What could go wrong
The biggest threat is simple: Macerich needs to sell properties while proving the portfolio is steady. Buyers know when a seller needs cash. That usually does not help pricing.
med
asset-sale execution
Management is targeting $1.4–$1.5B of sales to support a $2B debt reduction plan. If those deals slip or clear at weak prices, the repair plan takes longer and the equity story gets thinner.
$1.4–$1.5B of planned sales is large next to a business expected to do $956M of revenue in 2026. That scale mismatch is the point.
med
higher financing costs
Interest charges already climbed. If that keeps happening, property cash flow has to work harder just to stand still.
The first nine months already showed FFO per share falling to $1.01 from $1.10. Financing costs were part of that slide.
med
occupancy drift
Occupancy was 93.4%, down 0.3 points from last year, while the company is trying to lease 4 million square feet annually. Small changes in filled space matter because filled space is the product.
If occupancy keeps slipping while assets are being marketed, buyers get more negotiating power and you get less room for error.
med
share dilution
The share count increased. That means even a stable property portfolio can translate into weaker per-share progress.
In human-speak: the pie does not have to shrink for your slice to get smaller.
The balance-sheet repair depends on asset sales, while 2026 revenue is only estimated at $956M. That is why debt pressure ties all the other risks together.
source: institutional data · regulatory filings · risk analysis
Pay attention to
balance sheet
asset sale announcements
The $1.4–$1.5B sales program is the main repair tool. If progress stalls, the rest of the story gets harder fast.
trend
FFO per share direction
The first nine months came in at $1.01 versus $1.10 a year earlier. You want that line stabilizing before you pay for a cleaner recovery story.
metric
portfolio occupancy
93.4% is still workable. Another step down from 93.7% would matter more than management sounding confident on a call.
calendar
ex-dividend date: march 15, 2026
The yield is 3.43%. The real question is not whether the dividend exists today. It is how durable it looks if debt stays stubbornly expensive.
Analyst rankings
earnings predictability
15 / 100
A 15/100 score means the numbers have not been dependable. in human-speak, analysts do not trust this business to deliver smooth results.
price stability
30 / 100
This stock has been choppy. You are not buying a sleepy income vehicle here.
risk rank
4
Rank 4 means it is safer than only about 20% of stocks in the system. That is the opposite of defensive.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 149 buyers vs. 123 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$14
$29
$19
current price
$22
target midpoint · +18% from current · 3-5yr high: $30 (+60% · 15% ann'l return)
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