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/MAC
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Macerich Co

Macerich Co

MAC
$25.92USD↑+0.35%+0.09 today

MARKET CAP

7.8B

P/E (TTM)

—

FWD P/E

—

DAY RANGE

$26 – $26

52W RANGE

$16
$26

AI Summary

Stalk
StalkMedium

In a Stage 2 advancing regime with accelerating Parabola-driven momentum, the medium-term bias remains firmly bullish. However, short-term indicators are extreme overbought and price is extended well above the EMAs. We will defer new entries and stalk for a pullback into the rising EMAs or the prior breakout zone for a structurally favorable long entry.

  • ↑Q1 2026 revenue $168M (+7.4% YoY) and FFO $0.34 per share (+3.9%).
  • ↑Leased 1.6M sq ft in Q1 (+160% YoY), driving occupancy toward 88-89%.
  • ↓Weak profitability factors hamper margin growth and FFO expansion.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Macerich Co. (NYSE: MAC) is a leading real estate investment trust (REIT) focused on owning, developing, and managing high-quality retail properties primarily comprised of Class A regional malls situated in affluent markets across the United States. The company is currently executing its "Path Forward" plan aimed at enhancing operational efficiency, optimizing leasing activities, and reducing leverage to navigate the evolving retail landscape post-pandemic. Boasting a portfolio of premium assets, Macerich is capitalizing on the resurgence of experiential retail, positioning itself to meet the changing preferences of consumers, particularly younger demographics.

Bull says

  • ↑Q1 2026 revenue $168M (+7.4% YoY) and FFO $0.34 per share (+3.9%).
  • ↑Leased 1.6M sq ft in Q1 (+160% YoY), driving occupancy toward 88-89%.
  • ↑Achieved 10.5% average leasing spreads; occupancy to rise from 84% to ~89%.
  • ↑Acquisition of Crabtree Mall enhances portfolio and lifts projected NOI.
  • ↑Completed $1.3B asset sales toward $2B goal; debt/EBITDA improved to 7.8x.
  • ↑Premium Class A malls benefit from Gen Z experiential retail tailwinds.

Bear says

  • ↓Weak profitability factors hamper margin growth and FFO expansion.
  • ↓Stagnant growth factors raise concerns about long-term revenue upside.
  • ↓High interest-rate sensitivity risks escalating debt costs and cash flow strain.
  • ↓Soft consumer spending and economic uncertainty threaten foot traffic.
  • ↓Redevelopment execution risks amid historically overbuilt mall supply.
  • ↓Dividend yield pressure may limit shareholder returns during recovery.

Investment themes with MAC

Retail REITs↑ +0.51%

KIM · REG · FRT

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-10-2026neutral

Transcript signals

Bull points

  • First quarter reflects continued leasing momentum across our portfolio.
  • Portfolio sales at the end of the first quarter were $899 per square foot, up $18 when compared to the last quarter, representing a new high watermark for the company.
  • When you look at our go-forward portfolio, sales were $941 per square foot, underscoring the strength of our elevation strategy and long-term rent growth opportunity.

Bear points

  • Occupancy at the end of the first quarter was 93.4%, down 60 basis points sequentially.
  • this $76 million loan at the company's pro rata share remains in default after its February maturity date. As we are currently in discussions with the lender on the terms of this loan, we do not have any additional commentary at this time.
  • it seems pretty clear there are a lot of moving pieces this year into next as we get towards 28.
Read full transcript analysis ›