Macerich Co (MAC)

Price$22.61Cached quoteAs of 2026-09-13 11:02 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because expected growth is already carrying much of the valuation.

For a property trust, funds from operations adds back property depreciation to net income and is often more useful than reported earnings. First-half 2026 adjusted funds from operations was $0.70 a share, so a simple annualized run rate puts the stock at about 17 times that measure. Management’s non-guidance 2028 target of $1.80-$2.00 a share would lower that to roughly 12-13 times. That target assumes about 300 million shares and roughly 6% refinancing costs. This is reasonable, not obviously cheap, because reaching it still requires lease openings and successful reinvestment. SEC +2

Big pictureCash generation is steady, but debt and repeated share issuance limit the margin for error.

Operating cash flow was $295.5 million in 2023, $283.4 million in 2024, and $321.6 million in 2025; first-half 2026 produced $144.2 million against $100.8 million of dividends. The balance sheet remains the constraint: consolidated debt was $4.85 billion at June 2026, while company-share debt including joint ventures was $6.34 billion. Management reported net debt at 7.3 times adjusted operating earnings before interest and depreciation, or 6.83 times after assuming unsettled forward equity. Shares outstanding have risen about 32% since 2023, spreading future gains across more owners.

Business strengthTop malls are filling up and selling more, giving future rent growth a credible base.

Second-quarter adjusted funds from operations reached $100.4 million, up from $88.7 million a year earlier, although per-share growth was only from $0.34 to $0.35 because the share count increased. Go-forward property operating income rose 3.8%, leased occupancy reached 95.5%, and tenant sales hit a company record. The signed-but-not-open leasing pipeline represented about $124 million of incremental annual gross revenue expected through 2028. Those figures support the bull case: strong properties can convert already-signed demand into rent without needing a broad retail boom.

What could change the storyStrong lease openings could justify the price, while stalled growth or more dilution would not.

The clearest upside test is whether the signed lease pipeline converts and lifts per-share funds from operations toward management’s 2028 target of $1.80-$2.00. At that level, the current valuation would look moderate. The bear case is that new rent is offset by refinancing costs, tenant sales reversing from current record levels, or further equity issuance: shares already rose from about 216 million in 2023 to 284 million by June 2026, with another 16.1 million forward shares expected to settle. If per-share earnings stay near the current annualized run rate, the stock would look expensive.

AI: News

Second-quarter operating momentumMacerich’s best malls strengthened again, supporting future rent growth despite continued reported losses.

On August 4, Macerich reported second-quarter adjusted funds from operations of $100.4 million, or $0.35 per share, versus $88.7 million and $0.34 a year earlier. Go-forward property operating income rose 3.8%, leased occupancy reached 95.5%, and the signed-but-not-open revenue pipeline reached $124 million. The stock slipped about 0.9% the next session; that timing does not prove investors reacted negatively to the results.

Forward equity offeringMacerich raised future acquisition capacity by selling more equity, strengthening finances but increasing dilution.

On June 15, Macerich priced a forward equity offering for 14 million shares, later reaching 16.1 million shares after the underwriters’ option was exercised. At June quarter-end, management estimated roughly $372 million of net value from the unsettled forward equity. The cash is intended mainly for acquisitions and general corporate purposes. This improves financing flexibility, but physical settlement would add shares and make each existing share represent a smaller ownership claim.

Low-cost debt refinancingMacerich locked in unusually cheap long-term financing, easing refinancing pressure while preserving some dilution risk.

On August 7, Macerich priced $675 million of 2.25% exchangeable senior notes due 2031, upsized from $600 million. Estimated net proceeds were $659.1 million; about $39.2 million was earmarked for capped-call hedges, with the remainder intended to refinance secured debt and support general corporate needs. The shares rose about 3.9% that day after falling about 7.5% the prior session, but overlapping earnings and financing news make any causal attribution uncertain.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$1.01B	$918.2M	$884.1M	$859.2M	$847.4M	$786.0M	$927.5M	$960.4M	$993.7M	$1.04B	$1.29B	$1.11B	$1.03B	$797.5M	$684.7M	$711.6M	$793.0M	$880.9M
Operating expenses	$1.13B	$958.8M	$871.2M	$926.0M	$915.8M	$773.5M	$859.9M	$934.9M	$930.8M	$944.6M	$1.20B	$1.05B	$1.00B	$800.0M	$718.2M	$755.8M	$844.4M	$856.1M
Operating income	−$115.8M	−$40.6M	$12.9M	−$66.8M	−$68.3M	$12.5M	$67.5M	$25.4M	$62.9M	$96.7M	$86.0M	$55.0M	$25.5M	−$2.4M	−$33.5M	−$44.3M	−$51.4M	$24.8M
Operating margin	−11.42%	−4.42%	1.46%	−7.78%	−8.06%	1.60%	7.28%	2.65%	6.33%	9.28%	6.68%	4.97%	2.47%	−0.31%	−4.89%	−6.22%	−6.48%	2.82%
EBITDA	$252.3M	$265.3M	$309.3M	$235.7M	$256.1M	$338.6M	$405.2M	$360.1M	$404.2M	$452.0M	$557.3M	$442.7M	$408.5M	$320.3M	$249.1M	$216.0M	$226.1M	$312.7M
EBITDA margin	24.88%	28.89%	34.98%	27.43%	30.22%	43.08%	43.69%	37.50%	40.68%	43.41%	43.26%	40.06%	39.68%	40.16%	36.38%	30.35%	28.51%	35.50%
Net income	−$197.1M	−$194.1M	−$274.1M	−$66.1M	$14.3M	−$230.2M	$96.8M	$69.0M	$161.7M	$554.8M	$522.9M	$1.61B	$449.0M	$366.4M	$169.1M	$25.2M	$120.7M	$166.0M
Net profit margin	−19.44%	−21.14%	−31.00%	−7.69%	1.68%	−29.29%	10.44%	7.18%	16.27%	53.28%	40.59%	145.39%	43.61%	45.94%	24.69%	3.54%	15.23%	18.85%
Basic EPSper basic share	-$0.78	-$0.88	-$1.28	-$0.31	$0.07	-$1.58	$0.68	$0.42	$1.02	$3.52	$3.08	$10.46	$3.01	$2.51	$1.18	$0.19	$1.45	$2.17
Diluted EPSper diluted share	-$0.78	-$0.88	-$1.28	-$0.31	$0.07	-$1.58	$0.68	$0.42	$1.02	$3.52	$3.08	$10.45	$3.00	$2.51	$1.18	$0.19	$1.45	$2.17

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

19.27%of listed shares

BlackRock, Inc.54.74M shares · Jun 30, 2026

View holders

Top 20 reported holders of MAC
Holder	% owned
BlackRock, Inc.	19.27%54.74M shares
FMR LLC	11.07%31.46M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	9.62%27.31M shares
STATE STREET CORP	5.75%16.34M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.46%12.68M shares
Smead Capital Management, Inc.	4.04%11.48M shares
CENTERSQUARE INVESTMENT MANAGEMENT LLC	3.17%9M shares
GEODE CAPITAL MANAGEMENT, LLC	3.05%8.67M shares
PRINCIPAL FINANCIAL GROUP INC	2.47%7.01M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	2.04%5.78M shares
T. Rowe Price Investment Management, Inc.	1.99%5.66M shares
DEUTSCHE BANK AG\	1.94%5.52M shares
Resolution Capital Ltd	1.91%5.44M shares
MORGAN STANLEY	1.83%5.2M shares
BAMCO INC /NY/	1.76%5M shares
WELLINGTON MANAGEMENT GROUP LLP	1.65%4.67M shares
DIMENSIONAL FUND ADVISORS LP	1.49%4.22M shares
NORTHERN TRUST CORP	1.36%3.87M shares
GOLDMAN SACHS GROUP INC	1.28%3.64M shares
CANADA PENSION PLAN INVESTMENT BOARD	1.15%3.25M shares

Percentages use 284.08M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$1.11M disclosed value

Sells (SEC code S)3$1.57M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 24, 2025Form 4	Lowenthal MarianneDirector	SellCommon Stock	6.0K	$17.13	$102.8K	36.9K
Aug 15, 2025Form 4	Zecchini Christopher JChief Accounting Officer	SellCommon Stock	9.5K	$17.17	$163.1K	3.6K
Mar 14, 2025Form 4	Murphy Devin IgnatiusDirector	BuyCommon Stock	7.0K	$16.40	$114.8K	9.1K
Mar 4, 2025Form 4	Hsieh JacksonPresident and CEO	BuyCommon Stock	56.0K	$17.75	$994.0K	226.5K
Dec 26, 2024Form 4	Stephen Andrea MDirector	SellCommon Stock · indirect	63.3K	$20.59	$1.30M	0

Review ownership filings at SEC.gov ↗

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Macerich Co (MAC)

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