Macerich (NYSE:MAC) Posts Earnings Results, Misses Estimates By $0.05 EPS

Macerich (NYSE:MAC) released its quarterly earnings data on Tuesday. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05), FiscalAI reports. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. During the same period last year, the firm posted $0.33 earnings per share. Macerich’s revenue for the quarter 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

Shares of Macerich stock traded down $0.06 on Wednesday, reaching $25.56. 437,293 shares of the company traded hands, compared to its average volume of 2,685,735. Macerich has a 52 week low of $16.03 and a 52 week high of $26.67. The company has a 50 day moving average of $24.73 and a 200 day moving average of $21.69. The firm has a market capitalization of $7.25 billion, a PE ratio of -36.00, a PEG ratio of 1.82 and a beta of 2.07. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 2.7%. Macerich’s dividend payout ratio is presently -95.77%.

Key Stories Impacting Macerich

Here are the key news stories impacting Macerich this week:

• Positive Sentiment: Second-quarter revenue reached $249.71 million, above the $239.77 million analyst consensus, as occupancy improved and expenses declined. These trends suggest better performance across Macerich’s shopping-center portfolio. Macerich Q2 earnings, revenue beat as occupancy rises, expenses decline
• Positive Sentiment: Adjusted FFO was $0.35 per share, exceeding the $0.33 consensus estimate and increasing from $0.32 a year earlier. FFO is a key valuation measure for REIT investors and supports the company’s underlying operating narrative. Macerich Surpasses Q2 FFO and Revenue Estimates
• Positive Sentiment: Management expects at least 3% growth in 2026 go-forward NOI, indicating continued anticipated improvement in property-level cash generation. Macerich is also targeting an additional $300 million to $400 million of dispositions by year-end, which could provide capital for debt reduction or other balance-sheet priorities. Macerich expects NOI growth and additional dispositions
• Neutral Sentiment: Macerich declared a quarterly dividend of $0.17 per share, payable September 28 to shareholders of record September 14. The continued payout, representing an indicated yield of roughly 2.7%, may appeal to income-oriented investors, although it does not materially change near-term earnings expectations.
• Negative Sentiment: GAAP earnings were a loss of $0.10 per share, missing the expected loss of $0.05 per share. The company also reported a negative net margin and negative return on equity, underscoring ongoing profitability and balance-sheet concerns despite the stronger FFO result. Macerich quarterly earnings results

Hedge Funds Weigh In On Macerich

Several large investors have recently modified their holdings of MAC. Royal Bank of Canada grew its position in shares of Macerich by 20.1% in the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock valued at $1,338,000 after purchasing an additional 13,018 shares in the last quarter. AQR Capital Management LLC increased its stake in Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock valued at $640,000 after purchasing an additional 813 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Macerich by 10.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock valued at $2,551,000 after buying an additional 13,782 shares during the period. Millennium Management LLC raised its holdings in Macerich by 376.2% in the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock valued at $15,570,000 after acquiring an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of Macerich by 12.8% during the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock worth $453,000 after purchasing an additional 2,983 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MAC shares. Weiss Ratings cut shares of Macerich from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. raised Macerich from an “underweight” rating to a “neutral” rating and raised their price target for the company from $23.00 to $25.00 in a report on Wednesday, June 17th. Morgan Stanley increased their price target on Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, June 18th. Wall Street Zen upgraded Macerich from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, KeyCorp upped their price objective on shares of Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.60.

Macerich Company Profile

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.