Macerich (NYSE:MAC) Posts Earnings Results, Beats Expectations By $0.40 EPS

Posted by Brian Himes on Aug 4th, 2026

Macerich (NYSE:MAC – Get Free Report) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.40, Zacks reports. The firm had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the business posted $0.33 earnings per share.

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 Down 0.9%

Shares of NYSE MAC traded down $0.23 during trading hours on Tuesday, hitting $25.64. 2,850,370 shares of the stock were exchanged, compared to its average volume of 2,701,624. Macerich has a 12 month low of $16.03 and a 12 month high of $26.67. The firm has a fifty day moving average price of $24.67 and a 200-day moving average price of $21.64. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. The company has a market cap of $7.27 billion, a PE ratio of -36.11, a PEG ratio of 1.82 and a beta of 2.07.

Hedge Funds Weigh In On Macerich

Institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC lifted its holdings in shares of Macerich by 366.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 1,095 shares during the last quarter. Triumph Capital Management purchased a new position in Macerich during the 3rd quarter worth $33,000. Kestra Advisory Services LLC purchased a new position in Macerich during the 4th quarter worth $43,000. Danske Bank A S acquired a new position in Macerich during the 3rd quarter valued at about $56,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Macerich by 16.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 858 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group raised Macerich to a “strong-buy” rating in a research report on Friday, June 26th. Weiss Ratings lowered shares of Macerich from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. The Goldman Sachs Group increased their target price on shares of Macerich from $17.00 to $19.00 and gave the stock a “sell” rating in a report on Friday, May 15th. Citigroup raised shares of Macerich from a “neutral” rating to a “buy” rating and raised their target price for the company from $24.00 to $28.00 in a research report on Tuesday, June 23rd. Finally, Evercore set a $24.00 price target on shares of Macerich in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Macerich currently has an average rating of “Moderate Buy” and an average price target of $25.33.

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Macerich Company Profile

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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.