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

Key Points

• Macerich beat quarterly earnings expectations, reporting EPS of $0.35 versus the consensus estimate of a $0.05 loss. Revenue totaled $249.71 million, above the $239.77 million estimate.
• Operating trends improved, with go-forward NOI up 3.8% year over year and portfolio occupancy reaching 94%. Management expects at least 3% NOI growth in 2026 and more than 8% in 2027 and 2028.
• Balance-sheet progress continued, as net debt to adjusted EBITDA fell to 7.3x and dispositions reached about $1.3 billion, though a $76 million property loan remains in default and additional 2026 maturities require resolution.

Macerich (NYSE:MAC - Get Free Report) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.40, Zacks 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 during the quarter, compared to the consensus estimate of $239.77 million. During the same period in the prior year, the business earned $0.33 EPS. The business'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 Down 0.9%

NYSE MAC traded down $0.23 on Tuesday, reaching $25.64. The stock had a trading volume of 2,850,370 shares, compared to its average volume of 2,701,624. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich has a 1 year low of $16.03 and a 1 year high of $26.67. The business has a 50 day moving average price of $24.67 and a 200 day moving average price of $21.64. The company has a market capitalization of $7.27 billion, a price-to-earnings ratio of -36.11, a P/E/G ratio of 1.82 and a beta of 2.07.

Institutional Investors Weigh In On Macerich

Several institutional investors have recently made changes to their positions in MAC. State Street Corp increased its holdings in Macerich by 2.4% in the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust's stock worth $245,322,000 after buying an additional 351,907 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Macerich by 17.7% in the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust's stock valued at $250,242,000 after acquiring an additional 2,034,338 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Macerich by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust's stock valued at $93,030,000 after acquiring an additional 123,769 shares during the last quarter. Ameriprise Financial Inc. grew its position in Macerich by 13.4% in the second quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust's stock worth $63,014,000 after acquiring an additional 461,351 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Macerich by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,782,782 shares of the real estate investment trust's stock worth $69,831,000 after acquiring an additional 36,052 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MAC. Weiss Ratings downgraded Macerich from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. Mizuho raised their price target on shares of Macerich from $23.00 to $24.00 and gave the stock an "outperform" rating in a report on Friday, May 15th. Compass Point reaffirmed a "neutral" rating and set a $26.00 price objective (up from $23.00) on shares of Macerich in a research report on Friday, June 26th. Piper Sandler boosted their price objective on shares of Macerich from $21.00 to $28.00 and gave the company a "neutral" rating in a research report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $23.00 to $25.00 in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $25.33.

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.

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