Macerich (NYSE:MAC) Releases Earnings Results, Misses Estimates By $0.42 EPS

Macerich (NYSE:MAC) issued its quarterly earnings results on Wednesday. The real estate investment trust reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.42), Zacks reports. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%. The company had revenue of $260.07 million for the quarter, compared to analysts’ expectations of $251.31 million. During the same quarter in the previous year, the business earned $0.35 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis.

Here are the key takeaways from Macerich’s conference call:

• Third-quarter FFO as adjusted was $0.37 per diluted share, while Go-Forward Portfolio NOI increased 4.7%; nine-month NOI growth was 3.3%, ahead of the company’s initial full-year expectations. Macerich expects meaningful acceleration in 2027–2028 as signed-but-not-open tenants commence rent, with estimated annual SNO contributions of $40–$45 million in 2027 and $45–$50 million in 2028.
• Leasing and occupancy continued to improve: Go-Forward leased occupancy reached 96.1%, up 180 basis points year over year, and the company has completed or approved 91% of its five-year leasing plan. Portfolio sales also reached a record $972 per square foot in the Go-Forward Portfolio.
• New anchor and experiential openings are generating traffic gains, which management said are supporting inline leasing and sales. Examples included Freehold Raceway Mall traffic rising 9% over the year following DICK’S House of Sport’s opening, and Annapolis Mall traffic increasing 20% over the first month after its opening.
• Macerich is under contract to acquire another mall, expects to close by year-end, and said the deal should be accretive to 2027 and 2028 FFO per share, with a targeted stabilized yield of 9%–11%. The company plans to fund it with unsettled forward equity and said its acquisition pipeline remains robust, while emphasizing disciplined deal selection.
• Despite balance-sheet progress, net debt to adjusted EBITDA was 7.3x at quarter-end, and loans on Twenty Ninth Street, Fashion Outlets of Niagara Falls, and Fresno Fashion Fair are in default as the company negotiates with lenders. Macerich is pursuing asset sales, refinancings, loan modifications, or potential property givebacks to address debt and meet its leverage goals.

Macerich Trading Down 2.6%

Shares of MAC stock traded down $0.67 on Thursday, hitting $25.23. 1,686,947 shares of the company’s stock traded hands, compared to its average volume of 2,945,433. The company’s fifty day simple moving average is $23.19 and its 200 day simple moving average is $22.31. Macerich has a one year low of $16.03 and a one year high of $26.67. The stock has a market capitalization of $7.15 billion, a price-to-earnings ratio of -38.83, a P/E/G ratio of 1.78 and a beta of 2.11. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 28th. Stockholders of record on Monday, December 14th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, December 14th. Macerich’s payout ratio is presently -104.62%.

Insider Buying and Selling at Macerich

In related news, CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer directly owned 847 shares in the company, valued at $19,718.16. This trade represents a 76.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

MAC has been the subject of several research reports. Mizuho set a $28.00 price target on Macerich in a research note on Wednesday, August 5th. BNP Paribas Exane initiated coverage on shares of Macerich in a report on Friday, October 9th. They set an “outperform” rating and a $28.00 target price on the stock. Griffin Securities set a $26.00 price target on shares of Macerich in a report on Tuesday, August 18th. Truist Financial initiated coverage on Macerich in a research report on Friday, October 2nd. They set a “buy” rating and a $26.00 price target for the company. Finally, Piper Sandler cut their price objective on Macerich from $30.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Macerich has an average rating of “Moderate Buy” and a consensus target price of $26.19.

Key Stories Impacting Macerich

Here are the key news stories impacting Macerich this week:

• Positive Sentiment: FFO was $0.37 per share, above the $0.36 consensus estimate and up from $0.35 a year earlier. Revenue of $260.07 million also topped expectations of about $251.3 million and rose 2.7% year over year. Macerich Q3 FFO and Revenues Surpass Estimates
• Neutral Sentiment: The company also issued third-quarter results and supplemental information, while a separate report referenced financing updates; the provided coverage does not give details to assess their likely effect. Macerich Reports Third Quarter 2026 Earnings Results
• Negative Sentiment: Macerich reported a GAAP loss of $0.06 per share, missing the $0.36 analyst estimate by $0.42. The contrast between the GAAP loss and the FFO beat may leave investors focused on the weaker reported earnings figure. Macerich Q3 earnings report

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.

Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.

The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.