Nov 4
MAC · Macerich Co
$25.90
+1.16 (+4.69%)
At close · Nov 4
Return incl. dividend (before tax)
Market Cap
$7.02B
Shares
283.56M
Volume · Nov 4
4.13M
Avg daily vol (3M)
3.53M
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Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$25.90
Open$25.00
Day$24.90–25.93
52W close$16.20–26.51
Avg vol 30d3.2M
Short int33.6M · 11.8% of shares · 10.2d
Short vol55%
Last earningsNov 4, 2026
DataJan 2020–Nov 2026
Filing10-Q · Aug 5
Up next
Feb 3, 2027
Est · unconfirmed
· in 13 wks
Latest documents
2026
Aug 11
Current report
8-K
Events of Aug 5
Entered into a material agreement, New debt or off-balance-sheet obligation, Unregistered sale of equity, Other events
AI summary on its way
Aug 5
Aug 5
Aug 5
Quarterly report
10-Q
FY2026 Q2, ended Jun 30
Quarterly report for FY2026 Q2
AI summary on its way
Revenue $249.71M
▲ unchanged
Net loss $27.07M
Diluted EPS -$0.10
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
$1.01B
Trailing 12 months
Net income (TTM)
−$169.54M
Trailing 12 months
Revenue growth YoY
0.0%
Year over year
Operating margin
—
Trailing 12 months
P / FFO
16.5×
Company-stated · FY2025 · reciprocal yield 6.1%
P / E (TTM)
—
Trailing earnings
Return on invested capital
—
Trailing 12 months
Net cash
−$4.62B
Latest balance sheet
Dividend yield
2.7%
Trailing 12 months
Shares change YoY
+8.2%
Year over year · more shares
Price change (1Y)
+42.7%
Trailing year
Short interest
11.8%
Latest settlement · 10.2 days to cover
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Aug 4, 2026
Q2 FY26
TL;DR. Macerich delivered Q2 2026 FFO as adjusted of $0.35 per share (vs. $0.34 prior year) with Go-Forward Portfolio NOI growth of 3.8%, ahead-of-schedule leasing at 88% of the five-year plan, and record portfolio sales of $919/sf. The company raised additional capital via a $372M forward equity offering to fund accretive acquisitions and reduced net debt to adjusted EBITDA to 7.3x (pro forma below 7x), while $1.2B in liquidity and ongoing dispositions support further deleveraging.
Bullish
- + Leasing speedometer reached 88%, ahead of the 85% mid-year target, with strong demand pushing leasing into 2029 and 2030.
- + Leased occupancy rose to 94.0% portfolio-wide and 95.5% in the Go-Forward Portfolio, with Go-Forward up 270 bps year-over-year.
- + Net debt to adjusted EBITDA fell to 7.3x (pro forma below 7.0x including forward equity proceeds), down over 1.5 turns since the Path Forward plan outset.
Bearish
- − Twenty Ninth Street $76M loan remains in default after February 2026 maturity with no resolution announced.
- − GAAP net loss attributable to the Company of $27.1 million ($0.10 per share) in Q2 2026, though improved from a $40.9M loss in Q2 2025.
- − Remaining 2026 debt maturities may require asset sales, refinancings, loan modifications, or property givebacks.
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Buy
Momentum
Very Strong
Sentiment
Bearish
Fundamentals
Strong
Quant / Vol
Moderate
Market backdrop
VIX 16.6 · calm
Equity put/call 0.44
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+16%
above
Price vs 50-day avg
+12%
above
RSI (14)
74
overbought
MACD trend
Positive
52-week position
94%
near high
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
+17%
trailing
6-month return
+16%
trailing
YTD return
+40%
this year
Relative strength
+13%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $23 › 200d $22 — 50d above 200d
Institutional flow
Distributing
124 of 356 funds reported for Sep 30 · net -406.6K sh shares · +14 new
Insider flow
Distributing
Net -$63.8K over 90 days · 100% sells
Short interest
Rising
11.84% of shares out · ▲ +2.9% MoM · 10.2 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
356 holders — near 3-yr high, broad support
Squeeze score
97
high risk · 0–100
Fundamentals
Revenue growth
+10%
Y/Y
EPS growth
+11%
Y/Y
Buyback
$1.0M
authorized
Balance sheet
$4.8B
net debt
Quant / Vol
risk profile
Volatility
29%
annualized · 1-yr
Max drawdown
−16%
past year
ATR
2.2%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the Earnings Call filed Aug 4, 2026
full year 2026
Go Forward Portfolio Center's NOI growth
at least 3%
2027
Estimated annual contribution
$40M – $45M
2028
Estimated annual contribution
$45M – $50M
by the end of this year
Additional assets, out parcels, and land
$300M – $400M
Total dispositions
$1.7B
Total snow opportunity
$140M
years 26 through 28
Three-year NOI CAGR midpoint
6.5%
27 and 28
NOI growth
at least 8%
when we get these 1,000 tenants open
Physical permanent occupancy
88% – 89%
Previous outlook
earlier release
· from the 8-K filed May 6, 2026
Still-open targets the latest release did not restate under the same label.
Leasing speedometer
· mid-year
85%
Ownership percentage in the residential project
· until stabilization in 2029
43.4%
Ownership percentage in the residential project
· thereafter
51%
Estimated levered, stabilized yield
·
7% – 8%
Estimated share of net equity
·
$70M – $80M
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Buy
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+16%
Bullish
Price vs 50-day avg
+12%
Bullish
RSI (14)
74
Bearish
MACD trend
Positive
Bullish
52-week position
94%
Bullish
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bearish · 3 of 6
Trend (MA cross)
No cross
50d $23 › 200d $22 — 50d above 200d
Institutional flow
Distributing
124 of 356 funds reported for Sep 30 · net -406.6K sh shares · +14 new
Insider flow
Distributing
Net -$63.8K over 90 days · 100% sells
Short interest
Rising
11.84% of shares out · ▲ +2.9% MoM · 10.2 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
356 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $16
Now $26 · 94%
Range high $27
vs 200-day avg +16%
vs 50-day avg +12%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| FFO attributable to common stockholders and unit holders, as adjusted —basic and diluted non-GAAP | $100.45M | the three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP FFO attributable to common stockholders and unit holders—basic and diluted $90.85M
+$3.83M Default interest expense
+$540K Loss on non-real estate investments
+$5.24M Property in receivership
= FFO attributable to common stockholders and unit holders, as adjusted —basic and diluted $100.45M
|
|||
| FFO attributable to common stockholders and unit holders, as adjusted—diluted non-GAAP | $100.4M | the three months ended June 30, 2026 filing | — |
| FFO attributable to common stockholders and unit holders—basic and diluted non-GAAP | $90.85M | the three months ended June 30, 2026 filing | — |
| New-to-Macerich portfolio new lease square footage signed | 252,000 | the quarter ended June 30, 2026 filing | — |
| Adjusted EBITDA non-GAAP | $330.88M | the six months ended June 30, 2026 | — |
| Adjusted EBITDA (trailing twelve months) non-GAAP | 722.46M | As of June 30, 2026 | — |
| Adjusted EBITDA, as further modified (trailing twelve months) non-GAAP | 779.96M | As of June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Adjusted EBITDA (trailing twelve months) $722.46M
+$54.91M Plus: Leasing expenses (trailing twelve months)
+$11.29M Plus: EBITDA Impact from investment (gains)/losses on non-real estate investments (trailing twelve months)
+$7.69M Plus: Adjustment for acquisitions and dispositions (trailing twelve months)
-$16.4M Plus: Other adjustments (trailing twelve months)
= Adjusted EBITDA, as further modified (trailing twelve months) $779.96M
|
|||
| Debt as a percentage of total market capitalization | 46% | 6/30/2026 | — |
| FFO - basic and diluted non-GAAP | $166.73M | the six months ended June 30, 2026 | — |
| FFO per share - basic and diluted non-GAAP | $0.6 | the six months ended June 30, 2026 | — |
| FFO per share, as adjusted - basic and diluted non-GAAP | $0.7 | the six months ended June 30, 2026 | — |
| FFO, as adjusted - basic and diluted non-GAAP | $192.83M | the six months ended June 30, 2026 | — |
| FFO, as adjusted, per share-diluted non-GAAP | $0.35 | the second quarter of 2026 | — |
| Funds from Operations (“FFO”), as adjusted non-GAAP | $100.4M | the second quarter of 2026 | — |
| Go-Forward Portfolio Center leased occupancy | 95.5% | June 30, 2026 | — |
| Go-Forward Portfolio Centers sales per square foot for spaces less than 10,000 square feet | $954 | the twelve months ended June 30, 2026 | — |
| Leased portfolio occupancy | 94% | June 30, 2026 | — |
| Leases signed on a comparable center basis | 1.3M | the second quarter of 2026 | — |
| Leasing speedometer | 88% | June 30, 2026 | — |
| Net Debt non-GAAP | 5.7B | As of June 30, 2026 | — |
| NOI - All Centers | $402.62M | Six months ended June 30, 2026 | — |
| NOI - Go-Forward Portfolio Centers (c) | $358.17M | Six months ended June 30, 2026 | — |
| NOI - Go-Forward Portfolio Centers percentage change, excluding lease termination income non-GAAP | 2.5% | the six months ended June 30, 2026 | — |
| NOI - Go-Forward Portfolio Centers percentage change, including lease termination income non-GAAP | 1.1% | the six months ended June 30, 2026 | — |
| NOI - Go-Forward Portfolio Centers, excluding lease termination income (c) | $357.52M | Six months ended June 30, 2026 | — |
| NOI, excluding lease termination income, Go-Forward Portfolio Centers percentage change non-GAAP | 3.8% | the second quarter of 2026 | — |
| Portfolio Occupancy - Total Centers | 94% | 6/30/2026 | — |
| Portfolio Occupancy - Total Go-Forward Portfolio Centers | 95.5% | 6/30/2026 | — |
| Portfolio tenant sales per square foot for spaces less than 10,000 square feet | $919 | the twelve months ended June 30, 2026 | — |
| Sales Per Square Foot - Total Centers | $919 | 6/30/2026 | — |
| Sales Per Square Foot - Total Go-Forward Portfolio Centers | $954 | 6/30/2026 | — |
| Total Company's Pro Rata Share of Debt | $6.34B | As of June 30, 2026 | — |
| Weighted average interest rate | 5.29% | As of June 30, 2026 | — |
| Weighted average maturity (years) | 3.03 | As of June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Retail — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MAC
this stock
Macerich Co
|
$7.02B | +40.3% | +10.4% | — | 11.8% |
|
SPG
Simon Property Group Inc.
|
$73.80B | +23.4% | +6.7% | 16.1 | 2.9% |
|
O
Realty Income Corp
|
$55.24B | +5.1% | +9.1% | 40.1 | 4.0% |
|
KIM
Kimco Realty Corp
|
$16.76B | +27.7% | +5.1% | 23.3 | 4.9% |
|
UNBLF
Unibail-Rodamco SE
|
$14.92B | -5.3% | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MAC | +8.6% | +16.7% | +15.9% | +6.4% | +40.3% |
| SPY | -0.7% | -1.3% | +2.5% | +1.5% | +12.5% |
| vs SPY | +9.3% | +18.1% | +13.5% | +4.9% | +27.9% |
Capital returns
Latest dividend
$0.17
/ share · ex Sep 14, 2026
Declared · upcoming
$0.17
/ share · ex Dec 14, 2026
Paid (TTM)
$0.68
/ share · 4 payouts
Dividend yield (TTM, derived)
2.63%
Buyback program
· as of Mar 31, 2021
Authorized
$1.00M
Spent (derived)
—
Remaining
—
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
912242
CUSIP
554382101
13F (30d)
121 filings
110 filers
Visit website
Investor relations