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Macerich ( (MAC) ) has shared an update.
For the first quarter ended March 31, 2026, Macerich narrowed its net loss to $36.4 million, or $0.14 per diluted share, from a $50.1 million loss a year earlier, largely due to gains on asset sales and write-downs. Funds from operations (FFO), as adjusted, edged up to $92.4 million, or $0.34 per diluted share, while Go-Forward Portfolio Centers NOI rose 1.2% and portfolio tenant sales per square foot and leased occupancy both improved versus the prior-year period, despite a modest sequential dip in occupancy.
Leasing momentum remained strong, with 1.6 million square feet of leases signed in the quarter and a new store leasing pipeline expected to generate about $116 million in incremental gross revenue at Macerich’s share from 2024 through 2028, supporting management’s expectation of stronger NOI growth in the second half of 2026 and beyond. On the balance sheet, the company extended a $200 million South Plains Mall loan, expanded and repriced its revolving credit facility to $900 million, repaid the Vintage Faire Mall loan, raised equity through its ATM, and completed outparcel and land sales, while also dealing with a defaulted joint-venture loan at Twenty Ninth Street that is under negotiation.
On the transaction front, Macerich acquired Annapolis Mall and an adjacent Sears parcel in Maryland on April 30, 2026 for a combined $272 million, adding a Class A, market-leading asset that management expects to drive durable NOI growth and bolster its 2028 FFO targets. A new $58.7 million mortgage on Deptford Mall was also closed after quarter end, and management says the Path Forward Plan is advancing into an execution phase aimed at higher permanent occupancy, embedded rent escalations, lower leverage and a more competitive portfolio in affluent markets.
The most recent analyst rating on (MAC) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.
Spark’s Take on MAC Stock
According to Spark, TipRanks’ AI Analyst, MAC is a Neutral.
The score is held back primarily by weak financial performance (sharp 2025 revenue decline, recurring net losses, and high leverage). Offsetting that, technicals show a strong uptrend and the latest earnings call indicates meaningful operational momentum (record leasing and a large pipeline), while valuation is mixed due to negative earnings despite a moderate dividend yield.
To see Spark’s full report on MAC stock, click here.
More about Macerich
Macerich is a U.S. real estate investment company that owns, operates and develops high-quality retail properties, with a portfolio concentrated in California, the Pacific Northwest, Phoenix/Scottsdale and the Metro New York–to–Washington, D.C. corridor. The company controls about 41 million square feet, mainly across 39 retail centers, and focuses on long-term shareholder value alongside environmental, social and governance priorities.
Its properties are positioned as community cornerstones in densely populated, affluent markets where top retail brands compete for space. Macerich emphasizes leasing-driven growth, anchor repositioning and disciplined balance-sheet management to strengthen its portfolio of Class A and market-leading malls.
Average Trading Volume: 2,245,326
Technical Sentiment Signal: Buy
Current Market Cap: $5.83B
Find detailed analytics on MAC stock on TipRanks’ Stock Analysis page.