Macerich
Owner and operator of U.S. regional malls with in-house leasing and redevelopment.
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Profile
Owns, leases, manages and redevelops regional retail centers across the United States, earning primarily tenant rent and expense reimbursements. Its integrated operating platform and asset-recycling program concentrate capital on a go-forward portfolio, while results remain tied to retailer demand, mall traffic and financing access.
Acquires, owns, leases, manages, develops and redevelops regional retail centers across the United States, with a much smaller community/power-center presence. Mall stores, restaurants and freestanding tenants supply most rent, while anchors help drive traffic; some centers also include adjacent office, hotel and residential space.
Runs leasing, property operations and redevelopment through an integrated in-house platform, with on-site teams tailoring tenant mixes to local trade areas. The Path Forward program concentrates investment on a go-forward portfolio, disposes of selected noncore assets, consolidates some joint ventures and adds targeted acquisitions.
Results depend on tenant demand and creditworthiness, store openings and closures, consumer traffic, refinancing access and redevelopment execution. The portfolio is concentrated in California, New York and Arizona, and REIT status requires annual taxable-income distributions.
Company facts
Key statistics
Year to date +28.2% · Average volume (30d) 3.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Piper Sandler | Upgrade | Neutral | Overweight | $28 | $30 |
| Aug 18, 2026 | Griffin | Target | $26 | |||
| Aug 6, 2026 | Evercore ISI | Target | $24 | $25 | ||
| Aug 5, 2026 | Mizuho Securities | Target | $24 | $28 | ||
| Jul 21, 2026 | Piper Sandler | Reiterate | Neutral | $17 | $28 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | −$0.05 | −$0.10 | −89.6% | $239.8M | $249.7M | +4.1% | −0.90% |
| May 6, 2026Q1 FY26 | −$0.06 | $0.34 | +700.0% | $233.1M | $241.5M | +3.6% | −3.87% |
| Feb 18, 2026Q4 FY25 | $0.43 | $0.48 | +11.6% | $258.9M | $261.7M | +1.1% | +3.24% |
| Nov 4, 2025Q3 FY25 | $0.36 | $0.35 | −2.8% | $260.5M | $253.3M | −2.8% | −0.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $249.2M | $249.8M | $253.3M | $263.0M | $242.7M | $249.7M | |
| Gross profit | $132.1M | $137.5M | $142.7M | −$24.7M | −$42.8M | $171.8M | |
| Operating income | $31.9M | $41.2M | $44.9M | $49.9M | $31.0M | −$27.7M | |
| Net income | −$50.1M | −$40.9M | −$87.4M | −$18.8M | −$36.4M | −$27.1M | |
| Diluted EPS | −$0.20 | −$0.16 | −$0.34 | −$0.07 | −$0.14 | −$0.10 | |
| Gross margin | 53.0% | 55.0% | 56.3% | -9.4% | -17.7% | 68.8% | |
| Operating margin | 12.8% | 16.5% | 17.7% | 19.0% | 12.8% | -11.1% |
Fiscal years (4-quarter sums)FY21 $847.4M · FY22 $859.2M · FY23 $884.1M · FY24 $918.2M · FY25 $1.02B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $227.0M · Total debt $4.85B · Total assets $8.52B · Shareholders' equity $2.83B
Dividends
Raised for 5 straight years — most recently to $0.17 from $0.15 in Nov 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 29 | $0.17 | |
| Mar 16, 2026 | Mar 16 | Mar 30 | $0.17 | |
| Dec 15, 2025 | Dec 15 | Dec 29 | $0.17 | |
| Sep 9, 2025 | Sep 9 | Sep 23 | $0.17 | |
| Jun 3, 2025 | Jun 3 | Jun 17 | $0.17 | |
| Mar 4, 2025 | Mar 4 | Mar 18 | $0.17 | |
| Nov 12, 2024 | Nov 12 | Dec 2 | $0.17 | |
| Aug 19, 2024 | Aug 19 | Sep 9 | $0.17 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 297.56M · Float 260.70M · 87.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 54.74M | 18.40% | 13F | Aug 7, 2026 |
| FMR LLC | 31.46M | 10.57% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 27.31M | 9.18% | 13F | Aug 13, 2026 |
| State Street Corporation | 16.34M | 5.50% | 13G | Aug 7, 2026 |
| Vanguard Capital Management LLC | 12.68M | 4.26% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 24, 2025 | Marianne Lowenthal | director | −6,000 | $17.13 |
Peers
- Simon Property Group
Direct mall and outlet peer with far larger retail scale
- Kimco Realty
Open-air grocery-anchored scale competes for retail demand
- C.B.L. & Associates Properties
Regional mall peer in middle-market retail properties
- Regency Centers
Grocery-anchored community centers compete for tenants
- Federal Realty
Premium open-air and mixed-use retail rival
- Brixmor Property Group
Large open-air portfolio competes for anchors
- Tanger
Outlet-center specialist in a named competing format
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Macerich | $23.75 | +0.02% | $7.07B | — | 11,242.9 | 7.0 | −0.0% |
| Simon Property Group | $214.38 | −0.07% | $69.58B | 15.2 | 32.0 | 10.0 | +10.8% |
| Kimco Realty | $23.78 | +0.02% | $16.03B | 26.7 | 27.8 | 7.3 | +4.1% |
| C.B.L. & Associates Properties | $55.04 | 0.00% | $1.70B | 8.0 | — | 2.9 | +0.8% |
| Regency Centers | $75.52 | +0.01% | $13.79B | 21.4 | 29.9 | 8.0 | +5.8% |
| Federal Realty | $116.75 | −0.01% | $10.09B | 23.3 | 37.7 | 7.6 | +4.6% |
| Brixmor Property Group | $29.17 | −0.02% | $8.95B | 20.8 | 28.0 | 6.4 | +4.2% |
| Tanger | $37.73 | 0.00% | $4.33B | 34.3 | 33.3 | 7.1 | +5.4% |
| Median | 21.4 | 30.9 | 7.3 | +4.6% |