The Company in a Nutshell
| Date Reviewed | 03/04/2026 |
| Company Name | Macerich Co |
| Symbol | MAC |
| Sector | Real Estate |
| Industry | REIT - Retail |
| Beta | 2.17 |
| PRO Rating | 3 |
| Dividend Safety | 2 |
Business Model
The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). As an owner, operator, and developer of retail real estate in United States markets, the Company’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. The Company is developing and managing properties that serve as community cornerstones. It owns interests in approximately 38 retail centers. Its properties include Arrowhead Towne Center, Danbury Fair, Desert Sky Mall, Eastland Mall, Fashion District Philadelphia, Fashion Outlets of Chicago, The Village at Corte Madera, Washington Square, Vintage Faire Mall, Broadway Plaza, Superstition Springs Center, Crabtree, and others.
| Current price | 19.54 |
| ROE | -7.60 % |
| ROIC | 0.00 % |
| Shareholder Yield | 0.90 % |
| 5-Yr Total Return | 103.35 % |
| 1-Yr Total Return | 13.70 % |
| Next Earnings Date | 05-06-26 |
Latest Quarter Information
What the CEO said:
2025 was a pivotal year for Macerich. We entered the year with clear objectives under our Path Forward Plan—simplifying the business, driving operational performance improvement, and reducing leverage. The milestones we achieved this year—leasing volume well ahead of plan, all 30 anchors committed, $1.3 billion in dispositions completed—demonstrate that the Path Forward Plan is no longer just a plan. It's in execution, with tangible results across every pillar. The heavy lifting of de-risking the plan is substantially complete.
What we say:
2026-03-04, MAC reported dismal numbers for 4Q'25. Q4 leasing revenue fell to $245.2M from $257.4M and management companies’ revenues fell to $6.4M from $7.7M, partially offset by higher other income of $10.1M versus $8.6M. Go-Forward Portfolio Centers NOI increased 1.7% YoY in Q4, leased occupancy ended at 94%, with 1.4M SF lease signed in Q4 and 7.1M SF signed for FY25. It also completed outparcel and land sales totaling $42.3M in Q4, and entered a contract to sell La Cumbre Plaza for $11M. MAC reported an FFO of $128.9M, or $0.48/ diluted share, up from $116.7M, or $0.47, in 4Q'24. MAC ended with ~$990M of liquidity at Q4-end.
Investment Thesis
Dividend Triangle
| 5-Yr Rev. Growth | 6.25 % |
| 5-Yr EPS Growth | -17.20 % |
| 5-Yr Div Growth | -10.75 % |
Potential Risks
| Debt/Equity | 2.05 |
| Financial Debt to EBITDA (TTM) | 9.45 |
| Current Ratio (Quarterly) | 0.00 |
| Credit Score | 6 |
Dividend Growth Perspective
| Dividend ($) | 0.68 |
| Dividend Yield Fwd | 3.60 % |
| Dividend Frequency | Quarterly |
| Average 5-Yr Yield | 4.40 % |
| Payout Ratio (%) | 0.00 |
| Cash Payout Ratio (%) | 66.55 |
| DGR 1-Yr (TTM) | 100.00 |
| DGR 3-Yr (TTM) | -3.65 |
| DGR 5-Yr (TTM) | -10.75 |
| DGR Streak | |
| Chowder Score | -7.15 |
| Next DVD PMT | 03-30-26 |
Valuation
(Data for `ddm_growth_rate_years` field are missing to build DDM tables)
Video Tutorial: How to Read the Stock Cards DDM Valuation
| Market Cap | 5 B |
| PE Ratio | 0.00 |
| Fwd PE | 0.00 |
| Price to Book Ratio | 2.05 |
| DDM Valuation | 0 |
| Average 5-Yr PE | 102.39 |
| Value Score | 32 |