Macerich (MAC)
NYSEReal EstateReit - RetailSnapshot 2026-09-09
$23.03-2.33%
Close 2026-09-09 · 1-day change
NYSEReal EstateReit - RetailSnapshot 2026-09-09
Intact: The reason to own it still holds.
Macerich focuses on boosting cash flow, which rose from $50M to $77M recently. Analysts upgraded the stock, expecting revenue growth and a turnaround. The company aims to improve revenue and reduce losses. Recent earnings beat expectations, showing some progress.
Revenue declined from $262M to $242M last quarter. Net income losses worsened, doubling to $36M. The company remains loss-making with a very high PE ratio. Dilution from recent stock offerings may hurt returns.
The price is about 11% above our fair value near $23, with analysts expecting flat revenue growth. Our fair value is 5% below the Street median, reflecting cautious optimism. The market prices in a modest recovery but Macerich must prove sustained progress.
Breaks if: additional large equity offerings announced
Breaks if: cash from operating activities falls below $50M
net income loss worsens beyond $36.4M
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround story in the real estate sector. The company is currently loss-making but is working on a plan to improve its leasing and net operating income (NOI) growth over the next few years.
The market appears to have priced in a stretched valuation compared to peers, with a low expectations gap. This suggests that investors may not be anticipating significant improvements in performance in the near term.
Management has shown consistent progress in executing its Path Forward Plan, with positive trends in leasing and NOI growth. However, the company remains in a high-miss-rate industry, which adds some risk to its near-term performance.
The long-term thesis hinges on management's ability to maintain momentum in leasing and NOI growth, as well as external factors like potential interest rate cuts by the Fed and performance of sector bellwethers. Any negative guidance from management could significantly impact sentiment.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. The company posted stronger leasing and net operating income in Q2 2026. It also expects at least 3% growth in net operating income going forward. Piper Sandler upgraded the stock rating based on a positive outlook for revenue growth.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: quarterly revenue falls below $241.5M
Focus on increasing revenue through new store leases and other initiatives.
Overall, MAC is working through a challenging landscape while focusing on growth and financial stability. Not investment advice.