Macerich Company (MAC)

Over the past six months, Macerich Co. shares have gained 18.1%, outperforming the industry's 5.6% growth, due to its premium malls, omnichannel focus, and capital-recycling program. In Q3 2025, Macerich reported FFO of $93.35 per share, a 1.7% increase in NOI, and a 94.3% occupancy rate, contributing to a 2.08% increase in its stock price. The company signed 1.5 million square feet of new and renewal leases, an 87% year-over-year increase, and completed the acquisition of Crabtree Mall. However, the reported Q3 2025 EPS of $0.35 missed the analyst consensus estimate of $0.36 by $0.01. In Q4 2024, comparative sales were largely flat year-over-year, but portfolio traffic increased by almost 2% and occupancy reached 94.1%.

Macerich's business exhibits some demand seasonality, particularly concerning temporary retail spaces. The company offers opportunities for specialty leasing, including pop-up shops, kiosks, and seasonal retail. The closure of temporary holiday stores impacts occupancy rates in Q1, indicating seasonal fluctuation in demand for short-term retail leases.

Macerich Co. operates in the Real Estate sector and REIT - Retail industry, leasing retail space in premium shopping centers and generating revenue through rents and property management services. The company's portfolio includes interests in 43 regional town centers, totaling approximately 44 million square feet of gross leasable area. Macerich is redeveloping its assets into mixed-use spaces to adapt to consumer trends.

Macerich's geographic footprint is concentrated in major metropolitan markets across the United States. As of Q1 2024, 32% of its Net Operating Income (NOI) came from California, 21% from the Northeast/Mid-Atlantic, 15% from Arizona, and 10% from the Pacific Northwest, with the remaining 22% from other regions. The company is headquartered in Santa Monica, California.

Macerich has a strong brand reputation, particularly in sustainability, achieving a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years (2015-2024). The company is committed to achieving net-zero operations by 2035 and net-zero in its supply chain by 2040. Macerich's "MAC Gives Back" program donated over $5 million to local non-profits in 2024. Energy efficiency projects have reduced portfolio-wide consumption by 35% since 2020, and 29 of its properties have achieved LEED certification.

Approximately 67.56% of Macerich Co.'s stock is owned by institutional investors, 0.35% by insiders, and 32.08% by public companies and individual investors. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc., Fmr Llc, State Street Corp, Smead Capital Management, Inc., and Jpmorgan Chase & Co.