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Macerich Stock Rises 16.4% in 6 Months: Will the Trend Last?
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Key Takeaways
MAC shares rose 16.4% in six months, beating industry growth, backed by strong leasing and NOI gains.
MAC benefits from 94% occupancy, positive leasing spreads and $1.3B in asset sales funding redevelopment.
MAC's Path Forward plan advances with 30 anchor replacements and a $900M credit facility, boosting liquidity.
Shares of Macerich (MAC - Free Report) have gained 16.4% over the past six months, outperforming the industry's 12% growth.
This retail real estate investment trust (REIT) owns a portfolio of high-quality shopping centers in densely populated U.S. markets, supported by stable occupancy at the end of 2025 and positive leasing spreads. Tenant sales trends and growth in the Go-Forward Portfolio NOI indicate steady internal momentum.
Capital recycling remains a key pillar of Macerich’s Path Forward plan, with asset sales funding redevelopment and enhancing liquidity. Its anchor re-tenanting efforts are progressing, aimed at boosting traffic and in-line leasing, while an increased focus on omnichannel retailing supports long-term growth prospects.
Image Source: Zacks Investment Research
Factors Behind MAC Price Surge: Will the Momentum Last?
Macerich owns a concentrated portfolio of top-tier malls in major U.S. markets, primarily located in densely populated, high-income areas that support steady tenant demand and resilient cash flows. Leasing trends remained firm through 2025, with occupancy at 94% and positive spreads on both new and renewal leases. In 2026, management is focused on executing its lease pipeline, proactively managing expirations and accelerating rent commencements through faster buildouts and improved collections.
Macerich is actively recycling capital by divesting non-core assets and reinvesting in higher-growth properties while reducing leverage. It has completed $1.3 billion of its $2 billion disposition target. At the same time, the company is advancing anchor repositioning and mixed-use redevelopment.
Management targeted 30 anchor and big box replacements in its Path Forward plan, and all 30 are now committed. These anchors total 2.9 million square feet and are expected to generate approximately $750 million in annual tenant sales, with the potential to support in-line leasing through higher traffic and dwell time. Projects at Scottsdale Fashion Square, Green Acres Mall and FlatIron Crossing highlight its ongoing redevelopment pipeline.
Macerich continues to execute its Path Forward plan, improving operations and strengthening its balance sheet. Same-center NOI rose 1.8% in 2025, while tenant sales productivity improved. The company also enhanced liquidity by closing a $900 million revolving credit facility, increasing financial flexibility to support ongoing redevelopment and capital initiatives.
With the above-mentioned factors, the rising trend in the stock price for this Zacks Rank #3 (Hold) company is expected to continue in the near term. However, tenant bankruptcies, online shopping shift, modest dividend growth and high leverage remain concerns for Macerich.
The Zacks Consensus Estimate for Kimco’s 2026 FFO per share is pinned at $1.82. This calls for year-over-year growth of 3.41%. Kimco currently has a Value Score of C.
The Zacks Consensus Estimate for Federal Realty’s 2026 FFO per share is pegged at $7.45. This implies year-over-year growth of 3.19%. Federal Realty has a Momentum Score of B.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
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Macerich Stock Rises 16.4% in 6 Months: Will the Trend Last?
Key Takeaways
Shares of Macerich (MAC - Free Report) have gained 16.4% over the past six months, outperforming the industry's 12% growth.
This retail real estate investment trust (REIT) owns a portfolio of high-quality shopping centers in densely populated U.S. markets, supported by stable occupancy at the end of 2025 and positive leasing spreads. Tenant sales trends and growth in the Go-Forward Portfolio NOI indicate steady internal momentum.
Capital recycling remains a key pillar of Macerich’s Path Forward plan, with asset sales funding redevelopment and enhancing liquidity. Its anchor re-tenanting efforts are progressing, aimed at boosting traffic and in-line leasing, while an increased focus on omnichannel retailing supports long-term growth prospects.
Image Source: Zacks Investment Research
Factors Behind MAC Price Surge: Will the Momentum Last?
Macerich owns a concentrated portfolio of top-tier malls in major U.S. markets, primarily located in densely populated, high-income areas that support steady tenant demand and resilient cash flows. Leasing trends remained firm through 2025, with occupancy at 94% and positive spreads on both new and renewal leases. In 2026, management is focused on executing its lease pipeline, proactively managing expirations and accelerating rent commencements through faster buildouts and improved collections.
Macerich is actively recycling capital by divesting non-core assets and reinvesting in higher-growth properties while reducing leverage. It has completed $1.3 billion of its $2 billion disposition target. At the same time, the company is advancing anchor repositioning and mixed-use redevelopment.
Management targeted 30 anchor and big box replacements in its Path Forward plan, and all 30 are now committed. These anchors total 2.9 million square feet and are expected to generate approximately $750 million in annual tenant sales, with the potential to support in-line leasing through higher traffic and dwell time. Projects at Scottsdale Fashion Square, Green Acres Mall and FlatIron Crossing highlight its ongoing redevelopment pipeline.
Macerich continues to execute its Path Forward plan, improving operations and strengthening its balance sheet. Same-center NOI rose 1.8% in 2025, while tenant sales productivity improved. The company also enhanced liquidity by closing a $900 million revolving credit facility, increasing financial flexibility to support ongoing redevelopment and capital initiatives.
With the above-mentioned factors, the rising trend in the stock price for this Zacks Rank #3 (Hold) company is expected to continue in the near term. However, tenant bankruptcies, online shopping shift, modest dividend growth and high leverage remain concerns for Macerich.
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Kimco Realty Corporation (KIM - Free Report) and Federal Realty (FRT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Kimco’s 2026 FFO per share is pinned at $1.82. This calls for year-over-year growth of 3.41%. Kimco currently has a Value Score of C.
The Zacks Consensus Estimate for Federal Realty’s 2026 FFO per share is pegged at $7.45. This implies year-over-year growth of 3.19%. Federal Realty has a Momentum Score of B.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.