A month has gone by since the last earnings report for Macerich (MAC Quick QuoteMAC - Free Report) . Shares have lost about 7.8% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Macerich due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Macerich Company (The) before we dive into how investors and analysts have reacted as of late.

Macerich's Q2 FFO & Revenues Beat Estimates on Strong Portfolio NOI

The Macerich Company reported second-quarter 2026 funds from operations as adjusted (FFOA) of 35 cents per share, up 2.9% year over year and beating the Zacks Consensus Estimate by 6.06%. Total revenues of $249.7 million were nearly unchanged from a year earlier and topped the consensus mark by 3.24%.

The results benefited from stronger Go-Forward Portfolio centers’ NOI, rising occupancy and healthy tenant demand. Portfolio tenant sales reached $919 per square foot for the trailing 12 months.

Portfolio NOI Gains Momentum

Go-Forward Portfolio centers NOI, excluding lease termination income, increased 3.8% year over year during the second quarter. Including lease termination income, NOI advanced 3.7%.

Leasing Pipeline Supports Growth

Macerich signed leases covering approximately 1.3 million square feet on a comparable-center basis during the reported quarter. New-store leased square footage increased 1% from the prior-year period.

New-store leases are expected to generate approximately $124 million of gross revenues at the company’s share, above the revenues generated in 2024 from prior uses of those same spaces. The estimate includes stores already open, signed-not-open leases and leases in documentation that commenced or are expected to start between 2024 and 2028. Management said its leasing “speedometer” reached 88%, exceeding the company’s midyear target of 85%.

MAC’s Occupancy & Tenant Sales Improve

As of June 30, 2026, leased portfolio occupancy was 94%, up 200 basis points (bps) from 92% in the year-ago period. Occupancy also improved 60 bps sequentially from 93.4% at the end of the first quarter of 2026.

Go-Forward Portfolio centers posted leased occupancy of 95.5%. The high level of committed space provides a foundation for additional rent commencement, as tenants complete construction and open stores.

Tenant productivity also strengthened. Portfolio tenant sales per square foot for spaces below 10,000 square feet rose to $919 for the trailing 12 months from $849 in the comparable prior-year period. Go-Forward Portfolio centers recorded an even higher $954 in sales per square foot for spaces less than 10,000 square feet.

Macerich Advances Its Annapolis Mall Strategy

During the second quarter, MAC completed the acquisition of Annapolis Mall, a Class A regional mall spanning approximately 1.4 million square feet in Annapolis, MD, for $260 million. It also acquired an adjacent 13.1-acre vacant Sears parcel for $12 million.

The transaction was initially funded with cash on hand and $150 million of borrowings under the revolving credit facility. Management said the onboarding process has progressed smoothly, with Uniqlo now open and Dick’s House of Sport scheduled to open.

Macerich Bolsters Liquidity Through Equity Raises

Macerich completed an underwritten public offering of 22.08 million common shares at $21 per share, generating net proceeds of $448.2 million. The proceeds were used to repay borrowings under the revolving credit facilty, fund investments at Annapolis Mall and support general corporate purposes.

The company also entered into forward sale agreements covering 16.1 million shares at a public offering price of $23.90. As of the filing date, Macerich had approximately $1.2 billion of liquidity, including $900 million of available capacity under its revolving credit facility.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

VGM Scores

At this time, Macerich has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Macerich has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.