Macerich (MAC) Stock Forecast & Price Target

Macerich is supported by a high-quality portfolio of 28 consolidated regional malls and nine unconsolidated regional malls across 39.9 million square feet, with sales averaging $199 per square foot over the 12 months ended in June 2026, underscoring strong tenant productivity. Its outlook is further strengthened by leasing execution, with about 875 of roughly 1,000 targeted new leases either completed or in late-stage negotiation, and store openings about 50% complete, which should convert signed rent into NOI as openings ramp toward YE26 and YE27. Leverage reduction, accretive asset sales, and improving occupancy from planned build-outs, alongside higher 2026 and 2027 FFO growth estimates, support a view that earnings quality and cash flow visibility are steadily improving.

Macerich is facing a fundamentally pressured outlook because its elevated leverage and short debt maturity schedule leave it exposed to higher funding costs and refinancing stress in an uncertain economic environment. Although 2026 FFO is estimated at $1.46 per share, with normalized FFO of $1.52 per share, the business still depends on narrow execution around mall handbacks, lease-up of vacant space, and redevelopment to stabilize cash flow and narrow the NAV gap. The risk profile is amplified by potential weak consumer spending, tenant bankruptcies, and the need to support 39.9 million square feet of GLA across a portfolio that averaged only $199 in sales per square foot over the 12 months ended in June 2026.