Macerich (MAC) Stock Forecast & Price Target

Macerich is positioned favorably because its premium mall portfolio is benefiting from strong leasing demand, improving tenant quality, and a strategic shift toward a more concentrated Class A platform. The Path Forward Plan appears increasingly de-risked, with about 875 of roughly 1,000 targeted new leases signed or in late-stage negotiation, all 30 anchor and big-box replacements committed, and expected tenant sales of approximately $750 million across 2.9 million square feet. Financially, management and analysts point to normalized FFO growth from $1.56/sh in 2026 to $1.76/sh in 2027, while leverage reduction, accretive acquisitions, and rising occupancy toward 2027 and 2028 should further support earnings and NAV.

Macerich is burdened by high leverage and a short debt maturity schedule, which increases refinancing risk and funding costs in an uncertain economic environment. Its mall portfolio may be trading at a large discount to replacement cost, but the company’s 2026 FFO estimate was still lowered to $1.46 per share, with normalized FFO only $1.52 per share, signaling limited near-term operating momentum. Weakness in enclosed mall fundamentals, potential tenant bankruptcies, and execution risk around redevelopment and lease-up all threaten sales productivity, despite the portfolio’s 39.9 million square feet and $199 in sales per square foot over the 12 months ended in June 2026.