Macerich (MAC) Stock Forecast & Price Target

Macerich is poised for growth and success due to its ownership and investment in premium mall assets, which have shown strong performance with an average of $899 sales per square foot over the past 12 months. The company's portfolio, consisting of 27 regional malls in its consolidated portfolio and 10 regional malls in its unconsolidated portfolio, provides it with a strong and diversified revenue stream. Additionally, Macerich's strategic pivot towards a more concentrated and Class A platform, coupled with its ongoing portfolio optimization process, puts it in a favorable position to capitalize on the strong demand for retail assets. Furthermore, Macerich's focus on reducing leverage and executing on its Path Forward Plan is expected to drive incremental growth and enhance its overall earnings power.

Macerich is expected to see only minimal FFOps growth in 2026, with significant growth in 2027 due to store openings and a new leasing metric that tracks conversion of leases to tenants; this improved visibility into execution and earnings should drive higher confidence, although execution remains key. With all 30 anchor and big box replacements now committed and expected to generate significant sales, Macerich should see continued improvements in traffic, tenant sales, and leasing demand, providing a multi-year leasing flywheel with potential upside beyond initial openings and direct returns. However, near-term occupancy has declined as temporary tenants transition to permanent ones, which should drive significant growth in rent and margins and contribute to overall earnings and occupancy growth.