Macerich (MAC) Stock Forecast & Price Target

Macerich is supported by a premium Class A mall portfolio that continues to benefit from strong retailer demand, active portfolio optimization, and a clear leasing-led earnings recovery. Its Path Forward Plan shows meaningful execution, with about 875 of roughly 1,000 targeted new leases completed or in late-stage negotiation, anchor replacements fully committed, and the SNO pipeline at about $120 million of ABR, all of which should support higher rent commencements and traffic over 2025-2028. Financially, the outlook is reinforced by normalized FFO growth potential, with estimates for 2026 and 2027 implying steady expansion, while leverage reduction, accretive acquisitions like Crabtree and Annapolis, and monetizations at roughly 7-8% cap rates add further balance-sheet and earnings support.

Macerich is burdened by high leverage and a short debt maturity schedule, which elevate funding costs and leave it exposed to refinancing pressure in an uncertain economic environment. Although the company owns 39.9 million square feet across 28 consolidated regional malls and reported $199 in sales per square foot over the 12 months ended in June 2026, its FFO estimate was still lowered to $1.46 per share for 2026, underscoring modest earnings pressure. The outlook is further weakened by risks tied to slowing retail sales, tenant bankruptcies, redevelopment execution, and vacancy leasing, all of which could keep valuation and cash flow under pressure.