Macerich (MAC) Stock Forecast & Price Target

Macerich is viewed positively because its premium mall portfolio is generating strong operating momentum, with 39.9 million square feet of GLA and average sales of $199 per square foot over the 12 months ended in June 2026. Leasing execution is tracking ahead of expectations, with about 875 of roughly 1,000 targeted new leases already signed or in late-stage negotiation and anchor replacements committed across 2.9 million square feet, supporting future rent commencements and NOI growth. The outlook is further strengthened by an accretive repositioning plan, improving visibility into 2028 FFO per share of $1.90 to $2.00, and a path toward lower leverage from 8x to about 6x through asset sales and operating gains.

Macerich is exposed to a weak consumer spending environment that can pressure retail sales, increase tenant bankruptcies, and undermine enclosed mall fundamentals across its 39.9 million square feet of gross leasable area. The company’s high leverage and short debt maturity schedule also heighten refinancing risk, likely raising funding costs and pressuring valuation. In addition, execution risk around redevelopment, leasing vacant space, and managing upcoming debt maturities and other financial obligations could limit growth and weaken financial flexibility.