Factors Behind MAC Price Surge: Will the Momentum Last?
Macerich owns a concentrated portfolio of top-tier malls in major U.S. markets, primarily located in densely populated, high-income areas that support steady tenant demand and resilient cash flows. Leasing trends remained firm through 2025, with occupancy at 94% and positive spreads on both new and renewal leases. In 2026, management is focused on executing its lease pipeline, proactively managing expirations and accelerating rent commencements through faster buildouts and improved collections.
Macerich is actively recycling capital by divesting non-core assets and reinvesting in higher-growth properties while reducing leverage. It has completed $1.3 billion of its $2 billion disposition target. At the same time, the company is advancing anchor repositioning and mixed-use redevelopment.
Management targeted 30 anchor and big box replacements in its Path Forward plan, and all 30 are now committed. These anchors total 2.9 million square feet and are expected to generate approximately $750 million in annual tenant sales, with the potential to support in-line leasing through higher traffic and dwell time. Projects at Scottsdale Fashion Square $SQ, Green Acres Mall and FlatIron Crossing highlight its ongoing redevelopment pipeline.
Macerich continues to execute its Path Forward plan, improving operations and strengthening its balance sheet. Same-center NOI rose 1.8% in 2025, while tenant sales productivity improved. The company also enhanced liquidity by closing a $900 million revolving credit facility, increasing financial flexibility to support ongoing redevelopment and capital initiatives.
With the above-mentioned factors, the rising trend in the stock price for this Zacks Rank #3 (Hold) company is expected to continue in the near term. However, tenant bankruptcies, online shopping shift, modest dividend growth and high leverage remain concerns for Macerich.
