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    What Macerich (MAC)'s Record Leasing And US$1.2 Billion Mall Sales Mean For Shareholders

    Simply Wall St·12/10/2025 23:22:58
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    • On December 8, 2025, The Macerich Company reported at the Nareit REITWorld conference in Dallas that it had achieved record leasing activity of 3.2 million square feet by the third quarter and completed US$1.20 billion in mall asset sales, alongside opening more than 300 new stores including luxury and international brands.
    • This combination of robust leasing performance and sizable asset sales highlights how Macerich is both filling space with higher-quality tenants and actively reshaping its mall portfolio.
    • Next, we’ll consider how this record leasing momentum and US$1.20 billion in completed mall sales could influence Macerich’s broader investment narrative.

    Find companies with promising cash flow potential yet trading below their fair value.

    Macerich Investment Narrative Recap

    To own Macerich, you need to believe high quality, destination malls can stay relevant despite e commerce pressure, while the company manages its sizeable debt load and refinancing needs. The latest update of record leasing and US$1.20 billion of asset sales appears supportive of near term balance sheet and occupancy catalysts, though it does not remove the key risks around leverage, capital market access and the cost of ongoing redevelopment work.

    Against this backdrop, the continued payment of a US$0.17 per share quarterly dividend through 2023 to 2025 stands out, given Macerich remains loss making and carries elevated leverage. That dividend record, combined with fresh leasing momentum and completed asset sales, is central to how many investors may frame the risk reward trade off in the short term, especially if capital markets become less forgiving.

    However, investors should also be aware that if capital markets tighten and asset sales slow, Macerich’s elevated leverage could...

    Read the full narrative on Macerich (it's free!)

    Macerich's narrative projects $1.0 billion revenue and $9.5 million earnings by 2028. This implies revenues will decline by 0.7% per year and requires an earnings increase of about $420.8 million from current earnings of -$411.3 million.

    Uncover how Macerich's forecasts yield a $19.53 fair value, a 8% upside to its current price.

    Exploring Other Perspectives

    MAC 1-Year Stock Price Chart
    MAC 1-Year Stock Price Chart

    Simply Wall St Community members currently bracket Macerich’s fair value between US$19.53 and US$31.01 across 2 separate views, underlining how far opinions can stretch. When you set those against the company’s high leverage and dependence on timely asset sales, it becomes clear why many market participants look at several contrasting scenarios for future performance.

    Explore 2 other fair value estimates on Macerich - why the stock might be worth as much as 72% more than the current price!

    Build Your Own Macerich Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.