MACERICH CO
In the published model solve dated 2026-Q2, anchored at $26.32, MACERICH CO (MAC) is priced for today's economics sustained for ~10.7 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
The balance sheet is the whole story here. Net debt to EBITDA has fallen from 8.76 times at the end of 2023 to 7.76 times by March 2026, with a stated target near 6.0 times, and management has completed roughly $1.3 billion of dispositions to get there. Leasing is filling the malls. Q1 2026 FFO as adjusted of $0.34 per share beat consensus, 1.6 million square feet was signed, and a signed-not-open pipeline of $116 million in contracted revenue is set to open largely in the back half. The price
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297 institutional managers reported holding MAC in 13F filings for the quarter ended 2026-03-31. 32 opened new positions that quarter. Held by BlackRock, Vanguard Group, FMR (Fidelity), among others. On the short side, 13.0M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (4.2 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
MAC's share count grew 25.4% over the past five years. It pays a dividend, and has paid one every year in our records (17 and counting); the current rate is $0.68 a share annually. Cash returned over the past three years: $476.68M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at MAC over the trailing three years: 2024: 5 buys totaling $2.36M; 2025: 2 buys totaling $1.11M. 11 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
MAC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-10 | -1.1% | -12.8% |
| 2023-11-07 | +0.5% | +46.0% |
| 2024-02-27 | -2.5% | -15.9% |
| 2024-05-10 | -15.9% | +1.2% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
MAC's latest 8-K filings: 2026-06-29 (items 8.01); 2026-06-17 (items 8.01, 9.01); 2026-06-03 (items 5.07); 2026-06-01 (items 7.01, 9.01); 2026-05-13 (items 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.