Macerich (MAC) Stock Forecast & Price Target

Macerich is supported by a stronger earnings outlook, with normalized FFO expected to grow 1.6% in 2026 and 7.8% in 2027, while the 2028 FFO/sh midpoint was lifted about 5% to $1.90. Its premium mall portfolio spans 28 consolidated regional malls and 39.9 million square feet of gross leasable area, generating $199 in sales per square foot over the 12 months ended in June 2026, which underscores the asset quality and tenant productivity. Confidence is also reinforced by leasing progress, with about 83% of the leasing “speedometer” completed, roughly 875 of 1,000 targeted new leases either signed or in late-stage negotiation, and leverage targeted to decline toward about 6.0x by 2028 through asset sales and NOI growth.

Macerich is facing a challenged outlook because an economic slowdown could weaken retail sales, pressure enclosed mall fundamentals, and trigger tenant bankruptcies across its premium mall portfolio of 28 consolidated regional malls and nine unconsolidated regional malls. Its 39.9 million square feet of gross leasable area and $199 in sales per square foot over the 12 months ended in June 2026 do not offset the strain from high leverage and a short debt maturity schedule, which can raise funding costs and depress valuation. Execution risk is also elevated because the company may struggle to redevelop projects, lease vacant space, and meet upcoming debt maturities and financial obligations in an uncertain environment.