Equity Profile

MAC

The Macerich Company

Real EstateRetail REITs$7.0B

Aug10Mon

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

The Macerich Company (MAC) is a real estate investment trust (REIT) that focuses on owning, operating, and developing retail properties, primarily shopping centers. As consumer spending patterns evolve, MAC's performance is closely tied to the retail sector's health and the demand for physical shopping experiences.

Key Metrics to Watch

Occupancy Rate

This metric indicates how well MAC is filling its retail spaces, which directly affects revenue.

95%

Same-Store Sales Growth

Growth in sales at existing properties reflects the strength of MAC's tenant base and overall retail demand.

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

MAC Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+1.75%

Avg Stock Reaction

+0.33%

Last Quarter Recap

In Q1-2026, MAC reported an earnings per share (EPS) of $0.34, beating estimates by 11.11%. The stock reacted positively, gaining 3.40% the following day.

Management Promises & Guidance

Management highlighted a commitment to maintaining high occupancy rates.
They emphasized plans to enhance the shopping experience at key properties.
Management indicated ongoing efforts to attract new tenants.

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic about MAC's upcoming earnings, particularly given the recent positive surprise in Q1-2026.

Bull Case

If MAC can report strong occupancy rates and same-store sales growth, it may signal a recovery in retail demand, boosting investor confidence.

Bear Case

Conversely, any signs of declining occupancy or weak sales growth could raise concerns about the sustainability of MAC's revenue, leading to a negative market reaction.

Key Metrics to Watch

Occupancy Rate

95%

This metric indicates how well MAC is filling its retail spaces, which directly affects revenue.

Same-Store Sales Growth

Growth in sales at existing properties reflects the strength of MAC's tenant base and overall retail demand.

Funds From Operations (FFO)

$0.36

FFO is a key measure of a REIT's financial performance, providing insight into cash generation.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the occupancy rate for Q2-2026?

A high occupancy rate is crucial for revenue stability and growth, and any decline could signal trouble.

What are the same-store sales growth figures?

This metric will indicate how well MAC's existing tenants are performing and whether consumer spending is robust.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for a strong recovery in retail, especially given MAC's recent positive earnings surprise.

Supporting Evidence

The options market is pricing a larger move than historical averages, indicating heightened expectations.

MAC's recent performance has shown resilience despite broader retail challenges, suggesting a potential upside.

Management's focus on enhancing tenant experiences could lead to improved occupancy and sales.

Key Risk

If occupancy rates fall below 92%, it could challenge the optimistic outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on consumer behavior and MAC's ability to attract and retain tenants in a competitive retail landscape.

Bull Confirmed If

Occupancy rates above 95% and same-store sales growth of 3% or better would confirm a strong recovery in retail demand.

Bear Confirmed If

Occupancy rates below 92% or negative same-store sales growth would indicate potential challenges ahead.

Pre-Earnings Positioning

Options Market

Implied Move

±13.57%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±13.6% while MAC has averaged ±4.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

27.5%

Calls (4K)P/C Ratio: 0.23Puts (600)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Real Estate

n=30

Fade rate: 12 of 30 (40%)

This setup has occurred 30 times across Real Estate in the last 2 years. 12 of 30 faded and 18 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 2.6%, with a raw directional average of +0.8% (modestly positive historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If MAC beats expectations, history suggests the stock could rise by around 2.6%, confirming a positive outlook for retail demand.

In-Line / Cautious

If results are in line but management's commentary is cautious, the stock may react moderately, reflecting uncertainty in the retail sector.

Miss

A miss could lead to a decline of about 2.6%, as investors reassess the company's growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new tenant acquisitions or lease renewals.
2Insights into consumer spending trends observed in recent months.
3Management's commentary on future property developments.
4Details on any major renovations or improvements planned for key properties.
5Guidance on expected occupancy rates for the remainder of the year.

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Company Snapshot

Key Metrics to Watch

Occupancy Rate

This metric indicates how well MAC is filling its retail spaces, which directly affects revenue.

95%

Same-Store Sales Growth

Growth in sales at existing properties reflects the strength of MAC's tenant base and overall retail demand.

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

MAC Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+1.75%

Avg Stock Reaction

+0.33%

Last Quarter Recap

In Q1-2026, MAC reported an earnings per share (EPS) of $0.34, beating estimates by 11.11%. The stock reacted positively, gaining 3.40% the following day.

Management Promises & Guidance

Management highlighted a commitment to maintaining high occupancy rates.
They emphasized plans to enhance the shopping experience at key properties.
Management indicated ongoing efforts to attract new tenants.

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic about MAC's upcoming earnings, particularly given the recent positive surprise in Q1-2026.

Bull Case

If MAC can report strong occupancy rates and same-store sales growth, it may signal a recovery in retail demand, boosting investor confidence.

Bear Case

Conversely, any signs of declining occupancy or weak sales growth could raise concerns about the sustainability of MAC's revenue, leading to a negative market reaction.

Key Metrics to Watch

Occupancy Rate

95%

This metric indicates how well MAC is filling its retail spaces, which directly affects revenue.

Same-Store Sales Growth

Growth in sales at existing properties reflects the strength of MAC's tenant base and overall retail demand.

Funds From Operations (FFO)

$0.36

FFO is a key measure of a REIT's financial performance, providing insight into cash generation.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the occupancy rate for Q2-2026?

A high occupancy rate is crucial for revenue stability and growth, and any decline could signal trouble.

What are the same-store sales growth figures?

This metric will indicate how well MAC's existing tenants are performing and whether consumer spending is robust.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for a strong recovery in retail, especially given MAC's recent positive earnings surprise.

Supporting Evidence

The options market is pricing a larger move than historical averages, indicating heightened expectations.

MAC's recent performance has shown resilience despite broader retail challenges, suggesting a potential upside.

Management's focus on enhancing tenant experiences could lead to improved occupancy and sales.

Key Risk

If occupancy rates fall below 92%, it could challenge the optimistic outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on consumer behavior and MAC's ability to attract and retain tenants in a competitive retail landscape.

Bull Confirmed If

Occupancy rates above 95% and same-store sales growth of 3% or better would confirm a strong recovery in retail demand.

Bear Confirmed If

Occupancy rates below 92% or negative same-store sales growth would indicate potential challenges ahead.

Pre-Earnings Positioning

Options Market

Implied Move

±13.57%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±13.6% while MAC has averaged ±4.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

27.5%

Calls (4K)P/C Ratio: 0.23Puts (600)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Real Estate

n=30

Fade rate: 12 of 30 (40%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If MAC beats expectations, history suggests the stock could rise by around 2.6%, confirming a positive outlook for retail demand.

In-Line / Cautious

If results are in line but management's commentary is cautious, the stock may react moderately, reflecting uncertainty in the retail sector.

Miss

A miss could lead to a decline of about 2.6%, as investors reassess the company's growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new tenant acquisitions or lease renewals.
2Insights into consumer spending trends observed in recent months.
3Management's commentary on future property developments.
4Details on any major renovations or improvements planned for key properties.
5Guidance on expected occupancy rates for the remainder of the year.