Group 1 - The Macerich Company (MAC) shares have increased by 15.8% over the past three months, outperforming the industry's growth of 7.4% [1][8] - The company focuses on premium shopping centers located in affluent U.S. markets, which provides a solid opportunity for generating cash flows [2][8] - Macerich is enhancing asset quality and customer relationships through the adoption of an omnichannel retail model, which is crucial for fulfilling orders from mall-based stores [3] Group 2 - The company is implementing an aggressive capital-recycling program that involves divesting non-core assets and using the proceeds to invest in higher-growth properties, which will also reduce leverage [4][8] - The strategic plan includes business simplification through selective consolidation of joint ventures over time [4] - The positive trend in MAC's stock price is expected to continue in the near term due to these factors [5] Group 3 - The growing trend of online shopping may negatively impact Macerich's market share for brick-and-mortar stores [9] - Tenant bankruptcies, such as those filed by Forever 21 and Express, could affect the company's performance in upcoming quarters [9] - An elevated interest rate environment may lead to higher borrowing costs, impacting the company's ability to purchase or develop real estate [9]

Core Insights - The Macerich Company (MAC) has acquired Crabtree Mall, a Class A retail center in Raleigh, NC, for $290 million, which aligns with its 2028 target funds from operations (FFO) under the Path Forward Plan [1][6] - The acquisition is expected to yield approximately 11% based on estimated 2025 NOI and around 12.5% including current leases signed but not yet opened, with rent expected to start in 2027 [2] - Crabtree Mall is the largest mall in North Carolina's Research Triangle Area, generating annual sales of about $429 million and attracting over 8.7 million visitors annually [3] Financial Strategy - The acquisition was funded using cash on hand and $100 million from a revolving credit line, with plans to repay the borrowing within 30 days from an expected extension of a $160 million two-year term loan [4] - The company aims to maintain its deleveraging targets under the Path Forward Plan while enhancing operational performance [4][6] Strategic Outlook - MAC plans to invest approximately $60 million in redevelopment and leasing capital to maximize the performance of Crabtree Mall [2][8] - The acquisition is part of MAC's strategy to expand its portfolio with higher-growth properties, which is expected to foster future revenue growth [6] Market Performance - MAC's shares have increased by 10.6% over the past month, outperforming the industry average rise of 3.6% [7]

Core Viewpoint - The Macerich Company has announced the acquisition of Crabtree Mall for $290 million, which is expected to yield an initial return of approximately 11% and is aligned with the company's Path Forward Plan aimed at enhancing operational performance and asset value [1][2][3]. Acquisition Details - The acquisition involves Crabtree Mall, a Class A retail center in Raleigh, NC, covering approximately 1.3 million square feet [1]. - The expected initial yield on the acquisition is around 11%, with a potential yield of approximately 12.5% when considering current leases that will commence in 2027 [2]. - A strategic investment plan of about $60 million is planned for redevelopment and leasing to maximize the mall's performance from 2025 to 2028 [2]. Financial Strategy - The acquisition was funded using cash on hand and $100 million borrowed from a revolving line of credit, with plans to repay this borrowing within 30 days using proceeds from a $160 million two-year term loan [3]. - The financing strategy is designed to maintain the company's de-leveraging targets under the Path Forward Plan [3]. Market Position and Growth Potential - Crabtree Mall is positioned in the high-growth Raleigh-Cary, NC MSA, which is recognized for its innovation and wealth, anchored by the Research Triangle Park [4]. - The mall features over 200 stores and generates $429 million in annual sales, with a sales per square foot of $951 and over 8.7 million annual visitors [6]. Company Overview - Macerich is a self-managed real estate investment trust (REIT) focused on high-quality retail properties in densely populated U.S. markets, owning 41 million square feet of real estate across 38 retail centers [7]. - The company has been recognized for its sustainability efforts, achieving a 1 Global Real Estate Sustainability Benchmark ranking for the North American retail sector for ten consecutive years [8].

Group 1 - Harmony Gold Mining Company Limited (HMY) has entered into a binding agreement to acquire 100% of MAC Copper Limited for $12.25 per share, valuing MAC at approximately $1.03 billion [1] - The acquisition aligns with Harmony's strategy of becoming a low-cost, globally diversified gold and copper producer through disciplined capital deployment [3] - The CSA Copper Mine, which MAC owns, is one of Australia's highest-grade copper mines, producing over 40,000 tons per annum (ktpa) of copper concentrate with a reserve life exceeding 12 years [4] Group 2 - Harmony has a strong track record of successful acquisitions, including Hidden Valley and the Eva Copper Project, which supports its transformation into a global gold and copper producer [2] - The acquisition is expected to enhance Harmony's operational excellence and margins, complementing its existing operations in Australasia [4] - The transaction is anticipated to be completed in the December quarter of 2025, with MAC becoming a fully-owned subsidiary of Harmony [5] Group 3 - Shares of Harmony Gold have surged 62% in the past year, outperforming the industry average rise of 41.5% [5]

Core Viewpoint - The Macerich Company reported a solid performance in Q1 2025, with funds from operations (FFO) per share exceeding expectations, driven by strong leasing activity despite a decline in occupancy and rising expenses [1][2]. Financial Performance - FFO per share was 33 cents, surpassing the Zacks Consensus Estimate of 31 cents, and remained unchanged year over year [1]. - Quarterly revenues reached $249.2 million, an increase from $208.8 million in the same quarter last year, and exceeded the Zacks Consensus Estimate of $218.9 million [2]. - Same-center net operating income (NOI) rose 0.9% year over year to $191.3 million, slightly above the expected 0.8% increase [4]. Leasing Activity - The company signed leases for 2.6 million square feet in Q1, reflecting a 156% increase year over year, primarily due to strong renewal leasing volume of 2.3 million square feet [3]. - Base rent re-leasing spreads were 10.9% higher than expiring base rent, marking the 14th consecutive quarter of positive spreads [4]. Occupancy and Expenses - Portfolio occupancy decreased to 92.6% as of March 31, 2025, down from 93.4% a year earlier, attributed to temporary and holiday specialty tenants [5]. - Year-over-year increases in expenses included a 14.8% rise in shopping center and operating expenses to $85.2 million, an 8.3% increase in management companies' operating expenses to $20.8 million, and a 6.6% rise in leasing expenses to $11.2 million [5]. Portfolio Activity - The company completed the sale of Wilton Mall for $25 million and SouthPark for $11 million in April 2025 [6]. Balance Sheet - As of May 12, 2025, Macerich had approximately $995 million in liquidity, including $650 million available on its revolving line of credit [7]. Market Position - Macerich currently holds a Zacks Rank 3 (Hold) [8].

Part I: Financial Information [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Q1 2025 saw a reduced net loss and improved cash flow, driven by revenue growth and lower equity losses from joint ventures Consolidated Financial Highlights (Q1 2025 vs. Q1 2024) | Financial Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $249.2 | $208.8 | +19.4% | | **Net Loss** | $(51.2) | $(131.4) | +61.1% | | **Net Loss Attributable to the Company** | $(50.1) | $(126.7) | +60.4% | | **Diluted Loss Per Share** | $(0.20) | $(0.59) | +66.1% | | **Net Cash from Operating Activities** | $88.5 | $61.1 | +44.8% | Consolidated Balance Sheet Summary | Balance Sheet Item | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $8.68 billion | $8.57 billion | +1.3% | | Cash and cash equivalents | $253.2 million | $89.9 million | +181.8% | | Mortgage notes payable | $5.23 billion | $4.89 billion | +6.9% | | **Total Liabilities** | $5.94 billion | $5.72 billion | +3.7% | | **Total Equity** | $2.74 billion | $2.84 billion | -3.5% | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail significant corporate activities including JV acquisitions, asset dispositions, the Santa Monica Place loan default, and financing activities - The company acquired the remaining 40% ownership in Arrowhead Towne Center and South Plains Mall in May 2024, and the remaining 40% of the Pacific Premier Retail LLC portfolio (including Los Cerritos Center, Washington Square, and Lakewood Center) in October 2024, with these properties now **fully consolidated**[38](index=38&type=chunk)[39](index=39&type=chunk)[45](index=45&type=chunk) - The loan on Santa Monica Place went into **default** effective April 9, 2024, with a court-appointed **receiver assuming control** of the property on March 18, 2025, anticipating asset disposition through foreclosure or other means[77](index=77&type=chunk) - In Q1 2024, the company recorded an other-than-temporary **impairment** by writing off its entire **$57.7 million investment** in the Los Angeles Premium Outlets development project[37](index=37&type=chunk) - On March 27, 2025, the company **sold Wilton Mall for $24.8 million**, resulting in a **loss of $2.9 million**[109](index=109&type=chunk) - A **dividend of $0.17 per share** was announced on April 28, 2025, payable on June 17, 2025[130](index=130&type=chunk) [Management's Discussion and Analysis (MD&A)](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses performance, highlighting the positive impact of JV consolidations on revenue, mixed operating metrics, and the "Path Forward Plan" to deleverage the balance sheet [Outlook and Strategy](index=38&type=section&id=Outlook%20and%20Strategy) The company focuses on its "Path Forward Plan" to improve the balance sheet and operational efficiency, anticipating positive cash flow in 2025 despite market challenges - The "Path Forward Plan" aims to: - Deleverage the capital structure by reducing the Net Debt to Adjusted EBITDA ratio - Invest in and fortify key assets - Proactively consolidate selected joint ventures - Deliver a post-deleveraging FFO launch point goal in 3-4 years - Achieve outstanding operational results and position for future acquisitions[187](index=187&type=chunk)[194](index=194&type=chunk) - In 2025, one major tenant bankruptcy filing (Forever 21) affected **20 leases**, approximately **734,000 sq. ft.**, and about **$5.2 million in annual leasing revenue** at the company's share[195](index=195&type=chunk) - The company expects to generate **positive cash flow in 2025** after recurring operating capital expenditures, leasing capital, and dividends, which can be used for development or deleveraging[196](index=196&type=chunk) [Results of Operations (Q1 2025 vs. Q1 2024)](index=37&type=section&id=Results%20of%20Operations) The company's net loss significantly decreased due to increased leasing revenue from consolidated JV properties and reduced equity losses, partially offset by higher interest expense - **Leasing Revenue:** Increased by **$44.0 million (23.0%)**, primarily due to a **$47.1 million contribution** from newly consolidated JV Transition Centers[200](index=200&type=chunk) - **Interest Expense:** Increased by **$16.9 million**, driven by JV Transition Centers (**$19.7 million**) and default interest on Santa Monica Place (**$3.0 million**), partially offset by the cessation of financing arrangement expenses (**$4.4 million**)[205](index=205&type=chunk) - **Equity in Loss of Unconsolidated JVs:** Decreased by **$72.5 million**, mainly because Q1 2024 included a **$57.7 million write-down** of the company's investment in Los Angeles Premium Outlets[206](index=206&type=chunk) - **Loss on Sale or Write Down of Assets:** Decreased by **$22.1 million**, as Q1 2024 included a **$36.0 million impairment loss** on Santa Monica Place, compared to a **$13.3 million impairment** in Q1 2025 on other properties[207](index=207&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial cash and an undrawn revolving credit facility, actively managing its $6.80 billion pro rata debt through financing transactions - As of March 31, 2025, the company had **cash and cash equivalents of $253.2 million**[230](index=230&type=chunk) - The company has a **$650 million revolving loan facility**, with **no borrowings outstanding** and **$649.8 million available** as of March 31, 2025[229](index=229&type=chunk) - Total outstanding loan indebtedness at March 31, 2025, was **$6.80 billion** on a pro rata basis, including the company's share of unconsolidated JV debt[224](index=224&type=chunk) - Projected capital expenditures for development, redevelopment, expansion, and renovations for 2025 are estimated to be between **$250.0 million and $300.0 million**[216](index=216&type=chunk) [Funds From Operations (FFO)](index=45&type=section&id=Funds%20From%20Operations%20(FFO)) The company's FFO attributable to common stockholders increased to $81.0 million in Q1 2025, with adjusted FFO rising 17.1% to $87.4 million FFO Reconciliation (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss attributable to the Company | $(50.1) | $(126.7) | | **FFO attributable to common stockholders and unit holders—basic and diluted** | **$81.0** | **$66.5** | | Financing expense in connection with Chandler Freehold | — | $3.6 | | Accrued default interest expense | $3.0 | $(1.0) | | Loss on non-real estate investments | $3.4 | $5.5 | | **Adjusted FFO —basic and diluted** | **$87.4** | **$74.6** | [Market Risk Disclosures](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with most of its $5.32 billion consolidated debt being fixed-rate Debt Summary as of March 31, 2025 (in billions) | Debt Category | Fixed Rate | Floating Rate | Total | | :--- | :--- | :--- | :--- | | Consolidated Centers | $5.02 | $0.30 | $5.32 | | Unconsolidated JVs (Pro Rata) | $1.56 | $0.05 | $1.61 | - A hypothetical **1% increase in interest rates** would decrease future earnings and cash flows by approximately **$3.5 million annually**, based on the **$346.7 million** of floating rate debt outstanding at March 31, 2025[245](index=245&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[247](index=247&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[248](index=248&type=chunk) Part II: Other Information [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company and its affiliates are not currently involved in any material legal proceedings[250](index=250&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2024[251](index=251&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, the company issued 6,100 shares of common stock in a private placement upon the redemption of Operating Partnership units, with no equity repurchases during the quarter - On March 4, 2025, the company issued **6,100 shares of common stock** upon the redemption of 6,100 common partnership units of the Operating Partnership in a private placement[253](index=253&type=chunk) - No shares were repurchased under the company's stock buyback program during the first quarter of 2025[254](index=254&type=chunk)

Financial Data and Key Metrics Changes - FFO excluding financing expenses was approximately $87 million or $0.33 per share for Q1 2025, compared to $75 million or $0.33 per share for Q1 2024, driven by higher leasing revenues [32] - Same center NOI, excluding lease termination income, increased by 0.9% year-over-year, while excluding Eddy assets, it increased by 2.4% [34] - Net debt to EBITDA at the end of Q1 was 7.9 times, nearly a full turn lower than at the outset of the path forward plan [36] Business Line Data and Key Metrics Changes - In Q1 2025, the company signed 2.6 million square feet of leases, including 2.3 million square feet of renewals, more than double the leases signed in Q1 2024 [12] - Trailing twelve-month leasing spreads were 10.9%, up from 8.8% in the previous quarter, marking 14 consecutive quarters of positive leasing spreads [22] - New deal completion percentage reached 60%, up from 39% last quarter, with a target of 70% by year-end 2025 [14] Market Data and Key Metrics Changes - Portfolio sales at the end of Q1 were $837 per square foot, flat compared to Q4 2024, but $928 per square foot when excluding Eddy properties, which is an increase of $13 [21] - Traffic for the year increased by 2% compared to the same period in 2024 [21] - Occupancy in Q1 was 92.6%, down from 94.1% in Q4 2024, primarily due to the decrease in temporary holiday stores [21] Company Strategy and Development Direction - The company is focused on executing its path forward plan, which aims to simplify the business, improve operational performance, and reduce leverage [6] - A new structure has been implemented to streamline leasing teams and enhance collaboration across departments [9] - The company is targeting $2 billion in asset sales and loan givebacks to strengthen its balance sheet [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing progress and the overall execution of the path forward plan, indicating that they are ahead of schedule [6][19] - Minimal impact from tariffs has been observed, with retailers continuing to honor their leases [15][44] - Future same store NOI growth is expected to be in the 3% to 4% range for 2026, with higher growth anticipated in 2027 and 2028 [62] Other Important Information - The company has completed $1.1 billion in dispositions to date and is on track to achieve its $2 billion target [39] - The redevelopment of Green Acres is set to begin, with strong demand and pre-leasing activity [30] - The company anticipates realizing approximately $25 million from its current $80 million signed not open (SNO) pipeline in 2025 [29] Q&A Session Summary Question: Potential upside on leasing due to recent news - Management noted minimal pullback from tenants and strong leasing metrics, indicating no significant change in upside [44][45] Question: Clarification on SNO pipeline - The $80 million SNO pipeline is incremental over revenue from 2024, with $25 million expected to be realized in 2025 [46] Question: CapEx spending trends - Spending on leases is trending slightly higher than initially envisioned, with major uplifts in FFO and EBITDA expected in 2027 and 2028 [50][51] Question: Success of new deals - The new organizational structure has contributed to a significant increase in new leasing activity, with a focus on high-quality tenants [53][54] Question: Same store NOI growth expectations - Management expects same store NOI to grow in the 3% to 4% range for 2026, with higher growth in subsequent years [62] Question: Clarification on renewal leasing spread statistics - The renewal spread statistics reflect different metrics, with the 1% figure being more appropriate for same space renewals [88][90] Question: Details on same store revenues and expenses - Operating expenses increased, but revenue generation offset these increases, with further details expected in future disclosures [97][99]

Financial Data and Key Metrics Changes - FFO excluding certain expenses was approximately $87 million or $0.33 per share for Q1 2025, compared to approximately $75 million or $0.33 per share for Q1 2024, driven by higher leasing revenues [31][32] - Same center NOI, excluding lease termination income, increased by 0.9% year-over-year, while excluding Eddy assets, it increased by 2.4% [33] - Net debt to EBITDA at the end of Q1 was 7.9 times, nearly a full turn lower than at the outset of the path forward plan [35] Business Line Data and Key Metrics Changes - In Q1 2025, the company signed 2.6 million square feet of leases, including 2.3 million square feet of renewals, more than double the leases signed in Q1 2024 [11][21] - Trailing twelve-month leasing spreads were 10.9%, up from 8.8% last quarter, marking 14 consecutive quarters of positive leasing spreads [20] - The leasing speedometer indicated a completion percentage of 60% for new deals, up from 39% last quarter [13] Market Data and Key Metrics Changes - Portfolio sales at the end of Q1 were $837 per square foot, flat compared to Q4 2024, but $928 per square foot when excluding Eddy properties, which is up $13 from the last quarter [19] - Traffic for the year increased by 2% compared to the same period in 2024 [19] - Occupancy in Q1 was 92.6%, down from 94.1% in Q4 2024, primarily due to a decrease in temporary holiday stores [19] Company Strategy and Development Direction - The company is focused on executing its path forward plan, which aims to simplify the business, improve operational performance, and reduce leverage [5][7] - The leasing dashboard, referred to as the leasing speedometer, has been implemented to drive leasing and capital allocation decisions [8] - The company anticipates reaching a mid-2026 inflection point, indicating substantial completion of its plan [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing progress and the overall execution of the path forward plan, stating that they are ahead of schedule [5][15] - Minimal impact from tariffs has been observed, with retailers continuing to honor their leases [14][42] - The company expects same store NOI growth in the 3% to 4% range for 2026, with significantly higher growth anticipated in 2027 and 2028 [61] Other Important Information - The company has made substantial progress on asset sales, with total dispositions reaching approximately $1.1 billion, and has identified additional assets totaling up to $400 million for sale or giveback [38][39] - The redevelopment and expansion of Green Acres is set to begin, addressing 370,000 square feet of vacant space [29] Q&A Session Summary Question: Potential upside on leasing due to recent news - Management noted minimal pullback from tenants regarding leasing, indicating strong retailer sentiment and confidence in the leasing metrics [41][42] Question: Clarification on the SNO pipeline - The $80 million SNO pipeline is incremental over revenue generated from 2024, with $25 million expected to be realized in 2025 [44] Question: Spending on leases and guidance reinstatement - Current spending on leases is slightly more than initially envisioned, with expectations for major uplifts in FFO and EBITDA in 2027 and 2028 [47][48] Question: Success of new deals and organizational structure - The consolidation of leasing teams has led to increased leasing activity, with a strong pipeline of new deals and a focus on high-quality spaces [52][53] Question: Same store NOI growth expectations - Management expects same store NOI growth of 3% to 4% in 2026, with higher growth anticipated in subsequent years [61] Question: Clarification on renewal leasing spread statistics - The renewal spread statistics include temporary spaces and are reflective of the exact same space, leading to differences in reported metrics [85][86] Question: Impact of tariffs on asset sales - Management indicated that tariffs have not significantly impacted asset sales, with positive demand and pricing for outparcels and other assets [110][111]

Core Insights - Macerich reported a revenue of $249.22 million for the quarter ended March 2025, reflecting a year-over-year increase of 19.4% and surpassing the Zacks Consensus Estimate of $218.91 million by 13.85% [1] - The company's EPS for the quarter was $0.33, a significant improvement from -$0.56 in the same quarter last year, and exceeded the consensus EPS estimate of $0.31 by 6.45% [1] Revenue Breakdown - Minimum rents generated $160.15 million, exceeding the three-analyst average estimate of $133.74 million, marking a year-over-year increase of 26% [4] - Management Companies revenues were reported at $4.92 million, below the estimated $7.36 million, representing a decline of 40.2% compared to the previous year [4] - Tenant recoveries amounted to $67.26 million, surpassing the average estimate of $59.11 million, with a year-over-year increase of 15.9% [4] - Percentage rents were reported at $4.25 million, slightly below the average estimate of $4.70 million, but showing a significant year-over-year increase of 64.7% [4] Stock Performance - Over the past month, Macerich's shares have returned +7.6%, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1 - Macerich reported quarterly funds from operations (FFO) of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, and showing an increase from $0.31 per share a year ago, resulting in an FFO surprise of 6.45% [1] - The company achieved revenues of $249.22 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 13.85%, compared to year-ago revenues of $208.78 million [2] - Over the last four quarters, Macerich has exceeded consensus FFO estimates two times and topped consensus revenue estimates three times [2] Group 2 - The stock has underperformed, losing about 24.8% since the beginning of the year, while the S&P 500 has declined by 3.8% [3] - The future performance of Macerich's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.35 on revenues of $222.82 million, and for the current fiscal year, it is $1.49 on revenues of $931.51 million [7] Group 3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Retail sector is currently in the top 28% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for Macerich is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]