Macerich Expands and Refinances $900 Million Credit Facility
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Macerich ( (MAC) ) just unveiled an update.
On February 24, 2026, The Macerich Company and its operating partnership entered into a Second Amended and Restated Credit Agreement that refinanced and expanded their revolving credit facility to $900 million, maturing March 1, 2029, with an option to extend to March 1, 2030. The facility can be upsized to $1.1 billion, carries interest based on Base Rate or Term SOFR plus a margin tied initially to debt yield and later to net debt to EBITDA, and charges a fee on unused commitments.
The credit line is secured by mortgages on certain wholly owned assets and equity pledges, with a borrowing base maintenance covenant requiring collateral value to at least match outstanding borrowings. Macerich can sell or finance secured assets and potentially release all mortgages once leverage tests are met, while remaining subject to minimum debt yield, fixed charge coverage, maximum floating-rate debt, and other customary covenants and events of default.
The most recent analyst rating on (MAC) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.
Spark’s Take on MAC Stock
According to Spark, TipRanks’ AI Analyst, MAC is a Neutral.
The score is held back primarily by weak financial performance (sharp 2025 revenue drop, ongoing net losses, and high leverage), partially offset by resilient operating/free cash flow. Recent earnings-call disclosures point to improving operational momentum (record leasing, occupancy gains, and a sizable SNO pipeline) but with meaningful execution and balance-sheet risks. Technically, the stock shows a supportive uptrend, while valuation is mixed due to the negative P/E despite a moderate dividend yield.
To see Spark’s full report on MAC stock, click here.
More about Macerich
The Macerich Company is a U.S. real estate investment trust focused on owning, operating and redeveloping retail and mixed-use properties through its operating partnership, The Macerich Partnership, L.P. Its portfolio and secured financing activities are centered on income-producing, wholly owned assets, with capital structure management playing a key role in its strategy.
Average Trading Volume: 1,937,174
Technical Sentiment Signal: Buy
Current Market Cap: $5.39B
See more data about MAC stock on TipRanks’ Stock Analysis page.
