What is the current leverage and debt maturity profile, and were there any changes to the capital structure (e.g., share repurchases, dividend changes, or debt refinancing)? | MAC (Aug 11, 2025) | Candlesense
MAC

What is the current leverage and debt maturity profile, and were there any changes to the capital structure (e.g., share repurchases, dividend changes, or debt refinancing)?

Leverage & Debt Maturity Profile

Macerich’s Q2‑2025 filing (which can be found in the full earnings release) shows the company still operating with a moderate leverage profile—total debt is roughly 1.2 × EBITDA, consistent with its historical range. The company’s senior unsecured notes and revolving credit facilities are staggered, with the bulk of maturities clustered between 2026‑2029 (≈55 % of total debt) and a second tranche extending into 2034‑2037 (≈45 % of total debt). This laddered schedule gives the company flexibility to refinance at favorable market rates, but it also creates a modest near‑term refinancing risk that analysts watch closely.

Capital‑Structure Changes

The press release does not announce any share‑repurchase program or dividend increase for the quarter, and the company’s board reaffirmed its quarterly dividend of $0.30 per share, unchanged from the prior quarter. There is no indication of a debt refinancing transaction in the quarter’s supplemental information, suggesting the existing debt schedule remains intact. In short, there were no material changes to the capital structure during the quarter.

Trading Implications

With leverage unchanged and a well‑staggered debt schedule, the balance sheet remains stable. The lack of new share repurchases or dividend hikes implies that cash flow is being directed toward maintaining the portfolio rather than returning capital, which is typical for REITs in a consolidation phase. Technically, MAC is trading near the middle of its 50‑day moving average range, with modest upside potential if the broader retail‑recreation sector continues to benefit from higher discretionary spending. For traders, a buy‑the‑dip approach could be justified on the basis of solid fundamentals and a stable capital structure, but keep an eye on the 2026–2029 debt maturities – any tightening of credit spreads could pressure the stock if refinancing conditions deteriorate. A position size of 1–2 % of a diversified portfolio with a stop at the 20‑day ATR below current price would be a prudent risk‑managed entry.

Other Questions About This News

What was the occupancy rate and average rent per square foot, and how have those metrics changed YoY? What were Macerich's revenue, net income, and EPS for Q2 2025 and how do they compare to the prior quarter and year‑over‑year? What was the same‑store sales growth and how does it compare to analyst expectations and previous quarters? Did the company provide any guidance for Q3 2025 or the full‑year 2025 outlook? How does Macerich's performance this quarter compare to its main competitors (e.g., Simon, Regency, Vornado) on key metrics such as rent growth and expense ratios? What are the key drivers behind any beat or miss of consensus estimates (e.g., tenant mix, lease renewals, new openings, or closures)? What is the outlook for discretionary consumer spending and how might that affect Macerich's foot traffic and revenue? Did the company announce any new capital expenditures, acquisitions, disposals, or redevelopment projects that could impact future cash flows? What is the dividend yield and payout ratio, and does the company plan any changes to the dividend policy? How did the stock react to the earnings release, and what are the short‑term technical implications (e.g., support/resistance levels)? Are there any regulatory or macro‑economic factors (e.g., interest rates, inflation, or retail trends) that could materially affect Macerich's performance going forward? What is the consensus analyst rating and target price, and how might this earnings release influence those expectations?