SCHEDULE: Smead Capital Boosts Macerich Stake to 5.45%

Smead Capital Management, along with William W. Smead and Cole W. Smead, reported a beneficial ownership of 5.45% in Macerich Co. common stock as of December 31, 2025.

Summary

• Smead Capital Management, Inc., William W. Smead, and Cole W. Smead collectively reported beneficial ownership of 13,963,804.91 shares of Macerich Co. common stock.
• This represents 5.45% of the total outstanding shares of Macerich Co.
• The reporting persons hold sole voting power and sole dispositive power over all reported shares.
• The filing is an Amendment No. 3 to Schedule 13G, indicating an update to their previously disclosed ownership position.
• The securities were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a significant institutional investor has taken or maintained a substantial stake in Macerich Co., which is generally viewed positively as a vote of confidence in the company's value and prospects. While it's a routine disclosure, the size of the stake is notable.

Positives

• Increased institutional ownership by Smead Capital Management, a respected investment adviser, signals confidence in Macerich Co.'s future prospects.
• A significant 5.45% stake suggests a long-term investment horizon and potential for active engagement.

Negatives

• No specific negative information is disclosed in this ownership filing.

Risks

• No specific risks related to Macerich Co. are mentioned in this Schedule 13G filing, as it is purely an ownership disclosure.

Future Outlook

This filing does not contain forward-looking statements or guidance from Macerich Co. or the reporting persons regarding the issuer's future performance.

Industry Context

The increase in institutional ownership by Smead Capital Management in Macerich Co., a retail REIT, suggests a potential belief in the recovery or undervaluation of the retail real estate sector. This could be seen as a contrarian or value-oriented play, given the broader challenges faced by brick-and-mortar retail in recent years, but also potential for strong rebound in well-located, high-quality assets.

Comparison to Industry Standards

• A 5.45% stake by an institutional investor like Smead Capital Management is a significant position, often indicating a high-conviction investment. This level of ownership is comparable to other major institutional investors taking substantial, non-control-seeking positions in publicly traded REITs.
• While specific comparable companies or projects are not mentioned in the filing, such a stake suggests Smead Capital Management views Macerich Co. as a compelling investment within the retail REIT landscape, potentially comparing its valuation and asset quality favorably against peers like Simon Property Group (SPG) or Federal Realty Investment Trust (FRT).

Stakeholder Impact

• Shareholders: Increased institutional ownership may be perceived as a positive signal, potentially leading to increased investor confidence and demand for the stock.
• Management: A significant institutional holder may lead to increased scrutiny or engagement from Smead Capital Management regarding strategic decisions and performance.

Key Dates

Recommendation

The disclosure of a significant 5.45% stake by Smead Capital Management is a positive signal, indicating institutional confidence in Macerich Co. While not a direct catalyst for a 'buy' recommendation without further fundamental analysis, it reinforces a 'hold' position for existing investors and suggests potential for future appreciation, warranting continued monitoring of the company's performance and Smead Capital's ongoing involvement.

Keywords

Macerich Co, Smead Capital Management, Institutional Ownership, Schedule 13G, Common Stock, Real Estate, REIT, Investment Adviser, Beneficial Ownership