Shopping Mall REITs Plummet Over 5% in a Day, $360 Million Market Cap Vanishes

Macerich (Macerich Co: MAC) closed at $24.34 on the New York Stock Exchange, down 5.44% for the day. Trading volume was about 1.88 million shares, and market capitalization stood at approximately $6.89 billion (₩9.7 trillion), erasing roughly $356 million (₩500 billion) in market value in a single session.

After reaching a 52-week high of $25.97 and undergoing a correction, the company raised about $403.2 million (₩560 billion) in May by offering 19.2 million common shares at $21 each to repay acquisition financing and secure funds for further investments (nasdaq.com). In the same month, the board declared a quarterly dividend of $0.17, paid on June 29 (investing.macerich.com).

Macerich is a U.S. commercial real estate REIT that owns and operates large shopping centers in key markets—including California, Phoenix/Scottsdale, New York, and the East Coast corridor up to Washington, D.C. (stockanalysis.com). Despite the rise of e-commerce and a high-interest-rate environment, it aims to recover performance through property renovations and asset rotations. On Wall Street, the stock carries a “moderate buy” rating with an average price target around $25 (marketbeat.com).