What move does the options market price into Macerich's report?

Implied ±4.4%, either direction.

How often does Macerich move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

MACNYSEReal Estate Investment Trusts

Macerich Co (MAC) earnings date, market-implied expected move, and options open interest by expiry

24.35

+0.04 · +0.14%

post 24.35 0.00%

Closed16:00 ET

Open24.38Volume2.6MMkt cap$6.9BEPS-0.66Div yield2.79%

Day24.26 – 24.4546%52-wk15.52 – 26.4781%

MAC

Macerich Co

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±4.4%implied · report alone

8Q avg ±4.2%·×1.03·fair

23.2825.40

straddle ±6.3%

spot 24.34exp Nov 20ATM strike 24ATM straddle 1.80IV 38%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 3

after close · in 2 days

est.Q3 FY26

Calendar

Next report

Last report

−0.90%

vs ±9.1% implied · ×0.10

shaded = implied · ▲▼ = realized

Aug 4 '26 · confirmed

Implied vs realized

Linked news

2dKSS · customerKohls appoints Stacy Taffet to board, increases board to nine
3dWMT · customerFTC demands Walmart, Uber, Delta and others hand over data on personalized pricing: Reuters

News

Largest filed tie

13F top-10 QoQ

+19.12%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

349 managers

Top fund weight

0.35%

MAC weight · VNQ

N-PORTJul 31 '26

5 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Macerich (MAC) is expected to report on Nov 3 after close (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±6.3%
avg realized: ±4.2%

Nov 6 '24Nov 6 '24confirmed±5.9%▼−1.74%×0.30

Feb 27 '25Feb 27 '25confirmed±5.2%▼−8.95%×1.71

May 12 '25May 12 '25confirmed±4.7%▲+10.41%×2.22

Aug 11 '25Aug 11 '25confirmed±4.7%▲+4.62%×0.98

Q3 FY25Nov 4 '25confirmed±5.1%▼−0.17%×0.03

Feb 18 '26Feb 18 '26confirmed±3.8%▲+3.24%×0.86

Q1 FY26May 6 '26confirmed±11.9%▼−3.87%×0.32

Q2 FY26Aug 4 '26confirmed±9.1%▼−0.90%×0.10

quarterimplied−15%0+15%realized×

Q2 FY26±9.1%▼−0.90%×0.10

Q1 FY26±11.9%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Oct 30 close

0.01OI · 3 expiries · Oct 30 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

80%Nov 2019d7520%

2720%Dec 1847d0.141,893−2%0.14

583+9%Mar 19138d0.78751+5%0.78

ExpiryPutsCallsP/C

Nov 2019d80%7520%0.01

Dec 1847d2720%1,893−2%0.14

Mar 19138d583+9%751+5%0.78

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±6.3%

Funds 4

VNQ±0.0%

IWM±0.0%

UWM±0.0%

VTI±0.0%

Customers 4

AEO±4.1%×0.66

M±3.8%×0.61

ANF±3.7%×0.59

Dashed = straddle · × = co-movement · max 501dMethod 1 more fund Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

−14.62%as filednet margin · revenue +5.53% QoQ · +3.26% YoY

Revenue$184M+5.53%

Pre-tax income−$28M+24.07%

Net income−$27M−14.62%+27.22%

Tax$495,000+118.74%

Source: SEC filings · standardized · QE Jun 30 '26 · bars = % of revenue

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

FOMC ×1.41· ±2.4% vs ±1.7% · 24 releases

eventrelease day|move|up · n×base

FOMCrate decision±2.4%12 of 24×1.41

NFPjobs report±2.1%6 of 10×1.26

GDPgross domestic product±1.8%11 of 20×1.04

PPIproducer prices±1.5%6 of 11×0.86

PCEpersonal income & outlays±1.3%8 of 20×0.79

CPROFcorporate profits±1.2%8 of 12×0.71

CPIconsumer prices±1.1%8 of 11×0.66

Bar = avg |move| to ±3% · tick = ±1.7% avg day · ×base = |move| ÷ ±1.7% · min 6 releases

Earnings history

EPS -0.10 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 4 '26 · confirmed	-0.10	—
Q1 FY26	May 6 '26 · confirmed	-0.14	—
Q3 FY25	Nov 4 '25 · confirmed	-0.34	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod