MAC vs SPG: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: SPG is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MAC and SPG share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MAC and SPG exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

The Macerich Company, founded in 1964 and headquartered in Santa Monica, California, owns, leases and redevelops regional town centers in dense, higher-income US markets. Its holdings cluster in California, the Pacific Northwest, the Phoenix and Scottsdale corridor, and the stretch from metro New York to Washington, DC, with flagships including Tysons Corner Center, Queens Center, Scottsdale Fashion Square, Washington Square and Green Acres Mall. After several years of selling and handing back weaker assets, the portfolio sat at roughly 38 to 39 retail centers and about 40 million square feet as of the second quarter of 2026, down from 48 million square feet earlier in the program. Trailing 12-month tenant sales for spaces under 10,000 square feet reached about $919 per square foot, up from roughly $849 a year earlier, and trailing revenue runs near $1.03 billion.

Full MAC guide

Simon Property Group is an Indianapolis-based real estate investment trust (REIT) and an S&P 100 constituent. It owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations across North America, Europe, and Asia. As of December 31, 2025, the company held interests in 212 US income-producing properties and 42 international properties, along with a 22.2% stake in Klépierre, a Paris-based retail real estate company. SPG makes money primarily by leasing space to retail, dining, and entertainment tenants at its malls and Premium Outlets, collecting base rent plus a share of tenant sales. With a gross margin near 86% and domestic mall and outlet occupancy of approximately 96%, the business model benefits from scale: SPG's size gives it access to lower-cost capital, stronger lease negotiation leverage with global retail chains, and the financial capacity to fund redevelopments that smaller operators cannot.

Full SPG guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• MAC drivers: Deleveraging toward the 6x goal; The signed-not-open rent pipeline.
• SPG drivers: Premium Portfolio with Near-Full Occupancy; Consistent NOI and FFO Growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Dilution is the most concrete cost of the turnaround: two 2026 equity offerings plus a $675 million exchangeable note materially raised the share and unit count, which is why FFO per share has barely moved even as total FFO grew. For SPG, the most significant structural risk is continued e-commerce penetration that gradually reduces the number of viable retail tenants and pressures occupancy and rents even at premium properties.

Pick MAC if you believe its drivers more; SPG if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the MAC and SPG guides.

MAC. FFO per share has been close to flat while total FFO rose, because the 2026 equity raises expanded the denominator faster than the operating recovery expanded the numerator. Management's public bridge to $1.80 to $2.00 of 2028 FFO per share leans on the signed-not-open rent pipeline, cheaper refinancing as leverage falls, and yield on the Annapolis and redevelopment spend. Against that target the current price sits near 13 times, so the multiple is doing less work than the execution is.

SPG. Because SPG is a REIT, Funds from Operations (FFO) is the industry-standard profitability metric rather than GAAP net income, which is inflated by depreciation add-backs and one-time gains. The trailing GAAP P/E of roughly 14x looks inexpensive relative to the company's 10-year average of about 22x, but the more meaningful forward price-to-Real Estate FFO multiple is in the low-to-mid teens, broadly in line with high-quality retail REIT peers. The company's ~$29 billion debt load is large in absolute terms but is supported by an A-rated credit profile, a $5 billion revolving credit facility, and stable NOI coverage.

Headline figures (approximate, August 2026): MAC shows revenue (ttm) ~$1.03B (Q2 2026: ~$249.7M, first half: ~$491.2M), ffo as adjusted per share ~$0.35 in Q2 2026 and ~$0.70 for the first half, versus ~$1.50 for full-year 2025, gaap net loss per share ~$(0.10) in Q2 2026, ~$(0.24) for the first half, net debt / adjusted ebitda ~7.3x, or ~6.8x pro forma for forward equity, against a ~6x 2028 target; SPG shows revenue (ttm) ~$6.65 billion, real estate ffo (fy 2025) ~$12.73 per diluted share, 2026 real estate ffo guidance $13.10 to $13.25 per diluted share, trailing p/e (gaap) ~14x (based on elevated 2025 GAAP earnings).

MAC and SPG are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MAC and SPG exposure against your real portfolio. It is not an investment adviser.