Still, there's plenty of room for Macerich to grow FFO per share beyond the $1.77 to $1.97 range it estimates for 2021. Furthermore, the stock sales and a recent non-core asset sale have helped Macerich reduce its debt to below pre-pandemic levels, with more progress expected by 2023. These factors make Macerich stock look like a bargain at its recent trading price below $14.