Macerich Company (the) Stock Earnings Reports

Macerich reported Q1 2026 progress on its Path Forward plan with strong leasing momentum and continued portfolio elevation. FFO as adjusted was $0.34 per diluted share and go-forward portfolio sales per square foot rose to $941; comparable in-line sales were up 3.9% year-over-year and go-forward NOI grew 1.2% for the quarter. The company has executed significant leasing (1.6M sq ft signed in Q1, including ~700k sq ft of new deals), is targeting 1,000 new in-line leases (250 remaining, with 125 in LOI and 125 in prospecting), and has a signed-not-open (SNO) pipeline of $116M toward a $140M target that should drive NOI through 2028. Macerich closed the Annapolis Mall acquisition (initial yield ~10.5%, ~$29M year-1 NOI including SNO; accretive to 2028 FFO by ~$0.04) funded with cash, ATM proceeds and $150M on the revolver. The company continues to execute dispositions ($1.3B closed to date of a $2B target, expecting another $300–$400M by year-end) and has improved liquidity (~$780M) and capital structure actions (amended $900M revolver, selected loan extensions and paydowns). Leverage decreased to 7.76x net debt to adjusted EBITDA (about one turn lower since the Path Forward start) with a plan to reach low-to-mid 6x over the next couple years. Management expects NOI growth to be back-end weighted in 2026 (at least +3% full year) and to accelerate in 2027–2028 as SNO openings ramp. The company emphasizes strong demand for Class A regional malls, the strategic importance of backfilling vacant anchors to catalyze in-line productivity, and longer-term tailwinds from Gen Z and retailer flight to higher-quality physical stores.