MAC · The Macerich Company

Macerich's first quarter 2026 results reflect continued progress under its Path Forward Plan, with net loss narrowing to $36.4 million from $50.1 million a year ago, primarily due to gains on asset sales. FFO as adjusted was $92.4 million, flat on a per-share basis at $0.34, as the benefit of higher NOI and lease income was offset by dilution from equity issuance. Go-Forward Portfolio NOI grew 1.2% year-over-year, excluding lease termination income, signaling underlying operational improvement. Leased occupancy improved to 93.4% from 92.6% a year ago, though it declined sequentially from 94.0% at year-end 2025, likely reflecting seasonal lease expirations. Tenant sales per square foot for spaces under 10,000 sq ft rose to $899 for the trailing twelve months, up from $837 a year ago, indicating healthy tenant performance. The company signed 1.6 million square feet of leases in Q1, and its new store pipeline (signed not open) reached $116 million in expected incremental gross revenue, providing visibility into future NOI growth. Management expressed confidence in achieving its 85% leasing speedometer target by mid-2026 and expects strong NOI acceleration in the second half of 2026 and beyond. On the balance sheet front, Macerich extended its South Plains Mall loan, amended its revolving credit facility to $900 million with improved pricing and extended maturity, and repaid the Vintage Faire Mall loan. Subsequent to quarter end, the company acquired Annapolis Mall for $260 million plus $12 million for an adjacent parcel, funded with cash and credit line borrowings, adding a market-leading asset with redevelopment potential. The company also raised $85.6 million through ATM equity issuance at $19.21 per share. As of the filing date, liquidity stood at approximately $780 million, including $650 million available on the revolver. A quarterly dividend of $0.17 per share was declared, payable June 29, 2026.