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Macerich Q1 FFOA matched last year at 34 cents per share and beat consensus estimates.
MAC signed leases for 1.6M square feet as leased portfolio occupancy rose to 93.4%.
MAC acquired Annapolis Mall for $260M, targeting higher NOI through leasing and repositioning.
The Macerich Company (MAC - Free Report) reported first-quarter 2026 funds from operations as adjusted (FFOA) per share of 34 cents, matching the year-ago level and beating the Zacks Consensus Estimate by 9.68%. Total revenues of $241.54 million declined 3.1% year over year but topped the consensus mark by 1.2%.
Results reflected solid leasing volume and an increase in Go-Forward Portfolio Centers’ net operating income (NOI) and base rent re-leasing spreads.
Operationally, leased portfolio occupancy was 93.4% as of March 31, 2026, up 80 basis points from 92.6% a year earlier, though down 60 basis points from 94% at the end of 2025.
MAC’s Leasing Volume Supports Path Forward Plan
Leasing activity remained a central operating theme. During the first quarter, Macerich signed leases for 1.6 million square feet, reflecting a 2.5% increase in leased square footage year over year on a comparable-center basis (excluding a multi-location anchor renewal package executed in the prior-year period).
Management also emphasized the company’s new-store leasing pipeline. New store leases are expected to produce total gross revenues of approximately $116 million at Macerich’s share in excess of the revenues generated in 2024 from prior uses in those same spaces, spanning open stores, signed-not-open leases and leases in documentation from 2024 through 2028.
MAC’s NOI Trend Shows Better Core Property Results
Go-Forward Portfolio Centers NOI, excluding lease termination income, increased 1.2% year over year in the first quarter. The metric points to steadier underlying property performance, even as the quarter included shifting items such as asset-sale activity and other below-the-line movements.
On a GAAP basis, Macerich posted a net loss attributable to the company of $36.4 million, or 14 cents per share, compared with a loss of $50.1 million, or 20 cents per share, in the prior-year quarter. Management attributed the change primarily to gains on sale or write-down of assets, net, recognized in the first quarter of 2026.
Macerich’s Tenant Demand Signals Healthier Sales
Tenant sales productivity strengthened year over year. Portfolio tenant sales per square foot for spaces smaller than 10,000 square feet were $899 for the 12 months ended March 31, 2026 compared with $837 for the 12 months ended March 31, 2025. Go-Forward Portfolio Centers' sales per square foot for the same category were higher at $941.
The company also reported average base rent per square foot (for spaces under 10,000 square feet, excluding Santa Monica Place) of $71.06 as of March 31, 2026, up from $69.21 a year earlier. These figures help frame how Macerich’s leasing and merchandising efforts are translating into improved productivity and rent capture over time.
Macerich Expands With Annapolis Mall Acquisition
A notable portfolio action was the acquisition of Annapolis Mall, a Class A regional mall totaling approximately 1.5 million square feet in Annapolis, MD, for $260 million, plus an adjacent 13.1-acre vacant Sears parcel for $12 million. The company said that the transaction was funded with cash on hand and $150 million of borrowings from the line of credit.
Macerich presented the asset as one with repositioning and leasing upside. The acquisition materials highlighted year-one estimated NOI of roughly $24 million (forward 12 months), rising to about $29 million, including the annualized impact of signed-not-open leasing expected to commence in 2026 and 2027.
Macerich’s balance sheet activity during the quarter included multiple financing and capital steps. The company completed an amended and restated $900 million revolving credit facility on Feb. 24, 2026, increasing the facility size from $650 million to $900 million, extending maturity from February 2027 to March 2030 (inclusive of a 12-month extension option) and reducing the pricing grid.
Liquidity remained a key investor focus point. As of the filing date, Macerich reported approximately $780 million of liquidity, including $650 million of available capacity on the revolving credit facility. The company also reported net debt to adjusted EBITDA, as further modified, of 7.76X as of March 31, 2026, providing a snapshot of leverage, while management works through financing, disposition and operational initiatives under its Path Forward Plan.
Regency Centers Corporation (REG - Free Report) reported first-quarter 2026 core FFO per share of $1.20, missing the Zacks Consensus Estimate of $1.21. However, the metric increased 4.3% from the year-ago quarter.
Results were aided by continued leasing traction, as reflected in same-property NOI growth of 4.4% year over year.
Kimco Realty Corporation (KIM - Free Report) reported first-quarter 2026 core FFO per share of 46 cents, topping the Zacks Consensus Estimate of 45 cents. The metric increased 4.5% from the year-ago quarter.
Results were supported by steady rent growth and continued demand for Kimco’s open-air, grocery-anchored centers, with pro-rata leased occupancy ending the quarter at 96.3%, up 50 basis points year over year.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
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Macerich Q1 FFOA & Revenues Beat Estimates on Improved Leasing Progress
Key Takeaways
The Macerich Company (MAC - Free Report) reported first-quarter 2026 funds from operations as adjusted (FFOA) per share of 34 cents, matching the year-ago level and beating the Zacks Consensus Estimate by 9.68%. Total revenues of $241.54 million declined 3.1% year over year but topped the consensus mark by 1.2%.
Results reflected solid leasing volume and an increase in Go-Forward Portfolio Centers’ net operating income (NOI) and base rent re-leasing spreads.
Operationally, leased portfolio occupancy was 93.4% as of March 31, 2026, up 80 basis points from 92.6% a year earlier, though down 60 basis points from 94% at the end of 2025.
MAC’s Leasing Volume Supports Path Forward Plan
Leasing activity remained a central operating theme. During the first quarter, Macerich signed leases for 1.6 million square feet, reflecting a 2.5% increase in leased square footage year over year on a comparable-center basis (excluding a multi-location anchor renewal package executed in the prior-year period).
Management also emphasized the company’s new-store leasing pipeline. New store leases are expected to produce total gross revenues of approximately $116 million at Macerich’s share in excess of the revenues generated in 2024 from prior uses in those same spaces, spanning open stores, signed-not-open leases and leases in documentation from 2024 through 2028.
MAC’s NOI Trend Shows Better Core Property Results
Go-Forward Portfolio Centers NOI, excluding lease termination income, increased 1.2% year over year in the first quarter. The metric points to steadier underlying property performance, even as the quarter included shifting items such as asset-sale activity and other below-the-line movements.
On a GAAP basis, Macerich posted a net loss attributable to the company of $36.4 million, or 14 cents per share, compared with a loss of $50.1 million, or 20 cents per share, in the prior-year quarter. Management attributed the change primarily to gains on sale or write-down of assets, net, recognized in the first quarter of 2026.
Macerich’s Tenant Demand Signals Healthier Sales
Tenant sales productivity strengthened year over year. Portfolio tenant sales per square foot for spaces smaller than 10,000 square feet were $899 for the 12 months ended March 31, 2026 compared with $837 for the 12 months ended March 31, 2025. Go-Forward Portfolio Centers' sales per square foot for the same category were higher at $941.
The company also reported average base rent per square foot (for spaces under 10,000 square feet, excluding Santa Monica Place) of $71.06 as of March 31, 2026, up from $69.21 a year earlier. These figures help frame how Macerich’s leasing and merchandising efforts are translating into improved productivity and rent capture over time.
Macerich Expands With Annapolis Mall Acquisition
A notable portfolio action was the acquisition of Annapolis Mall, a Class A regional mall totaling approximately 1.5 million square feet in Annapolis, MD, for $260 million, plus an adjacent 13.1-acre vacant Sears parcel for $12 million. The company said that the transaction was funded with cash on hand and $150 million of borrowings from the line of credit.
Macerich presented the asset as one with repositioning and leasing upside. The acquisition materials highlighted year-one estimated NOI of roughly $24 million (forward 12 months), rising to about $29 million, including the annualized impact of signed-not-open leasing expected to commence in 2026 and 2027.
MAC’s Balance Sheet Actions Highlight Liquidity Focus
Macerich’s balance sheet activity during the quarter included multiple financing and capital steps. The company completed an amended and restated $900 million revolving credit facility on Feb. 24, 2026, increasing the facility size from $650 million to $900 million, extending maturity from February 2027 to March 2030 (inclusive of a 12-month extension option) and reducing the pricing grid.
Liquidity remained a key investor focus point. As of the filing date, Macerich reported approximately $780 million of liquidity, including $650 million of available capacity on the revolving credit facility. The company also reported net debt to adjusted EBITDA, as further modified, of 7.76X as of March 31, 2026, providing a snapshot of leverage, while management works through financing, disposition and operational initiatives under its Path Forward Plan.
MAC’s Zacks Rank
Currently, Macerich carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Macerich Company (The) Price, Consensus and EPS Surprise
aMacerich Company (The) price-consensus-eps-surprise-chart | Macerich Company (The) Quote
Performance of Other Retail REITs
Regency Centers Corporation (REG - Free Report) reported first-quarter 2026 core FFO per share of $1.20, missing the Zacks Consensus Estimate of $1.21. However, the metric increased 4.3% from the year-ago quarter.
Results were aided by continued leasing traction, as reflected in same-property NOI growth of 4.4% year over year.
Kimco Realty Corporation (KIM - Free Report) reported first-quarter 2026 core FFO per share of 46 cents, topping the Zacks Consensus Estimate of 45 cents. The metric increased 4.5% from the year-ago quarter.
Results were supported by steady rent growth and continued demand for Kimco’s open-air, grocery-anchored centers, with pro-rata leased occupancy ending the quarter at 96.3%, up 50 basis points year over year.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.