Monitor upcoming quarterly earnings for actual NOI and FFO trends relative to the 2028 targets. The leasing speedometer and SNO pipeline conversion are key operational metrics to track for execution progress.
Price Chart
Executive Summary
Macerich posted an investor presentation on its website detailing its Path Forward Plan v3.0, which includes updated 2028 financial targets and progress on leasing, dispositions, and leverage reduction. The presentation is forward-looking and does not contain new financial results or guidance for the current quarter.
Key Facts
- Investor presentation made available on June 1, 2026, via Regulation FD.
- Path Forward Plan v3.0 targets 2028 Pro Forma Go-Forward Portfolio NOI of $950M-$990M and 2028 Target FFO per share of $1.80-$2.00.
- Leasing speedometer at 83% revenue completion, on track for 85% mid-year target.
- ~$120M of in-place SNO (Signed Not Open) committed, with ~$140M cumulative potential.
- Pro forma leverage reduced by 1.5x to ~7.26x, targeting 6.0x+/- by 2028.
- ~$1.3B of asset dispositions completed; $300M-$400M anticipated in 2026.
- Recent acquisitions of Crabtree Mall ($272M, ~11% stabilized yield) and Annapolis Mall ($290M, ~13% stabilized yield).
- Net loss attributable to the Company was $36.35M for Q1 2026.
- Net Debt to Adjusted EBITDA (as further modified) was 7.76x as of March 31, 2026.
Financial Impact
Presentation provides illustrative 2028 NOI target range of $950M-$990M and FFO/share target of $1.80-$2.00; no current-period financial data or guidance changes.
Risk Factors
- Forward-looking targets are aspirational and not guidance; execution risk on leasing, dispositions, and redevelopment.
- Elevated interest rates and inflation could impact borrowing costs and tenant demand.
- Leverage reduction depends on successful asset sales and NOI growth.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-249691 |
| Document: d922651d8k.htm | 0001193125-26-249691 |
| Document: 0001193125-26-249691-index-headers.html | 0001193125-26-249691 |
| Document: 0001193125-26-249691-index.html | 0001193125-26-249691 |
| Document: 0001193125-26-249691.txt | 0001193125-26-249691 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | Press Release | $25.39 $23.42 | ▼ −7.76% | ▼ −7.16% | $23.06 (−9.20%) |
Jun 29, 2026 13w ago | 8-K | $25.74 $25.83 | ▲ +0.35% | ▲ +0.63% | $23.06 (−10.43%) |
Jun 16, 2026 15w ago | Press Release | $23.75 $24.89 | ▼ −4.80% | ▼ −4.60% | $23.06 (+2.93%) |
Jun 15, 2026 15w ago | 424B5 | $23.75 $24.89 | ▼ −4.80% | ▼ −4.60% | $23.06 (+2.93%) |
Jun 1, 2026 17w ago | 8-K | $22.32 $25.19 | ▲ +12.86% | ▲ +14.16% | $23.06 (+3.29%) |
May 12, 2026 20w ago | 424B5 | $21.97 $24.84 | ▼ −13.08% | ▼ −13.69% | $23.06 (−4.94%) |
May 12, 2026 20w ago | Press Release | $22.24 $24.26 | ▼ −9.07% | ▼ −10.80% | $23.06 (−3.66%) |
May 11, 2026 20w ago | 424B5 | $22.24 $24.26 | ▼ −9.07% | ▼ −10.80% | $23.06 (−3.66%) |
May 6, 2026 21w ago | 8-K | $21.37 $22.30 | ▲ +4.35% | ▲ +1.22% | $23.06 (+7.88%) |
Apr 1, 2026 26w ago | Press Release | $19.38 $21.82 | ▲ +12.59% | ▲ +2.87% | $23.06 (+18.96%) |
US Market Status
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