The FFO beat and improved net loss are positive, but revenue decline and dilution from ATM weigh on sentiment. Watch for leasing momentum and anchor repositioning as key drivers for NOI acceleration in H2 2026. Monitor resolution of loan defaults and further ATM activity.
Price Chart
Executive Summary
Macerich Q1 2026 FFO as adjusted of $0.34 per share beat consensus of $0.31 by 9.7%, but total revenue declined 3.1% YoY to $241.5M. Core Go-Forward Portfolio NOI grew 1.2% (ex-lease termination), while net loss improved to -$36.4M from -$50.1M. The company also completed a $900M credit facility upsize, acquired Annapolis Mall, and continued ATM issuance, offset by loan defaults at Twenty Ninth Street.
Key Financial Metrics
Key Facts
- FFO as adjusted per share $0.34 vs consensus $0.31 (beat 9.7%)
- Total revenue $241.5M, down 3.1% YoY (leasing revenue down 4.1%)
- Go-Forward Portfolio NOI (ex-lease termination) +1.2% YoY
- Net loss attributable to Company -$36.4M vs -$50.1M in prior year
- ATM sold ~4.5M shares for $85.6M in Q1
- Post-quarter: acquired Annapolis Mall for $272M, funded with cash and revolver
- New $900M revolving credit facility (up from $650M), extended to 2030
- $76.5M loan at Twenty Ninth Street in default; Santa Monica Place in receivership
Financial Impact
$0.34 FFO as adjusted per share beat consensus of $0.31, a ~9.7% positive surprise
Risk Factors
- Revenue decline persists, especially leasing revenue down 4.1% YoY
- Dilution from ongoing ATM issuance (4.5M shares in Q1)
- Loan defaults at Twenty Ninth Street and Santa Monica Place receivership
- Elevated leverage: Net Debt / Adjusted EBITDA at 7.76x
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000912242-26-000020 |
| Document: mac-20260506.htm | 0000912242-26-000020 |
| Document: 0000912242-26-000020-index-headers.html | 0000912242-26-000020 |
| Document: 0000912242-26-000020-index.html | 0000912242-26-000020 |
| Document: 0000912242-26-000020.txt | 0000912242-26-000020 |
| 8-K Data (Synthetic) | 0000912242-26-000020 |
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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