Macerich Q2 2026: FFO Beats, Occupancy Climbs, Path Forward Plan Gains Traction
MAC sits 60% above its 52-week low of $16.03.
Summary
Macerich reported Q2 2026 FFO of $0.35 per share, beating expectations, with occupancy rising to 94.0% and same-center NOI up 3.8%. The Path Forward Plan is on track, and the company declared a $0.17 dividend.
Key Events · Earnings and Guidance · MAC
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FFO Beats on Strong Operations
FFO as adjusted reached $0.35 per share, up from $0.34 a year ago, as Go-Forward Portfolio NOI grew 3.8% excluding lease termination income.
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Occupancy Climbs to 94.0%
Portfolio leased occupancy rose 200 basis points year-over-year to 94.0%, with Go-Forward centers at 95.5%.
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$124M Leasing Pipeline
New store leases signed are expected to generate $124 million in incremental gross revenue above 2024 levels, with leasing substantially complete under the Path Forward Plan.
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Balance Sheet Leverage Improves Pro Forma
Net debt to adjusted EBITDA was 7.30x, but pro forma for the unsettled forward equity offering, leverage drops to 6.83x. Liquidity stands at $1.2 billion.
Analysis · MAC · Real Estate & Construction
Macerich delivered a solid quarter with FFO as adjusted of $0.35 per share, up from $0.34 a year ago, driven by 3.8% same-center NOI growth and a 200-basis-point occupancy jump to 94.0%. The leasing pipeline stands at $124 million in incremental revenue, and management says the leasing phase of its Path Forward Plan is substantially complete. The balance sheet remains leveraged at 7.3x net debt to EBITDA, but pro forma for the unsettled forward equity offering, leverage drops to 6.8x. With $1.2 billion in liquidity and a steady $0.17 dividend, the REIT is funding redevelopment and acquisitions while improving operating metrics. The stock trades near its 52-week high, reflecting market confidence in the turnaround.
At the time of this filing, MAC was trading at $25.60 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $7.3B. The 52-week trading range was $16.03 to $26.68. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.