Macerich Q2 2026: Net Loss Narrows, FFO Rises 13%, Occupancy Hits 94%
MAC sits 60% above its 52-week low of $16.03.
Summary
Macerich reported Q2 2026 results with a narrower net loss of $26.9M and adjusted FFO of $100.4M, up 13% year-over-year. Occupancy improved to 94%, and the company closed the Annapolis Mall acquisition, funded by a $448M equity offering. Forward sale agreements for 16.1M shares add potential future dilution.
Key Events · Earnings and Guidance · MAC
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Q2 FFO Rises 13%
Driven by higher occupancy and contributions from acquired properties, adjusted FFO increased to $100.4M from $88.7M a year ago.
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Occupancy Improves to 94%
Leased occupancy reached 94.0%, up 200 bps year-over-year, with comparable tenant sales up 3.1%.
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Annapolis Mall Acquisition Closed
Annapolis Mall was acquired for $272M on April 30, 2026, funded by a $448M equity offering and revolver borrowings.
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Forward Sale Agreements Add Dilution Overhang
Forward sale agreements were entered into for 16.1M shares at an initial forward price of $23.12325/share; physical settlement is expected by June 2027.
Analysis · MAC · Real Estate & Construction
Macerich's second-quarter results reflect a narrowing net loss and a 13% increase in adjusted FFO, fueled by higher occupancy and recent acquisitions. The company continues to execute its Path Forward Plan, using equity offerings and asset sales to fund acquisitions and reduce leverage. However, two joint-venture loans remain in default, and the forward sale agreements represent potential future dilution. The stock is trading near its 52-week high, reflecting improved sentiment, but the heavy equity issuance and unresolved defaults keep the outlook mixed.
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 neutral market sentiment and an importance score of 7 out of 10.