Macerich | 8-K: FY2026 Q2 Revenue: USD 249.71 M

Revenue: As of FY2026 Q2, the actual value is USD 249.71 M.

EPS: As of FY2026 Q2, the actual value is USD -0.1.

EBIT: As of FY2026 Q2, the actual value is USD 38.32 M.

Net Loss Attributable to The Macerich Company

For the three months ended June 30, 2026, the net loss attributable to The Macerich Company was - $27.1 million, compared to - $40.9 million for the same period in 2025. For the six months ended June 30, 2026, the net loss was - $63.4 million, compared to - $91.0 million for the six months ended June 30, 2025.

Funds from Operations (FFO) as Adjusted

FFO, as adjusted, for the second quarter of 2026 was $100.4 million, an increase from $88.7 million in the second quarter of 2025. For the six months ended June 30, 2026, FFO, as adjusted, was $192.8 million, up from $178.5 million in the prior year period.

Net Operating Income (NOI) - Go-Forward Portfolio Centers

Go-Forward Portfolio Centers NOI, excluding lease termination income, increased by 3.8% in the second quarter of 2026 compared to the second quarter of 2025. For the six months ended June 30, 2026, this metric was $357.5 million, reflecting a 2.5% increase compared to $348.7 million for the same period in 2025.

Total Expenses

Total expenses for the second quarter of 2026 were $277.430 million, a decrease from $280.566 million in the second quarter of 2025. For the six months ended June 30, 2026, total expenses were $555.477 million, down from $566.979 million in the prior year period.

Adjusted EBITDA

Adjusted EBITDA was $179.160 million for the second quarter of 2026, an increase from $177.622 million in the second quarter of 2025. For the six months ended June 30, 2026, Adjusted EBITDA was $330.878 million, compared to $350.360 million for the six months ended June 30, 2025.

Portfolio Operational Metrics

Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the twelve months ended June 30, 2026, was $919, an increase from $849 for the twelve months ended June 30, 2025. Go-Forward Portfolio Centers sales per square foot for the same period in 2026 reached $954. Leased portfolio occupancy stood at 94.0% as of June 30, 2026, a 2.0% increase from 92.0% at June 30, 2025. Go-Forward Portfolio Center leased occupancy was 95.5% as of June 30, 2026.

Leasing Activity

During the second quarter of 2026, The Macerich Company signed approximately 1.3 million square feet of leases on a comparable center basis, including a 1.0% year-over-year increase in new-store leased square footage. The new store leasing pipeline is expected to generate approximately $124 million in total gross revenue at The Macerich Company’s share, in excess of 2024 revenue from prior uses in those spaces.

Capital and Financing Activities

In April 2026, The Macerich Company closed on a new $58.7 million five-year mortgage loan on Deptford Mall. The Company acquired Annapolis Mall for $260 million, plus an adjacent $12 million parcel, initially funded by cash on hand and $150 million from the revolving credit facility. Approximately 1.2 million shares of common stock were sold through an at-the-market program for $23.8 million in gross proceeds. A public offering in May generated net proceeds of $448.2 million from the sale of 22,080,000 common stock shares. In June, a forward public offering of 16,100,000 shares was closed, with physical settlement expected no later than June 16, 2027. The Macerich Company completed the sale of its joint venture interest in West Acres for $1.4 million, with the buyer assuming $12.9 million of debt at The Macerich Company’s share, and also completed outparcel sales totaling $0.8 million. As of the filing date, The Macerich Company had approximately $1.2 billion of liquidity, including $900 million of available capacity on its revolving credit facility.

Debt and Leverage

Total portfolio debt, including joint ventures at pro rata, was $6,342.118 million as of June 30, 2026, down from $6,590.774 million as of December 31, 2025. The Net Debt to Adjusted EBITDA ratio was 7.30x as of June 30, 2026, and 6.83x on a pro forma basis, adjusted for the net value of unsettled forward equity.

Capital Expenditures

For the six months ended June 30, 2026, capital expenditures for Consolidated Centers totaled $394.0 million, including $272.0 million for property acquisitions and $81.0 million for development and redevelopment. For Unconsolidated Joint Venture Centers, capital expenditures were $57.4 million, with $43.5 million allocated to development and redevelopment.

Dividend

The Macerich Company announced a quarterly cash dividend of $0.17 per share of common stock, payable on September 28, 2026.

Outlook / Guidance

The Macerich Company anticipates that new store leases will produce approximately $124 million in total gross revenue from 2024 through 2028. The Company is focused on converting its leasing pipeline to drive traffic, sales, and NOI growth. Development and redevelopment projects at FlatIron Crossing, Green Acres Mall, and Scottsdale Fashion Square are expected to open in phases from 2024 through 2031, with estimated stabilized yields ranging from 6.75% to 18%.