Macerich

Q1 FY2026 EarningsQ2 FY26 reported a revenue beat of $249.7M vs. $237.7M consensus (+5.06%), driven by robust leasing activity and the Annapolis Mall acquisition. However, GAAP EPS of -$0.10 missed the -$0.0552 consensus due to higher-than-expected equity losses in joint ventures and elevated operating expenses. Operational health remains strong, with Go-Forward Portfolio NOI increasing 3.8% YoY and portfolio occupancy improving to 94.0%. The company maintains a significant $124M leasing pipeline and $1.2B in liquidity following successful equity offerings.