The Macerich Company (MAC) Earnings Call Transcripts

The Macerich Company's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, The Macerich Company reported FFO as adjusted of $0.34 per share, reflecting continued progress on its Path Forward plan. Revenue growth was driven by a 3.9% increase in total comparable in-line sales year-over-year, with sales per square foot in the go-forward portfolio reaching $941. Management maintained guidance for go-forward portfolio NOI growth of at least 3% for the full year, signaling confidence in future performance despite a slight decline in occupancy to 93.4%. The acquisition of Annapolis Mall for $260 million is expected to be accretive to FFO targets, enhancing the company's portfolio in affluent markets.

Reported metrics

Guidance from management

Management maintained its guidance for go-forward portfolio NOI growth of at least 3% for 2026, with expectations for significant acceleration in 2027 and 2028 as new tenants commence leases.

What management said

This is Jackson. Yes, there's no mortgage on it. We took -- refinanced it on our line of credit. I'll hand it over to Dan. He can talk about sort of the long-term financing plans there.

As I mentioned in the prepared remarks, we continue to expect that go-forward NOI for 2026 will be at least 3%. And as we've mentioned before, and I'll reiterate, it's kind of back-end weighted towards the end of 2026. So, we're still on track with that for 2026. And then as we've talked about a lot, obviously, given the overall plan and the ramp in SNO that we outlined at the back half of '26 into '27 and '28, obvio...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of occupancy rates and the potential impact of macroeconomic factors on consumer spending. There were also questions about the long-term financing strategy for the Annapolis acquisition and how it fits into the overall capital structure.

Main topics on the call

• Path Forward Plan Progress — Macerich continues to execute its Path Forward plan, with a focus on leasing 1,000 new units to enhance retail centers. The leasing speedometer indicates 83% completion, with 250 leases remaining, and management is confi...
• Annapolis Mall Acquisition — The acquisition of Annapolis Mall for $260 million is expected to add $0.04 to FFO per share by 2028. The mall's existing leases and potential for additional tenants are seen as significant growth drivers.
• Sales and Foot Traffic Growth — Total comparable in-line sales increased by 3.9% year-over-year, with sales per square foot at $941. Foot traffic showed slight improvement, indicating a positive trend in customer engagement.
• NOI Growth Guidance — Management expects go-forward portfolio NOI growth of at least 3% for 2026, with a ramp-up in growth anticipated in 2027 and 2028 as new tenants begin paying rent. This guidance reflects confidence in the leasing pipelin...

Read the full The Macerich Company transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 36 The Macerich Company earnings call transcripts on record, spanning February 6, 2020 to August 4, 2026. Based on this history, The Macerich Company reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MAC

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Retail REITs

Calls on record

36

First call

February 6, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly