Macerich Company (MAC)
NYSE:MAC
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Earnings Data
Report Date
Aug 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.06Last Year’s EPS
-0.16Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Q1 2026
Earnings Call Date:May 06, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call presents strong operational and leasing momentum: record sales per square foot, robust leasing volume (1.6M sq ft signed, 700k sq ft new), an accretive acquisition (Annapolis), visible SNO pipeline ($116M of $140M target), improved liquidity and meaningful disposition progress (~$1.3B closed). Short-term challenges include modest Q1 NOI growth (weather-impacted), elevated leverage (net debt/EBITDA 7.76x) and one loan in default, plus timing risks tied to remaining lease commencements and remaining dispositions. Overall, the positives — particularly the leasing traction, pipeline visibility, balance sheet actions and accretive portfolio moves — outweigh the near-term financing and timing headwinds.Company Guidance
FFO and Earnings
FFO as adjusted of approximately $92 million, or $0.34 per diluted share for Q1 2026.
Strong Sales Per Square Foot
Go-forward portfolio sales per square foot rose to $941; total portfolio sales per square foot reached $899, up $18 sequentially (new company high watermark).
Comparable Sales and Traffic
Total comparable in-line sales increased 3.9% year-over-year (Q1 2026 vs Q1 2025) and foot traffic was slightly up.
Leasing Momentum and Pipeline
Signed 1.6 million square feet of new and renewal leases in Q1 (700,000 sq ft were new deals, a >100% increase vs Q1 2025). Company approved 103 new lease transactions in Q1 and maintains an ELC approval run rate averaging ~100 deals/quarter.
Path Forward Leasing Progress
Path Forward target of 1,000 new leases is 83% complete (leasing speedometer at 81% end-Q1 and currently 83%); 250 leases remain (125 in LOI, 125 in prospecting). New leases represent roughly 25% of go-forward portfolio space units.
SNO Pipeline Visibility
Cumulative SNO (signed-not-open) pipeline of $116 million against a $140 million target (~83% of target). Company estimates ~80% flow-through to NOI and projects SNO contribution of ~$30M in 2026 (back-end weighted), $40–45M in 2027 and $45–50M in 2028.
Anchor Backfill and Mall Transformations
All 30 previously vacant anchors (2.9 million sq ft) are committed and expected to generate over $750 million in sales; examples include Scheels at Chandler (trade area sales +40%, traffic +20%) and multiple Dick's House of Sport openings.
Accretive Acquisition — Annapolis Mall
Acquired Annapolis Mall for $260M (+ $12M for Sears parcel); 1.5M sq ft in an affluent trade area (avg household income > $161k). Acquisition is ~ $0.04 accretive to 2028 FFO on a leverage-neutral basis; year-1 NOI incl SNO ~$29M, stabilizing near $33M (initial yield 10.5% expanding to 11%+ at stabilization).
Portfolio NOI and Guidance
Go-forward portfolio centers NOI increased 1.2% year-over-year in Q1; company reiterates full-year 2026 go-forward NOI growth target of at least +3% (back-end weighted) with acceleration expected in 2027–2028 as SNOs commence.
Balance Sheet and Liquidity Improvements
Approximately $780M in liquidity (including $650M revolver capacity); amended revolver increased to $900M, extended to March 2030, current spread ~190 bps over SOFR with potential to reduce to 135–165 bps upon performance thresholds.
Disposition Progress
Completed ~$1.3 billion in dispositions to date (~65% of $2.0B target). Q1 outparcels/land sales ~ $15M; expecting an additional $300–400M of dispositions in 2026 (bringing total toward ~$1.7B) with remaining items likely into 2027.
Occupancy Metrics
Overall portfolio occupancy at 93.4% (seasonal Q1 decline of 60 bps); go-forward portfolio occupancy 94.5%; physical permanent occupancy currently ~84% with target of 88%–89% upon plan completion.
MAC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MAC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | $22.23 | $21.37 | -3.87% |
Feb 18, 2026 | $18.98 | $19.59 | +3.24% |
Nov 04, 2025 | $17.38 | $17.35 | -0.17% |
Aug 11, 2025 | $16.21 | $16.96 | +4.62% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Macerich Company (MAC) report earnings?
Macerich Company (MAC) is schdueled to report earning on Aug 05, 2026, Before Open (Confirmed).
What is Macerich Company (MAC) earnings time?
Macerich Company (MAC) earnings time is at Aug 05, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MAC EPS forecast?
MAC EPS forecast for the fiscal quarter 2026 (Q2) is -0.06.