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EarningsQ2 2026 Earnings Report
MAC Q2 2026 EPS Results
Actual EPS-$0.10
Consensus EPS-$0.05
Beat/MissMissed by -$0.05
One Year Ago EPS-$0.16
MAC Q2 2026 Revenue Results
Actual Revenue$251.63M
Expected Revenue$239.77M
Beat/MissBeat by +$11.86M
YoY Revenue Growth+41.23%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MAC Upcoming Earnings
Macerich's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MAC Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational momentum: record sales per square foot, high leased occupancy, sustained leasing velocity (1.3M sf signed in Q2), a sizable SNO pipeline, and meaningful balance sheet progress (liquidity, equity raises and leverage reduction). Management expects accelerating NOI growth in 2027–2028 and a robust acquisition pipeline that could be accretive. Key risks discussed include remaining elevated leverage (7.3x), a $76M loan in default, the need to complete additional dispositions this year to hit targets, and execution/timing risk converting signed tenants into opened stores and rent. Overall, positive operational and strategic execution materially outweigh near‑term financial and execution challenges, supporting a constructive outlook while acknowledging remaining execution and market risks.Company Guidance
FFO and Quarterly Results
FFO as adjusted of ~$100 million, or $0.35 per diluted share for Q2 2026; go-forward portfolio NOI grew 3.8% year-over-year in Q2 and 2.5% for the six months ended June 30, 2026.
Record Portfolio Sales
Company-record portfolio sales of $919 per square foot for the full portfolio and $954 per square foot for the go-forward portfolio in Q2 2026, underscoring strong sales productivity in elevated assets.
High Occupancy in Core Assets
Leased occupancy of 94% for the overall portfolio and 95.5% for the go-forward portfolio at quarter end; physical occupancy reported at 91% for the go-forward portfolio.
Leasing Momentum and Progress on 5‑Year Plan
Signed 1.3 million square feet of new and renewal leases in Q2 (645k sf new), opened ~350k sf of new stores in the quarter; leasing speedometer at 88% completion (above 85% midyear target) with only ~170 of 1,000 targeted deals remaining (two‑thirds in LOI).
Store Opening Conversion Progress
Introduced 'store openings completion' metric: advanced from 50% at NAREIT to 57% currently, targeting >60% by year-end to accelerate tenants from LOI to open and paying rent.
SNO Pipeline and Near‑Term NOI Contribution
Signed-not-open (SNO) pipeline reached $124 million of an expected $140 million opportunity; estimated annual SNO contribution: ~$30M in 2026 (back-end weighted), $40M–$45M in 2027 and $45M–$50M in 2028.
Balance Sheet Liquidity and Capital Raises
Approximately $1.2 billion in liquidity (including $900M RCF capacity) plus ~$372M of unsettled forward equity proceeds available to fund acquisitions; net proceeds of approximately $450M from a May equity offering.
Leverage Improvements
Net debt to adjusted EBITDA decreased to 7.3x at Q2 end (almost 0.5x lower sequentially and >1.5x lower versus outset of Path Forward plan); inclusive of forward equity proceeds, leverage is reported below 7x with a target to reduce to ~6x.
Disposition Progress
Completed approximately $1.3 billion in total dispositions to date (about two‑thirds of initial disposition target); company expects to sell or give back an additional $300M–$400M by year-end to reach roughly $1.7B total.
Acquisitions Pipeline and Expected Accretion
Robust on- and off-market acquisition pipeline; underwriting stabilized yields of ~9%–11%. Management indicated deploying the ~$372M forward equity at these yields could generate ~$0.02–$0.04 of incremental FFO and reduce leverage by ~25–30 bps.
Strong Asset-Level Examples Driving Traffic
Tysons Corner West wing improvements driving 10% YTD traffic increase; Zara Tysons flagship (45k sf) opened strongly (ranked #1 in U.S. opening weekend); high-performing centers showing low‑teens traffic gains and ~9% NOI uplift year-to-date in select late-stage transformed assets vs. go-forward avg.
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