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Key Takeaways MAC's Path Forward pairs leasing, anchor replacements, redevelopment and capital recycling.MAC expects new store leases to add about $116M in gross revenue and support NOI growth through 2028.MAC faces risks from tenant bankruptcies, e-commerce pressure and 7.76X net debt to EBITDA. The Macerich Company (MAC - Free Report) is leaning on premium mall quality to support steadier earnings growth. Its Path Forward plan combines leasing, anchor replacements, redevelopment, acquisitions and capital recycling.

The key question is whether those gains can keep offsetting tenant churn, e-commerce pressure, rent timing and elevated leverage.

MAC Builds on Premium Mall StrengthMacerich owns high-quality retail centers in dense U.S. markets, with a notable presence in California, the Pacific Northwest, Phoenix/Scottsdale and the Metro New York-to-Washington, D.C. corridor. Roughly 90% of its go-forward net operating income comes from Class A properties.

The operating base remains healthy. As of March 31, 2026, portfolio leased occupancy was 93.4%, while Go-Forward Portfolio Center leased occupancy was 94.5%. Tenant sales for spaces below 10,000 square feet reached $899 per square foot, with go-forward portfolio sales at $941.

Peers reinforce the broader retail real estate context. Simon Property Group (SPG - Free Report) owns premier shopping, dining, entertainment and mixed-use destinations, making it a key comparison for Class A mall demand. Tanger Inc. (SKT - Free Report) , focused on outlet and open-air retail centers, provides a different read on tenant appetite across value-oriented retail formats.

MAC Leasing Pipeline Drives Future NOIFor Macerich, the signed-not-open pipeline is central to the earnings bridge. New store leases are expected to produce roughly $116 million of incremental gross revenues at the company’s share compared with 2024 revenues from prior uses in those same spaces.

Management expects about 80% of that revenues to flow through to net operating income over time. The pipeline is more than a near-term leasing statistic; it is intended to support net operating income growth through 2028 as tenants open and begin paying rent.

Anchor replacement is another part of the same bridge. Macerich’s Path Forward plan targeted 30 anchor and big-box replacements, and all 30 are now committed. These locations total 2.9 million square feet and are expected to generate approximately $750 million in annual tenant sales.

MAC Uses Capital to Reset the PortfolioCapital recycling remains a major part of the portfolio reset. Under Path Forward, Macerich targets roughly $2 billion of total dispositions, with about $1.3 billion completed and another $300 million to $400 million expected by the end of 2026.

Outparcel and land sales are also contributing capital. The company completed $14.5 million of such sales in the first quarter of 2026, including a land parcel at Washington Square for $13 million.

The Annapolis Mall acquisition adds another Class A asset. Macerich acquired the mall for $260 million, plus $12 million for the adjacent 13.1-acre vacant Sears parcel, aiming to extend its platform in a strong East Coast trade area.

Key Risks Continue to Limit MAC’s UpsideThe upside case still carries execution risk. Tenant bankruptcies involving Express, Forever 21 and Claire’s are expected to continue to affect 2026 results, and future filings could disrupt occupancy, rent commencement and tenant allowance needs.

E-commerce remains a structural threat, even for better malls. Macerich’s focus on restaurants, experiential uses and higher-traffic anchors may help protect destination value, but some retail categories remain vulnerable to online migration.

Balance sheet risk also matters. Net debt to adjusted earnings before interest, taxes, depreciation and amortization was 7.76X as of March 31, 2026. Property-level loan issues add uncertainty, including the Twenty Ninth Street loan, which was in default as of Feb. 6, 2026.

How MAC Signals Fit a Neutral SetupMacerich’s setup looks balanced. The portfolio quality, leasing pipeline and committed anchor replacements support a credible path to better net operating income, but the timing of rent conversion and leverage improvement still needs proof.

The stock currently carries a Zacks Rank #3 (Hold). This suggests a neutral near-term stance rather than a clear positive or negative signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Style Scores add caution. MAC has a VGM Score of D, with a Value Score of C, Growth Score of D and Momentum Score of D. Since stronger Style Scores generally point to better expected performance characteristics, these grades reinforce why investors may want clearer evidence of durable per-share growth before taking a more constructive view.

June 15, 2026 21:06 ET  | Source: Macerich Company

SANTA MONICA, Calif., June 15, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”) announced today that it has priced an underwritten public offering of 14,000,000 shares of common stock at a price to public of $23.90 per share, all of which are being offered in connection with the forward sale agreements described below.

Goldman Sachs & Co. LLC is serving as the lead bookrunner and representative of the underwriters of the offering. Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, BMO Capital Markets, TD Securities and Scotiabank are also serving as joint bookrunning managers for the offering.

The Company is entering into forward sale agreements with Goldman Sachs & Co. LLC, Deutsche Bank AG, London Branch, JPMorgan Chase Bank, National Association and Morgan Stanley or their affiliates (the "forward purchasers"), with respect to 14,000,000 shares of the Company's common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell an aggregate of 14,000,000 shares of the common stock that will be delivered in the offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by the Company occurring no later than June 16, 2027 an aggregate of 14,000,000 shares of its common stock to the forward purchasers or their affiliates in exchange for cash proceeds per share equal to the applicable forward sale price at the time of such settlement, subject to certain adjustments as provided in the forward sale agreements.

The Company has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock. If the underwriters exercise such option, the Company expects to enter into additional forward sale agreements with the forward purchasers in respect of the number of shares sold by the forward purchasers or their respective affiliates in connection with the exercise of such option.

The offering is expected to close on June 17, 2026 subject to customary closing conditions.

The Company will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates in the offering. The Company intends to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to fund future acquisition opportunities and for general corporate purposes. Pending such use, the Company may invest the net proceeds in short-term, interest-bearing deposit accounts.

Selling common stock through the forward sale agreements enables the Company to set the price of such shares upon the pricing of the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company until a time closer to the funding requirements described above.

Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any such offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.

About the Company

Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers.

Forward-Looking Information

Information set forth in this press release contains “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect the Company’s expectations regarding future events and plans, including, but not limited to, statements regarding the closing of the offering, the underwriters’ option to purchase additional shares of common stock and the Company’s anticipated use of net proceeds from the offering. Generally, the words “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “scheduled,” “predicts,” “may,” “will,” “should,” “could,” variations of such words and similar expressions identify forward-looking statements. The forward-looking statements are based on information currently available to us and involve a number of known and unknown assumptions, risks, uncertainties and other factors, which may be difficult to predict and beyond the control of the Company, which could cause actual results to differ materially from those contained in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the Company’s ability to close the offering including that the closing of the aforementioned offering is subject to, among other things, standard closing conditions and customary rights of the underwriters to terminate the underwriting agreement due to any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions; the actual use of proceeds therefrom; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained in this press release whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

INVESTOR CONTACT: Investor Relations, [email protected]

Key Takeaways MAC gained 57.4% in 12 months, backed by leasing progress and 94.5% go-forward occupancy.MAC trades at 16.39X forward FFO; a $27 target implies limited upside after the rally.MAC beat Q1 FFO estimates, but leverage remains high and dividend growth appears constrained. The Macerich Company (MAC - Free Report) has rewarded investors with a sharp rally, but the buying case is no longer straightforward. The stock’s operating story has improved, while valuation and leverage leave less room for error.

For investors, MAC looks more like a selective hold than a clear bargain after its run. The question is whether future net operating income growth can justify further upside.

MAC Shows Strong Momentum but a Neutral CaseMAC shares are up 57.4% over the trailing 12-month period, outpacing the Zacks sub-industry’s 21.1% gain and the Zacks Finance sector’s 14.7% rise. That performance reflects better investor confidence in high-quality malls.

Image Source: Zacks Investment Research

The optimism is supported by leasing progress. Roughly 90% of go-forward net operating income comes from Class A properties, while go-forward portfolio occupancy was 94.5% as of March 31, 2026.

Simon Property Group (SPG - Free Report) is a relevant peer because it owns premier shopping, dining, entertainment and mixed-use destinations. Tanger Inc. (SKT - Free Report) also provides useful retail real estate context as an owner and operator of outlet and open-air shopping destinations.

MAC Valuation Looks Fair, Not CheapMAC trades at 16.39X forward 12-month funds from operations. That is below the Zacks sub-industry’s 17.16X and the S&P 500’s 21.41X, but slightly above the Zacks sector’s 16.18X.

Image Source: Zacks Investment Research

The $27 price target, based on a 17.39X target multiple, points to limited incremental upside rather than a deep-value setup. MAC is not obviously expensive, but the rally has already priced in part of the recovery.

MAC Earnings Support Is Improving SlowlyFirst-quarter 2026 funds from operations, as adjusted, came in at 34 cents per share, matching the year-ago quarter and beating the Zacks Consensus Estimate by 9.68%. Revenues of $241.54 million declined 3.1% year over year but topped the consensus mark by 1.2%.

Estimate trends have improved only modestly. The current-year funds from operations estimate moved 1.2% higher over the past four weeks.

Management also lifted its 2028 target funds from operations range to $1.80-$2.00 per share. Still, annual estimates of $1.46 for 2026 and $1.56 for 2027 suggest measured progress rather than rapid earnings acceleration.

MAC Still Carries Leverage and Dividend LimitsLeverage remains the main counterweight. Net debt to adjusted EBITDA was 7.76X as of March 31, 2026, while pro forma leverage was about 7.26X after the Annapolis Mall acquisition and follow-on equity issuance.

Property-level issues also matter. The $76.5 million pro rata loan at Twenty Ninth Street was in default as of Feb. 6, 2026, with the joint venture still negotiating terms with the lender.

The dividend is another restraint. MAC paid 17 cents per share in the first quarter and announced another 17-cent quarterly dividend payable in June 2026, leaving limited near-term dividend growth while redevelopment and balance-sheet repair remain priorities.

What MAC’s Ratings Say About TimingMAC’s operating recovery is real, but the stock looks closer to fairly valued than mispriced. Investors buying now are paying for continued leasing execution, higher occupancy and net operating income gains through 2028.

MAC currently carries a Zacks Rank #3 (Hold). That rank supports a wait-and-see approach rather than an aggressive buying stance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Style Scores point in the same direction. MAC has a Value Score of C, Growth Score of D, Momentum Score of D and VGM Score of D. The Value Score suggests valuation is not a major red flag, but the weak Growth, Momentum and VGM scores favor selectivity for investors seeking stronger near-term ranking support.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

April 01, 2026 07:00 ET  | Source: Macerich Company

SANTA MONICA, Calif., April 01, 2026 (GLOBE NEWSWIRE) --

WHAT: Macerich (NYSE: MAC) Schedules First Quarter 2026 Earnings Release and Conference Call

WHEN: Earnings Results will be released after market on Wednesday, May 6, 2026. Management will hold a conference call at 2:00 pm Pacific Time (5:00 pm Eastern Time) on that same day to discuss quarterly results.

PARTICIPANT DIAL-IN INFORMATION: The conference call can be accessed live over the phone by dialing the following numbers:

United States (Toll Free): +1 833-630-1956
International: +1 412-317-1837

PARTICIPANT LIVE WEBCAST: https://edge.media-server.com/mmc/p/oh63omrq

REBROADCAST: Following the live webcast, a replay will be available in the Investors Section of the Company’s website at https://investing.macerich.com.

About Macerich

Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 39 million square feet of real estate, consisting primarily of interests in 38 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. For more information, please visit www.Macerich.com.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.

INVESTOR CONTACT: Investor Relations, [email protected]

Image: Bigstock

Read MoreHide Full Article

Key Takeaways MAC shares rose 16.4% in six months, beating industry growth, backed by strong leasing and NOI gains.MAC benefits from 94% occupancy, positive leasing spreads and $1.3B in asset sales funding redevelopment.MAC's Path Forward plan advances with 30 anchor replacements and a $900M credit facility, boosting liquidity. Shares of Macerich (MAC - Free Report) have gained 16.4% over the past six months, outperforming the industry's 12% growth.

This retail real estate investment trust (REIT) owns a portfolio of high-quality shopping centers in densely populated U.S. markets, supported by stable occupancy at the end of 2025 and positive leasing spreads. Tenant sales trends and growth in the Go-Forward Portfolio NOI indicate steady internal momentum.

Capital recycling remains a key pillar of Macerich’s Path Forward plan, with asset sales funding redevelopment and enhancing liquidity. Its anchor re-tenanting efforts are progressing, aimed at boosting traffic and in-line leasing, while an increased focus on omnichannel retailing supports long-term growth prospects.

Image Source: Zacks Investment Research

Factors Behind MAC Price Surge: Will the Momentum Last?Macerich owns a concentrated portfolio of top-tier malls in major U.S. markets, primarily located in densely populated, high-income areas that support steady tenant demand and resilient cash flows. Leasing trends remained firm through 2025, with occupancy at 94% and positive spreads on both new and renewal leases. In 2026, management is focused on executing its lease pipeline, proactively managing expirations and accelerating rent commencements through faster buildouts and improved collections.

Macerich is actively recycling capital by divesting non-core assets and reinvesting in higher-growth properties while reducing leverage. It has completed $1.3 billion of its $2 billion disposition target. At the same time, the company is advancing anchor repositioning and mixed-use redevelopment.

Management targeted 30 anchor and big box replacements in its Path Forward plan, and all 30 are now committed. These anchors total 2.9 million square feet and are expected to generate approximately $750 million in annual tenant sales, with the potential to support in-line leasing through higher traffic and dwell time. Projects at Scottsdale Fashion Square, Green Acres Mall and FlatIron Crossing highlight its ongoing redevelopment pipeline.

Macerich continues to execute its Path Forward plan, improving operations and strengthening its balance sheet. Same-center NOI rose 1.8% in 2025, while tenant sales productivity improved. The company also enhanced liquidity by closing a $900 million revolving credit facility, increasing financial flexibility to support ongoing redevelopment and capital initiatives.

With the above-mentioned factors, the rising trend in the stock price for this Zacks Rank #3 (Hold) company is expected to continue in the near term. However, tenant bankruptcies, online shopping shift, modest dividend growth and high leverage remain concerns for Macerich.

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Kimco Realty Corporation (KIM - Free Report) and Federal Realty (FRT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Kimco’s 2026 FFO per share is pinned at $1.82. This calls for year-over-year growth of 3.41%. Kimco currently has a Value Score of C.

The Zacks Consensus Estimate for Federal Realty’s 2026 FFO per share is pegged at $7.45. This implies year-over-year growth of 3.19%. Federal Realty has a Momentum Score of B.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

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May 04, 2026 16:15 ET  | Source: Macerich Company

SANTA MONICA, Calif., May 04, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of The Macerich Company (NYSE: MAC) declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on June 29, 2026, to stockholders of record at the close of business on June 15, 2026.

About Macerich

Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich owns 39 million square feet of real estate, consisting primarily of interests in 38 retail centers as of March 31, 2026. We are firmly dedicated to driving long-term shareholder value and to advancing environmental goals, social good and sound corporate governance. For more information, please visit www.Macerich.com.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.

INVESTOR CONTACT: Investor Relations, [email protected]

SANTA MONICA, Calif., May 06, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”), a leading owner, operator and developer of major retail properties in top markets, today announced it has acquired Annapolis Mall, a Class A retail center totaling approximately 1.5 million square feet (1.2 million square feet owned) in Annapolis, MD for $260 million, plus the adjacent 13.1-acre vacant Sears parcel for $12 million.

“Annapolis is exactly the kind of acquisition we said we would pursue,” said Jackson Hsieh, President and Chief Executive Officer, Macerich. “It’s located within a strong trade area with limited competition, the property is undergoing a significant elevation and transformation of its merchandising plan and tenant mix, including a new Dick’s House of Sport store opening in the Fall, and there is a clear path to durable NOI growth that is accretive to our 2028 target FFO ranges under the Path Forward Plan. This off market transaction was completed with the prior ownership group who did an excellent job over the past two years starting a significant elevation and transformation of the center’s merchandising plan and tenant mix. We believe applying the resources of Macerich will replicate the success we’ve experienced at Crabtree and across our Go-Forward portfolio.”

Macerich expects a yield on the Annapolis Mall acquisition of approximately 9.2% based on estimated Year 1 net operating income (“NOI”) of approximately $24 million and a yield of approximately 10.5% based on an estimated Year 1 NOI of approximately $29 million, which includes annualized signed-not-open leases (“SNO”). The SNO leases represent 353,000 square feet expected to commence in 2026 and 2027. The stabilized pro forma yield is expected to increase to approximately 11.0% by 2030. Following the acquisition, the Company plans to implement a strategic investment plan at the property that includes investing approximately $40 million of leasing capital in addition to significant capital invested over the past two years by the prior owner to begin the transformation and repositioning of the center. 

The SNO pipeline includes Dick’s House of Sport, which will open a 116,000-square-foot store in August 2026, as well as Dave & Busters, Tesla, Uniqlo, lululemon (expansion), OFFLINE by Aerie, Aeropostale, Abercombie & Fitch, Pop Mart, Jack & Jones and others. Several new inline tenants including Urban Planet, DTLR, Talbots, upgraded Hollister, and others have already opened at the center in the first quarter of 2026.

The acquisition excludes the Macy’s anchor, which is not owned, and a vacant JCPenney anchor store that is being actively retenanted. The adjacent 13.1-acre vacant Sears parcel, acquired separately for $12 million, sits on the most heavily trafficked corner of the property and provides optionality for future retail, mixed-use or alternative development.

Macerich has funded the acquisition with cash on hand, which includes approximately $85 million of proceeds through the Company’s ATM program, and $150 million of borrowings on its revolving line of credit. The financing of the acquisition is expected to keep the Company within its previously stated de-leveraging targets under the Path Forward Plan.

Hsieh added, “This property complements Tysons Corner and gives us control of the dominant retail position east of Washington, D.C. There is strong initial leasing momentum underway with 353,000 square feet of committed tenants opening in 2026 to 2027. Deploying our leasing, management and marketing platforms will drive total occupancy toward 93%-plus, and we expect to capture significant NOI growth upside as well as lift sales productivity to over $800 per square foot.”

The Annapolis market benefits from its proximity to Washington, D.C. and Baltimore, a strong military and government employment base anchored by the United States Naval Academy, Fort Meade and the National Security Agency, and a highly educated and affluent consumer demographic. Anne Arundel County has a median household income above the national average and a population that has grown steadily over the past decade. Annapolis Mall’s trade area is well-insulated, with limited new retail supply and no competing enclosed regional mall of comparable scale.

About Annapolis Mall

Annapolis Mall is a dominant enclosed regional mall serving the greater Annapolis and Anne Arundel County market. The center totals approximately 1.5 million square feet and features Macy’s, AMC Theatres, Zara, Apple, The Cheesecake Factory, Urban Outfitters, Foot Locker, Hollister, American Eagle, Lululemon, Crate & Barrel and Maggiano’s, among many others.

About Macerich (NYSE: MAC)

Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. For more information, please visit www.Macerich.com.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.

Forward-Looking Information

This release contains statements that constitute forward-looking statements, which can be identified by the use of words, such as “will,” “expects,” “pro forma”, “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “potential,” “target,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including in connection with the acquisition of the Annapolis Mall and the Path Forward Plan and its ability to meet the established goals under such Plan, including de-leveraging targets, growth rates and acquisition and disposition goals, as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of geopolitical tensions, tariffs, elevated interest rates and inflation, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the Company’s outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; government shutdowns and other governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.

INVESTOR CONTACT: Investor Relations, [email protected]

MEDIA CONTACT: Arun Khosla, VP Corporate Communications
[email protected]

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/5e3d6ce6-7eb7-4125-9620-2f2e3b3768fa

https://www.globenewswire.com/NewsRoom/AttachmentNg/45620ff8-0edd-4f00-93cf-f99991f22416

Annapolis Mall Aerial Aerial view of Annapolis Mall in Annapolis, Maryland. (Courtesy: Macerich) Annapolis Mall Exterior Exterior view of Annapolis Mall in Annapolis, Maryland. (Courtesy: Macerich)

Macerich (MAC - Free Report) came out with quarterly funds from operations (FFO) of $0.34 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to FFO of $0.33 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +11.22%. A quarter ago, it was expected that this shopping center real estate investment trust would post FFO of $0.43 per share when it actually produced FFO of $0.48, delivering a surprise of +11.63%.

Over the last four quarters, the company has surpassed consensus FFO estimates two times.

Macerich, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $241.54 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.20%. This compares to year-ago revenues of $249.22 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Macerich shares have added about 16.5% since the beginning of the year versus the S&P 500's gain of 6%.

What's Next for Macerich?While Macerich has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Macerich was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.33 on $241.99 million in revenues for the coming quarter and $1.46 on $971.35 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Retail is currently in the top 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Finance sector, Nu Holdings Ltd. (NU - Free Report) , is yet to report results for the quarter ended March 2026.

This company is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of +66.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Nu Holdings Ltd.'s revenues are expected to be $4.97 billion, up 53% from the year-ago quarter.

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May 11, 2026 20:47 ET  | Source: Macerich Company

SANTA MONICA, Calif., May 11, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”) announced today that it has priced an underwritten public offering of 19,200,000 shares of common stock at a price to public of $21.00 per share for expected gross proceeds of approximately $403.2 million. The Company has also granted the underwriters a 30-day option to purchase up to 2,880,000 additional shares of its common stock. This reflects an upsizing of the previously announced offering of 16,000,000 shares of common stock. Subject to customary closing conditions, the offering is expected to close on May 13, 2026.

The Company intends to use the net proceeds of this offering to repay borrowings under the Company’s revolving credit facility, which were used primarily to fund the acquisition of Annapolis Mall, and for general corporate purposes, including to acquire additional properties and to fund strategic leasing capital investments at Annapolis Mall. Pending such use, the Company may invest the net proceeds in short-term, interest-bearing deposit accounts.

Goldman Sachs & Co. LLC is serving as the lead bookrunner and representative of the underwriters of the offering. Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, BMO Capital Markets, TD Securities and Scotiabank are also serving as joint bookrunning managers for the offering. Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any such offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.

About the Company

Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers.

Forward-Looking Information

Information set forth in this press release contains “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect the Company’s expectations regarding future events and plans, including, but not limited to, statements regarding the closing of the offering, the underwriters’ option to purchase additional shares of common stock and the Company’s anticipated use of net proceeds from the offering. Generally, the words “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “scheduled,” “predicts,” “may,” “will,” “should,” “could,” variations of such words and similar expressions identify forward-looking statements. The forward-looking statements are based on information currently available to us and involve a number of known and unknown assumptions, risks, uncertainties and other factors, which may be difficult to predict and beyond the control of the Company, which could cause actual results to differ materially from those contained in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the Company’s ability to close the offering including that the closing of the aforementioned offering is subject to, among other things, standard closing conditions and customary rights of the underwriters to terminate the underwriting agreement due to any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions; the actual use of proceeds therefrom; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained in this press release whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

INVESTOR CONTACT: Investor Relations, [email protected]

MAC lifts its 2028 FFO per share and provides portfolio NOI targets as leasing gains, redevelopment projects and acquisitions support its Path Forward plan.