Key Points – Leasing momentum remained strong in Q1, with Macerich signing 1.6 million square feet of new and renewal leases and saying it is now 83% complete on its leasing “speedometer.” Management said it expects to substantially finish its 1,000-unit leasing target by…
ar-end. – The company reported improving operating trends, including FFO as adjusted of $0.34 per diluted share, sales per square foot of $941 and a 3.9% rise in comparable inline sales. Macerich also said go-forward portfolio NOI grew 1.2% and remains on track for at least 3% full-year NOI growth in 2026. – Macerich is leaning into its Class A mall strategy and expansion plans, highlighted by the $260 million acquisition of Annapolis Mall and continued redevelopment of high-end centers like Scottsdale Fashion Square
Management said the Annapolis deal should be accretive and that all 30 vacant anchor locations are now committed. Macerich (NYSE:MAC) said its first-quarter 2026 results reflected continued progress on its multiyear “Path Forward Plan,” with management pointing to leasing momentum, a growing signed-not-open tenant pipeline and recent acquisition activity as key drivers of its strategy. President and CEO Jack Hsieh said the company generated funds from operations, as adjusted, of $0.34 per diluted share in the quarter.
For Macerich’s go-forward portfolio, sales per square foot increased to $941, total comparable inline sales rose 3.9% from the prior-year quarter, and foot traffic was slightly higher. Net operating income for go-forward portfolio centers grew 1.2%. Hsieh said a central goal of the Path Forward Plan is to “elevate and transform” the merchandising mix at Macerich’s centers by leasing 1,000 new units.