The Macerich Company

Q2 2026 FFO as adjusted was approximately $100 million, or $0.35 per diluted share. Go-forward portfolio centers NOI, excluding lease termination income, increased 3.8% versus Q2 2025, and was up 2.5% for the first six months of 2026 versus the same period in 2025. Full-year 2026 go-forward portfolio NOI is still expected to rise at least 3% year over year, with management expecting meaningful acceleration in 2027 and 2028 as SNO tenants open. Hard balance-sheet figures included approximately $1.2 billion of liquidity, including $900 million of revolver capacity, plus approximately $372 million of unsettled forward equity proceeds. Net debt to adjusted EBITDA was 7.3x at quarter-end, or below 7x including the forward equity proceeds, and management continues to target 6x, plus or minus. The company said it has completed about $1.3 billion of dispositions to date and still expects another $300 million to $400 million of sales, givebacks, or land/outparcel monetizations by year-end. Other figures cited: portfolio sales were $919 per square foot, and $954 per square foot in the go-forward portfolio; overall leased occupancy was 94%, up 60 bps sequentially; go-forward portfolio occupancy was 95.5%, up 60 bps sequentially and 270 bps year over year; and the company said the SNO opportunity is about $140 million total, with an estimated annual contribution of $30 million in 2026, $40 million to $45 million in 2027, and $45 million to $50 million in 2028.

Jack Hsieh framed the quarter as evidence that Path Forward 3.0 is ahead of schedule and “substantially derisked.” He stressed three priorities: simplifying the business, improving operations, and reducing leverage, while saying the company is already seeing strong traffic, pricing power, and leasing demand in its best centers. He also struck an opportunistic tone on acquisitions, saying the current market is one of the best windows he has seen for buying and transforming enclosed regional malls, while emphasizing discipline on trade area quality, accretion, and leverage.

Dan Swanstrom focused on the numbers behind the plan: $0.35 per share of adjusted FFO, 3.8% Q2 go-forward NOI growth, and a full-year expectation of at least 3% NOI growth. He highlighted the $140 million SNO opportunity, with a back-end weighted $30 million contribution in 2026 and additional ramp in 2027 and 2028, and he tied that to a clear path for incremental growth. On the balance sheet, he pointed to about $1.2 billion of liquidity, 7.3x net debt to adjusted EBITDA, and progress on financing and dispositions, including a $450 million net equity raise in May, a $23.90 forward sale in June, and about $1.3 billion of dispositions completed to date.

Analysts focused heavily on acquisitions, asking how much volume to expect, whether the forward equity could be deployed by June 2027, and whether rising rates change capital allocation. Management said the acquisition pipeline is the most robust it has been since the Path Forward plan began, with about half on-market and half off-market, and Hsieh said the forward equity will be deployed well before settlement and is meant to protect accretion and deleveraging. On operations, questions centered on the cadence of NOI growth, the impact of anchor openings, and redevelopment capital spend; management said the anchor openings create a multi-stage follow-on effect on leasing and traffic, and that redevelopment opportunities at assets like Broadway Plaza, Scottsdale Fashion Square, and Tysons are being evaluated for higher-value in-line uses and traffic generation.