Macerich expects at least 3% go-forward portfolio centers net operating income growth for the full year 2026 over 2025, while targeting an additional $300 million to $400 million in asset sales, outparcels, and land dispositions by year-end. CFO Daniel Swanstrom reported second-quarter FFO as adjusted of approximately $100 million or $0.35 per share, with go-forward NOI excluding lease termination income up 3.8% year-over-year. The company has approximately $1.2 billion in liquidity and net debt to adjusted EBITDA of 7.3 times, which falls below 7 times when including unsettled forward equity proceeds. Management expressed high confidence in achieving the total signed-not-open opportunity of roughly $140 million, with estimated annual contributions of $30 million in 2026, $40 million to $45 million in 2027, and $45 million to $50 million in 2028. A $76 million loan on the 29th Street property remains in default after its February maturity, and the company is proactively addressing remaining 2026 maturities through potential asset sales, refinancings, loan modifications, or property givebacks.
Macerich CompanyCompany provides positive NOI growth guidance and FFO results, with plans for asset sales to strengthen balance sheet.
