Macerich reported second-quarter 2026 funds from operations as adjusted of $0.35 per diluted share, or $100.4 million, a slight increase from $0.34 a year earlier. Go-forward portfolio net operating income rose 3.8% excluding lease termination income, while portfolio sales productivity reached a company high of $919 per square foot. Leased occupancy for the go-forward portfolio was 95.5%, up 60 basis points sequentially, and the signed-not-open pipeline stood at $124 million. Net debt to adjusted EBITDA was 7.30x at quarter-end, a reduction of 0.5 turns from the prior quarter, and inclusive of the unsettled forward equity proceeds, net debt to adjusted EBITDA is now below 7x. The company completed a public offering in May generating $448.2 million in net proceeds, primarily to fund the Annapolis Mall acquisition, and has an additional $372.2 million in estimated net value from unsettled forward equity proceeds intended for future acquisitions. Management highlighted a robust pipeline of on- and off-market acquisition opportunities with stabilized yield targets of 9% to 11%, and expects to deploy the forward equity well before its June 2027 settlement.
Macerich CompanyReports higher FFO, lower leverage, and strong operational metrics, with forward equity for acquisitions.
