Macerich Co: 2Q26 Earnings: Core FFO above cons; KPIs improving; tenant openings and acq pipeline in focus

Research evidence excerpt

M

Update

August 5, 2026 03:52 AM GMT

Morgan Stanley & Co. LLC

Macerich Co | North America

Ronald Kamdem, CFA

Equity Analyst

2Q26 Earnings: Core FFO above

cons; KPIs improving; tenant

openings and acq pipeline in

focus

Caroline Long

Research Associate

Adam Kramer

Equity Analyst

Matthew Glickman

Research Associate

Macerich Co (MAC.N, MAC UN)

Real Estate Investment Trusts | United States of America

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

In-Line

$25.00

$25.62

$6,970

$26.67-16.03

Key Takeaways

2Q FFO at $0.35 vs cons/MSe $0.34; higher NOI and g&a, with interest expense

in-line vs MSe

Go-fwd portfolio NOI (exc. term fees) +3.8% YoY (vs +1.2% in 1Q); Go-fwd

portfolio occ 95.5% (+270bps YoY, +100bps QoQ)

Portfolio occ 94.0% (+200bps YoY, +60bps QoQ); no 26e guide vs cons/MSe

$1.53/$1.49

TTM Sales per SF $919 (vs $899 in 1Q); new store leases incremental rev ~

$124mn of rev at share (vs ~$116mn in 1Q)

Net debt to EBITDA of 7.3x vs 7.76x in 1Q, continuing on the path towards mid-6x

target range; liquidity $1.2bn vs $780mn in 1Q

Additional takeaways:

• What's our view? We expect a positive stock price reaction with FFO ahead

of cons/MSe, leverage progress, and go-forward and total portfolio

occupancy gains YoY. Management noted on the call they continue to expect

Go-Forward NOI growth of at least 3% for 26, implying growth of at least

3.5% for 2H26. See A vs E . We note that other income for the quarter

includes $3.2mn of legal claims settlement income, a ~$0.01 per share

impact.

• Transactions. In April, MAC acquired Annapolis Mall, a Class A regional mall

totaling ~1.4mn square feet in Annapolis, Maryland for $260mn, plus the

adjacent 13.1 acre vacant Sears parcel for $12mn. The acquisition was initially

funded with cash on hand and $150mn of borrowings from the revolving

credit facility. The company completed the sale of MAC's joint venture

…