Macerich Co
NYSE:MAC
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Macerich Co
NYSE:MAC
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Lemonade Inc
NYSE:LMND
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Stellantis NV
XETRA:8TI
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Macerich Co
Macerich is a real estate investment trust that owns, manages, and redevelops shopping centers, mainly large malls and mixed-use retail properties. It is not a retailer itself; it is the landlord that collects rent and manages the property experience for the stores that lease space in its centers. Its main customers are retail tenants such as apparel brands, restaurants, entertainment operators, and other consumer-facing businesses that want high-traffic locations. Macerich makes money mostly from lease income, along with property-related fees and charges tied to running and improving its centers. What makes its business model distinct is that it sits in the middle of the retail value chain: it depends on the success of tenant stores, but it also shapes where those stores are located and how the shopping environment performs. That makes Macerich a specialized owner and operator of retail real estate rather than a broad property company.
Macerich is a real estate investment trust that owns, manages, and redevelops shopping centers, mainly large malls and mixed-use retail properties. It is not a retailer itself; it is the landlord that collects rent and manages the property experience for the stores that lease space in its centers.
Its main customers are retail tenants such as apparel brands, restaurants, entertainment operators, and other consumer-facing businesses that want high-traffic locations. Macerich makes money mostly from lease income, along with property-related fees and charges tied to running and improving its centers.
What makes its business model distinct is that it sits in the middle of the retail value chain: it depends on the success of tenant stores, but it also shapes where those stores are located and how the shopping environment performs. That makes Macerich a specialized owner and operator of retail real estate rather than a broad property company.
FFO: Macerich reported first-quarter FFO as adjusted of $0.34 per share, or about $92 million, while go-forward portfolio NOI rose 1.2% year over year.
Leasing: Leasing momentum stayed strong, with 1.6 million square feet signed in the quarter, including 700,000 square feet of new deals, and management said the company is effectively done with 2026 expirations.
Path Forward: The company said it is on track to substantially complete its 1,000-unit leasing goal by year-end, with 250 leases left to finish and cumulative SNO at $116 million versus a $140 million target.
Annapolis: Macerich closed on Annapolis Mall for $260 million plus $12 million for the Sears parcel and said the deal is accretive by about $0.04 per share to its 2028 FFO target.
Balance Sheet: Management highlighted progress on debt and liquidity, including a new $900 million revolver, roughly $780 million of liquidity, and net debt to adjusted EBITDA of 7.76x.
Outlook: Full-year 2026 go-forward NOI is still expected to be at least 3%, with growth back-end weighted and expected to accelerate in 2027 and 2028 as new leases open.
