MACERICH CO
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
MAC$24.84-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000912242-26-000024
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0000912242-26-000037
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 175 previous paragraphs and 199 current paragraphs.
117 unchanged; 54 reworded; 24 added; 3 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
On June 18, 2026, the Company sold its 19% interest in West Acres, a 673,000 square foot regional retail center in Fargo, North Dakota, for $1.4 million, which included the buyer's assumption of the $12.9 million in outstanding loans at the Company's pro rata share. The Company used the proceeds for general corporate purposes. The Company recognized a gain of $6.6 million in connection with this transaction (See Note 6 – Property, net in the Notes to the Consolidated Financial Statements).
Current report
On May 13, 2026, the Company completed a public offering of 22,080,000 shares of its common stock at a price per share of $21.00, which includes the underwriters’ full exercise of their option to purchase an additional 2,880,000 shares, for gross proceeds of approximately $463.7 million. The net proceeds of the offering were approximately $448.2 million after deducting the underwriting discount and offering costs of approximately $15.4 million. The Company used the proceeds from the offering to repay borrowings under its revolving credit facility, which were used primarily to fund the acquisition of Annapolis Mall, and for general corporate purposes, including to acquire additional properties and to fund strategic leasing capital investments at Annapolis Mall (See “Acquisitions”).
Current report
On June 15, 2026, the Company entered into an underwriting agreement with certain parties in their capacities as underwriters, forward sellers and forward purchasers, as applicable, in connection with the offering of 14,000,000 shares of its common stock. The Company also entered into separate forward sale agreements with each of the forward purchasers, pursuant to which the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 14,000,000 shares of the Company’s common stock. On June 26, 2026, the underwriters exercised in full their option to purchase an additional
Current report
2,100,000 shares of common stock, resulting in a total offering of 16,100,000 shares. The Company entered into additional separate forward sale agreements with each of the forward purchasers relating to these additional 2,100,000 shares. The Company did not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates. The Company expects to physically settle the forward sale agreements and receive proceeds, subject to certain adjustments, from the sale of those shares of its common stock upon one or more such physical settlements no later than June 16, 2027. Although the Company expects to settle the forward sale agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash settle or net share settle all or a portion of its obligations under the forward sale agreements, in which case, the Company may not receive any proceeds, and the Company may owe cash or shares of its common stock to the forward purchasers. The forward sale agreements provide for an initial forward price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. The forward sale agreements are subject to early termination or settlement under certain circumstances.
Current report
During the first half of 2026, the Company signed 496 leases for approximately 2.9 million square feet, compared to 625 leases and 4.2 million square feet leased during the same period in 2025. New deal square footage is up 276,000 square feet or 29% compared to the same prior-year period.
Current report
Leasing revenue increased by $0.7 million, or 0.3%, from 2025 to 2026. The increase in leasing revenue is attributed to increases of $16.3 million from the Acquisition Properties and $1.1 million from the Same Centers offset in part by decreases of $13.5 million from the Disposition Properties and $3.2 million from Santa Monica Place. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases decreased from $2.0 million in 2025 to $0.4 million in 2026. The amortization of straight-line rents increased from $0.8 million in 2025 to $2.0 million in 2026. Lease termination income decreased from $0.6 million in 2025 to $0.3 million in 2026. Percentage rent decreased from $4.1 million in 2025 to $3.7 million in 2026. Provisions for bad debts increased from $0.8 million in 2025 to $1.9 million in 2026 of which $0.7 million of the increase related to Santa Monica Place.
Current report
Shopping center and operating expenses decreased $1.9 million, or 2.4%, from 2025 to 2026. The decrease in shopping center and operating expenses is attributed to decreases of $4.1 million from the Disposition Properties and $1.8 million from the Same Centers offset in part by an increase of $3.8 million from the Acquisition Properties.
Current report
Depreciation and amortization decreased $2.3 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $6.2 million from the Same Centers and $4.2 million from the Disposition Properties offset in part by an increase of $8.8 million from the Acquisition Properties. Additionally, $0.7 million of the decrease is attributable to Santa Monica Place.
Current report
Interest expense decreased $5.9 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $6.0 million from the Disposition Properties and $4.0 million from the Same Centers offset in part by increases in interest expense of $2.7 million from the Acquisition Properties and $1.0 million from higher outstanding balances on the Company's revolving credit facility.
Current report
Equity in loss of unconsolidated joint ventures increased $4.8 million from 2025 to 2026. The increase in equity in loss of unconsolidated joint ventures is primarily due to impairment loss recognized in 2026 as a result of the reduction in the estimated holding period of a property held by a certain unconsolidated joint venture.
Current report
Gain (loss) on sale or write down of assets, net increased $17.1 million from 2025 to 2026 primarily due to the sale of the Company's ownership interest in West Acres offset in part by an impairment loss of $12.9 million recognized in 2025 as a result of the reduction in the estimated holding period of Valley Mall (See Note 15—Dispositions, net in the Notes to the Consolidated Financial Statements).
Current report
Net loss decreased $14.7 million from 2025 to 2026. The decrease in net loss is primarily due to the increase in gain (loss) on sale or write down of assets, net as discussed above.
Current report
Comparison of Six Months Ended June 30, 2026 and 2025
Current report
Revenues:
Current report
Shopping Center and Operating Expenses:
Current report
Management Companies' Operating Expenses:
Current report
Depreciation and Amortization:
Current report
Interest Expense:
Current report
Net Loss:
Current report
(1) For the six months ended June 30, 2026, this includes the $272.0 million acquisition of Annapolis Mall, excluding closing adjustments and other related transaction costs. For the six months ended June 30, 2025, this includes the $290.0 million acquisition of Crabtree Mall, excluding closing adjustments and other related transaction costs.
Current report
On May 13, 2026, the Company completed a public offering of 22,080,000 shares of its common stock at a price per share of $21.00, which includes the underwriters’ full exercise of their option to purchase an additional 2,880,000 shares, for gross proceeds of approximately $463.7 million. The net proceeds of the offering were approximately $448.2 million after deducting the underwriting discount and offering costs of approximately $15.4 million. The Company used the proceeds from the offering to repay borrowings under its revolving credit facility, which were used primarily to fund the acquisition of Annapolis Mall, and for general corporate purposes, including to acquire additional properties and to fund strategic leasing capital investments at Annapolis Mall.
Current report
On June 15, 2026, the Company entered into an underwriting agreement with certain parties in their capacities as underwriters, forward sellers and forward purchasers, as applicable, in connection with the offering of 14,000,000 shares of its common stock. The Company also entered into separate forward sale agreements with each of the forward purchasers, pursuant to which the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 14,000,000 shares of the Company’s common stock. On June 26, 2026, the underwriters exercised in full their option to purchase an additional
Current report
2,100,000 shares of common stock, resulting in a total offering of 16,100,000 shares. The Company entered into additional separate forward sale agreements with each of the forward purchasers relating to these additional 2,100,000 shares. The Company did not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates. The Company expects to physically settle the forward sale agreements and receive proceeds, subject to certain adjustments, from the sale of those shares of its common stock upon one or more such physical settlements no later than June 16, 2027. Although the Company expects to settle the forward sale agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash settle or net share settle all or a portion of its obligations under the forward sale agreements, in which case, the Company may not receive any proceeds, and the Company may owe cash or shares of its common stock to the forward purchasers. The forward sale agreements provide for an initial forward price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. The forward sale agreements are subject to early termination or settlement under certain circumstances.
Current report
Funds From Operations ("FFO")
Removed paragraphs (3)
Previous report
During the first quarter of 2026, the Company signed 269 leases for approximately 1.61 million square feet, compared to 295 leases and 1.57 million square feet leased during the first quarter of 2025, representing a 2.5% increase in the amount of square footage leased on a comparable center basis, excluding a 900,000 square foot multi-location anchor renewal package executed in the prior-year period.
Previous report
Furthermore, the Company has filed a shelf registration statement, which registered an unspecified amount of common stock, preferred stock, depositary shares, debt securities, warrants, rights, stock purchase contracts and units that may be sold from time to time by the Company.
Previous report
(1) The table does not reflect 0.3 million shares sold on March 31, 2026 that did not settle until April 1, 2026 (See Note 13-Stockholders' Equity).
Reworded paragraphs (54)
Previous wording
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of March 31, 2026, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 38 regional retail centers and one community/power shopping center consist of approximately 39 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.
Current wording
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of June 30, 2026, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 37 regional retail centers and one community/power shopping center consist of approximately 40 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.
Previous wording
The following discussion is based primarily on the consolidated financial statements of the Company for the three months ended March 31, 2026 and 2025. It compares the results of operations for the three months ended March 31, 2026 to the results of operations for the three months ended March 31, 2025. It also compares the results of operations and cash flows for the three months ended March 31, 2026 to the results of operations and cash flows for the three months ended March 31, 2025.
Current wording
The following discussion is based primarily on the consolidated financial statements of the Company for the three and six months ended June 30, 2026 and 2025. It compares the results of operations for the three months ended June 30, 2026 to the results of operations for the three months ended June 30, 2025. It also compares the results of operations and cash flows for the six months ended June 30, 2026 to the results of operations and cash flows for the six months ended June 30, 2025.
Previous wording
On June 23, 2025, the Company acquired Crabtree Mall, a 1,320,000 square foot regional retail center in Raleigh, North Carolina, for a total purchase price of $290.0 million. The acquisition was initially funded with cash on hand and $100.0 million of borrowings on the Company's revolving credit facility (See "Financing Activities" and Note 14—Acquisitions in the Notes to the Consolidated Financial Statements).
Current wording
On June 23, 2025, the Company acquired Crabtree Mall, a 1,317,000 square foot regional retail center in Raleigh, North Carolina, for a total purchase price of $290.0 million. The acquisition was initially funded with cash on hand and $100.0 million of borrowings on the Company's revolving credit facility (See "Financing Activities" and Note 14—Acquisitions in the Notes to the Consolidated Financial Statements).
Previous wording
On April 30, 2026, the Company acquired Annapolis Mall, a regional retail center totaling approximately 1.5 million square feet in Annapolis, Maryland, for a total purchase price of $260.0 million and the adjacent 13.1 acre vacant Sears parcel for $12.0 million. The acquisition was funded with cash on hand and $150.0 million of borrowings on the Company's revolving credit facility.
Current wording
On April 30, 2026, the Company acquired Annapolis Mall, a 1,438,000 square foot regional retail center in Annapolis, Maryland, for a total purchase price of $260.0 million and the adjacent 13.1 acre vacant Sears parcel for $12.0 million. The acquisition was initially funded with cash on hand and $150.0 million of borrowings on the Company's revolving credit facility (See "Other Transactions and Events" and Note 14—Acquisitions in the Notes to the Consolidated Financial Statements).
Previous wording
On August 20, 2025, the Company closed on the sale of Valley Mall in Harrisburg, Virginia, for $22.1 million, which resulted in a gain on sale of assets of $0.3 million. This asset was unencumbered. The Company used the net proceeds of approximately $20.9 million from this sale for general corporate purposes.
Current wording
On August 20, 2025, the Company closed on the sale of Valley Mall in Harrisonburg, Virginia, for $22.1 million, which resulted in a gain on sale of assets of $0.3 million. This asset was unencumbered. The Company used the net proceeds of approximately $20.9 million from this sale for general corporate purposes.
Previous wording
On November 17, 2025, the Company sold an outparcel at Los Cerritos Mall in Los Cerritos, California for $5.0 million, which resulted in a loss on sale of assets of $0.2 million. The Company used the net proceeds to pay down a portion of the debt at the property of $4.5 million.
Current wording
On November 17, 2025, the Company sold an outparcel at Los Cerritos Center in Los Cerritos, California for $5.0 million, which resulted in a loss on sale of assets of $0.2 million. The Company used the net proceeds to pay down a portion of the debt at the property of $4.5 million.
Previous wording
For the three months ended March 31, 2026, the Company sold a land parcel at Washington Square in Portland, Oregon, for $13.0 million, resulting in the Company’s share of the gain on sale of land of $10.1 million. The Company used its share of the proceeds from this sale of $12.4 million for general corporate purposes.
Current wording
For the six months ended June 30, 2026, the Company sold a land parcel at Washington Square in Portland, Oregon, for $13.0 million, resulting in the Company’s share of the gain on sale of land of $10.1 million. The Company used its share of the proceeds from this sale of $12.4 million for general corporate purposes.
Previous wording
On April 7, 2026, the Company’s joint venture replaced the existing $131.2 million ($66.9 million at the Company’s pro rata share) loan on Deptford Mall with a new $115.0 million interest only loan ($58.7 million at the Company’s pro rata share) that bears interest at a fixed rate of 6.95% and matures on May 6, 2031.
Current wording
On April 7, 2026, the Company’s joint venture in Deptford Mall replaced the existing $131.2 million loan ($66.9 million at the Company’s pro rata share) with a $115.0 million interest only loan ($58.7 million at the Company’s pro rata share) that bears interest at a fixed rate of 6.95% and matures on May 6, 2031.
Previous wording
The Company’s joint venture in Scottsdale Fashion Square, a 1,875,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $34.3 million of the total $68.6 million incurred by the joint venture as of March 31, 2026. The opening will be in phases which began in 2024, with anticipated completion in 2027. The majority of tenants are expected to be open in 2026, with a few remaining tenants expected to open in early 2027.
Current wording
The Company’s joint venture in Scottsdale Fashion Square, a 1,862,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $36.5 million of the total $73.1 million incurred by the joint venture as of June 30, 2026. The opening will be in phases which began in 2024, with anticipated completion in 2027. The majority of tenants are expected to be open in 2026, with a few remaining tenants expected to open in early 2027.
Previous wording
The Company is redeveloping the northeast quadrant of Green Acres Mall, a 1,899,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $51.8 million as of March 31, 2026. The majority of the tenants are expected to open in 2026 or 2027.
Current wording
The Company is redeveloping the northeast quadrant of Green Acres Mall, a 1,895,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $67.0 million as of June 30, 2026. The majority of the tenants are expected to open in 2026 or 2027.
Previous wording
The Company’s joint venture in FlatIron Crossing, a 1,400,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $37.8 million of the total $80.0 million incurred by the joint venture as of March 31, 2026. The anticipated opening will be in phases beginning in 2027.
Current wording
The Company’s joint venture in FlatIron Crossing, a 1,392,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $45.8 million of the total $97.1 million incurred by the joint venture as of June 30, 2026. The anticipated opening will be in phases beginning in 2027.
Previous wording
The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2025. On February 12, 2026, the Company announced a first quarter cash dividend of $0.17 per share of its common stock, which was paid on March 30, 2026 to stockholders of record on March 16, 2026. On May 4, 2026, the Company announced a second quarter cash dividend of $0.17 per share of its common stock, which will be paid on June 29, 2026 to stockholders of record on June 15, 2026. The dividend amount will be reviewed by the Board on a quarterly basis.
Current wording
The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2025 and the first two quarters of 2026. On August 4, 2026, the Company announced a third quarter cash dividend of $0.17 per share of its common stock, which will be paid on September 28, 2026 to stockholders of record on September 14, 2026. The dividend amount will be reviewed by the Board on a quarterly basis.
Previous wording
In connection with the commencement of an “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2025, the Company sold 3.1 million shares of common stock for approximately $53.9 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.04. During the three months ended March 31, 2026, the Company sold 3.5 million shares of common stock for approximately $65.5 million of net proceeds through the 2024 ATM Program at a weighted average price of $19.00. As of March 31, 2026, the Company had approximately $307.3 million of gross sales of its common stock available under the 2024 ATM Program. Subsequent to quarter end, the Company sold 0.9 million shares of common stock for approximately $18.3 million of net proceeds through the 2024 ATM Program at a weighted average price of $19.99 per share.
Current wording
In connection with the commencement of an “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2025, the Company sold 3.1 million shares of common stock for approximately $53.9 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.04. During the six months ended June 30, 2026, the Company sold 4.5 million shares of common stock for approximately $83.8 million of net proceeds through the 2024 ATM Program at a weighted average price of $19.21. As of June 30, 2026, the Company had approximately $288.5 million of gross sales of its common stock available under the 2024 ATM Program.
Previous wording
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including those related to the Redevelopment Properties, the Acquisition Property, the JV Transition Centers and the Disposition Properties (each as defined below).
Current wording
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including those related to the Redevelopment Properties, the Acquisition Properties, the JV Transition Centers and the Disposition Properties (each as defined below).
Previous wording
For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes includes a recently acquired property ("Acquisition Property"), those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to or from consolidated assets ("JV Transition Centers") and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all Consolidated Centers, excluding the Redevelopment Properties, the JV Transition Centers, Santa Monica Place and the Disposition Properties, for the periods of comparison. Santa Monica Place is excluded from Same Centers due to the Company's default on the non-recourse loan on April 9, 2024 and the completion of the transition of the property to a receiver during the first quarter of 2025. The Company is still the owner of record of the property.
Current wording
For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes includes recently acquired properties ("Acquisition Properties"), those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to or from consolidated assets ("JV Transition Centers") and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all Consolidated Centers, excluding the Redevelopment Properties, the JV Transition Centers, Santa Monica Place and the Disposition Properties, for the periods of comparison. Santa Monica Place is excluded from Same Centers due to the Company's default on the non-recourse loan on April 9, 2024 and the completion of the transition of the property to a receiver during the first quarter of 2025. The Company is still the owner of record of the property.
Previous wording
For the comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025, the Acquisition Property is Crabtree Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are Wilton Mall, Southpark Mall, Lakewood Center, Valley Mall, a former department store parcel in Petaluma, California and the outparcel sales at Los Cerritos Mall in Los Cerritos, California and Washington Square in Portland, Oregon (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025, there are no Redevelopment Properties or JV Transition Centers.
Current wording
For the comparison of the three and six months ended June 30, 2026 to the three and six months ended June 30, 2025, the Acquisition Properties are Crabtree Mall and Annapolis Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are Wilton Mall, SouthPark Mall, Lakewood Center, Valley Mall, a former department store parcel in Petaluma, California and the outparcel sales at Los Cerritos Center in Los Cerritos, California and Washington Square in Portland, Oregon (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three and six months ended June 30, 2026 to the three and six months ended June 30, 2025, there are no Redevelopment Properties or JV Transition Centers.
Previous wording
During the trailing twelve months ended March 31, 2026, comparable tenant sales for spaces less than 10,000 square feet across the portfolio increased by 3.8% relative to the first quarter of 2025. The leased occupancy rate of 93.4% at March 31, 2026 represented a 0.8% increase from 92.6% at March 31, 2025 and a 0.6% sequential decrease compared to the 94.0% occupancy rate at December 31, 2025.
Current wording
During the trailing twelve months ended June 30, 2026, comparable tenant sales for spaces less than 10,000 square feet across the portfolio increased by 3.1% relative to the same period of 2025. The leased occupancy rate of 94.0% at June 30, 2026 represented a 2.0% increase from 92.0% at June 30, 2025 and a 0.6% sequential increase compared to the 93.4% occupancy rate at March 31, 2026.
Previous wording
As of March 31, 2026, the Company has executed renewal leases or commitments on 90% of its square footage expiring in 2026, that is anticipated to renew, which leases are expected to commence throughout 2026 and 2027 and another 9% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2026, which represent approximately 16,000 square feet of the Centers, are in the prospecting stage.
Current wording
As of June 30, 2026, the Company has executed renewal leases or commitments on 93% of its square footage expiring in 2026, that is anticipated to renew, which leases are expected to commence throughout 2026 and 2027 and another 6% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2026, which represent approximately 23,000 square feet of the Centers, are in the prospecting stage.
Previous wording
The Company has entered into 169 leases for new stores totaling approximately 1.0 million square feet that have opened or are planned for opening in 2026, and another 56 leases for new stores totaling approximately 1.5 million square feet opening after 2026. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $116 million (at the Company’s pro rata share) in excess of the revenue generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental estimate and includes open stores, leases signed not yet open, and leases in documentation that will or have commenced from 2024 through 2028. While there may be additional new space openings in 2026, any such leases are not yet executed.
Current wording
The Company has entered into 172 leases for new stores totaling approximately 1.1 million square feet that have opened or are planned for opening in 2026, and another 80 leases for new stores totaling approximately 1.7 million square feet opening after 2026. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $124 million (at the Company’s pro rata share) in excess of the revenue generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental estimate and includes open stores, leases signed not yet open, and leases in documentation that will or have commenced from 2024 through 2028. While there may be additional new space openings in 2026, any such leases are not yet executed.
Previous wording
During the quarter ended March 31, 2026, the Company signed 93 new leases and 176 renewal leases comprising approximately 1.6 million square feet of GLA. The average tenant allowance was $49.65 per square foot.
Current wording
During the quarter ended June 30, 2026, the Company signed 108 new leases and 119 renewal leases comprising approximately 1.3 million square feet of GLA. The average tenant allowance was $49.21 per square foot.
Previous wording
The Company may achieve these goals through a variety of methods and the timing, extent and impact of any transactions that the Company has or will undertake while implementing the Path Forward Plan may vary and evolve. In order to deleverage its capital structure, the Company may pursue asset dispositions and acquisitions, experience organic growth in EBITDA as tenants in its lease pipeline open for business, be selective about undertaking new development and redevelopment projects, and/or issue common stock. Asset sales will focus on whether a property is core to the Company’s strategy and may include defaulting on certain mortgage debts on the Company’s properties and giving possession of such secured properties to the lender. Additionally, as part of the Path Forward Plan, the Company is targeting for disposition certain outparcels, freestanding retail assets, non-enclosed mall assets and vacant land. The Company also began acquiring properties in June 2025 with the acquisition of Crabtree Mall and the recent acquisition of Annapolis Mall, and will continue to look for other strategic acquisition opportunities that would complement the Company's portfolio.
Current wording
The Company may achieve these goals through a variety of methods and the timing, extent and impact of any transactions that the Company has or will undertake while implementing the Path Forward Plan may vary and evolve. In order to deleverage its capital structure, the Company may pursue asset dispositions and acquisitions, experience organic growth in EBITDA as tenants in its lease pipeline open for business, be selective about undertaking new development and redevelopment projects, and/or issue common stock. Asset sales will focus on whether a property is core to the Company’s strategy and may include defaulting on certain mortgage debts on the Company’s properties and giving possession of such secured properties to the lender. Additionally, as part of the Path Forward Plan, the Company is targeting for disposition certain outparcels, freestanding retail assets, non-enclosed mall assets and vacant land. The Company also began acquiring properties in June 2025 with the acquisition of Crabtree Mall and the recent acquisition of Annapolis Mall in April 2026, and will continue to look for other strategic acquisition opportunities that would complement the Company's portfolio.
Previous wording
Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2025 and the first quarter of 2026, operating results in 2026 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's, and resulting store closures, and any future tenant bankruptcies.
Current wording
Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2025 and the first half of 2026, operating results in 2026 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's, and resulting store closures, and any future tenant bankruptcies.
Previous wording
Traffic levels at the Company’s Centers for the first quarter of 2026 increased by 0.5% from 2025 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended March 31, 2026 were $899 compared to $881 for the year ended December 31, 2025. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended March 31, 2026 increased by 3.8% compared to the same period in 2025.
Current wording
Traffic levels at the Company’s Centers for the first half of 2026 were flat compared to 2025 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2026 were $919 compared to $849 for the trailing twelve months ended June 30, 2025. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended June 30, 2026 increased by 3.2% compared to the same period in 2025.
Previous wording
The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended March 31, 2026, the Company signed leases for new stores with new-to-Macerich portfolio uses for 80,000 square feet, with another 359,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.
Current wording
The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended June 30, 2026, the Company signed leases for new stores with new-to-Macerich portfolio uses for 252,000 square feet, with another 291,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.
Previous wording
As of March 31, 2026, the leased occupancy rate was 93.4%, a 0.8% increase compared to the leased occupancy rate at March 31, 2025 of 92.6% and a 0.6% sequential decrease compared to the 94.0% occupancy rate at December 31, 2025.
Current wording
As of June 30, 2026, the leased occupancy rate was 94.0%, a 2.0% increase compared to the leased occupancy rate at June 30, 2025 of 92.0% and a 0.6% sequential increase compared to the 93.4% occupancy rate at March 31, 2026.
Previous wording
The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2025, there were eight bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 67 leases and representing approximately 873,000 square feet of leased space and approximately $12.9 million of annual leasing revenue at the Company’s share. Year-to-date 2026, there were four bankruptcy filings involving the Company’s tenants, including Saks Global LLC, totaling 14 leases and representing approximately 182,000 square feet of leased space and approximately $3.1 million of annual leasing revenue at the
Current wording
The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2025, there were eight bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 67 leases and representing approximately 873,000 square feet of leased space and approximately $12.9 million of annual leasing revenue at the Company’s share. Year-to-date 2026, there were four bankruptcy filings involving the Company’s tenants, including Saks Global LLC, totaling 18 leases and representing approximately 184,000 square feet of leased space and approximately $3.9 million of annual leasing revenue at the Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2026 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.
Previous wording
During 2026, the Company expects to generate positive cash flow after recurring operating capital expenditures, leasing capital expenditures and payment of dividends. This assumption does not include any potential capital generated from dispositions, refinancings or issuances of common stock. To the extent available, any excess cash flow may be used to fund the Company’s development and redevelopment pipeline, acquisitions and/or de-lever the Company’s balance sheet.
Current wording
During 2026, the Company expects to generate positive cash flow after recurring operating capital expenditures, leasing capital expenditures and payment of dividends. This assumption does not include any potential capital generated from dispositions, refinancings or issuances of common stock. To the extent available, any excess cash flow may be used to fund the Company’s development and redevelopment pipeline, fund acquisitions and/or de-lever the Company’s balance sheet.
Previous wording
Interest rates have increased, and may continue to increase, the cost of the Company’s borrowings due to its outstanding floating-rate debt and have led, and may continue to lead, to higher interest rates on new fixed-rate debt. While interest rates have begun to decrease, they remain elevated and the Company expects to incur increased interest expense from the refinancing or extension of loans that may currently carry below-market interest rates. In certain cases, the Company has limited, and may continue to limit, its exposure to interest rate fluctuations related to a portion of its floating-rate debt by using interest rate cap and swap agreements. Such agreements, subject to current market conditions, allow the Company to replace floating-rate debt with fixed-rate debt in order to achieve its desired ratio of floating-rate to fixed-rate debt. However, any interest rate cap or swap agreements that the Company enters into may not be effective in reducing its exposure to interest rate changes.
Current wording
Interest rates have increased, and may continue to increase, the cost of the Company’s borrowings due to its outstanding floating-rate debt and have led, and may continue to lead, to higher interest rates on new fixed-rate debt. While interest rates remain elevated, the Company expects to incur increased interest expense from the refinancing or extension of loans that may currently carry below-market interest rates. In certain cases, the Company has limited, and may continue to limit, its exposure to interest rate fluctuations related to a portion of its floating-rate debt by using interest rate cap and swap agreements. Such agreements, subject to current market conditions, allow the Company to replace floating-rate debt with fixed-rate debt in order to achieve its desired ratio of floating-rate to fixed-rate debt. However, any interest rate cap or swap agreements that the Company enters into may not be effective in reducing its exposure to interest rate changes.
Previous wording
Management Companies' operating expenses increased $1.6 million from 2025 to 2026 due primarily to an increase in compensation expense.
Current wording
Management Companies' operating expenses increased $2.1 million from 2025 to 2026 due primarily to an increase in compensation expense.
Previous wording
Leasing revenue decreased by $9.7 million, or 4.1%, from 2025 to 2026. The decrease in leasing revenue is attributed to decreases of $16.4 million from the Disposition Properties, $2.3 million from the Same Centers and $2.2 million from Santa Monica Place offset in part by $11.2 million from the Acquisition Property. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases increased from $1.0 million in 2025 to $1.4 million in 2026. Straight-line rents increased from $(0.3) million in 2025 to $1.3 million in 2026. Lease termination income decreased from $4.9 million in 2025 to $0.1 million in 2026. Percentage rent increased from $4.3 million in 2025 to $5.9 million in 2026. Provisions for bad debts decreased from $1.6 million in 2025 to $1.2 million in 2026.
Current wording
Leasing revenue decreased by $9.0 million, or 1.9%, from 2025 to 2026. The decrease in leasing revenue is attributed to decreases of $29.9 million from the Disposition Properties, $5.4 million from Santa Monica Place and $1.2 million from the Same Centers offset in part by an increase of $27.5 million from the Acquisition Properties. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases decreased from $3.0 million in 2025 to $1.8 million in 2026. Straight-line rents increased from $0.5 million in 2025 to $3.4 million in 2026. Lease termination income decreased from $5.5 million in 2025 to $0.4 million in 2026. Percentage rent increased from $8.4 million in 2025 to $9.7 million in 2026. Provisions for bad debts increased from $2.4 million in 2025 to $3.1 million in 2026 of which $0.8 million related to Santa Monica Place.
Previous wording
Management Companies' revenue increased 33.0% from $4.9 million in 2025 to $6.5 million in 2026 primarily due to an increase in development fees.
Current wording
Management Companies' revenue increased 11.7% from $10.9 million in 2025 to $12.1 million in 2026 primarily due to an increase in development fees.
Previous wording
Shopping center and operating expenses decreased $1.9 million, or 2.2%, from 2025 to 2026. The decrease in shopping center and operating expenses is attributed to a decrease of $6.3 million from the Disposition Properties offset in part by increases of $3.0 million from the Acquisition Property, $1.0 million from Santa Monica Place and $0.4 million from the Same Centers.
Current wording
Shopping center and operating expenses decreased $3.8 million, or 2.3%, from 2025 to 2026. The decrease in shopping center and operating expenses is attributed to decreases of $10.4 million from the Disposition Properties and $1.5 million from the Same Centers offset in part by increases of $6.9 million from the Acquisition Properties and $1.2 million from Santa Monica Place.
Previous wording
Leasing expenses increased from $11.2 million in 2025 to $13.8 million in 2026 due primarily to an increase in compensation expense.
Current wording
Leasing expenses increased from $21.8 million in 2025 to $27.5 million in 2026 due primarily to an increase in compensation expense.
Previous wording
Depreciation and amortization decreased $9.5 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $8.3 million from the Same Centers, $6.8 million from the Disposition Properties and $0.7 million from Santa Monica Place offset in part by an increase of $6.3 million from the Acquisition Property.
Current wording
Depreciation and amortization decreased $11.8 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $14.5 million from the Same Centers, $11.0 million from the Disposition Properties and $1.4 million from Santa Monica Place offset in part by an increase of $15.1 million from the Acquisition Properties.
Previous wording
Interest expense decreased $1.6 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $6.1 million from the Disposition Properties, $1.4 million from lower outstanding balances on the Company's revolving credit facility and $0.2 million from Santa Monica Place offset in part by increases of $3.5 million from the Same Centers and $2.6 million from the Acquisition Property.
Current wording
Interest expense decreased $7.5 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $12.0 million from the Disposition Properties, $0.6 million from the Same Centers and $0.4 million from lower outstanding balances on the Company's revolving credit facility offset in part by increases of $5.3 million from the Acquisition Properties and $0.2 million from Santa Monica Place.
Previous wording
Equity in loss of unconsolidated joint ventures increased $9.1 million from 2025 to 2026. The increase in equity in loss of unconsolidated joint ventures is primarily due to income received from legal claims settlements in 2025 that did not recur in 2026.
Current wording
Equity in loss of unconsolidated joint ventures increased $13.8 million from 2025 to 2026. The increase in equity in loss of unconsolidated joint ventures is primarily due to an impairment loss of $8.0 million recognized in 2026 as a result of the reduction in the estimated holding period of a property held by a certain unconsolidated joint venture and income received from legal claims settlements in 2025.
Previous wording
Gain (loss) on sale or write down of assets, net increased $20.8 million from 2025 to 2026. The increase is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square offset in part by $3.1 million relating to the write off of development costs in 2026 and impairment losses in 2025 of $13.3 million recognized as a result of the reduction in the estimated holding period of certain properties.
Current wording
Gain (loss) on sale or write down of assets, net increased $37.9 million from 2025 to 2026. The increase is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square and $6.6 million relating to the sale of the Company's ownership interest in West Acres and impairment losses in 2025 of $26.2 million recognized as a result of the reduction in the estimated holding period of certain properties.
Previous wording
Net loss decreased $14.3 million from 2025 to 2026. The decrease in net loss is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square along with the other variances noted above.
Current wording
Net loss decreased $29.0 million from 2025 to 2026. The decrease in net loss is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square and $6.6 million relating to the sale of the Company's ownership interest in West Acres and impairment losses in 2025 of $26.2 million recognized as a result of the reduction in the estimated holding period of certain properties along with the other variances noted above.
Previous wording
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders, as adjusted,—diluted, increased 2.9% from$89.8 millionin 2025 to$92.4 million in 2026. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, as adjusted,diluted, see "Funds From Operations ("FFO")" below.
Current wording
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders, as adjusted—diluted, increased 8.0% from$178.5 millionin 2025 to$192.8 million in 2026. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, as adjusted—diluted, see "Funds From Operations ("FFO")" below.
Previous wording
Cash provided by operating activities decreased $11.1 million from 2025 to 2026. The decrease is primarily due to the changes in assets and liabilities and the results, as discussed above.
Current wording
Cash provided by operating activities decreased $14.8 million from 2025 to 2026. The decrease is primarily due to the changes in assets and liabilities and the results, as discussed above.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders, as adjusted—diluted increased from$88.7 million in 2025 to$100.4 million in 2026. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, as adjusted—diluted, see "Funds From Operations ("FFO")" below.
Current report — wording carried from elsewhere
Management Companies' operating expenses increased $3.7 million from 2025 to 2026 due primarily to an increase in compensation expense.
Current report — wording carried from elsewhere
Equity in Loss of Unconsolidated Joint Ventures:
Current report — wording carried from elsewhere
Gain (Loss) on Sale or Write Down of Assets, net:
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2026 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.