Macerich Q1 net loss narrows on asset sale gains; buys Annapolis Mall for $272 mln

The Macerich

06/05/2026 21:41

Overview

U.S. retail REIT's Q1 net loss narrowed yr/yr, aided by asset sale gains

Adjusted FFO for Q1 rose slightly, supported by gains on undepreciated asset sales

Company acquired Annapolis Mall for $260 mln plus adjacent land for $12 mln

Outlook

Company expects strong NOI growth for Go-Forward Portfolio starting in H2 2026

Macerich targets 85% leasing speedometer by mid-2026

Acquisition of Annapolis Mall expected to be accretive to 2028 target FFO ranges

Result Drivers

ASSET SALES - Q1 net loss narrowed and adjusted FFO rose, both aided by gains on asset sales

MODEST NOI GROWTH - Go-Forward Portfolio Centers net operating income, excluding lease termination income, increased 1.2% yr/yr

LEASING PIPELINE - Leasing activity increased, with 1.6 mln sq ft of leases signed and new store leases expected to generate $116 mln in incremental gross revenue over prior uses

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
-$36.40 mln
Q1 Adjusted FFO
$92.40 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 5 "hold" and 3 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for Macerich Co is $21.50, about 0% even its May 5 closing price of $21.50

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)