Macerich Acquires Annapolis Mall for $272 Million
Rhea-AI Summary
Macerich (NYSE: MAC) acquired Annapolis Mall for a total of $272 million (Annapolis Mall $260M plus adjacent Sears parcel $12M) on May 6, 2026. The 1.5 million-square-foot regional mall includes 353,000 sq ft of signed-not-open (SNO) leases and targets Year 1 NOI yields of ~9.2% (base) and ~10.5% including SNO; stabilized pro forma yield is projected at ~11.0% by 2030.
Planned actions include a $40 million leasing capital plan, expected occupancy toward 93%+, and major SNO tenants (Dick’s House of Sport 116,000 sq ft opening Aug 2026). Acquisition funding used cash on hand including $85M ATM proceeds and $150M revolver borrowings.
Positive
- Total purchase price of $272 million for mall plus Sears parcel
- Estimated Year 1 yield of ~10.5% including 353,000 sq ft SNO leases
- Stabilized pro forma yield targeted at ~11.0% by 2030
- Planned $40 million leasing capital to support remerchandising
- Dick’s House of Sport 116,000 sq ft opening August 2026
Negative
- Acquisition excludes the Macy’s anchor (not owned)
- A vacant JCPenney anchor remains under active retenanting
- Transaction funded partly with $150 million revolver borrowings
- Realization of projected yields depends on 353,000 sq ft of SNO openings in 2026–2027
Key Figures
Market Reality Check
Peers on Argus
MAC traded flat while key retail REIT peers showed mixed moves: PECO, KRG and UE were modestly positive, EPRT up slightly, and SKT down. This points more to stock-specific fundamentals than a clear sector trend.
Previous Acquisition Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jun 24 | Mall acquisition | Positive | +2.7% | Crabtree Mall purchase with high initial yield and redevelopment capital plan. |
| May 27 | Strategic investment | Positive | -1.5% | Strategic investment in Polymetals Resources tied to Endeavour mine restart. |
Acquisition headlines have produced modest, mixed reactions: one positive and one negative, with a small positive average move.
Over the last year, acquisition-related news for Macerich shows a consistent focus on asset growth and strategic positioning. In June 2025, MAC bought Crabtree Mall for $290 million with an initial 11% yield, planning $60 million in redevelopment capital, which led to a 2.68% next-day gain. A separate acquisition-style investment in May 2024 in Polymetals Resources drove a -1.54% move. Today’s Annapolis Mall deal fits that ongoing acquisition and capital deployment pattern under the Path Forward Plan.
Historical Comparison
In the past two acquisition-tagged headlines, MAC’s average next-day move was about +0.57%, with one gain and one decline, indicating generally modest reactions to deal news.
Acquisition activity has progressed from the Crabtree Mall purchase in 2025 to today’s Annapolis Mall deal, both framed as high-yield, mall-focused capital deployment aligned with Macerich’s Path Forward Plan.
Market Pulse Summary
This announcement adds another Class A mall acquisition to Macerich’s portfolio, following prior deals like Crabtree Mall. The company is paying $260 million for Annapolis Mall plus $12 million for an adjacent parcel, targeting Year 1 NOI of $24–29 million and planning about $40 million of leasing capital. With 353,000 sq ft of signed‑not‑open leases and a stated Path Forward Plan focused on deleveraging and NOI growth, execution on leasing, redevelopment, and financing terms remains a key focus for stakeholders.
Key Terms
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AI-generated analysis. Not financial advice.
Attractive Yield Including SNO of Approximately
SANTA MONICA, Calif., May 06, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”), a leading owner, operator and developer of major retail properties in top markets, today announced it has acquired Annapolis Mall, a Class A retail center totaling approximately 1.5 million square feet (1.2 million square feet owned) in Annapolis, MD for
“Annapolis is exactly the kind of acquisition we said we would pursue,” said Jackson Hsieh, President and Chief Executive Officer, Macerich. “It’s located within a strong trade area with limited competition, the property is undergoing a significant elevation and transformation of its merchandising plan and tenant mix, including a new Dick’s House of Sport store opening in the Fall, and there is a clear path to durable NOI growth that is accretive to our 2028 target FFO ranges under the Path Forward Plan. This off market transaction was completed with the prior ownership group who did an excellent job over the past two years starting a significant elevation and transformation of the center’s merchandising plan and tenant mix. We believe applying the resources of Macerich will replicate the success we’ve experienced at Crabtree and across our Go-Forward portfolio.”
Macerich expects a yield on the Annapolis Mall acquisition of approximately
The SNO pipeline includes Dick’s House of Sport, which will open a 116,000-square-foot store in August 2026, as well as Dave & Busters, Tesla, Uniqlo, lululemon (expansion), OFFLINE by Aerie, Aeropostale, Abercombie & Fitch, Pop Mart, Jack & Jones and others. Several new inline tenants including Urban Planet, DTLR, Talbots, upgraded Hollister, and others have already opened at the center in the first quarter of 2026.
The acquisition excludes the Macy’s anchor, which is not owned, and a vacant JCPenney anchor store that is being actively retenanted. The adjacent 13.1-acre vacant Sears parcel, acquired separately for
Macerich has funded the acquisition with cash on hand, which includes approximately
Hsieh added, “This property complements Tysons Corner and gives us control of the dominant retail position east of Washington, D.C. There is strong initial leasing momentum underway with 353,000 square feet of committed tenants opening in 2026 to 2027. Deploying our leasing, management and marketing platforms will drive total occupancy toward
The Annapolis market benefits from its proximity to Washington, D.C. and Baltimore, a strong military and government employment base anchored by the United States Naval Academy, Fort Meade and the National Security Agency, and a highly educated and affluent consumer demographic. Anne Arundel County has a median household income above the national average and a population that has grown steadily over the past decade. Annapolis Mall’s trade area is well-insulated, with limited new retail supply and no competing enclosed regional mall of comparable scale.
About Annapolis Mall
Annapolis Mall is a dominant enclosed regional mall serving the greater Annapolis and Anne Arundel County market. The center totals approximately 1.5 million square feet and features Macy’s, AMC Theatres, Zara, Apple, The Cheesecake Factory, Urban Outfitters, Foot Locker, Hollister, American Eagle, Lululemon, Crate & Barrel and Maggiano’s, among many others.
About Macerich (NYSE: MAC)
Macerich (NYSE: MAC) is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns approximately 41 million square feet of real estate, consisting primarily of interests in 39 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. For more information, please visit www.Macerich.com.
Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.
Forward-Looking Information
This release contains statements that constitute forward-looking statements, which can be identified by the use of words, such as “will,” “expects,” “pro forma”, “anticipates,” “assumes,” “believes,” “estimated,” “guidance,” “potential,” “target,” “projects,” “scheduled” and similar expressions that do not relate to historical matters, and includes expectations regarding the Company’s future operational results, including in connection with the acquisition of the Annapolis Mall and the Path Forward Plan and its ability to meet the established goals under such Plan, including de-leveraging targets, growth rates and acquisition and disposition goals, as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of geopolitical tensions, tariffs, elevated interest rates and inflation, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, elevated interest rates and its impact on the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the Company’s outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; government shutdowns and other governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence, which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.
INVESTOR CONTACT: Investor Relations, IR@macerich.com
MEDIA CONTACT: Arun Khosla, VP Corporate Communications
Arun.Khosla@macerich.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5e3d6ce6-7eb7-4125-9620-2f2e3b3768fa
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