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The Macerich Company reported first‑quarter 2026 results showing a smaller loss and steady cash distributions while advancing its Path Forward Plan. Net loss attributable to the Company was $36.4 million, or $0.14 per diluted share, versus $50.1 million, or $0.20, a year earlier, mainly due to gains on asset sales.
Funds from Operations (FFO), as adjusted, was $92.4 million, or $0.34 per diluted share, compared with $89.8 million, or $0.34, in 2025, helped by approximately $10.1 million of gains on undepreciated asset sales. Go‑Forward Portfolio Centers NOI excluding lease termination income rose 1.2% year over year, while trailing‑twelve‑month tenant sales per square foot increased to $899 from $837.
The company was active on the balance sheet: it extended a $200 million South Plains Mall loan, upsized and extended its revolving credit facility to $900 million, repaid a $211.5 million Vintage Faire Mall loan, and raised about $85.6 million of gross proceeds by selling roughly 4.5 million common shares through its at‑the‑market program. It also agreed to acquire Annapolis Mall and an adjacent parcel for a combined $272 million and reported approximately $780 million of liquidity, with debt equal to 55.7% of total market capitalization and Net Debt to Adjusted EBITDA of 7.76x.
FMR LLC filed an Amendment No. 4 Schedule 13G/A reporting beneficial ownership of 23,912,076.12 shares of Macerich Company common stock, representing 9.3% of the class as of 03/31/2026.
The filing lists sole voting power of 23,287,911 shares and sole dispositive power of 23,912,076.12 shares. The report names Abigail P. Johnson in connection with dispositive power and includes an Exhibit 99 13d-1(k)(1) agreement. Signatures are dated 05/05/2026.
Macerich Co/The reported that Vanguard Capital Management beneficially owned 13,593,968 shares of Common Stock, equal to 5.29% of the class as of 03/31/2026. The filing shows sole voting power for 2,121,362 shares and sole dispositive power for 13,593,968 shares held on behalf of various Vanguard-managed accounts.
The Schedule 13G filing states these holdings include securities held by Vanguard funds and certain affiliates and that no single outside person holds more than 5.29% of the class.
Macerich Co/The reported beneficial ownership by Vanguard Portfolio Management LLC. Vanguard Portfolio Management reports 25,664,934 shares of Common Stock, representing 9.99% of the class, with sole dispositive power over 25,664,934 shares and sole voting power for 99,075 shares. The filing is signed 04/29/2026.
The Macerich Company is soliciting proxies for its 2026 Annual Meeting of Stockholders, to be held virtually on June 1, 2026 at 9:00 a.m. Eastern Time via live audio webcast.
Stockholders will vote on electing eight directors, an advisory say-on-pay resolution, and ratifying KPMG LLP as independent auditor for the fiscal year ending December 31, 2026. Each share of common stock carries one vote, with 260,176,148 shares outstanding as of the March 27, 2026 record date.
The proxy describes a board composed mostly of independent directors, robust governance practices, and a pay-for-performance executive compensation program. CEO Jackson Hsieh’s target total compensation is $9.0 million, heavily weighted to performance-based long-term equity tied to relative total stockholder return. In 2025, approximately 90% of votes supported the prior say-on-pay proposal.
Smead Capital Management filed an amendment reporting beneficial ownership of 12,155,332.57 shares of Macerich Company common stock, representing 4.74% of the class. The filing is a joint Schedule 13G/A amendment signed by Smead Capital, William W. Smead, and Cole W. Smead.
The report lists sole voting and dispositive power over 12,155,332.57 shares and provides the issuer's principal office address in Santa Monica, California.
Macerich Co. Schedule 13G/A amendment discloses that The Vanguard Group reports 0 shares beneficially owned of Macerich common stock, representing 0% of the class following an internal realignment described in the filing. The realignment occurred on 01/12/2026 and the amendment is signed on 03/27/2026. The filing states Vanguard subsidiaries and business divisions will report holdings separately in reliance on SEC Release No. 34-39538.
The Macerich Company furnished a business update alongside its appearance at Citi’s 2026 Global Property CEO Conference, highlighting record leasing momentum, a sizable signed‑not‑open pipeline and progress on its deleveraging plan.
For the full year 2025, Macerich signed 1,199 leases versus 819 in 2024, with 291 store openings versus 197 and go-forward leased occupancy rising to 94.9%. The company reports about $107 million of signed‑not‑open revenue uplift committed, with cumulative potential of roughly $140 million that it estimates will flow about 80% to NOI. A five-year plan calls for about 1,000 new tenant openings, with roughly 800 already committed or in letter‑of‑intent stage and leasing completion at 76% as of February 2026.
Macerich is also replacing 30 legacy anchors totaling 2.9 million square feet, targeting an estimated $750 million in annual sales. On the balance sheet side, it outlines a roughly $2 billion asset sale and give‑back program, with about $1.4–$1.5 billion already addressed through completed or in‑process mall and outparcel transactions.
The Macerich Company entered into a Second Amended and Restated Credit Agreement providing a $900 million secured revolving loan facility maturing on March 1, 2029, with an option to extend to March 1, 2030. The facility can be increased to $1.1 billion subject to additional lender commitments and conditions.
Borrowings bear interest at either a Base Rate or Term SOFR plus a margin currently ranging from 0.80% to 2.20%, with the margin tied initially to debt yield and later to net debt to EBITDA upon meeting performance thresholds. As of signing, the applicable margin was 0.90% for Base Rate loans and 1.90% for Term SOFR loans.
The agreement is secured by mortgages on certain wholly owned assets and equity pledges and is unconditionally guaranteed by Macerich and certain subsidiaries. It includes a borrowing base maintenance covenant, minimum debt yield and fixed charge coverage tests, a cap on floating rate debt, and customary covenants and events of default. The borrower also pays a monthly facility fee on unused commitments.