
• Reported GAAP EPS of -$0.14 up 30.00% YoY • Reported revenue of $241.54M down -3.08% YoY • Macerich expects strong NOI growth for its Go-Forward Portfolio starting in the second half of 2026, accelerating through 2027 and 2028. New store leases are anticipated to generate approximately $116 million in gross revenue.
Bullish
Macerich improved its net loss and grew adjusted FFO while increasing portfolio occupancy to 93.4%. The company also strategically acquired Annapolis Mall and enhanced its credit facility.
Bearish
Macerich faced a $76.5 million loan default at Twenty Ninth Street, a significant increase in joint venture losses, and a decline in total revenues during the first quarter.