Macerich narrows quarterly loss as portfolio occupancy climbs
The real estate investment trust reported a net loss of $27.1 million for the second quarter ended June 30, 2026.
Macerich (MAC), the real estate investment trust specializing in shopping centers, reported a narrowed net loss of $27.1 million, or $0.10 a share-diluted, for the second quarter of 2026. The result followed a net loss of $40.9 million, or $0.16 a share-diluted, in the same period last year.
The improved bottom line was primarily due to a gain on the sale of assets during the quarter. Adjusted Funds from Operations (FFO) rose to $100.4 million, or $0.35 a share-diluted, compared to $88.7 million, or $0.34 a share-diluted, in the second quarter of 2025.
Operational metrics showed a trend of growth in tenant activity and space utilization. Leased portfolio occupancy reached 94.0% as of June 30, 2026, up from 92.0% a year earlier and 93.4% as of March 31, 2026. The company signed approximately 1.3 million square feet of leases on a comparable center basis, a 1.0% year-over-year increase in new-store leased square footage.
Tenant productivity also increased. Portfolio tenant sales per square foot for spaces smaller than 10,000 square feet rose to $919 for the 12 months ended June 30, 2026, compared to $849 for the period ended June 30, 2025. This figure rose sequentially from $899 for the period ended March 31, 2026. Net operating income for Go-Forward Portfolio Centers, excluding lease termination income, increased 3.8% compared to the second quarter of 2025.
Macerich engaged in significant capital activity during the quarter. The company acquired the Annapolis Mall in April 2026 for $260 million, along with an adjacent 13.1-acre parcel for $12 million. To support its balance sheet, the company executed several equity raises, including a public offering of 22.08 million shares for net proceeds of $448.2 million, a forward public offering of 16.1 million shares at $23.90 a share, and an ATM sale of 1.2 million shares for $23.8 million.
Liquidity stood at approximately $1.2 billion as of the filing date, which included $900 million of available capacity on its revolving credit facility. The company also completed the sale of its joint venture interest in West Acres for $1.4 million, with the buyer assuming $12.9 million of debt associated with Macerich's share.