The Macerich Company (MAC) SEC Filings & Earnings Calls
EquiReason read 18 The Macerich Company SEC filings in the last 12 months. Latest: 8-K on 2026-08-11 — Macerich Partnership issued $757M net proceeds from 2.25% Exchangeable Senior Notes due 2031, with capped call transactions, to refinance secured debt and for general corporate pur.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 6.8B
- P/E TTM
- —
- Dividend yield
- 2.8%
- 52-week
- —
- Next earnings
- 4 Nov, in 11 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
11 Aug 20268-K · 1.01, 2.03, 3.02, 8.01Macerich Partnership issued $757M net proceeds from 2.25% Exchangeable Senior Notes due 2031, with capped call transactions, to refinance secured debt and for general corporate purposes.open
Figures in the filing · each found in the filing text
| Net proceeds from offering · Q3-2026 | $757M | |
| Interest rate on notes · Q3-2026 | 2.3% |
Risks flagged
Increased leverage from $757M debt issuance may pressure credit metrics and interest coverage.
“Partnership used approximately $45.0 million of the net proceeds from the Offering to pay the cost of the Capped Call Transactions and intends to use the remainder of the net proceeds to refinance existing secured debt” · word for word
Potential dilution from exchangeable notes if converted into equity.
“2.25% Exchangeable Senior Notes due 2031” · word for word
5 Aug 20268-K · 8.01Macerich filed a new automatic shelf registration statement on Form S-3 and updated its ATM program, with $288.5M remaining capacity for common stock sales.open
Figures in the filing · each found in the filing text
| Aggregate offering price of shares sold under ATM program · Q3-2026 | $212M | |
| Remaining ATM capacity · Q3-2026 | $288M |
Risks flagged
Potential dilution from ATM sales
“ATM program allows sale of up to $500M common stock; $211.5M already sold”
5 Aug 202610-QMacerich reported Q2 2026 results with improved operational metrics (occupancy 94.0%, tenant sales +3.2%), FFO growth of 8%, and significant capital markets activity including a $463.7M equity offering and $900M credit facility expansion, bearningsopen
Figures in the filing · each found in the filing text
| Leased Occupancy Rate · 2026-06-30 | 94.0% | |
| Comparable Tenant Sales Growth (Spaces <10k sq ft) · Q2-2026 | 3.2% | |
| Portfolio Tenant Sales per Square Foot (Spaces <10k sq ft) · TTM-2026-06-30 | $919.00 | +8% y/y |
| FFO Attributable to Common Stockholders and Unit Holders, as adjusted - diluted · H1-2026 | $193M | +8% y/y |
| Total Outstanding Loan Indebtedness (Pro Rata Share) · 2026-06-30 | $6.34B | |
| New Store Leases Signed (Square Footage) · 2026 | 1,100,000 | |
| New Store Leases Pipeline Revenue (Pro Rata Share) · 2024-2028 | $124M | |
| Dividend Per Share · Q2-2026 | $0.17 | 0% y/y |
Risks flagged
Loan Default Risk
“Effective February 6, 2026, the $76.5 million loan (at the Company’s pro rata share) at Twenty Ninth Street is in default. The Company’s joint venture is in negotiations with the lender on the terms of this loan.” · word for word
Interest Rate Exposure
“Interest rates have increased, and may continue to increase, the cost of the Company’s borrowings due to its outstanding floating-rate debt and have led, and may continue to lead, to higher interest rates on new fixed-rate debt.” · word for word
Tenant Bankruptcy Risk
“Year-to-date 2026, there were four bankruptcy filings involving the Company’s tenants, including Saks Global LLC, totaling 18 leases and representing approximately 184,000 square feet of leased space and approximately $3.9 million of annual leasing revenue at the Company’s share.” · word for word
Leverage and Refinancing Risk
“The Company expects that all of the maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's revolving credit facility or cash on hand, with the exception of Santa Monica Place and Twenty Ninth Street.” · word for word
4 Aug 20268-K · 2.02, 7.01Net loss attributable to the Company $-27M (+34% y/y); FFO as adjusted $100M (+13% y/y); FFO per share-diluted $0.35 (+3% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net loss attributable to the Company · Q2-2026 | $-27M | +34% y/y |
| FFO as adjusted · Q2-2026 | $100M | +13% y/y |
| FFO per share-diluted · Q2-2026 | $0.35 | +3% y/y |
| Go-Forward Portfolio NOI growth (ex-lease term income) · Go-Forward Portfolio Centers · Q2-2026 | 3.8% | |
| Portfolio tenant sales per square foot (TTM, <10k sq ft) · TTM Q2-2026 | $919.00 | +8% y/y |
| Leased portfolio occupancy · Q2-2026 | 94.0% | |
| New store leasing pipeline (incremental gross revenue) · 2024-2028 | $124M | |
| Leases signed (comparable center basis) · Q2-2026 | 1,300,000 |
Risks flagged
Net loss persists despite improvement
“Net loss of $27.1M in Q2 2026, though improved from $40.9M loss in prior year”
29 Jun 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Potential dilution from issuance of 16.1M shares; forward sale may result in cash or share settlement.
“The Company expects to physically settle the Forward Sale Agreements... may also elect to cash settle or net share settle.”
17 Jun 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Potential dilution from forward sale; settlement may be in cash or shares, impacting proceeds.
“The Company expects to physically settle the Forward Sale Agreements... may also elect to cash settle or net share settle.”
1 Jun 20268-K · 7.01Issued a Regulation FD disclosure (forward guidance or material update); filed financial statements and exhibits with this reportopen
Risks flagged
No new risks identified.
13 May 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Dilution from issuance of 22.08M shares; use of proceeds for debt repayment and acquisitions.
“The Operating Partnership intends to use the net proceeds from the offering to repay borrowings... and for general corporate purposes.”
7 May 202610-QComparable tenant sales growth 3.8; leased occupancy rate 93.4; FFO as adjusted $92M (+3% y/y)open
Figures in the filing · each found in the filing text
| comparable tenant sales growth · Q1-2026 | 3.8% | |
| leased occupancy rate · Q1-2026 | 93.4% | |
| FFO as adjusted · Q1-2026 | $92M | +3% y/y |
| portfolio tenant sales per square foot · TTM Q1-2026 | $899.00 | |
| traffic growth · Q1-2026 | 0.5% | |
| new store leases signed · Q1-2026 | 93 | |
| renewal leases signed · Q1-2026 | 176 | |
| net loss · Q1-2026 | $-36M | |
| cash and cash equivalents · Q1-2026 | $182M |
Guidance
Company reaffirms Path Forward Plan, expects positive cash flow after capex and dividends, and continues to execute on strategic acquisitions and dispositions.
Risks flagged
Tenant bankruptcy risk
“Year-to-date 2026, there were four bankruptcy filings involving the Company’s tenants, including Saks Global LLC, totaling 14 leases and representing approximately 182,000 square feet of leased space and approximately $3.1 million of annual leasing revenue at the Company’s share.” · word for word
Interest rate exposure
“While interest rates have begun to decrease, they remain elevated and the Company expects to incur increased interest expense from the refinancing or extension of loans that may currently carry below-market interest rates.” · word for word
Loan default risk
“Effective February 6, 2026, the $76.5 million loan (at the Company’s pro rata share) at Twenty Ninth Street is in default.” · word for word
Tariff impact on tenants
“the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.” · word for word
6 May 20268-K · 2.02, 7.01Net loss attributable to the Company $-36M; FFO as adjusted $92M (+3% y/y); Portfolio tenant sales per square foot (TTM) $899.00 (+7% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net loss attributable to the Company · Q1-2026 | $-36M | |
| FFO as adjusted · Q1-2026 | $92M | +3% y/y |
| Portfolio tenant sales per square foot (TTM) · Q1-2026 | $899.00 | +7% y/y |
| Leased portfolio occupancy · Q1-2026 | 93.4% | |
| Go-Forward Portfolio NOI growth (excl. lease termination income) · Q1-2026 | 1.2% | |
| New store leases expected gross revenue · Q1-2026 | $116M |
Risks flagged
Net loss persists, though improved; occupancy declined sequentially from 94.0% in Q4 2025 to 93.4% in Q1 2026.
“Occupancy rate at December 31, 2025 was 94.0% vs 93.4% at March 31, 2026.”
22 Apr 2026DEF 14AAnnual proxy statement filed, disclosing executive compensation, governance, and shareholder proposals.open
Figures in the filing · each found in the filing text
| Targeted New Leasing Deals · FY2025 | 372 | |
| Cost of Occupancy Completion Percentage · FY2025 | 75.9% | |
| Relative TSR Percentile Rank (2023-2025) · 2023-2025 | 88.0% | |
| 2023 LTIP Earned Percentage · 2023-2025 | 102.8% | |
| 2024 LTIP Tracking Percentage · 2024-2026 | 148.8% | |
| CEO Target Total Compensation · FY2025 | $9M | |
| CEO Base Salary · FY2025 | $1M | |
| CEO Target Bonus Percentage · FY2025 | 150.0% | |
| CEO Target Long-Term Incentive Value · FY2025 | $7M | |
| Shares Outstanding · 2026-03-27 | 260,176,148 |
Risks flagged
Performance-based compensation may not pay out if TSR targets are not met
“2025 3-Year LTIP 33% Complete Tracking Below Threshold 0%” · word for word
2 Mar 20268-K · 7.01New and Renewal Space Signed (FY2025) 7,100,000 (+82% y/y); Signed Leases (FY2025) 1,199 (+46% y/y); New-to-Macerich Brands (FY2025) 99 (+52% y/y)open
Figures in the filing · each found in the filing text
| New and Renewal Space Signed (FY2025) · FY2025 | 7,100,000 | +82% y/y |
| Signed Leases (FY2025) · FY2025 | 1,199 | +46% y/y |
| New-to-Macerich Brands (FY2025) · FY2025 | 99 | +52% y/y |
| Go-Forward Leased Occupancy · Go-Forward Portfolio Centers · FY2025 | 94.9% |
Risks flagged
Forward-looking statements subject to risks including tariffs and interest rates
“impact of tariffs and elevated interest rates and inflation” · word for word
26 Feb 20268-K · 1.01, 2.03Macerich entered a $900M revolving credit facility (expandable to $1.1B) maturing 2029/2030, amending prior 2023 agreement. Terms include SOFR+margin, borrowing base covenant, and financial covenants.open
Figures in the filing · each found in the filing text
| Revolving loan facility size · 2026-02-24 | $900M | |
| Maximum facility size (with accordion) · 2026-02-24 | $1.10B |
Risks flagged
Credit agreement includes financial covenants and borrowing base maintenance
“The Credit Agreement includes financial covenants requiring a minimum total debt yield, minimum fixed charge coverage ratio and maximum floating rate debt.” · word for word
20 Feb 202610-KLeasing revenue $100M (+12% y/y); NOI Go-Forward Portfolio Centers (ex-lease termination) $730M (+2% y/y); Leased occupancy rate 94; Guidance: capex guidance $250M-$300M for development; $75M-$100M for tenant allowancesopen
Figures in the filing · each found in the filing text
| Leasing revenue · FY2025 | $100M | +12% y/y |
| NOI Go-Forward Portfolio Centers (ex-lease termination) · FY2025 | $730M | +2% y/y |
| Leased occupancy rate · 2025-12-31 | 94.0% | |
| Tenant sales per square foot · TTM 2025-12-31 | $881.00 | +5% y/y |
| Leasing volume (square feet) · FY2025 | 7,100,000 | +85% y/y |
| Net loss attributable to Company · FY2025 | $-197M | +2% y/y |
| Cash and cash equivalents · 2025-12-31 | $280M | |
| Total debt (pro rata) · 2025-12-31 | $6.59B |
Guidance
capex guidance $250M-$300M for development; $75M-$100M for tenant allowances
Management reaffirms Path Forward Plan with capex guidance and expects positive cash flow; tone is cautiously positive.
Risks flagged
Tenant bankruptcy risk
“For the year ended December 31, 2025, there were eight bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 67 leases and representing approximately 873,000 square feet of leased space and approximately $12.9 million of annual leasing revenue at the Company's share.” · word for word
Interest rate risk
“While interest rates have begun to decrease, they remain elevated and the Company expects to incur increased interest expense from the refinancing or extension of loans that may currently carry below-market interest rates.” · word for word
Property impairment risk
“impairment losses in 2025 of $147.4 million recognized as a result of the reduction in the estimated holding periods of certain properties, including Santa Monica Place, Valley Mall and South Park Mall” · word for word
Loan default risk
“The $76.5 million mortgage loan (at the Company's pro rata share) on Twenty Ninth Street is in default as of February 6, 2026.” · word for word
18 Feb 20268-K · 2.02, 7.01Net loss attributable to the Company $-19M (+91% y/y); FFO excluding certain items $129M (+10% y/y); FFO per share-diluted (ex-items) $0.48 (+2% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net loss attributable to the Company · Q4-2025 | $-19M | +91% y/y |
| FFO excluding certain items · Q4-2025 | $129M | +11% y/y |
| FFO per share-diluted (ex-items) · Q4-2025 | $0.48 | +2% y/y |
| Go-Forward Portfolio NOI growth (ex-lease term income) · Go-Forward Portfolio Centers · Q4-2025 | 1.7% | |
| Portfolio tenant sales per square foot (TTM, <10k sq ft) · TTM Q4-2025 | $881.00 | +5% y/y |
| Leased portfolio occupancy · Q4-2025 | 94.0% | |
| New store leasing pipeline (incremental gross revenue) · 2024-2028 | $107M | |
| Leases signed (comparable center basis) · Q4-2025 | 1,400,000 | +36% y/y |
| Base rent re-leasing spreads (TTM) · TTM Q4-2025 | 6.7% |
Risks flagged
Net loss persists but significantly improved
“Net loss of $18.8M in Q4 2025, improved from $211.2M loss in prior year”
8 Dec 20258-K · 7.01New and Renewal Space Signed (YTD 3Q25) 5,400,000; Signed Leases (YTD 3Q25) 888; New-to-Macerich Brands (YTD 3Q25) 65open
Figures in the filing · each found in the filing text
| New and Renewal Space Signed (YTD 3Q25) · YTD Q3-2025 | 5,400,000 | |
| Signed Leases (YTD 3Q25) · YTD Q3-2025 | 888 | |
| New-to-Macerich Brands (YTD 3Q25) · YTD Q3-2025 | 65 | |
| Go-Forward Leased Occupancy · Go-Forward Portfolio Centers · Q3-2025 | 94.3% | |
| Leasing speedometer completion · 2025-11 | 71.0% |
Risks flagged
Forward-looking statements subject to risks including tariffs and interest rates
“impact of tariffs and elevated interest rates and inflation” · word for word
5 Nov 202510-QMacerich reported Q3 2025 results with leasing revenue up 16.6% YoY and adjusted FFO up 8.6% YoY, but recorded a $91M impairment on Santa Monica Place.earningsopen
Figures in the filing · each found in the filing text
| Leased occupancy rate · Q3-2025 | 93.4% | |
| Releasing spread · TTM Q3-2025 | $3.86 | +6% y/y |
| Portfolio tenant sales per square foot (spaces <10k sq ft) · TTM Q3-2025 | $867.00 | |
| Comparable tenant sales growth (spaces <10k sq ft) · Q3-2025 | 3.1% | |
| Number of leases signed · 9M-2025 | 888 | +43% y/y |
| Square footage leased · 9M-2025 | 5,400,000 | +85% y/y |
Guidance
tenant allowances $50-75M, development spend $250-300M next 12 months
Management reaffirmed Path Forward Plan with focus on deleveraging, asset sales, and selective acquisitions; expects positive cash flow after capex and dividends.
Risks flagged
Elevated interest rate exposure
“Interest rates have increased, and may continue to increase, the cost of the Company’s borrowings due to its outstanding floating-rate debt and have led, and may continue to lead, to higher interest rates on new fixed-rate debt.” · word for word
Tenant bankruptcy concentration
“Year-to-date 2025, there were seven bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 66 leases and representing approximately 873,000 square feet of leased space and approximately $12.8 million of annual leasing revenue at the Company’s share.” · word for word
Property impairment and default risk
“Loss on sale or write down of assets, net increased $56.0 million from 2024 to 2025 primarily due to the impairment loss of $91.0 million at Santa Monica Place and the gain of $21.1 million from the sale of Lakewood Center in 2025” · word for word
Loan default and technical default risk
“The Company expects that the $198.9 million mortgage loan on South Plains Mall will be in technical default as of November 6, 2025, as the Company continues negotiations with the lender on the terms of the loan.” · word for word
4 Nov 20258-K · 2.02, 7.01Net loss attributable to the Company $-87M (+19% y/y); FFO excluding certain items $93M (+9% y/y); FFO per share-diluted (ex-items) $0.35 (-8% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net loss attributable to the Company · Q3-2025 | $-87M | +19% y/y |
| FFO excluding certain items · Q3-2025 | $93M | +9% y/y |
| FFO per share-diluted (ex-items) · Q3-2025 | $0.35 | -8% y/y |
| Go-Forward Portfolio NOI growth (ex-lease term income) · Go-Forward Portfolio Centers · Q3-2025 | 1.7% | |
| Portfolio tenant sales per square foot (TTM, <10k sq ft) · TTM Q3-2025 | $867.00 | +4% y/y |
| Portfolio occupancy · Q3-2025 | 93.4% | |
| New store leasing pipeline (incremental gross revenue) · 2024-2028 | $99M | |
| Leases signed (comparable center basis) · Q3-2025 | 1,500,000 | +81% y/y |
| Base rent re-leasing spreads (TTM) · TTM Q3-2025 | 5.9% | |
| Liquidity · Q3-2025 | $1.00B |
Risks flagged
FFO per share declined slightly YoY due to dilution from ATM sales
“FFO per share $0.35 vs $0.38 prior year; 2.8M shares sold in Q3 at $18.03”
Net loss persists but improving
“Net loss of $87.4M in Q3 2025, improved from $108.2M loss in prior year”
The Macerich Company — questions
- What did The Macerich Company file recently?
- 18 SEC filings in the last 12 months. Latest: 8-K on 2026-08-11 — Macerich Partnership issued $757M net proceeds from 2.25% Exchangeable Senior Notes due 2031, with capped call transactions, to refinance secured debt and for general corporate purposes.
Every figure on this page comes from The Macerich Company's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.