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Research Alert: Macerich Company Q1: $272m Annapolis Acquisition Bolsters Go-forward Portfolio

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

MAC reported Q1 revenue of $242M, down 3.1% Y/Y and 7.8% Q/Q, with leasing revenue of $226M. Revenue including unconsolidated joint ventures on a pro rata basis was $297M, down 3.0% Y/Y. The company's SNO pipeline reached $116M, representing cumulative incremental revenue through 2028, which we view as a positive catalyst for future growth momentum. MAC replaced same-store NOI reporting with Go-Forward Portfolio Centers metrics going forward. Go-Forward Portfolio NOI (excluding lease termination income) increased 1.2% Y/Y to $173M, while portfolio tenant sales per square foot reached $899 for the trailing-12-month period, up 7.4% Y/Y and 2.0% vs. Q4 2025. Go-Forward Portfolio Centers sales per square foot hit $941, up 4.8% Y/Y and 2.2% vs. Q4 2025. MAC signed 1.6M square feet of leases in Q1, up 2.5% Y/Y excluding prior-year multi-location anchor renewals. We believe the improving sales productivity and strong leasing momentum support the company's operational progress despite the sequential revenue decline.

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