The Macerich Company (MAC) BofA NY Global Real Estate Conference 2026 summary

Strategic plan progress and portfolio transformation

• Path Forward plan 3.0 is ahead of schedule, with $1.3B of $2B planned dispositions completed and $300M–$400M more expected by year-end, targeting $1.6B–$1.7B total by 2026.

• Net debt to EBITDA reduced to 7.3x from 8.8x, with a goal of around 6x by 2028, supported by recent capital raises and SNO pipeline execution.

• Leasing momentum remains strong, with 950 of 1,000 new leases committed or under LOI, and 2026 renewals completed; focus now shifts to 2029–2030 opportunities.

• All 30 targeted vacant anchor stores (2.9M sq ft) are now committed, expected to generate $750M in sales and drive traffic and leasing in previously underperforming wings.

• NOI growth is projected at 3% for 2026, accelerating to 3.5% in H2 2026 and further in 2027–2028 as SNO tenants open and pay rent.

Leasing, operational metrics, and tenant mix

• Leasing speedometer at 89%, with only 50 spaces left to fill; 485 of 1,000 spaces are open and paying rent, 75 under construction, and 120 under negotiation.

• SNO pipeline stands at $128M of $140M target, with NOI contributions ramping from $30M in 2026 to $45M–$50M in 2028.

• Experiential anchors like DICK'S House of Sport and Dave & Buster's are driving significant traffic and sales, with 7 open, 13 under construction, and 8 more opening by 2028.

• Top centers (Kierland Commons, Broadway Plaza, Scottsdale Fashion Square, Tysons Corner) are outperforming portfolio averages in traffic, sales, and NOI growth.

• Gen Z is a key driver of foot traffic and spending, with tailored strategies to attract and retain this demographic.

Acquisition strategy and market environment

• Acquisition pipeline is the most robust in two years, with a mix of off-market and marketed deals; focus is on assets accretive to 2028 and within leverage targets.

• Recent acquisitions (e.g., Crabtree, Annapolis) have improved pro forma and lease rates, validating the value-add approach.

• Targeting stabilized yields of 9%–11% for A- to B+ assets and 8% for A centers; not pursuing assets in the 6% yield range.

• Current market cap rates for acquisitions are north of 10%, with best properties (e.g., Tysons Corner, Scottsdale) valued at sub-6% cap rates.

• Elevated debt yields (10.5%–12%) persist, but selective acquisitions and all-equity deals can be accretive and deleveraging.