Macerich reports softer revenues alongside a narrower loss in interim filing

Bottom line

The Macerich Company reported a mixed first-half profile: revenue declined in both the quarter and six-month year-to-date period, while net loss attributable to the parent and diluted loss per share improved from the corresponding prior-year periods but remained losses. This evidence supports a qualified improvement in profitability, not a return to profit.

The filing is a Quarterly Report on Form 10-Q for the fiscal period period-ended-2026-06-30, filed under accession 0000912242-26-000037. It covers the three-month period the three months ended June 30, 2026 and the six-month year-to-date period the six months ended June 30, 2026, with the corresponding prior-year comparatives in the three months ended June 30, 2025 and the six months ended June 30, 2025. The company is identified as MACERICH CO, CIK 0000912242, and ticker MAC.

For the three-month period, revenue was $249,707,000 USD, compared with $249,793,000 USD in the prior-year quarter. Revenue therefore decreased. Net loss attributable to the parent was -$27,071,000 USD, compared with a loss of -$40,905,000 USD. The current-quarter net-loss position improved relative to the prior-year loss, while remaining a loss rather than a profit. Diluted loss per share was -$0.1 per diluted share USD/SHARES, compared with -$0.16 per diluted share USD/SHARES in the prior-year quarter. Both periods reported losses, and the diluted loss per share improved on a year-over-year basis.

For the six-month year-to-date period, revenue was $491,245,000 USD, compared with $499,017,000 USD in the prior-year period. Revenue decreased on that comparison. Net loss attributable to the parent was -$63,421,000 USD, compared with a loss of -$91,029,000 USD. The current period again remained loss-making, but the net-loss position improved relative to the prior-year comparative. Diluted loss per share was -$0.24 per diluted share USD/SHARES, compared with -$0.36 per diluted share USD/SHARES in the prior-year period. Both six-month periods were loss-making, with an improvement in diluted loss per share.

The filing’s accounting context is important for interpretation. The interim consolidated financial statements were prepared under GAAP for interim reporting, were not audited, and omitted information and footnotes required for complete audited financial statements. Management stated that normal recurring adjustments were made for a fair presentation. The company operates as a REIT and is primarily exposed to the assets and liabilities of its Operating Partnership, with the Operating Partnership consolidating variable interest entities.

The filing evidence does not attribute this change to any single cause.

The filing evidence does not disclose segment-level detail for this dimension.

The filing evidence contains no peer or industry comparison.

Financial performance

- For the three-month reporting period, Revenues were $249,707,000 USD, lower than the prior-year comparative Revenues of $249,793,000 USD for the three months ended June 30, 2025. - For the six-month year-to-date window, Revenues were $491,245,000 USD, also lower than the prior-year comparative Revenues of $499,017,000 USD for the six months ended June 30, 2025. 16 per diluted share USD/SHARES in the prior-year quarter; the authorized comparison flags this as an increase (a smaller loss rather than a larger one), with the transition framed as loss to loss.

36 per diluted share USD/SHARES in the prior-year six-month period; the authorized comparison likewise indicates an increase, with the transition framed as loss to loss. - Net Income (Loss) Attributable to Parent for the three-month reporting period was -$27,071,000 USD, a loss, compared with -$40,905,000 USD, also a loss, in the prior-year quarter; the authorized comparison flags this as an increase, with the transition framed as loss to loss. - Net Income (Loss) Attributable to Parent for the six-month year-to-date period was -$63,421,000 USD, a loss, compared with -$91,029,000 USD, also a loss, in the prior-year six-month period; the authorized comparison again flags an increase, with the transition framed as loss to loss.

- On a quarter-over-quarter directional read against the prior year, both top-line Revenues moved lower while the bottom-line net loss and diluted EPS both improved directionally — a split between softening revenues and narrowing losses. The filing evidence does not attribute this change to any single cause. - Guidance: no forward quantitative guidance appears in the cited section; only an evaluative note on an open accounting standards update is disclosed (the Company is currently evaluating the potential impact of adopting the referenced ASU), and the conversion-related ASU adoption did not have a material impact.

The filing evidence does not attribute this change to any single cause. - Expectations: management's narrative centers on interim GAAP presentation, the estimates and assumptions used in preparing the consolidated statements, and joint-venture financing events rather than on quantitative forward expectations, so no expectations baseline is offered in the filing text. The filing evidence does not attribute this change to any single cause.

- Accounting context: the interim statements are unaudited, prepared per Form 10-Q and Regulation S-X interim instructions, and should be read with the audited annual statements; the Company's sole significant asset is its investment in the Operating Partnership, and the Operating Partnership holds consolidated VIEs including SanTan Village Regional Center. Diluted EPS excludes OP Units treated as antidilutive for both the three-month and six-month periods. Within unconsolidated joint ventures, the cited note describes a Flatiron Crossing mezzanine repayment and first-mortgage partial payoff with an extension on the remaining balance at a SOFR-linked rate, a concurrent payoff of a related loan tied to the cited note's referenced sale event (with the Company's share of net proceeds applied to general corporate purposes), and ongoing lender negotiations on a separate loan.

Joint-venture accounting policies mirror those of the Company. ; The filing evidence does not disclose segment-level detail for this dimension.. A reader comparing this period against the prior year can cross-check directional patterns with REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing only as a separate filing reference, since the filing evidence contains no peer or industry comparison for MACERICH CO (CIK 0000912242, ticker MAC) under accession 0000912242-26-000037 for period-ended-2026-06-30.

Operating drivers and segments

The filing evidence does not disclose segment-level detail for this dimension. - The filing characterizes the Company as involved in the acquisition, ownership, development, redevelopment, management and leasing of regional retail centers and community/power shopping centers located throughout the United States, with property management, leasing and redevelopment services supplied through the Management Companies described in the Organization note. - Revenues for the three-month reporting period came in at $249,707,000 USD, lower than the prior-year comparative figure of $249,793,000 USD for the three-month period in the prior year, consistent with the authorized direction of decrease. - Revenues for the six-month year-to-date reporting period came in at $491,245,000 USD, lower than the prior-year comparative figure of $499,017,000 USD for the six months ended June 30, 2025, again consistent with the authorized direction of decrease. - The Organization note describes the Company as organized to qualify as a real estate investment trust under the Internal Revenue Code and notes that substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership, with additional exposure through consolidated variable interest entities that include SanTan Village Regional Center. - Diluted EPS moved from a loss in the prior periods to a loss in the current quarter and in the current six-month period, reflecting the loss-to-loss transition authorized for both windows; net income (loss) attributable to parent showed the same loss-to-loss transition for both the quarter and the half-year comparisons, and ordinary dividend payments were higher in the current six-month window than in the prior-year comparative. - The accounting-policies note flags management's reliance on estimates and assumptions that affect reported revenue and expense amounts and disclosure of contingent assets and liabilities, while the cited note on Property, net references a joint venture sale transaction closed on a July date during the period covered by the filing. - Operating, investing, and financing cash-flow directions are all in the authorized ranges for the six-month comparison: operating cash flow was positive in both periods and lower year over year, investing cash flow was negative in both periods and lower, and financing cash flow was positive in both periods and lower.

The filing evidence does not attribute this change to any single cause.

The filing evidence does not provide segment-level margin detail for the regional mall versus community/power shopping center portfolios, occupancy or leasing-spread commentary, or specific operating-driver attribution for the lower revenue print, so the segment and margin label above reflects that scope gap rather than a substantive claim. Readers looking for cross-issuer revenue and earnings context can compare the trend pattern described in this section against REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing, which sits inside the same reporting window and offers a directional contrast for the revenue line.

Cash flow and capital

- Reported facts. For the six-month year-to-date period covered by this filing, Net Cash Provided by (Used in) Operating Activities was $144,248,000 USD, against the prior-year comparative of $159,010,000 USD; the authorized year-over-year direction is a decrease on a positive base. Net Cash Provided by (Used in) Investing Activities was -$392,766,000 USD, against the prior-year comparative of -$314,660,000 USD; the authorized year-over-year direction is a decrease on a negative base, so the investing outflow widened relative to the prior year.

Net Cash Provided by (Used in) Financing Activities was $186,501,000 USD, against the prior-year comparative of $203,644,000 USD; the authorized year-over-year direction is a decrease on a positive base, meaning the company continued to raise financing cash but at a smaller net amount than in the prior-year period. - On the balance sheet date, Cash and Cash Equivalents, at Carrying Value was $227,028,000 USD, while Accounts Payable and Accrued Liabilities was $131,585,000 USD; the filing reports both at the balance sheet date of June 30, 2026.

- Capital allocation. Payments of Ordinary Dividends, Common Stock were $100,829,000 USD for the six-month year-to-date period, against $96,165,000 USD for the prior-year comparative; the authorized year-over-year direction is an increase on a positive base, so the dividend cash outflow rose from one period to the other. Investing activity was a use of cash for both the current and prior periods, which is consistent with continued property-level investment in a real-estate operating model; the joint-venture financing events described in the notes context illustrate the kind of asset-level transactions that sit behind the investing line.

- Management explanations. The cited note narrative describes the company’s adoption of the recent FASB ASU on induced conversions of convertible debt, noting that adoption did not have a material impact on the consolidated financial statements because the Company has not entered into exchange-related settlements, modifications, or inducement transactions. The same narrative describes unconsolidated joint-venture financings, including a mezzanine-loan payoff and a first-mortgage extension at one property, with the Company applying its share of proceeds to general corporate purposes, and discusses the Company’s interest rate cap valuation falling within Level Two of the fair value hierarchy after considering Level Three credit valuation adjustments.

These are reported policy and activity descriptions rather than forward guidance. - Analyst inference. Combining the three cash-flow lines, the year-to-date pattern shows operating cash inflows, investing cash outflows, and financing cash inflows at a smaller net amount than the prior-year period, alongside a higher dividend payment.

On the reported balance sheet, cash on hand against current payables provides a snapshot of near-term liquidity, though the filing evidence does not quantify the resulting cushion or compare it with the prior period end. Readers seeking a wider peer view can cross-check with the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing insight for an unrelated earnings comparison, or revisit the methodology of How to Calculate a Discounted Payback Period when modeling the recovery profile of the company’s property investments.

- Counter-evidence. No counter-evidence to the reported cash-flow and balance sheet figures is presented in the filing excerpt beyond the policy notes already summarized. - Unknowns.

The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

Peer and historical context

This section frames how the current period stacks up against the company's own recent history, and acknowledges where peer or industry comparisons simply cannot be drawn from the filing itself.

Reported facts for MACERICH CO from the 10-Q covering period-ended-2026-06-30, filed under accession 0000912242-26-000037, show two distinct windows of comparison: the three-month reporting period against the prior-year three-month period, and the six-month year-to-date period against the prior-year six-month period. On a reported basis, revenues in the current three-month period were lower than in the prior-year three-month period, and revenues for the six-month year-to-date were also lower than in the prior-year six-month period. The authorized direction captured in the catalog reflects this decrease on both windows; the analyst makes no further inference about magnitude because the underlying values are substituted by the machine. Net income attributable to parent, by contrast, moved in the opposite direction across both windows: the prior-year three-month and prior-year six-month figures were larger losses than the current three-month and current six-month losses, respectively, leaving the year-over-year transition in both cases as loss to loss with the current loss being the smaller of the two. Diluted earnings per share follows the same loss-to-loss pattern with an authorized increase against both prior-year comparatives.

Cash flow comparison is offered only for the year-to-date window. Operating cash flow, investing cash flow, and financing cash flow were all positive in the prior six-month year-to-date period; in the current six-month year-to-date period, operating and financing cash flow remained positive while investing cash flow was negative. The authorized direction for each of those three lines against the prior-year year-to-date is a decrease, which is consistent with operating cash generation in the current year-to-date being lower than a year ago and with investing cash flow being a more negative use of cash this period than in the prior comparable window. Ordinary common-stock dividend payments were made in both the current and prior year-to-date periods, with the current year-to-date dividend total higher than the prior year-to-date total under the authorized direction.

Readers evaluating these year-over-year shifts should also weigh a peer or sector benchmark. The filing evidence contains no peer or industry comparison. Accordingly, any inference about how MAC's current quarter and year-to-date compare against a defined peer set — for example, other regional-mall operators — is not available inside this filing and would require an external source. One helpful external pattern, drawn from a recent earnings-analysis insight covering a different issuer that posted higher revenue and net income in the same general reporting window, is described in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, which a reader can use as a contrast point even though it is not a direct comparable.

Three further caveats deserve emphasis. First, year-over-year revenue declines together with narrower losses suggest that operating cost absorption improved relative to a year ago, but The filing evidence does not attribute this change to any single cause. Second, the joint-venture financing activity referenced in the cited note — including the Flatiron Crossing mezzanine repayment, the first-mortgage extension, and a separate joint-venture loan that the venture is renegotiating — is qualitative context that the filing does not directly tie to the year-over-year margin or loss movement. Third, no segment-level breakdown of the revenue or loss change is provided in the filing for this comparison, so The filing evidence does not disclose segment-level detail for this dimension.

Scenario analysis

- Under a base case, the top line trends as the authorized comparisons already frame it: Revenues for both the three-month and six-month windows are lower than their prior-year comparatives, while the bottom line shows a narrower loss in both windows (Net Income (Loss) Attributable to Parent is a loss in each period and a loss in each prior period, but the authorized direction is higher). - Reported figures supporting the base reading: Revenues of $249,707,000 for the three months ended June 30, 2026 against $249,793,000 for the three months ended June 30, 2025; Revenues of $491,245,000 for the six months ended June 30, 2026 against $499,017,000 for the six months ended June 30, 2025; Net Income (Loss) Attributable to Parent of -$27,071,000 for the three months ended June 30, 2026 against -$40,905,000 for the three months ended June 30, 2025; Net Income (Loss) Attributable to Parent of -$63,421,000 for the six months ended June 30, 2026 against -$91,029,000 for the six months ended June 30, 2025. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

- An upside case requires both revenue and earnings to inflect together. Against the authorized comparisons, that would mean the quarter and half-year Revenues print no longer lower than the prior-year comparatives, and the Net Income (Loss) Attributable to Parent loss for both windows prints smaller in absolute terms than the prior-year losses for the matching windows, extending the authorized "higher" direction at the bottom line. - The filing evidence does not contain peer or industry data to size an upside against the broader retail REIT cohort, so the scenario is described here only in directional terms relative to the same-company comparatives already cited. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

- A downside case is the mirror image of the upside: Revenues for the three months ended June 30, 2026 and the six months ended June 30, 2026 extend their authorized decline versus the three months ended June 30, 2025 and the six months ended June 30, 2025, and the Net Income (Loss) Attributable to Parent loss for both windows widens rather than narrows, even though the authorized year-over-year direction on the bottom line is currently higher. - The filing does not itemize the drivers that would push either window into that widened-loss configuration, so the downside is framed only as a direction rather than as a sourced driver list. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

The three scenarios above are conditional scaffolding built on the two authorized dimensions in this filing — Revenues and Net Income (Loss) Attributable to Parent, across the three-month and six-month windows — and they are deliberately bounded by what the filing evidence actually discloses. No property-level, tenant-level, or joint-venture-level detail is released here, so scenario sensitivity to occupancy, leasing spreads, or disposition timing cannot be expressed from this filing alone; readers looking for cross-issuer context can compare against filings such as REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing before sizing exposure. The interest rate derivative language, including the Level 2 placement and the Level 3 credit-spread inputs, sits outside the scenario axes used here, so it is acknowledged but not used to bend any base, upside, or downside reading.

Risks and what to watch

- The risk-factor discussion in Item 1A and the legal-proceedings update in Item 1 are the principal forward-looking disclosures in this 10-Q filing for MACERICH CO (MAC, CIK 0000912242, accession 0000912242-26-000037); together they describe the principal downside exposures that should be monitored between the three months ended June 30, 2026 and the next reporting period. - Counter-evidence to a deteriorating trend at the top line is limited inside the filing: revenues are reported as a positive number for both the six months ended June 30, 2026 and the three months ended June 30, 2026, with the same positive posture in the prior-year comparatives the six months ended June 30, 2025 and the three months ended June 30, 2025.

The filing nonetheless records revenues as lower than the prior-year comparative for both windows, so the top line is softer year over year even though it remains positive. - Counter-evidence to an unmanageable bottom line is also constrained. Net loss attributable to parent is reported for both the six months ended June 30, 2026 and the three months ended June 30, 2026, with losses also reported in the prior-year comparatives the six months ended June 30, 2025 and the three months ended June 30, 2025.

Under the authorized comparison, the the six months ended June 30, 2026 loss and the the three months ended June 30, 2026 loss are both smaller losses than their respective prior-year comparatives — the year-over-year direction is an improvement, even though the transition remains loss to loss. Any narrative that the result has flipped into a profit is therefore not supported. - The filing's source narrative calls out a closed joint-venture sale in the cited note, which is the only transaction-level signal embedded in the quoted evidence about asset rotation during the period; the precise contribution to operating cash flow is not stated in the quoted material.

- Hedging disclosure describes interest rate cap agreements that float inside Level 2 of the fair value hierarchy overall, while credit valuation adjustments are evaluated using Level 3 inputs such as estimates of current credit spreads — a structural sensitivity that is worth re-reading before the next period to gauge whether nonperformance-risk assumptions are stable. - Unknowns: a definitive cause for the year-over-year narrowing of the net loss is not stated; per the machine-owned causality rule, The filing evidence does not attribute this change to any single cause.

applies and any driver commentary is intentionally omitted. - Unknowns: a segment-level breakdown of revenue or of net loss is not disclosed for this dimension; per the machine-owned rule, The filing evidence does not disclose segment-level detail for this dimension. applies.

- Unknowns: peer or industry benchmarks are not provided inside the filing; per the machine-owned rule, The filing evidence contains no peer or industry comparison. applies, so any relative read must come from an outside source rather than from this 10-Q. - Metrics to watch next period: the same revenue and net-loss lines for the next quarter — $249,707,000 and -$27,071,000 — together with their year-over-year comparatives, since the current pattern of a softer top line alongside a smaller loss is the key swing to confirm or reverse.

- Metrics to watch next period: the half-year cumulative revenue line $491,245,000 versus $499,017,000, and the matching net-loss pair -$63,421,000 versus -$91,029,000, because any continuation of an improving-loss alongside declining-revenue pattern would sharpen the tension between top-line softness and bottom-line recovery. - Governance and control posture for the next window can be tracked via Item 4 (controls and procedures) and via the exhibit list under Item 5 and the signature block under Item 6; market-risk disclosures sit in Item 3 and securities-sale disclosures in Item 2.