Key Highlights

  • Revenue was USD 260.07 million against an estimate of USD 251.32 million and USD 253.26 million a year earlier.
  • Loss per share was USD 0.06 against an estimate of a USD 0.01 loss, and USD 0.34 a year earlier.
  • FFO, as adjusted, was USD 109.1 million, or USD 0.37 per diluted share, against USD 0.36 in 2025.
  • Go-Forward Portfolio net Operating Income rose 4.7%, and leased portfolio occupancy was 94.9% at September 30.

Macerich laid out its targets in terms of leasing milestones rather than a financial projection, and The Macerich Company (NYSE:MAC) reported progress against them. Chief executive Jack Hsieh said the signed-not-open pipeline reached USD 131 million of a USD 140 million total opportunity, that store openings were 62% complete against a year-end target of 60%, and that the leasing initiative was 91% complete.

Targets and Pipeline Named by Management

The company puts gross Revenue from new store leases at about USD 131 million at its share, above the revenue generated in 2024 from prior uses of the same spaces. The company signed about 1.2 million square feet of leases on a comparable center basis, including a 16.9% year-over-year increase in new-store leased square footage.

Management also said it is under contract on its next off-market mall acquisition, subject to customary closing conditions, scheduled to close by year end, after buying two malls in the past year.

The Quarter in Detail

Total revenues were USD 260.07 million, made up of USD 239.93 million of leasing revenue, USD 13.26 million of other income and USD 6.87 million from the management companies. Total expenses were USD 297.85 million, including a USD 10.37 million loss on extinguishment of debt, and interest expense was USD 66.76 million against USD 72.7 million.

The net loss attributable to the company was USD 16.7 million, or USD 0.06 per share, against USD 87.4 million, or USD 0.34. The company tied the change mainly to a gain on sale of Assets in the quarter, USD 14.71 million, against a loss of USD 72.63 million a year earlier. FFO was USD 0.29 per diluted share against USD 0.33, and FFO, as adjusted, was USD 0.37 against USD 0.36.

Portfolio and Balance Sheet Activity

Go-Forward Portfolio Centers NOI, excluding Lease termination income, increased 4.7%, and their leased occupancy was 96.1%. Portfolio tenant sales per square foot for spaces under 10,000 square feet were USD 943 for the twelve months ended September 30, against USD 867 a year earlier. Leased portfolio occupancy was 94.9% against 93.4% a year earlier.

In August the company closed USD 775 million of 2.25% exchangeable senior notes due 2031, with an initial exchange price of USD 28.19 per share, and used part of the proceeds in September to repay the USD 370 million Green Acres Mall mortgage, which carried an effective rate of 6.6%. It sold Pacific View for USD 69.7 million, including assumption of the Loan by the buyer.

After quarter end, the USD 74.4 million loan at Fashion Outlets of Niagara Falls went into default on October 6, and the USD 325.0 million loan at Fresno Fashion Fair went into default on November 2; the company is negotiating with the lenders on both. It also closed a USD 550 million Acquisition revolving Credit Facility with a three-year term, with no amounts outstanding and about USD 260 million available. Liquidity stood at about USD 2.2 billion, including USD 900 million available on the main revolver and USD 372 million of unsettled forward equity.

Quarter in Numbers

Revenue of USD 260.07 million sits alongside FFO, as adjusted, of USD 109.1 million, leased occupancy of 94.9% and liquidity of about USD 2.2 billion.

Management named a quarterly Dividend of USD 0.17 per share payable December 28, 2026 to holders of record on December 14. It also named the year-end target of 60% store openings completion, the next mall acquisition scheduled to close by year end and ongoing lender negotiations on the Niagara Falls and Fresno loans.