Key Highlights

  • FFO, as adjusted, totaled USD 109.1 million, or USD 0.37 a diluted share, against USD 96.2 million, or USD 0.36, in the year-earlier quarter.
  • The net loss attributable to the company contracted to USD 16.7 million, or USD 0.06 a share, from USD 87.4 million, or USD 0.34, with asset sale gains providing support.
  • Net Operating Income from Go-Forward Portfolio Centers, leaving out Lease termination income, increased 4.7%, while leased occupancy in those centers hit 96.1%.
  • Loans of USD 74.4 million on Fashion Outlets of Niagara Falls and USD 325.0 million on Fresno Fashion Fair went into default after the quarter closed.

FFO Inches Higher as Asset Sale Gains Narrow the Net Loss

Macerich (NYSE:MAC) released third-quarter results on November 4, 2026. FFO, as adjusted, which is a real estate Earnings gauge that adds back Depreciation and certain items, reached USD 109.1 million, or USD 0.37 a share, up from USD 0.36. The GAAP net loss attributable to shareholders totaled USD 16.7 million, or USD 0.06 a share. Management credits the improvement from the USD 87.4 million loss mainly to a gain on asset sales. The company holds roughly 39 million square feet, mostly interests in 36 regional retail centers plus one community center, clustered in California, the Pacific Northwest, Phoenix and Scottsdale, and along the New York to Washington corridor.

Anchor Openings Lift Occupancy, Tenant Sales and Leasing

Leased occupancy reached 94.9%, up from 93.4% a year earlier and 94.0% at June 30, 2026. Tenant sales per square foot in spaces under 10,000 square feet came to USD 943 over the twelve months to September 30, compared with USD 867. On a comparable basis, the company signed roughly 1.2 million square feet of leases, and leased square footage in new stores climbed 16.9%. The signed-but-not-yet-open pipeline stood at USD 131 million out of a USD 140 million opportunity. Management reported higher traffic at several centers following anchor openings, and it is under contract for another off-market mall purchase that should close by year-end, subject to customary conditions.

Exchangeable Notes, Defaulted Loans and the Liquidity Position

In August, Macerich (NYSE:MAC) completed a USD 775 million issue of 2.25% exchangeable senior notes due 2031, with an initial exchange price of USD 28.19 a share. Proceeds retired a USD 370 million Green Acres Mall Mortgage carrying a 6.6% effective rate, and the company sold Pacific View for USD 69.7 million. After quarter end, the USD 74.4 million Niagara Falls Loan defaulted effective October 6, and the USD 325.0 million Fresno Fashion Fair loan defaulted effective November 2. The company says it is negotiating with lenders. It also closed a USD 550 million Acquisition Credit Facility and reports about USD 2.2 billion of liquidity. A quarterly Dividend of USD 0.17 a share is payable December 28, 2026.

Where Things Stand

Potentially, yes. The operating numbers are holding, with leasing and net operating income moving up, but two defaulted mortgages totaling USD 399.4 million (calculated) could weigh on the outcome while talks continue. The extract reviewed shows no updated guidance figures. The company says it is negotiating with lenders and reports about USD 2.2 billion of liquidity. Key markers are lender talks, the next mall acquisition, store openings against the year-end target of 60% and whether leasing gains keep showing up in sales and NOI.