Macerich Co (MAC) · Nov 4, 2026 · Earnings
Beat — Adjusted FFO $0.37/share vs ~$0.36 consensus
Macerich’s Q3 earnings beat expectations on stronger mall NOI and occupancy, but two loan defaults expose ongoing balance-sheet strain.
Macerich is rebuilding a challenged regional-mall portfolio through tenant upgrades, redevelopment and selective acquisitions; the operating turnaround is becoming more visible, but leverage remains the constraint. The Q3 release modestly exceeded the published FFO and revenue benchmarks, while also revealing fresh loan stress after quarter-end. The published Q3 consensus was about $0.36 of adjusted FFO per share and $251.3 million of revenue.
Core mall operations are tracking ahead of the prior story. Adjusted FFO per share rose to $0.37 from $0.36 a year ago, while go-forward NOI excluding lease termination income increased 4.7%; that is the clearest evidence that the leasing and tenant-repositioning program is converting into property-level earnings. The company said, “Go-Forward Portfolio Centers net operating income (“NOI”), excluding lease termination income, increased 4.7% in the third quarter of 2026 compared to the third quarter of 2025.” 〔0〕
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Adjusted FFO/share (Financial Highlights) | $0.37 | $0.36 | ~$0.36 |
| Revenue (Financial Highlights) | $260.1M | $253.3M | ~$251.3M |
| Go-forward NOI, ex. lease terminations (Financial Highlights) | $193.0M | $184.4M | |
| Go-forward NOI growth (Financial Highlights) | 4.7% | 3.3% | |
| Portfolio occupancy (Operational Data) | 94.9% | 93.4% | |
| Net debt / adjusted EBITDA (Net Debt to Adjusted EBITDA) | 7.33x |
The leasing engine is producing tangible demand, not just promises. Portfolio occupancy improved to 94.9% from 93.4%, go-forward occupancy reached 96.1%, and tenant sales per square foot increased to $943 from $867. The signed-not-open pipeline also reached $131 million of the company’s stated $140 million opportunity. 〔1〕
The balance sheet remains the offsetting problem. Macerich raised $775 million through exchangeable notes and reported roughly $2.2 billion of liquidity, but two loans entered default after quarter-end: $74.4 million at Fashion Outlets of Niagara Falls on October 6, 2026, and $325 million at Fresno Fashion Fair on November 2, 2026. The reported 7.33x net-debt-to-adjusted-EBITDA ratio is still well above the company’s longer-term low-to-mid-6x deleveraging objective.
Bottom line: This was a genuine operating beat and supports the thesis that Macerich’s mall makeover is working. But the new defaults mean the business is improving faster operationally than financially, leaving the overall signal mixed rather than decisively positive.
Year-end closing of the contracted off-market mall acquisition
A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.
A buy-side analyst on every ticker — the whole market decoded the second it moves, before it's a headline. Free gives you a taste. Pro takes the cap off and opens the full read on every company.
by Signing in NOW, claim your FREE 14-day Pro trial!