Earnings Releases·Nov 4, 2026, 4:15 PM ET

The Macerich Company — Q3 2026 Earnings Summary

**Financial Performance:** Net loss narrowed significantly to $16.7 million ($0.06/share) in Q3 2026 from $87.4 million ($0.34/share) in Q3 2025, while Adjusted FFO rose to $109.1 million ($0.37/share) from $96.2 million ($0.36/share); Q3 revenues increased 2.7% to $260.1 million, and Go-Forward Portfolio NOI grew 4.7% year-over-year.
**Strategic Execution & Capital Markets:** The company closed a $775 million exchangeable notes offering to repay a $370 million mortgage, announced a $0.17 quarterly dividend, and reported equity market capitalization growth to $6.61 billion from $4.96 billion at year-end 2025.
**Acquisition & Development Outlook:** Management anticipates closing an off-market mall acquisition by year-end, with a leasing speedometer at 91% and store openings at 62%, ahead of the 60% year-end target; new store leasing pipeline projects $131 million in gross revenue through 2028.
**Risk Factors:** Two loans totaling $399.4 million (Niagara Falls and Fresno) are in default with active lender negotiations, and Santa Monica Place remains under court-appointed receiver control, though occupancy improved to 96.1% for the Go-Forward Portfolio.