The Macerich Company — Q3 2026 Earnings Summary

Financial Performance:

• Net loss attributable to the Company for the three months ended September 30, 2026, was $16.7 million ($0.06 per share-diluted), compared to a net loss of $87.4 million ($0.34 per share-diluted) for the same period in 2025.
• Net loss attributable to the Company for the nine months ended September 30, 2026, was $80.2 million ($0.30 per share-diluted), compared to a net loss of $178.4 million ($0.71 per share-diluted) for the same period in 2025.
• Adjusted Funds from Operations (FFO) for the three months ended September 30, 2026, was $109.1 million ($0.37 per share-diluted), an increase from $96.2 million ($0.36 per share-diluted) in the prior year quarter.
• Adjusted FFO for the nine months ended September 30, 2026, was $301.9 million ($1.06 per share-diluted), up from $274.6 million ($1.04 per share-diluted) in the prior year period.
• Total revenues for the three months ended September 30, 2026, were $260.1 million, compared to $253.3 million in the prior year quarter.
• Total revenues for the nine months ended September 30, 2026, were $751.3 million, compared to $752.3 million in the prior year period.
• 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.
• Go-Forward Portfolio Centers NOI, excluding lease termination income, increased 3.3% for the nine months ended September 30, 2026, compared to the same period in 2025.
• Portfolio tenant sales per square foot for spaces under 10,000 square feet for the twelve months ended September 30, 2026, were $943, up from $867 for the twelve months ended September 30, 2025.
• Adjusted EBITDA for the three months ended September 30, 2026, was $183.1 million, compared to $180.9 million in the prior year quarter.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $514.0 million, compared to $531.2 million in the prior year period.
• Net Debt to Adjusted EBITDA (as further modified) was 7.33x as of September 30, 2026.
• Net Debt to Adjusted EBITDA (Pro Forma) was 6.85x as of September 30, 2026.
• Total portfolio debt, including joint ventures at pro rata, was $6.66 billion as of September 30, 2026, compared to $6.59 billion as of December 31, 2025.
• Equity market capitalization was $6.61 billion as of September 30, 2026, compared to $4.96 billion as of December 31, 2025.
• Debt as a percentage of total market capitalization was 50.2% as of September 30, 2026, down from 57.1% as of December 31, 2025.

Guidance and Future Outlook:

• The new store leasing pipeline is expected to produce total gross revenue of approximately $131 million at the Company's share, exceeding revenue generated in 2024 from prior uses in those spaces.
• The new store leasing pipeline represents a cumulative and incremental estimate including open stores, signed-not-open leases, and leases in documentation commencing from 2024 through 2028.
• The leasing speedometer is at 91%, and store openings completion is at 62%, ahead of the 60% year-end target.
• The Company anticipates closing an off-market mall acquisition by year-end, subject to customary closing conditions.
• The acquisition revolving credit facility has a three-year term and allows borrowing up to $550 million based on eligible collateral.
• Development and redevelopment projects include FlatIron Crossing (expected opening 2027/2029), Green Acres Mall (expected opening 2026/2027), and Scottsdale Fashion Square (phased opening 2024-2027).

Business Segments and Product Lines:

• The portfolio consists of approximately 39 million square feet of real estate, including interests in 36 regional retail centers and one community/power shopping center.
• During the third quarter of 2026, the Company signed approximately 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.
• Go-Forward Portfolio Centers leased occupancy was 96.1% as of September 30, 2026, up from 94.3% in the prior year quarter.
• Consolidated portfolio occupancy was 94.1% as of September 30, 2026, compared to 92.4% in the prior year quarter.
• Average base rent per square foot for the consolidated portfolio was $67.14 as of September 30, 2026, compared to $67.24 in the prior year quarter.
• The Company acquired Annapolis Mall in April 2026 for $272.0 million and Crabtree Mall in June 2025 for $290.0 million.
• The Company sold Pacific View for $69.7 million in September 2026, including the assumption of the $69.7 million loan by the buyer.
• Land sales totaling approximately $3.9 million were completed during the third quarter of 2026.

Market and Competitive Landscape:

• The portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.
• California accounts for 21.5% of Go-Forward Portfolio Centers pro rata Real Estate NOI, followed by Arizona at 21.2% and New York at 16.9%.
• Anchor tenant openings such as DICK'S House of Sport at Freehold Raceway Mall, Annapolis Mall, and Crabtree Mall have driven high-single-digit to mid-double-digit traffic increases.
• New anchors like Level 99 at Tysons Corner Center and Seafood City at Chandler Fashion Center have also driven comparable traffic increases.
• The acquisition pipeline remains robust with both on- and off-market opportunities in strong trade areas.

Risks and Challenges:

• The $74.4 million loan at Fashion Outlets of Niagara Falls is in default as of October 6, 2026, with the Company in negotiations with the lender.
• The $325.0 million loan at Fresno Fashion Fair is in default as of November 2, 2026, with the Company in negotiations with the lender.
• Santa Monica Place is under the control of a court-appointed receiver since March 18, 2025, and the Company has excluded its FFO impact from all periods presented.
• Default interest expense has been accrued on non-recourse loans at Santa Monica Place, South Plains Mall, and Twenty Ninth Street.
• The Company faces risks related to elevated interest rates, inflation, supply chain disruptions, construction delays, and potential tenant bankruptcies or closures.

Management Commentary and Tone:

• Jack Hsieh, President and CEO, stated that third-quarter results demonstrate the positive impact of new store openings, with results beginning to meaningfully show up in foot traffic, sales, and NOI.
• Management highlighted that the "elevate and transform" strategy is driving NOI and occupancy in centers where the tenant mix has been elevated.
• Management expressed confidence in the execution of multiple growth engines including leasing, redevelopment, repositioning, and selective acquisitions.
• The tone indicates a focus on transforming assets and generating demand tension for the next round of leases through anchor openings planned through 2028.

Other Key Points:

• In August 2026, the Company closed an offering of $775 million aggregate principal amount of 2.25% exchangeable senior notes due 2031, which was upsized to include an additional $100 million.
• Proceeds from the exchangeable notes offering were used to repay the $370 million mortgage loan on Green Acres Mall, which had a 6.6% effective interest rate and a January 2028 maturity.
• On November 2, 2026, the Company announced a quarterly cash dividend of $0.17 per share, payable on December 28, 2026.
• As of the filing date, the Company had approximately $2.2 billion of liquidity, including $900 million available on its revolving credit facility and $260 million available on its acquisition revolving credit facility.
• The Company entered into a capped call transaction with a cap price of approximately $34.06 per share in connection with the exchangeable notes offering.
• The Company closed on a $550 million acquisition revolving credit facility subsequent to the quarter end, with approximately $260 million available to be borrowed based on eligible collateral.
• The Company held a forward public offering of 16.1 million shares in June 2026, which will be settled at a future date.