GET DAILY SIGNALSMacerich (MAC) Delivers Modest FFO Growth and Sharply Narrower Q3 Loss
Key Takeaways
- Macerich reported funds from operations (FFO, a key profitability measure for real estate investment trusts) as adjusted of $0.37 per diluted share for the third quarter of 2026, up from $0.36 a year earlier.
- Total revenues rose to $260.1 million from $253.3 million in the prior-year period, reflecting continued demand for space across its regional shopping centers.
- The company's net loss narrowed sharply to $16.7 million ($0.06 per diluted share) from $87.4 million ($0.34 per diluted share) a year ago, helped by a gain on asset sales.
- Interest expense declined to $66.8 million from $72.7 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased to $183.1 million.
- New store leases signed during the quarter are expected to generate roughly $131 million in total gross revenue at the company's share, signaling a healthy leasing pipeline.
Why These Results Matter for Retail REIT Investors
As a fully integrated, self-managed real estate investment trust (REIT), Macerich owns and operates roughly 39 million square feet of high-quality retail real estate, concentrated in densely populated U.S. markets. Because investors value REITs primarily on recurring cash flow rather than accounting earnings, FFO is the metric that matters most, and Macerich's third-quarter update offers a direct read on the health of regional mall demand. The report also arrives at a pivotal moment for the broader retail real estate sector, where sustained leasing activity, moderating interest costs, and deleveraging progress are being closely watched by shareholders. From what I see, these metrics help paint a clearer picture of operational stability.
Breaking Down the Quarter's Numbers
For the third quarter ended September 30, 2026, Macerich posted FFO, as adjusted, of $109.1 million, or $0.37 per diluted share, compared with $96.2 million, or $0.36 per diluted share, in the same period a year earlier. This came in at or slightly above consensus estimates, which generally ranged from $0.36 to $0.37 per share heading into the release. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Total revenues reached $260.1 million, up from $253.3 million in the prior-year quarter and ahead of the roughly $251 million to $256 million consensus range. On a GAAP (Generally Accepted Accounting Principles) basis, the company's net loss narrowed to $16.7 million, or $0.06 per diluted share, from $87.4 million, or $0.34 per diluted share, a year ago, aided by a $14.7 million gain on asset sales versus a $72.6 million loss in the year-ago period.
Interest expense fell to $66.8 million from $72.7 million, and adjusted EBITDA improved to $183.1 million from $180.9 million. The company's net debt to adjusted EBITDA (a leverage ratio) stood at 7.33x at quarter end, with total portfolio debt of about $6.66 billion.
Investor Reaction and Broader Sentiment
Macerich's narrower loss, higher revenues, and in-line-to-better FFO gave investors several constructive signals heading into the release. The company's strong leasing commentary, with new store leases expected to produce roughly $131 million in total gross revenue, reinforced the view that demand for well-located retail space remains resilient. Lower interest expense and a reduced net loss also supported the narrative of gradual deleveraging. Still, sentiment around mall REITs remains sensitive to broader concerns about consumer spending, financing costs, and portfolio leverage, all of which will continue to shape how the market interprets these results in the sessions ahead.
What to Watch Going Forward
Looking ahead, investors should monitor Macerich's progress on its leasing pipeline. The company noted that its "leasing speedometer" stands at 91% and store openings completion at 62%, suggesting a healthy runway of signed but not-yet-open tenants that should convert into revenue over time. The quality and pace of this conversion will be a key driver of future FFO growth.
Balance-sheet management also remains central. While interest expense declined in the quarter, Macerich's leverage metrics are still elevated, and the path of borrowing costs and any additional asset sales or refinancing activity will be important to watch. Progress in lowering net debt to adjusted EBITDA would be a notable positive signal for the company's financial flexibility.
Finally, broader industry conditions matter. Consumer spending trends, retailer health, and foot traffic at regional malls will influence tenant demand and renewal economics. As one of the largest mall operators in the United States, Macerich's results and commentary offer a useful gauge of these underlying dynamics heading into the holiday shopping season.
Using AI Tools in My REIT Research
I often turn to Tickeron’s AI Screener when evaluating retail REITs like Macerich. It lets me quickly filter for sector trends, technical patterns, and performance metrics that complement traditional earnings analysis. This approach helps surface comparable ideas without spending hours on manual screening, and it has become a regular part of how I cross-check company-specific data.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
Momentum Indicator for MAC turns positive, indicating new upward trend
MAC saw its Momentum Indicator move above the 0 level on October 20, 2026. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 91 similar instances where the indicator turned positive. In 63 of the 91 cases, the stock moved higher in the following days. The odds of a move higher are at 69%.
Technical Analysis (Indicators)
Bullish Trend Analysis
MAC moved above its 50-day moving average on October 20, 2026 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for MAC crossed bullishly above the 50-day moving average on October 26, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 7 of 13 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 54%.
Following a +2.06% 3-day Advance, the price is estimated to grow further. Considering data from situations where MAC advanced for three days, in 216 of 312 cases, the price rose further within the following month. The odds of a continued upward trend are 69%.
Bearish Trend Analysis
The RSI Oscillator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 10 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where MAC declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 69%.
MAC broke above its upper Bollinger Band on November 04, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for MAC entered a downward trend on October 14, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron Price Growth Rating for this company is 41 (best 1 - 100 worst), indicating steady price growth. MAC’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is 43 (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 44 (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 58, placing this stock slightly better than average.
The Tickeron Seasonality Score of 50 (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Valuation Rating of 57 (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.598) is normal, around the industry mean (2.780). MAC has a moderately low P/E Ratio (-39.242) as compared to the industry average of (35.742). Projected Growth (PEG Ratio) (0.060) is also within normal values, averaging (12.808). Dividend Yield (0.026) settles around the average of (269.113) among similar stocks. P/S Ratio (5.807) is also within normal values, averaging (6.739).
The Tickeron SMR rating for this company is 92 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
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a real estate investment trust
Industry RealEstateInvestmentTrusts
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