Macerich Company (The) (MAC) Earnings Date & Reports

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.
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Earnings Context and Why It Matters

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.

Reported Results

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.

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.

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Market Reaction and Investor 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.

Forward Outlook and Key Factors to Monitor

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.

Disclaimer

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