Macerich Reports Q3 2026 Results with Increased Adjusted FFO and Record Sales per Square Foot
Macerich (MAC) reported its third-quarter 2026 financial results, highlighted by a 13.4% year-over-year increase in adjusted Funds From Operations (FFO), reaching $109.1 million or $0.37 per diluted share. Despite a net loss of $16.7 million, the company achieved record sales performance with trailing 12-month sales hitting $972 per square foot. The company's 'Path Forward Plan' continues to drive operational improvements, evidenced by a 4.7% growth in Net Operating Income (NOI) and a leased occupancy rate of 96.1%. Macerich is aggressively managing its balance sheet, utilizing proceeds from a $775 million senior notes offering to retire high-cost debt, including the repayment of a $370 million mortgage on Green Acres Mall. While liquidity remains strong at $2.2 billion, management noted a lingering risk regarding a $76 million loan default related to the Twenty Ninth Street property. However, the company's leasing momentum remains robust, with 91% of its five-year deal target already completed.
Tickers: $MAC
Topics: Funds From Operations (FFO) Leasing Net Loss Occupancy Rates Store Openings