Macerich's Go-Forward NOI Growth Accelerates

The Tip Desk · November 10, 2026 · 4 min read

Adjusted FFO was $109.1 million, or $0.37 a share, as Go-Forward NOI excluding lease termination income rose 4.7%.

The Macerich Company (MAC) reported that Go-Forward Portfolio Centers net operating income, excluding lease termination income, rose 4.7% in the third quarter of 2026 from a year earlier, after 3.8% growth in the second quarter and 1.2% in the first.

The regional retail REIT said the acceleration continued the pattern it had described as new-store openings and the elevate-and-transform leasing initiative moved from pipeline into occupied space. President and Chief Executive Officer Jack Hsieh said the leasing initiative was largely completed and that results were beginning to show in foot traffic, sales and NOI.

Adjusted FFO was $109.1 million, or $0.37 a share, in the third quarter, compared with $100.4 million, or $0.35 a share, in the second quarter. The net loss attributable to the company was $16.7 million, or $0.06 a share, compared with $87.4 million, or $0.34 a share, a year earlier. The company said the year-over-year change was primarily due to recognizing a gain on sale of assets in the third quarter of 2026. Total revenues were $260.1 million, including leasing revenue of $239.9 million, other income of $13.3 million and Management Companies’ revenues of $6.9 million. Interest expense was $66.8 million, down from $72.7 million a year earlier, and the company recorded a $10.4 million loss on extinguishment of debt.

NOI for all centers was $209.8 million. NOI for Go-Forward Portfolio Centers was $193.4 million, or $193.0 million excluding lease termination income. Adjusted EBITDA was $183.1 million.

Leased portfolio occupancy was 94.9% at September 30, 2026, up 0.9% from 94.0% at June 30, 2026. Go-Forward leased occupancy was 96.1%. Twelve-month tenant sales per square foot for spaces under 10,000 square feet were $943, up from $919 for the twelve months ended June 30, 2026; Go-Forward sales per square foot were $972.

The company signed about 1.2 million square feet of leases on a comparable-center basis in the third quarter, including a 16.9% year-over-year increase in new-store leased square footage, after a 1.0% year-over-year increase in new-store leased square footage in the second quarter. The new-store leasing pipeline is expected to produce about $131 million of gross revenue at the company’s share in excess of 2024 revenue from prior uses, up from about $124 million reported after the second quarter. Hsieh said the signed-not-open pipeline had reached $131 million of a $140 million total opportunity, with a leasing speedometer at 91% and store-openings completion at 62%, ahead of a 60% year-end target.

Hsieh said Freehold Raceway Mall, Annapolis Mall and Crabtree Mall were seeing high-single-digit to mid-double-digit traffic increases since DICK’S House of Sport opened, and that comparable increases had come from Level 99 at Tysons Corner Center and Seafood City at Chandler Fashion Center. The company said those anchor openings and others planned through 2028 are catalysts it expects will drive incremental foot traffic and sales for inline tenants.

In August the company closed an upsized $775 million offering of 2.25% exchangeable senior notes due 2031, including full exercise of an additional $100 million option. It used a portion of the proceeds to repay the $370 million Green Acres Mall mortgage, which had a 6.6% effective interest rate and a January 2028 maturity. In September it closed the sale of Pacific View for $69.7 million, including the buyer’s assumption of a $69.7 million loan maturing in May 2032, and completed about $3.9 million of land sales.

Subsequent to quarter end, the $74.4 million loan at Fashion Outlets of Niagara Falls and the $325.0 million loan at Fresno Fashion Fair were in default; the company said it was in negotiations with the lenders. It also closed a $550 million acquisition revolving credit facility, with about $260 million available at closing and a three-year term at SOFR plus 200 basis points. As of the filing date, liquidity was about $2.2 billion, including $900 million of revolving capacity, $260 million of acquisition-facility capacity and $372 million of unsettled forward equity.

The company said it was under contract on an off-market mall acquisition expected to close by year-end, subject to customary closing conditions, after acquiring two malls in the past year. On November 2, 2026, it announced a quarterly cash dividend of $0.17 a share, payable December 28, 2026.