The Macerich Company delivered third quarter 2026 results that exceeded analyst expectations, driven by steady progress in its 'Path Forward' strategic plan. Total revenue of $260.1 million surpassed the $251.32 million consensus, while adjusted Funds from Operations (FFO) of $0.37 per share slightly beat the $0.36 estimate. Performance was characterized by strong leasing velocity and improved tenant productivity across core assets.
Key Highlights
- Portfolio occupancy reached 94.9%, representing a 150 basis point increase compared to the third quarter of 2025.
- Go-Forward Portfolio NOI grew 4.7% year-over-year, supported by a 16.9% increase in new-store leased square footage.
- The signed-not-open (SNO) leasing pipeline reached $131 million, capturing 94% of the identified $140 million strategic opportunity.
- Tenant sales per square foot for spaces under 10,000 square feet rose to $943, up from $867 in the prior year period.
- Subsequent to quarter-end, the company reported mortgage loan defaults totaling $399.4 million at Fashion Outlets of Niagara Falls and Fresno Fashion Fair, with lender negotiations currently underway.