10-Q · May 7, 2026
The Macerich Company reported Q1 2026 earnings with revenues of $241.54 million and an EPS of $0.34, surpassing expectations of $231 million and $0.31. However, management raised concerns about continuing external…
Earnings analysis · 10-Q
MAC earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Macerich delivered improving operating performance in Q3 2026, with revenue of $260.1 million, EPS of $0.37, 4.7% growth in comparable Go-Forward Portfolio NOI excluding lease termination income, and occupancy of 94.9%.…
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Macerich delivered improving operating performance in Q3 2026, with revenue of $260.1 million, EPS of $0.37, 4.7% growth in comparable Go-Forward Portfolio NOI excluding lease termination income, and occupancy of 94.9%. Adjusted diluted FFO rose 13.4% year over year to $109.1 million, supported by stronger leasing and tenant sales. However, the balance sheet remains highly leveraged at $6.66 billion of total indebtedness, with three mortgage defaults totaling $475.9 million at or shortly after quarter-end and substantial redevelopment spending ahead. The filing provided no numeric revenue or EPS guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.37
What stood out
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Revenue beat and improved sequentially
Q3 revenue was $260.1 million, up approximately 4.0% from $250.0 million in Q2 2026 and approximately 2.8% from $253 million in Q3 2025. Revenue exceeded the $250.0 million consensus estimate by approximately $10.1 million.
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EPS turned positive
Reported EPS was $0.37 versus $(0.10) in Q2 2026 and $(0.34) in Q3 2025, reflecting substantial sequential and year-over-year improvement and a 2.8% beat versus the $0.36 consensus estimate.
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Core operating momentum continued
Go-Forward Portfolio NOI increased 3.8% year over year to $193.4 million in Q3, while NOI excluding lease termination income increased 4.7% to $193.0 million. Leased occupancy rose to 94.9% from 93.4% a year earlier and 94.0% sequentially.
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Tenant sales and occupancy improved
Comparable tenant sales for spaces under 10,000 square feet increased 3.2% year over year in Q3 and 3.5% for the trailing twelve months. Portfolio sales per square foot rose to $943 from $867.
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Adjusted FFO growth
Adjusted diluted FFO increased 13.4% year over year to $109.1 million from $96.2 million in Q3; nine-month adjusted FFO increased 9.9% to $301.9 million from $274.6 million.
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Liquidity supports acquisitions
Liquidity included $560.8 million of cash and cash equivalents and $899.5 million of availability under the existing revolving credit facility at September 30, 2026. A new $550.0 million acquisition facility closed on November 3, with approximately $260 million initially available.
What to watch
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Elevated leverage and refinancing risk
Total outstanding loan indebtedness was $6.66 billion at September 30, 2026, including $5.17 billion of consolidated debt and $1.53 billion of pro rata joint-venture debt. Management also expects higher interest expense when below-market-rate loans are refinanced or extended.
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Multiple mortgage defaults
The $76.5 million Twenty Ninth Street loan was in default, while the $74.4 million Fashion Outlets of Niagara Falls USA loan and $325.0 million Fresno Fashion Fair loan entered default after quarter-end. The Company is negotiating with the respective lenders.
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Santa Monica Place exposure
The Company remains the owner of record of Santa Monica Place after defaulting on its $300.0 million non-recourse loan and transferring the property to a receiver in the first quarter of 2025. A $91.0 million impairment was recognized at the property in 2025.
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Cash generation pressured by investment
Operating cash flow decreased $17.7 million year over year for the first nine months, while cash used in investing increased $146.1 million. Capital expenditures at consolidated and unconsolidated centers totaled $564.9 million, including $193.8 million for development, redevelopment, expansions and renovations.
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Large forward capital commitments
Management expects $275.0-$325.0 million of development, redevelopment, expansion and renovation spending over the next twelve months, in addition to $75.0-$100.0 million of tenant allowances and deferred leasing charges. Projects may be paused if they are no longer economically viable.
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Tenant credit and macro headwinds
Year-to-date 2026 tenant bankruptcies totaled 6 filings involving 21 leases, approximately 208,000 square feet and $5.0 million of annual leasing revenue at the Company’s share; management also cited tariffs, inflation and elevated interest rates as continuing headwinds.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects positive cash flow after recurring operating and leasing capital expenditures and dividends during 2026, and anticipates $75.0-$100.0 million of tenant allowances and deferred leasing charges plus $275.0-$325.0 million of development, redevelopment, expansion and renovation spending over the next twelve months.
Earlier filings 4
10-K · February 20, 2026
Macerich continues executing its multi-year 'Path Forward Plan' to deleverage and refocus its portfolio while selectively investing in redevelopment projects and opportunistic acquisitions. During 2025 the company…
10-K · February 28, 2025
Macerich (MAC) is executing a multi-year 'Path Forward Plan' focused on deleveraging, selective asset consolidation and targeted redevelopment while using equity offerings and asset sales to improve liquidity. In 2024…
10-Q · August 8, 2024
Macerich reported Q2 2024 total revenues of $215,521,000 (up from $212,374,000 in Q2 2023) and a GAAP net income attributable to the Company of $252,007,000. The quarter was driven by a large gain on sale/write down of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.