US shopping centre operator Macerich recorded an increase in revenue and net operating income (NOI) in the third quarter of 2026. This development was driven by robust leasing momentum and generally favourable conditions for owners of prime brick-and-mortar retail space. Even so, the Real Estate Investment Trust (REIT) based in Santa Monica, California, still posted an attributable net loss of just over 16.73 million dollars for the quarter.
The mixed interim results fit into the company's strategic realignment. Following several years of operating losses, the REIT has been undergoing an extensive turnaround phase for around 24 months. CEO Jackson Hsieh, who has led the company since early 2024, describes this course as the "Path Forward Plan". The figures presented demonstrate that the restructuring is making tangible progress: at 16.73 million dollars, the deficit was significantly lower year on year than the loss of more than 87 million dollars in the third quarter of 2025.
Key metrics and core portfolio performance
Total revenue for the past quarter amounted to 260.06 million dollars, up from 253.26 million dollars in the prior-year period. Total net operating income improved slightly from 209.01 million dollars to 209.83 million dollars. For the so-called "Go Forward" portfolio, which comprises the core holdings of premium malls, Macerich reported NOI of 192.99 million dollars, representing an increase of 4.7 per cent compared with 184.35 million dollars in the previous year. Funds from operations (FFO) rose from 96.2 million to 109.1 million dollars.
- —Occupancy rate of the overall portfolio comprising 37 properties and around 39 million square feet stood at 94.9 per cent (up 1.5 percentage points compared with Q3 2025)
- —Occupancy level in the Go-Forward core portfolio across key markets such as California, the Pacific Northwest, Phoenix, New York and North Carolina was above 96 per cent
- —Newly concluded leases covering around 1.2 million square feet of space in the third quarter of 2026
- —16.9 per cent year-on-year increase in space occupied by new tenants
Macerich expects the newly agreed leases to generate around 131 million dollars more in gross revenue in future than the previous uses in the base year 2024. In addition, the group is continuing its portfolio streamlining strategy to focus entirely on its core portfolio and divest non-core assets. As part of this process, the trust sold the Pacific View Mall in Ventura, California, for 69.7 million dollars in September.
Portfolio adjustments and positive outlook for Christmas trading
Chief Executive Jackson Hsieh made clear during the analyst conference call that the company was by no means relying on a single growth lever for its recovery. Alongside disposals, the group is also preparing acquisitions and announced that the purchase of another shopping centre was already under contract and expected to close before the end of the year; the company provided no further details.
Doug Healey, Senior Executive Vice President of Leasing at Macerich, also highlighted during the earnings presentation the encouraging forecasts from the National Retail Federation for the upcoming year-end trading season. In its latest estimate, the trade association expects US holiday consumer spending to exceed the one trillion dollar mark for the first time, a signal that should provide further momentum to the operator of prime retail space.
