MACERICH CO
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
MAC$24.84-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0000912242-26-000037
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0000912242-26-000045
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 199 previous paragraphs and 218 current paragraphs.
122 unchanged; 66 reworded; 27 added; 6 removed; 5 previous and 3 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
On September 17, 2026, the Company sold Pacific View in Ventura, California for $69.7 million, which consisted solely of the buyer's assumption of the $69.7 million loan on the property. The sale resulted in a gain on sale of assets of $13.8 million.
Current report
On August 5, 2026, the Company entered into an amendment to the Company’s amended and restated credit agreement governing its $900 million revolving credit facility, which amendment modified certain provisions of the amended and restated credit agreement to, among other things, facilitate the offering of the exchangeable senior notes described below under “—Other Transactions and Events” (See “Liquidity and Capital Resources”).
Current report
On September 4, 2026, the Company repaid the outstanding $370.0 million mortgage loan on Green Acres Mall. In connection with the payoff, the Company recognized a loss on early extinguishment of debt of $10.4 million. The Company used a portion of the net proceeds from the exchangeable senior notes offering to repay the loan (See "Other Transactions and Events").
Current report
Effective October 6, 2026, the $74.4 million loan at Fashion Outlets of Niagara Falls USA is in default. The Company is in negotiations with the lender on the terms of this loan.
Current report
Effective November 2, 2026, the $325.0 million loan at Fresno Fashion Fair is in default. The Company is in negotiations with the lender on the terms of this loan.
Current report
On November 3, 2026, the Company closed on a $550 million acquisition revolving credit facility that is primarily available to finance acquisitions. The acquisition revolving credit facility has a three-year term and bears interest at a rate of SOFR plus 200 basis points. As of the closing date, there are no amounts outstanding under the facility and approximately $260 million is available to be borrowed based on the eligible collateral securing the facility. The Company anticipates future additional properties will be added to the facility borrowing base, as defined, that would allow the Company to borrow up to $550 million. The Company has the ability from time to time to increase the size of the acquisition credit facility up to an aggregate amount of $1 billion, subject to the receipt of lender commitments, the addition of properties to the facility borrowing base and other conditions. See Part II – Other Information, Item 5 for additional information.
Current report
On August 11, 2026, the Operating Partnership completed the issuance and sale of $775.0 million aggregate principal amount of its 2.25% exchangeable senior notes due 2031, which included the full exercise of the option granted to the initial purchasers to purchase an additional $100.0 million aggregate principal amount of the exchangeable senior notes. The exchangeable senior notes are fully and unconditionally guaranteed on a senior, unsecured basis, by the Company. The exchangeable senior notes bear interest at a rate of 2.25% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2027. The exchangeable senior notes will mature on August 15, 2031, unless earlier exchanged, repurchased or redeemed by the Operating Partnership. The net proceeds from the offering were approximately $757.6 million, after deducting the initial purchasers’ discounts and commissions and offering expenses. The Operating Partnership used approximately $45.0 million of the net proceeds from the offering to pay the cost of the capped call transactions described below and used a portion of the net proceeds to repay the $370.0 million mortgage loan on Green Acres Mall (See "Financing Activities"). The remainder of the net proceeds are being held in short term, interest bearing deposit accounts and will be used to refinance existing secured debt and for other general corporate purposes.
Current report
The exchangeable senior notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Operating Partnership’s option at any time, and from time to time, on or after August 20, 2029 and on or before the 41st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the exchange price on the exchangeable senior notes for a specified period of time and certain liquidity conditions are satisfied. The Operating Partnership may also redeem the exchangeable senior notes, in whole or in part (subject to certain limitations), for cash at any time, and from time to time, if the Company’s board of directors (or a committee thereof) determines such redemption is necessary to preserve the Company’s status as a real estate investment trust. In either case, the redemption price will be a cash amount equal to the principal amount of the exchangeable senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Current report
In connection with the issuance of the exchangeable senior notes, the Operating Partnership and the Company entered into capped call transactions with certain financial institutions. The capped call transactions cover, subject to customary adjustments, the number of shares of the Company’s common stock initially underlying the exchangeable senior notes. The capped call transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any exchange of exchangeable senior notes and/or offset any cash payments the Operating Partnership is required to make in excess of the principal amount of exchanged notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially approximately $34.06 per share, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire upon the maturity of the exchangeable senior notes, if not earlier exercised or terminated.
Current report
Other income increased from $10.6 million in 2025 to $13.3 million in 2026. This increase is primarily due to an increase in interest income.
Current report
Shopping center and operating expenses increased $5.3 million, or 6.7%, from 2025 to 2026. The increase in shopping center and operating expenses is attributed to increases of $5.1 million from the Same Centers and $2.6 million from the Acquisition Properties offset in part by a decrease of $2.5 million from the Disposition Properties.
Current report
Management Companies' operating expenses increased $3.3 million from 2025 to 2026 primarily due to an increase in compensation expense.
Current report
Equity in Income of Unconsolidated Joint Ventures:
Current report
Equity in income of unconsolidated joint ventures decreased $2.7 million from 2025 to 2026. The decrease in equity in income of unconsolidated joint ventures is primarily due to the $12.0 million gain recognized in 2025 from the sale of Atlas Park (See Note 4—Investments in Unconsolidated Joint Ventures in the Notes to the Consolidated Financial Statements) offset in part by income received from legal claims settlements in 2026.
Current report
Comparison of Nine Months Ended September 30, 2026 and 2025
Current report
Other income increased from $30.4 million in 2025 to $33.0 million in 2026 primarily due to an increase in interest income.
Current report
Management Companies' revenue increased 16.9% from $16.3 million in 2025 to $19.0 million in 2026 primarily due to an increase in development fees.
Current report
Shopping center and operating expenses increased $1.5 million, or 0.6%, from 2025 to 2026. The increase in shopping center and operating expenses is attributed to increases of $9.5 million from the Acquisition Properties, $3.6 million from the Same Centers and $1.3 million from Santa Monica Place offset in part by decreases of $12.9 million from the Disposition Properties.
Current report
Leasing Expenses:
Current report
Leasing expenses increased from $32.5 million in 2025 to $43.1 million in 2026 due primarily to an increase in compensation expense.
Current report
Management Companies' operating expenses increased $7.1 million from 2025 to 2026 due primarily to an increase in compensation expense.
Current report
Equity in (Loss) Income of Unconsolidated Joint Ventures:
Current report
Furthermore, the Company has filed a shelf registration statement, which registered an unspecified amount of common stock, preferred stock, depositary shares, debt securities, warrants, rights, stock purchase contracts and units that may be sold from time to time by the Company.
Current report
On August 11, 2026, the Operating Partnership completed the issuance and sale of $775.0 million aggregate principal amount of its 2.25% exchangeable senior notes due 2031, which included the full exercise of the option granted to the initial purchasers to purchase an additional $100.0 million aggregate principal amount of the exchangeable senior notes. The exchangeable senior notes are fully and unconditionally guaranteed on a senior, unsecured basis, by the Company. The exchangeable senior notes bear interest at a rate of 2.25% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2027. The exchangeable senior notes will mature on August 15, 2031, unless earlier exchanged, repurchased or redeemed by the Operating Partnership. The net proceeds from the offering were approximately $757.6 million, after deducting the initial purchasers’ discounts and commissions and offering expenses. The Operating Partnership used approximately $45.0 million of the net proceeds from the offering to pay the cost of the capped call transactions described below and used a portion of the net proceeds to repay the $370.0 million mortgage loan on Green Acres Mall. The remainder of the net proceeds are being held in short term, interest bearing deposit accounts and will be used to refinance existing secured debt and for other general corporate purposes.
Current report
The exchangeable senior notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Operating Partnership’s option at any time, and from time to time, on or after August 20, 2029 and on or before the 41st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the exchange price on the exchangeable senior notes for a specified period of time and certain liquidity conditions are satisfied. The Operating Partnership may also redeem the Notes, in whole or in part (subject to certain limitations), for cash at any time, and from time to time, if the Company’s board of directors (or a committee thereof) determines such redemption is necessary to preserve the Company’s status as a real estate investment trust. In either case, the redemption price will be a cash amount equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Current report
In connection with the issuance of the exchangeable senior notes, the Operating Partnership and the Company entered into capped call transactions with certain financial institutions. The capped call transactions cover, subject to customary adjustments, the number of shares of the Company’s common stock initially underlying the exchangeable senior notes. The capped call transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any exchange of exchangeable senior notes and/or offset any cash payments the Operating Partnership is required to make in excess of the principal amount of exchanged notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially approximately $34.06 per share, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire upon the maturity of the exchangeable senior notes, if not earlier exercised or terminated.
Current report
On November 3, 2026, the Company closed on a $550 million acquisition revolving credit facility that is primarily available to finance acquisitions. The acquisition revolving credit facility has a three-year term, and bears interest at a rate of SOFR plus 200 basis points. As of the closing date, there are no amounts outstanding under the facility and approximately $260 million is available to be borrowed based on the eligible collateral securing the facility. The Company anticipates future additional properties will be added to the facility borrowing base, as defined, that would allow the Company to borrow up to $550 million. The Company has the ability from time to time to increase the size of the acquisition credit facility up to an aggregate amount of $1 billion, subject to the receipt of lender commitments, the addition of properties to the facility borrowing base and other conditions. See Part II – Other Information, Item 5 for additional information.
Removed paragraphs (6)
Previous report
Shopping center and operating expenses decreased $1.9 million, or 2.4%, from 2025 to 2026. The decrease in shopping center and operating expenses is attributed to decreases of $4.1 million from the Disposition Properties and $1.8 million from the Same Centers offset in part by an increase of $3.8 million from the Acquisition Properties.
Previous report
Management Companies' operating expenses increased $2.1 million from 2025 to 2026 due primarily to an increase in compensation expense.
Previous report
Comparison of Six Months Ended June 30, 2026 and 2025
Previous report
Shopping center and operating expenses decreased $3.8 million, or 2.3%, from 2025 to 2026. The decrease in shopping center and operating expenses is attributed to decreases of $10.4 million from the Disposition Properties and $1.5 million from the Same Centers offset in part by increases of $6.9 million from the Acquisition Properties and $1.2 million from Santa Monica Place.
Previous report
Management Companies' operating expenses increased $3.7 million from 2025 to 2026 due primarily to an increase in compensation expense.
Previous report
Net loss decreased $29.0 million from 2025 to 2026. The decrease in net loss is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square and $6.6 million relating to the sale of the Company's ownership interest in West Acres and impairment losses in 2025 of $26.2 million recognized as a result of the reduction in the estimated holding period of certain properties along with the other variances noted above.
Reworded paragraphs (66)
Previous wording
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of June 30, 2026, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 37 regional retail centers and one community/power shopping center consist of approximately 40 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.
Current wording
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of September 30, 2026, the Operating Partnership owned or had an ownership interest in 36 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 36 regional retail centers and one community/power shopping center consist of approximately 39 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated
Previous wording
The following discussion is based primarily on the consolidated financial statements of the Company for the three and six months ended June 30, 2026 and 2025. It compares the results of operations for the three months ended June 30, 2026 to the results of operations for the three months ended June 30, 2025. It also compares the results of operations and cash flows for the six months ended June 30, 2026 to the results of operations and cash flows for the six months ended June 30, 2025.
Current wording
The following discussion is based primarily on the consolidated financial statements of the Company for the three and nine months ended September 30, 2026 and 2025. It compares the results of operations for the three months ended September 30, 2026 to the results of operations for the three months ended September 30, 2025. It also compares the results of operations and cash flows for the nine months ended September 30, 2026 to the results of operations and cash flows for the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2026, the Company sold a land parcel at Washington Square in Portland, Oregon, for $13.0 million, resulting in the Company’s share of the gain on sale of land of $10.1 million. The Company used its share of the proceeds from this sale of $12.4 million for general corporate purposes.
Current wording
For the nine months ended September 30, 2026, the Company sold various land parcels, resulting in the Company’s share of the gain on sale of land of $13.2 million. The Company used its share of the proceeds from these sales of $16.1 million to pay down debt and for other general corporate purposes.
Previous wording
The Company’s joint venture in Scottsdale Fashion Square, a 1,862,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $36.5 million of the total $73.1 million incurred by the joint venture as of June 30, 2026. The opening will be in phases which began in 2024, with anticipated completion in 2027. The majority of tenants are expected to be open in 2026, with a few remaining tenants expected to open in early 2027.
Current wording
The Company’s joint venture in Scottsdale Fashion Square, a 1,862,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $37.3 million of the total $74.6 million incurred by the joint venture as of September 30, 2026. The opening will be in phases which began in 2024, with anticipated completion in 2027. The majority of tenants are expected to be open in 2026, with a few remaining tenants expected to open in early 2027.
Previous wording
The Company is redeveloping the northeast quadrant of Green Acres Mall, a 1,895,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $67.0 million as of June 30, 2026. The majority of the tenants are expected to open in 2026 or 2027.
Current wording
The Company is redeveloping the northeast quadrant of Green Acres Mall, a 1,875,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $82.2 million as of September 30, 2026. The majority of the tenants are expected to open in 2026 or 2027.
Previous wording
The Company’s joint venture in FlatIron Crossing, a 1,392,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $45.8 million of the total $97.1 million incurred by the joint venture as of June 30, 2026. The anticipated opening will be in phases beginning in 2027.
Current wording
The Company’s joint venture in FlatIron Crossing, a 1,392,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $51.7 million of the total $113.0 million incurred by the joint venture as of September 30, 2026. The anticipated opening will be in phases beginning in 2027.
Previous wording
The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2025 and the first two quarters of 2026. On August 4, 2026, the Company announced a third quarter cash dividend of $0.17 per share of its common stock, which will be paid on September 28, 2026 to stockholders of record on September 14, 2026. The dividend amount will be reviewed by the Board on a quarterly basis.
Current wording
The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2025 and the first three quarters of 2026. On November 2, 2026, the Company announced a fourth quarter cash dividend of $0.17 per share of its common stock, which will be paid on December 28, 2026 to stockholders of record on December 14, 2026. The dividend amount will be reviewed by the Board on a quarterly basis.
Previous wording
In connection with the commencement of an “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2025, the Company sold 3.1 million shares of common stock for approximately $53.9 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.04. During the six months ended June 30, 2026, the Company sold 4.5 million shares of common stock for approximately $83.8 million of net proceeds through the 2024 ATM Program at a weighted average price of $19.21. As of June 30, 2026, the Company had approximately $288.5 million of gross sales of its common stock available under the 2024 ATM Program.
Current wording
In connection with the commencement of an “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2025, the Company sold 3.1 million shares of common stock for approximately $53.9 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.04 per share. During the nine months ended September 30, 2026, the Company sold 4.5 million shares of common stock for approximately $83.8 million of net proceeds through the 2024 ATM Program at a weighted average price of $19.21 per share. As of September 30, 2026, the Company had approximately $288.5 million of gross sales of its common stock available under the 2024 ATM Program.
Previous wording
2,100,000 shares of common stock, resulting in a total offering of 16,100,000 shares. The Company entered into additional separate forward sale agreements with each of the forward purchasers relating to these additional 2,100,000 shares. The Company did not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates. The Company expects to physically settle the forward sale agreements and receive proceeds, subject to certain adjustments, from the sale of those shares of its common stock upon one or more such physical settlements no later than June 16, 2027. Although the Company expects to settle the forward sale agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash settle or net share settle all or a portion of its obligations under the forward sale agreements, in which case, the Company may not receive any proceeds, and the Company may owe cash or shares of its common stock to the forward purchasers. The forward sale agreements provide for an initial forward price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. The forward sale agreements are subject to early termination or settlement under certain circumstances.
Current wording
On June 15, 2026, the Company entered into an underwriting agreement with certain parties in their capacities as underwriters, forward sellers and forward purchasers, as applicable, in connection with the offering of 14,000,000 shares of its common stock. The Company also entered into separate forward sale agreements with each of the forward purchasers, pursuant to which the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 14,000,000 shares of the Company’s common stock. On June 26, 2026, the underwriters exercised in full their option to purchase an additional 2,100,000 shares of common stock, resulting in a total offering of 16,100,000 shares. The Company entered into additional separate forward sale agreements with each of the forward purchasers relating to these additional 2,100,000 shares. The Company did not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates. The Company expects to physically settle the forward sale agreements and receive proceeds, subject to certain adjustments, from the sale of those shares of its common stock upon one or more such physical settlements no later than June 16, 2027. Although the Company expects to settle the forward sale agreements entirely by the physical delivery of shares of its common stock for cash proceeds, the Company may also elect to cash settle or net share settle all or a portion of its obligations under the forward sale agreements, in which case, the Company may not receive any proceeds, and the Company may owe cash or shares of its common stock to the forward purchasers. The forward sale agreements provide for an initial forward price of $23.12325 per share, subject to certain adjustments pursuant to the terms of each of the forward sale agreements. The forward sale agreements are subject to early termination or settlement under certain circumstances.
Previous wording
Most of the leases at the Centers have rent adjustments periodically throughout the lease term. These rent increases are either in fixed increments or based on using an annual multiple of increases in the Consumer Price Index. In addition, the routine expiration of leases for spaces 10,000 square feet and under each year enables the Company to replace existing leases with new leases at higher base rents if the rents of the existing leases are below the then existing market rate. The Company has generally entered into leases that require tenants to pay a stated amount for operating expenses, generally excluding property taxes, regardless of the expenses actually incurred at any Center, which places the burden of cost control on the Company. Additionally, most leases require the tenants to pay their pro rata share of property taxes and utilities. Inflation had a negative impact on the Company's costs in 2025 and is expected to have a negative impact on the Company's costs in 2026.
Current wording
Most of the leases at the Centers have rent adjustments periodically throughout the lease term. These rent increases are either in fixed increments or based on using an annual multiple of increases in the Consumer Price Index. In addition, the routine expiration of leases for spaces 10,000 square feet and under each year enables the Company to replace existing leases with new leases at higher base rents if the rents of the existing leases are below the then existing market rate. The Company has generally entered into leases that require tenants to pay a stated amount for operating expenses, generally excluding property taxes, regardless of the expenses actually incurred at any Center, which places the burden of cost control on the Company. Additionally, most leases require the tenants to pay their pro rata share of property taxes and utilities. Inflation had a negative impact on the Company's costs in 2025 and is expected to have a negative impact on the Company's costs for the remainder of 2026.
Previous wording
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including those related to the Redevelopment Properties, the Acquisition Properties, the JV Transition Centers and the Disposition Properties (each as defined below).
Current wording
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including those related to the Redevelopment Properties, the Acquisition Properties and the Disposition Properties (each as defined below).
Previous wording
For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes includes recently acquired properties ("Acquisition Properties"), those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to or from consolidated assets ("JV Transition Centers") and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all Consolidated Centers, excluding the Redevelopment Properties, the JV Transition Centers, Santa Monica Place and the Disposition Properties, for the periods of comparison. Santa Monica Place is excluded from Same Centers due to the Company's default on the non-recourse loan on April 9, 2024 and the completion of the transition of the property to a receiver during the first quarter of 2025. The Company is still the owner of record of the property.
Current wording
For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes includes recently acquired properties ("Acquisition Properties"), those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”) and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all Consolidated Centers, excluding the Redevelopment Properties, Santa Monica Place and the Disposition Properties, for the periods of comparison. Santa Monica Place is excluded from Same Centers due to the Company's default on the non-recourse loan on April 9, 2024 and the completion of the transition of the property to a receiver during the first quarter of 2025. The Company is still the owner of record of the property.
Previous wording
For the comparison of the three and six months ended June 30, 2026 to the three and six months ended June 30, 2025, the Acquisition Properties are Crabtree Mall and Annapolis Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are Wilton Mall, SouthPark Mall, Lakewood Center, Valley Mall, a former department store parcel in Petaluma, California and the outparcel sales at Los Cerritos Center in Los Cerritos, California and Washington Square in Portland, Oregon (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three and six months ended June 30, 2026 to the three and six months ended June 30, 2025, there are no Redevelopment Properties or JV Transition Centers.
Current wording
For the comparison of the three and nine months ended September 30, 2026 to the three and nine months ended September 30, 2025, the Acquisition Properties are Crabtree Mall and Annapolis Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are Pacific View, Wilton Mall, SouthPark Mall, Lakewood Center, Valley Mall, a former department store parcel in Petaluma, California and the outparcel sales at Los Cerritos Center in Los Cerritos, California and Washington Square in Portland, Oregon (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three and nine months ended September 30, 2026 to the three and nine months ended September 30, 2025, there are no Redevelopment Properties.
Previous wording
During the trailing twelve months ended June 30, 2026, comparable tenant sales for spaces less than 10,000 square feet across the portfolio increased by 3.1% relative to the same period of 2025. The leased occupancy rate of 94.0% at June 30, 2026 represented a 2.0% increase from 92.0% at June 30, 2025 and a 0.6% sequential increase compared to the 93.4% occupancy rate at March 31, 2026.
Current wording
During the trailing twelve months ended September 30, 2026, comparable tenant sales for spaces less than 10,000 square feet across the portfolio increased by 3.5% relative to the same period of 2025. The leased occupancy rate of 94.9% at September 30, 2026 represented a 1.5% increase from 93.4% at September 30, 2025 and a 0.9% sequential increase compared to the 94.0% occupancy rate at June 30, 2026.
Previous wording
As of June 30, 2026, the Company has executed renewal leases or commitments on 93% of its square footage expiring in 2026, that is anticipated to renew, which leases are expected to commence throughout 2026 and 2027 and another 6% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2026, which represent approximately 23,000 square feet of the Centers, are in the prospecting stage.
Current wording
As of September 30, 2026, the Company has executed renewal leases or commitments on 98% of its square footage expiring in 2026, that is anticipated to renew, which leases are expected to commence throughout 2026 and 2027 and the remaining 2% of such expiring space is in the letter of intent stage. There is no additional square footage in the prospecting stage in 2026, as the Company is now focused on 2027 expirations.
Previous wording
The Company has entered into 172 leases for new stores totaling approximately 1.1 million square feet that have opened or are planned for opening in 2026, and another 80 leases for new stores totaling approximately 1.7 million square feet opening after 2026. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $124 million (at the Company’s pro rata share) in excess of the revenue generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental estimate and includes open stores, leases signed not yet open, and leases in documentation that will or have commenced from 2024 through 2028. While there may be additional new space openings in 2026, any such leases are not yet executed.
Current wording
The Company has entered into 344 leases for new stores totaling approximately 1.7 million square feet that have opened or are planned for opening in 2026, and another 147 leases for new stores totaling approximately 1.8 million square feet opening after 2026. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $131 million (at the Company’s pro rata share) in excess of the revenue generated in 2024 from prior uses in those same spaces. This new store leasing pipeline represents a cumulative and incremental estimate and includes open stores, leases signed not yet open, and leases in documentation that will or have commenced from 2024 through 2028. While there may be additional new space openings in 2026, any such leases are not yet executed.
Previous wording
During the quarter ended June 30, 2026, the Company signed 108 new leases and 119 renewal leases comprising approximately 1.3 million square feet of GLA. The average tenant allowance was $49.21 per square foot.
Current wording
During the quarter ended September 30, 2026, the Company signed 85 new leases and 133 renewal leases comprising approximately 1.2 million square feet of GLA. The average tenant allowance was $29.95 per square foot.
Previous wording
Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2025 and the first half of 2026, operating results in 2026 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's, and resulting store closures, and any future tenant bankruptcies.
Current wording
Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2025 and the first three quarters of 2026, operating results in 2026 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's, and resulting store closures, and any future tenant bankruptcies.
Previous wording
Traffic levels at the Company’s Centers for the first half of 2026 were flat compared to 2025 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2026 were $919 compared to $849 for the trailing twelve months ended June 30, 2025. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended June 30, 2026 increased by 3.2% compared to the same period in 2025.
Current wording
Traffic levels at the Company’s Centers for the first three quarters of 2026 increased 1.0% compared to 2025 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended September 30, 2026 were $943 compared to $867 for the trailing twelve months ended September 30, 2025. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended September 30, 2026 increased by 3.2% compared to the same period in 2025.
Previous wording
During the first half of 2026, the Company signed 496 leases for approximately 2.9 million square feet, compared to 625 leases and 4.2 million square feet leased during the same period in 2025. New deal square footage is up 276,000 square feet or 29% compared to the same prior-year period.
Current wording
During the first three quarters of 2026, the Company signed 717 leases for approximately 4.2 million square feet, compared to 890 leases and 5.7 million square feet leased during the same period in 2025. New deal square footage is up 477,000 square feet or 31% compared to the same prior-year period.
Previous wording
The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended June 30, 2026, the Company signed leases for new stores with new-to-Macerich portfolio uses for 252,000 square feet, with another 291,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.
Current wording
The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended September 30, 2026, the Company signed leases for new stores with new-to-Macerich portfolio uses for 109,000 square feet, with another 283,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.
Previous wording
As of June 30, 2026, the leased occupancy rate was 94.0%, a 2.0% increase compared to the leased occupancy rate at June 30, 2025 of 92.0% and a 0.6% sequential increase compared to the 93.4% occupancy rate at March 31, 2026.
Current wording
As of September 30, 2026, the leased occupancy rate was 94.9%, a 1.5% increase compared to the leased occupancy rate at September 30, 2025 of 93.4% and a 0.9% sequential increase compared to the 94.0% occupancy rate at June 30, 2026.
Previous wording
Many of the Company’s leases contain co-tenancy clauses. Certain Anchor or small tenant closures have become vacant, and co-tenancy clauses within certain leases may be triggered as a result. The Company does not anticipate that the negative impact of such clauses on lease revenue will be significant.
Current wording
Many of the Company’s leases contain co-tenancy clauses. Certain Anchor or small tenant spaces have become vacant following store closures, and co-tenancy clauses within certain leases may be triggered as a result. The Company does not anticipate that the negative impact of such clauses on lease revenue will be significant.
Previous wording
The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2025, there were eight bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 67 leases and representing approximately 873,000 square feet of leased space and approximately $12.9 million of annual leasing revenue at the Company’s share. Year-to-date 2026, there were four bankruptcy filings involving the Company’s tenants, including Saks Global LLC, totaling 18 leases and representing approximately 184,000 square feet of leased space and approximately $3.9 million of annual leasing revenue at the Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2026 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.
Current wording
The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2025, there were eight bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 67 leases and representing approximately 873,000 square feet of leased space and approximately $12.9 million of annual leasing revenue at the Company’s share. Year-to-date 2026, there were six bankruptcy filings involving the Company’s tenants, including Saks Global LLC, totaling 21 leases and representing approximately 208,000 square feet of leased space and approximately $5.0 million of annual leasing revenue at the Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2026 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.
Previous wording
The Company continues to actively address its near-term, non-recourse loan maturities, with five completed transactions from the beginning of 2025 through the date of this Quarterly Report on Form 10-Q, totaling approximately $954.7 million, or approximately $829.5 million at the Company’s pro rata share. For additional information on the Company’s financing transactions in the year ended 2025 through the date of this Quarterly Report on Form 10-Q, see “Financing Activities” in Management’s Overview and Summary.
Current wording
The Company continues to actively address its near-term, non-recourse loan maturities, with five completed transactions from the beginning of 2025 through the date of this Quarterly Report on Form 10-Q, totaling approximately $954.7 million, or approximately $829.5 million at the Company’s pro rata share. For additional information on the Company’s financing transactions, see “Financing Activities” in Management’s Overview and Summary.
Previous wording
On April 9, 2024, the Company defaulted on the $300.0 million non-recourse loan on Santa Monica Place and during the first quarter of 2025, completed the transition of the property to a receiver. The Company is still the owner of record of the property.
Current wording
On April 9, 2024, the Company defaulted on the $300.0 million non-recourse loan on Santa Monica Place and during the first quarter of 2025, completed the transition of the property to a receiver. The Company is still the owner of record of the property. Additionally, as of the date of this Quarterly Report on Form 10-Q, the loans on Twenty Ninth Street, Fashion Outlets of Niagara Falls USA and Fresno Fashion Fair are in default. The Company (or its joint venture, as applicable) is in negotiations with the respective lenders on the terms of the loans.
Previous wording
Interest rates have increased, and may continue to increase, the cost of the Company’s borrowings due to its outstanding floating-rate debt and have led, and may continue to lead, to higher interest rates on new fixed-rate debt. While interest rates remain elevated, the Company expects to incur increased interest expense from the refinancing or extension of loans that may currently carry below-market interest rates. In certain cases, the Company has limited, and may continue to limit, its exposure to interest rate fluctuations related to a portion of its floating-rate debt by using interest rate cap and swap agreements. Such agreements, subject to current market conditions, allow the Company to replace floating-rate debt with fixed-rate debt in order to achieve its desired ratio of floating-rate to fixed-rate debt. However, any interest rate cap or swap agreements that the Company enters into may not be effective in reducing its exposure to interest rate changes.
Current wording
Interest rates have increased, and may continue to increase, the cost of the Company’s borrowings due to its outstanding floating-rate debt and have led, and may continue to lead, to higher interest rates on new fixed-rate debt. While interest rates remain elevated and are expected to further increase, the Company expects to incur increased interest expense from the refinancing or extension of loans that may currently carry below-market interest rates. In certain cases, the Company has limited, and may continue to limit, its exposure to interest rate fluctuations related to a portion of its floating-rate debt by using interest rate cap and swap agreements. Such agreements, subject to current market conditions, allow the Company to replace floating-rate debt with fixed-rate debt in order to achieve its desired ratio of floating-rate to fixed-rate debt. However, any interest rate cap or swap agreements that the Company enters into may not be effective in reducing its exposure to interest rate changes.
Previous wording
Leasing revenue increased by $0.7 million, or 0.3%, from 2025 to 2026. The increase in leasing revenue is attributed to increases of $16.3 million from the Acquisition Properties and $1.1 million from the Same Centers offset in part by decreases of $13.5 million from the Disposition Properties and $3.2 million from Santa Monica Place. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases decreased from $2.0 million in 2025 to $0.4 million in 2026. The amortization of straight-line rents increased from $0.8 million in 2025 to $2.0 million in 2026. Lease termination income decreased from $0.6 million in 2025 to $0.3 million in 2026. Percentage rent decreased from $4.1 million in 2025 to $3.7 million in 2026. Provisions for bad debts increased from $0.8 million in 2025 to $1.9 million in 2026 of which $0.7 million of the increase related to Santa Monica Place.
Current wording
Leasing revenue increased by $2.7 million, or 1.1%, from 2025 to 2026. The increase in leasing revenue is attributed to increases of $9.7 million from the Acquisition Properties and $6.7 million from the Same Centers offset in part by decreases of $8.7 million from the Disposition Properties and $5.0 million from Santa Monica Place. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases increased from $0.7 million in 2025 to $1.0 million in 2026. The amortization of straight-line rents increased from $2.2 million in 2025 to $3.5 million in 2026. Lease termination income decreased from $0.8 million in 2025 to $0.4 million in 2026. Percentage rent increased from $6.9 million in 2025 to $8.3 million in 2026. Provisions for bad debts increased from $1.0 million in 2025 to $2.2 million in 2026 of which $1.3 million of the increase related to Santa Monica Place.
Previous wording
Management Companies' revenue increased 11.7% from $10.9 million in 2025 to $12.1 million in 2026 primarily due to an increase in development fees.
Current wording
Management Companies’ revenue increased from $5.4 million in 2025 to $6.9 million in 2026 primarily due to an increase in development fees.
Previous wording
Leasing expenses increased from $21.8 million in 2025 to $27.5 million in 2026 due primarily to an increase in compensation expense.
Current wording
Leasing expenses increased from $10.6 million in 2025 to $15.6 million in 2026 primarily due to an increase in compensation expense.
Previous wording
Depreciation and amortization decreased $2.3 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $6.2 million from the Same Centers and $4.2 million from the Disposition Properties offset in part by an increase of $8.8 million from the Acquisition Properties. Additionally, $0.7 million of the decrease is attributable to Santa Monica Place.
Current wording
Depreciation and amortization decreased $2.9 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $2.0 million from the Same Centers and $3.3 million from the Disposition Properties offset in part by an increase of $4.1 million from the Acquisition Properties. Additionally, $1.7 million of the decrease is attributable to Santa Monica Place.
Previous wording
Interest expense decreased $5.9 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $6.0 million from the Disposition Properties and $4.0 million from the Same Centers offset in part by increases in interest expense of $2.7 million from the Acquisition Properties and $1.0 million from higher outstanding balances on the Company's revolving credit facility.
Current wording
Interest expense decreased $5.9 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $5.3 million from the Same Centers, $3.4 million from the Disposition Properties and $0.4 million from lower outstanding balances on the Company's revolving credit facility offset in part by increases in interest expense of $3.1 million related to the exchangeable senior notes (See Note 11—Bank and Other Notes Payable in the Notes to the Consolidated Financial Statements) and $0.9 million from the Acquisition Properties.
Previous wording
Gain (loss) on sale or write down of assets, net increased $17.1 million from 2025 to 2026 primarily due to the sale of the Company's ownership interest in West Acres offset in part by an impairment loss of $12.9 million recognized in 2025 as a result of the reduction in the estimated holding period of Valley Mall (See Note 15—Dispositions, net in the Notes to the Consolidated Financial Statements).
Current wording
Gain (loss) on sale or write down of assets, net increased $87.3 million from 2025 to 2026 primarily due to the impairment loss of $91 million at Santa Monica Place in 2025 and gain of $13.8 million from the sale of Pacific View in 2026 offset in part by the gain of $21.1 million from the sale of Lakewood Center in 2025 (See Note 15—Dispositions, net in the Notes to the Consolidated Financial Statements).
Previous wording
Net loss decreased $14.7 million from 2025 to 2026. The decrease in net loss is primarily due to the increase in gain (loss) on sale or write down of assets, net as discussed above.
Current wording
Net loss decreased $73.9 million from 2025 to 2026. The decrease in net loss is primarily due to the increase in gain (loss) on sale or write down of assets, net as discussed above.
Previous wording
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders, as adjusted—diluted increased from$88.7 million in 2025 to$100.4 million in 2026. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, as adjusted—diluted, see "Funds From Operations ("FFO")" below.
Current wording
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders, as adjusted—diluted increased from$96.2 million in 2025 to$109.1 million in 2026. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, as adjusted—diluted, see "Funds From Operations ("FFO")" below.
Previous wording
Leasing revenue decreased by $9.0 million, or 1.9%, from 2025 to 2026. The decrease in leasing revenue is attributed to decreases of $29.9 million from the Disposition Properties, $5.4 million from Santa Monica Place and $1.2 million from the Same Centers offset in part by an increase of $27.5 million from the Acquisition Properties. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases decreased from $3.0 million in 2025 to $1.8 million in 2026. Straight-line rents increased from $0.5 million in 2025 to $3.4 million in 2026. Lease termination income decreased from $5.5 million in 2025 to $0.4 million in 2026. Percentage rent increased from $8.4 million in 2025 to $9.7 million in 2026. Provisions for bad debts increased from $2.4 million in 2025 to $3.1 million in 2026 of which $0.8 million related to Santa Monica Place.
Current wording
Leasing revenue decreased by $6.3 million, or 0.9%, from 2025 to 2026. The decrease in leasing revenue is attributed to decreases of $39.2 million from the Disposition Properties, $10.5 million from Santa Monica Place offset in part by $37.2 million from the Acquisition Properties and $6.2 million from the Same Centers. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases decreased from $3.7 million in 2025 to $2.8 million in 2026. Straight-line rents increased from $2.7 million in 2025 to $6.9 million in 2026. Lease termination income decreased from $6.3 million in 2025 to $0.8 million in 2026. Percentage rent increased from $15.3 million in 2025 to $18.0 million in 2026. Provisions for bad debts increased from $3.3 million in 2025 to $5.3 million in 2026 of which $2.2 million of the increase related to Santa Monica Place.
Previous wording
Depreciation and amortization decreased $11.8 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $14.5 million from the Same Centers, $11.0 million from the Disposition Properties and $1.4 million from Santa Monica Place offset in part by an increase of $15.1 million from the Acquisition Properties.
Current wording
Depreciation and amortization decreased $14.7 million from 2025 to 2026. The decrease in depreciation and amortization is attributed to decreases of $15.9 million from the Same Centers, $14.9 million from the Disposition Properties and $3.1 million from Santa Monica Place offset in part by an increase of $19.2 million from the Acquisition Properties.
Previous wording
Interest expense decreased $7.5 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $12.0 million from the Disposition Properties, $0.6 million from the Same Centers and $0.4 million from lower outstanding balances on the Company's revolving credit facility offset in part by increases of $5.3 million from the Acquisition Properties and $0.2 million from Santa Monica Place.
Current wording
Interest expense decreased $13.4 million from 2025 to 2026. The decrease in interest expense is attributed to decreases of $15.4 million from the Disposition Properties, $5.8 million from the Same Centers, $0.6 million from Santa Monica Place and $0.5 million from lower outstanding balances on the Company's revolving credit facility offset in part by increases of $6.1 million from the Acquisition Properties and $3.1 million related to the exchangeable senior notes (See Note 11—Bank and Other Notes Payable in the Notes to the Consolidated Financial Statements).
Previous wording
Equity in loss of unconsolidated joint ventures increased $13.8 million from 2025 to 2026. The increase in equity in loss of unconsolidated joint ventures is primarily due to an impairment loss of $8.0 million recognized in 2026 as a result of the reduction in the estimated holding period of a property held by a certain unconsolidated joint venture and income received from legal claims settlements in 2025.
Current wording
Equity in (loss) income of unconsolidated joint ventures increased $16.6 million from 2025 to 2026. The increase in equity in loss (income) of unconsolidated joint ventures is primarily due to $12.0 million gain recognized in 2025 from the sale of Atlas Park (See Note 4—Investments in Unconsolidated Joint Ventures in the Notes to the Consolidated Financial Statements) and an impairment loss of $8.0 million recognized in 2026 as a result of the reduction in the estimated holding period of a property held by a certain unconsolidated joint venture offset in part by income received from legal claims settlements in 2026.
Previous wording
Gain (loss) on sale or write down of assets, net increased $37.9 million from 2025 to 2026. The increase is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square and $6.6 million relating to the sale of the Company's ownership interest in West Acres and impairment losses in 2025 of $26.2 million recognized as a result of the reduction in the estimated holding period of certain properties.
Current wording
Gain (loss) on sale or write down of assets, net increased $125.3 million from 2025 to 2026. The increase is primarily due to the gains recognized in 2026 of $13.8 million from the sale of Pacific View, $11.7 million relating to the sale of outparcels at Washington Square and $6.6 million relating to the sale of the Company's ownership interest in West Acres and impairment losses in 2025 of $91.0 million at Santa Monica Place and gain of $12.9 million from the sale of Valley Mall in 2025 offset in part by the gain of $21.1 million from the sale of Lakewood Center in 2025 (See Note 15—Dispositions, net in the Notes to the Consolidated Financial Statements).
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.
Current report — wording carried from elsewhere
Net loss decreased $102.8 million from 2025 to 2026. The decrease in net loss is primarily due to the increase in gain (loss) on sale or write down of assets, net as discussed above.
Current report — wording carried from elsewhere
Annapolis Mall, and for general corporate purposes, including to acquire additional properties and to fund strategic leasing capital investments at Annapolis Mall.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
On June 15, 2026, the Company entered into an underwriting agreement with certain parties in their capacities as underwriters, forward sellers and forward purchasers, as applicable, in connection with the offering of 14,000,000 shares of its common stock. The Company also entered into separate forward sale agreements with each of the forward purchasers, pursuant to which the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 14,000,000 shares of the Company’s common stock. On June 26, 2026, the underwriters exercised in full their option to purchase an additional
Previous report — wording carried elsewhere
Equity in Loss of Unconsolidated Joint Ventures:
Previous report — wording carried elsewhere
Equity in loss of unconsolidated joint ventures increased $4.8 million from 2025 to 2026. The increase in equity in loss of unconsolidated joint ventures is primarily due to impairment loss recognized in 2026 as a result of the reduction in the estimated holding period of a property held by a certain unconsolidated joint venture.
Previous report — wording carried elsewhere
Equity in Loss of Unconsolidated Joint Ventures:
Previous report — wording carried elsewhere
On June 15, 2026, the Company entered into an underwriting agreement with certain parties in their capacities as underwriters, forward sellers and forward purchasers, as applicable, in connection with the offering of 14,000,000 shares of its common stock. The Company also entered into separate forward sale agreements with each of the forward purchasers, pursuant to which the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 14,000,000 shares of the Company’s common stock. On June 26, 2026, the underwriters exercised in full their option to purchase an additional