Every material Form 8-K Macerich has filed with the SEC since July 22, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Macerich reported third-quarter 2026 total revenues of $260.1 million, up from $253.3 million a year earlier. Net loss attributable to the company narrowed to $16.7 million, or $0.06 per share, from $87.4 million, or $0.34 per share, mainly due to a gain on asset sales. Two mortgage loans, totaling $399.4 million, went into default after quarter end, and the company is negotiating with both lenders.
Total revenues were $260.1 million for the quarter, compared with $253.3 million in Q3 2025.
FFO, as adjusted, was $109.1 million, or $0.37 per diluted share, compared with $96.2 million, or $0.36 per share.
The $325.0 million Fresno Fashion Fair loan went into default effective November 2, 2026; the $74.4 million Fashion Outlets of Niagara Falls loan went into default effective October 6, 2026.
Macerich's operating partnership completed the sale of $775 million of 2.25% exchangeable senior notes due August 15, 2031, including the full exercise of a $100 million option for additional notes. The notes are exchangeable into Macerich common stock at an initial price of about $28.19 per share, and the filing says the company disclosed net proceeds and capped call plans in earlier press releases.
Aggregate principal of $775 million, including the $100 million option exercised in full
Interest at 2.25% per year, payable February 15 and August 15, beginning February 15, 2027
Initial exchange price of about $28.19 per share, a premium of about 20% over the $23.49 closing price on August 6, 2026
Earlier release estimated net proceeds of about $659.1 million before the option, with about $39.2 million used for capped call transactions
Macerich reported second-quarter 2026 results with a net loss attributable to the company of $27.1 million, or $0.10 per diluted share, down from $40.9 million, or $0.16 per share, a year earlier, mainly due to a gain on asset sales. FFO, as adjusted, rose to $100.4 million, or $0.35 per diluted share, from $88.7 million, or $0.34 per share, while total revenues were roughly flat at $249.7 million. The company also completed the $260 million Annapolis Mall acquisition and raised equity in May and June.
Net loss attributable to the company was $27.1 million ($0.10 per diluted share) in Q2 2026, versus $40.9 million ($0.16) in Q2 2025, which the company attributes mainly to a gain on sale of assets.
FFO, as adjusted, was $100.4 million ($0.35 per diluted share), up from $88.7 million ($0.34) a year earlier.
Total revenues were $249.7 million, compared with $249.8 million in Q2 2025; leasing revenue was $233.4 million versus $232.7 million.
Go-Forward Portfolio Centers net operating income, excluding lease termination income, rose 3.8%, and leased occupancy was 94.0% at June 30, 2026, up from 92.0% a year earlier.
Macerich reported a first-quarter 2026 net loss attributable to the company of $36.4 million, or $0.14 per diluted share, compared with $50.1 million, or $0.20 per share, a year earlier. The filing attributes the improvement mainly to a gain on sale or write-down of assets, while total revenues fell to $241.5 million from $249.2 million and FFO, as adjusted, was flat at $0.34 per diluted share.
Net loss attributable to the company: $36.4 million, or $0.14 per diluted share, versus $50.1 million, or $0.20 per share, in Q1 2025
Total revenues: $241.5 million, down from $249.2 million a year earlier
FFO, as adjusted: $92.4 million, or $0.34 per diluted share, versus $89.8 million, or $0.34 per share, in Q1 2025
Annapolis Mall acquired on April 30, 2026 for $260 million, plus $12 million for an adjacent Sears parcel
On February 24, 2026, Macerich's operating partnership, The Macerich Partnership, L.P., entered a Second Amended and Restated Credit Agreement that provides a $900 million revolving loan facility. The agreement replaces a credit agreement dated September 11, 2023, and lets the borrower increase the facility up to $1.1 billion, subject to lender commitments and other conditions. The facility is secured by mortgages and equity pledges and includes a borrowing base covenant and financial covenants.
Revolving loan facility of $900 million, maturing March 1, 2029, with an option to extend to March 1, 2030.
Facility can be increased to an aggregate $1.1 billion, subject to lender commitments and other conditions.
At signing, the applicable margin was 0.90% for Base Rate loans and 1.90% for Term SOFR loans.
Secured by mortgages on certain wholly-owned assets and pledges of certain equity interests; requires a Borrowing Base Maintenance Covenant.
Macerich reported fourth-quarter 2025 results on February 18, 2026. The net loss attributable to the company was $18.8 million, or $0.07 per diluted share, compared with a $211.2 million loss, or $0.89 per share, a year earlier, mainly because of asset write-downs in the 2024 quarter. Quarterly total revenue fell to $261.7 million from $273.7 million, while FFO excluding certain items rose to $128.9 million, or $0.48 per share, from $116.7 million, or $0.47.
Q4 2025 total revenues were $261.7 million, versus $273.7 million in Q4 2024.
Q4 2025 FFO excluding certain items was $128.9 million, or $0.48 per diluted share, versus $0.47 a year earlier.
Full-year 2025 net loss attributable to the company was $197.1 million, or $0.78 per share, versus $0.88 per share in 2024; full-year revenue rose to $1.01 billion from $918.2 million.
The company declared a quarterly dividend of $0.17 per share, payable March 30, 2026.
Macerich reported a third-quarter 2025 net loss attributable to the company of $87.4 million, or $0.34 per diluted share, compared with a $108.2 million loss, or $0.50 per share, a year earlier. Total revenues rose to $253.3 million from $220.2 million, but FFO excluding certain items fell to $0.35 per diluted share from $0.38, so the results point in mixed directions for shareholders.
Q3 2025 net loss attributable to the company was $87.4 million ($0.34 per diluted share), versus $108.2 million ($0.50) in Q3 2024.
Total revenues were $253.3 million, up from $220.2 million a year earlier.
FFO excluding certain items was $93.4 million ($0.35 per diluted share), versus $86.0 million ($0.38) in Q3 2024.
Go-Forward Portfolio Centers NOI, excluding lease termination income, rose 1.7%; a quarterly dividend of $0.17 per share is payable December 29, 2025.
Macerich reported a second-quarter 2025 net loss attributable to the company of $40.9 million, or $0.16 per diluted share, compared with net income of $252.0 million a year earlier. That prior-year period included a $334.3 million gain tied to the Chandler Fashion Center transaction, so the comparison is distorted, but FFO excluding certain items fell to $0.33 per share from $0.39, while total revenues rose to $249.8 million from $215.5 million.
Q2 2025 total revenues were $249.8 million, up from $215.5 million in Q2 2024.
Q2 2025 net loss attributable to the company was $40.9 million, or $0.16 per diluted share, versus net income of $252.0 million, or $1.16 per share, in Q2 2024.
FFO excluding certain items was $87.3 million, or $0.33 per share, versus $88.1 million, or $0.39 per share, a year earlier.
Portfolio occupancy was 92.0% at June 30, 2025, down from 93.3% a year earlier; the company cited Forever 21 closures. The quarterly dividend is $0.17 per share, payable September 23, 2025.
Macerich reported first-quarter 2025 results on May 12, 2025. The net loss attributable to the company was $50.1 million, or $0.20 per diluted share, compared with $126.7 million, or $0.59 per share, a year earlier, while total revenues rose to $249.2 million from $208.8 million. FFO excluding certain items was $87.4 million, or $0.33 per share, the same per-share figure as a year earlier, but portfolio occupancy fell to 92.6% from 93.4%.
Total revenues were $249.2 million for the quarter, up from $208.8 million in the first quarter of 2024.
Net loss attributable to the company was $50.1 million ($0.20 per diluted share), versus $126.7 million ($0.59 per share) a year earlier.
FFO excluding certain items was $87.4 million ($0.33 per share), compared with $74.6 million ($0.33 per share).
Portfolio occupancy was 92.6% at March 31, 2025, down from 93.4% at March 31, 2024.
Macerich director Eric K. Brandt told the board on March 12, 2025 that he will not seek re-election at the 2025 annual meeting of stockholders. He will remain on the board and keep his committee roles until then, and the board cut its size from nine to eight members effective at that meeting. The filing says his decision was not due to any disagreement with the company.
Eric K. Brandt notified the board on March 12, 2025 that he will not stand for re-election
Brandt serves as chair of the capital allocation committee and is a member of the compensation committee, and will keep those roles through the 2025 Annual Meeting
Board size will decrease from nine members to eight, effective at the 2025 Annual Meeting
Filing states the decision was not the result of any disagreement with the company
Macerich reported fourth-quarter 2024 results on February 27, 2025, showing a net loss attributable to the company of $211.2 million, or $0.89 per diluted share, compared with net income of $62.2 million, or $0.29 per share, a year earlier. Total revenues rose to $273.7 million from $238.7 million, but FFO excluding certain items fell to $116.7 million ($0.47 per share) from $127.7 million ($0.57 per share), so shareholders face a weaker quarter on the company's core measures despite higher revenue.
Total revenues were $273.7 million in Q4 2024, up from $238.7 million in Q4 2023.
Net loss attributable to the company was $211.2 million ($0.89 per diluted share), versus net income of $62.2 million ($0.29 per share) a year earlier.
FFO excluding certain items was $116.7 million ($0.47 per share), down from $127.7 million ($0.57 per share).
Same center NOI, excluding lease termination income, fell 0.4% in Q4 2024; portfolio occupancy was 94.1% at December 31, 2024. The quarterly dividend is $0.17 per share, payable March 18, 2025.
Macerich's board elected Devin Murphy, former President of Phillips Edison & Company, as a director effective February 1, 2025, and increased the board size from eight to nine members. The filing says Murphy is independent under NYSE rules and was not appointed to any board committee at the time of his appointment.
Devin I. Murphy elected to the board on January 17, 2025, effective February 1, 2025
Board size increased from eight to nine members, with eight of nine directors independent
Murphy served as President of Phillips Edison & Company from 2019 until 2024 and previously worked 28 years as an investment banker
Murphy will receive the standard non-employee director compensation and benefits, and the company intends to enter a standard indemnification agreement with him
Macerich reported a third-quarter 2024 net loss attributable to the company of $108.2 million, or $0.50 per diluted share, compared with a loss of $262.5 million, or $1.22 per share, a year earlier. Total revenues rose to $220.2 million from $218.2 million, but FFO excluding certain items fell to $86.0 million, or $0.38 per share, from $100.6 million, or $0.45 per share. The company has not issued fiscal 2024 guidance since withdrawing it on April 30, 2024.
Q3 2024 net loss attributable to the company: $108.2 million, or $0.50 per diluted share, versus $262.5 million, or $1.22 per share, in Q3 2023
Q3 2024 total revenues: $220.2 million, versus $218.2 million a year earlier
FFO excluding certain items: $86.0 million, or $0.38 per share, versus $100.6 million, or $0.45 per share, a year earlier
Fiscal 2024 guidance remains withdrawn; the company is not providing an updated outlook
Macerich said Daniel E. Swanstrom II will become Senior Executive Vice President, Chief Financial Officer and Treasurer effective November 16, 2024, replacing Scott Kingsmore, who will move to Senior Advisor and leave the company on December 31, 2024. The filing describes Swanstrom's real estate finance background and sets out his compensation, including a $600,000 base salary and a $1,500,000 sign-on equity grant.
Daniel E. Swanstrom II, 47, was previously Founder and Managing Member of DES Partners, LLC and CFO of CorePoint Lodging Inc.
Scott W. Kingsmore departs December 31, 2024, and will receive a $100,000 monthly consulting fee for January 1 to March 31, 2025.
Swanstrom's sign-on LTIP grant has a grant date fair value of $1,500,000 and vests ratably over three years; his 2024 bonus is a fixed $375,000 in cash.
Macerich reported second-quarter 2024 results. Net income attributable to the company was $252.0 million, or $1.16 per diluted share, versus a $15.0 million loss a year earlier, driven by a $325.0 million gain on sale or write-down of assets. Core FFO excluding certain items fell slightly to $0.39 per share from $0.40, and the company has not issued 2024 guidance since withdrawing it on April 30, 2024.
Total revenues were $215.5 million, up from $212.4 million in the second quarter of 2023.
Net income attributable to the company was $252.0 million, or $1.16 per diluted share, compared with a loss of $15.0 million, or $0.07 per share, a year earlier.
FFO excluding certain items was $88.1 million, or $0.39 per share, compared with $89.1 million, or $0.40 per share, in the prior-year quarter.
The company withdrew its 2024 guidance on April 30, 2024 and is not providing an updated outlook.
Macerich's board elected Diana M. Laing as a director on July 18, 2024, and increased the board from seven members to eight. The company said seven of the eight directors will be independent, and Laing previously served on the Macerich board from 2003 through 2022.
Laing was elected to the board on July 18, 2024, on the recommendation of the Nominating and Corporate Governance Committee.
The board increased from seven to eight members, effective upon Laing's appointment.
Laing was CFO of American Homes 4 Rent until her retirement in June 2018 and was interim CFO of Alexander & Baldwin from November 2018 to May 2019.
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