Macerich’s 2026 Playbook Shows the Mall Market Splitting Into Trophies and Holdouts

Macerich's third-quarter results read like a field guide to the 2026 mall market, with the REIT buying malls again, swapping 6.6 percent mortgage debt for 2.25 percent exchangeable notes, filling dead department stores with sporting goods and entertainment anchors, and watching its trophy centers pull further away from the rest of its portfolio.