Mallplaza EBITDA rises 9.6% as Colombia expansion advances

Mallplaza reported higher second-quarter 2026 earnings, with EBITDA up 9.6% and funds from operations up 8.8% year over year. The Chile-based mall operator also advanced a planned acquisition of eight shopping centers in Colombia, part of a broader regional expansion plan through 2028.

Why it matters: - Mallplaza is pairing stronger operating results with a larger push in Colombia, where the company expects to expand its footprint and future growth base. - The company’s 2028 investment plan is more than halfway committed, signaling that the expansion pipeline is already moving into execution.

What happened: - Mallplaza reported second-quarter 2026 funds from operations of USD 117.6 million, up 8.8% from the same period in 2025. - EBITDA reached USD 152.15 million, a 9.6% increase year over year, with an 80.6% margin. - Net income totaled USD 188.74 million, up 8.7%. - Mallplaza drew 95.8 million visitors during the quarter. - Tenant sales reached USD 1.8 billion, up 6.7%. - Same store rent rose 5.5%, outpacing regional inflation. - Mallplaza operates 37 assets across Chile, Peru and Colombia and reported 2.36 million square meters of gross leasable area.

The details: - Mallplaza announced an agreement with Pactia to acquire eight Gran Plaza shopping centers in Colombia. - The assets would add more than 180,000 square meters to Mallplaza’s portfolio. - Mallplaza’s Colombia portfolio would exceed 460,000 square meters after the deal closes. - The company said the transaction would bring its regional platform to 45 assets, including 13 in Colombia, once completed. - The deal still needs to clear standard closing conditions and review by Colombian regulators. - Mallplaza’s USD 600 million investment plan through 2028 is more than 50% formally committed. - Work has already started on expansions and reconversions at Mallplaza Trébol, Mallplaza Oeste, Mallplaza La Serena and Mallplaza Norte in Chile, plus Mallplaza Trujillo and Mallplaza Piura in Peru. - The company is advancing more than 1 million square meters of gross leasable area in its portfolio transformation program. - Mallplaza completed 472 contract renewals and opened more than 156 new stores, covering 24,360 square meters. - Chile’s first PriceSmart is set to open at Mallplaza Los Dominicos in 2027.

Between the lines: - The results suggest Mallplaza is benefiting from both stronger rent performance and higher tenant sales, while also using acquisitions and asset upgrades to drive future growth. - The Colombia deal appears designed to deepen density in a market management views as strategic, rather than simply add new footprint. - The mix of renewals, new stores and reconversions points to a portfolio strategy focused on productivity per square meter, not just expansion.

What's next: - Mallplaza will work through the closing process for the Pactia transaction and wait for Colombian regulatory approval. - The company will continue deploying its 2028 investment plan across Chile and Peru. - Mallplaza expects future expansions and asset transformations in Colombia to support productivity gains if the acquisition closes. - The planned PriceSmart opening in 2027 will add a new anchor tenant to Mallplaza Los Dominicos.