It seems like mas outdated doesn't make the request that causes information about outdated apps to get refreshed, as clicking on the "updates" tab of the app (or launching it) does. When I run mas outdated, it (sometimes?) shows me nothing until I launch the app, then it shows a list of outdated apps.
I run as a user without admin privileges, if that makes a difference; I've noticed it seems to tweak the behavior of the app store itself sometimes.
I realize this isn't the greatest bug report. Are there any diagnostics that would be useful?