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Sep 30, 2025
Macerich Q3 2025 Earnings Report
Macerich reported a narrower net loss and higher revenue in Q3 2025 compared to the prior year, supported by asset sales and strong leasing activity.
Key Takeaways
Macerich posted a Q3 2025 net loss of $87.4 million on $253.3 million in revenue. Leasing activity surged, with 1.5 million square feet signed, and occupancy remained stable. The company also recorded gains from asset sales and saw a modest increase in NOI from its Go-Forward Portfolio.
Net loss attributable to the company was $87.4 million, improving from $108.2 million in Q3 2024
Revenue for the quarter reached $253.3 million, up from $220.2 million a year earlier
1.5 million square feet of leases were signed during Q3 2025—an 81% increase YoY
Go-Forward Portfolio NOI rose 1.7%, excluding lease termination income
Revenue by Geographic Location
Forward Guidance
Macerich maintained a cautious but constructive outlook, focusing on enhancing occupancy and driving incremental revenue from recent lease signings and asset recycling.
Positive Outlook
- Signed leases expected to generate $99 million in incremental gross revenue
- Crabtree Mall loan closed, enhancing liquidity
- Q4 dividend of $0.17 per share declared
- Proceeds from asset sales used to reduce high-interest debt
- Occupancy at Go-Forward Portfolio remained strong at 94.3%
Challenges Ahead
- Portfolio occupancy declined 0.3% YoY
- Net loss remains substantial despite improvement
- Some properties like South Plains Mall nearing technical loan default
- Leverage remains high with net debt at $5.9 billion
Historical Earnings Impact
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Avg. Return Before/After Earnings
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