The Macerich Company reported its financial results for the second quarter of 2025, revealing a total revenue of $249.8 million, a 15.9% increase from $215.5 million in the same period last year. The growth was primarily driven by a 17.6% rise in leasing revenue, which reached $232.7 million, up from $198.0 million. However, the company experienced a net loss of $40.9 million, compared to a net income of $252.0 million in the prior year, largely due to significant gains recognized in 2024 from the reclassification of the Chandler Fashion Center investment.
In terms of operational metrics, the company reported a leased occupancy rate of 92.0% as of June 30, 2025, a decrease from 93.3% a year earlier. The decline was attributed to tenant closures, including those of Forever 21 and Claire's. Despite this, the company signed 118 new leases and 213 renewal leases during the quarter, totaling approximately 1.7 million square feet of gross leasable area. The average tenant allowance for new leases was $28.27 per square foot.
Strategically, Macerich has been active in acquisitions and dispositions. The company acquired Crabtree Mall for $290 million in June 2025, funded by cash and borrowings from its credit facility. Additionally, it completed several property sales, including the sale of Wilton Mall and various land parcels, which contributed to a total of $10.8 million in gains on asset sales during the quarter. The company also reported a significant increase in cash and cash equivalents, which rose to $131.1 million from $89.9 million at the end of 2024.
The company’s total liabilities increased to $6.1 billion as of June 30, 2025, up from $5.7 billion at the end of 2024, primarily due to higher mortgage notes payable. The total assets also grew to $8.7 billion, reflecting the recent acquisitions. Looking ahead, Macerich aims to implement its "Path Forward Plan," focusing on reducing its debt-to-EBITDA ratio and enhancing operational efficiencies while remaining open to strategic acquisitions and dispositions to optimize its portfolio. The company anticipates continued challenges from external factors such as inflation and interest rates but remains committed to improving its financial position and operational performance.
About MACERICH CO
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