The Macerich Company reported a total revenue of $1.1 billion for the fiscal year ending December 31, 2025, marking an increase of 11.8% compared to $1.0 billion in 2024. The company's net loss for the year was $197.1 million, a slight increase from a loss of $194.1 million in the previous year. The rise in revenue was primarily driven by a $100.3 million increase in leasing revenue, attributed to the performance of joint venture transition centers and the acquisition of Crabtree Mall, which was purchased for $290 million in June 2025. The company also recognized gains from various asset sales, including a $21.1 million gain from the sale of Lakewood Center.
In terms of operational metrics, the leased occupancy rate for Macerich's portfolio was 94.0% as of December 31, 2025, a marginal decrease from 94.1% in 2024. The company signed 1,199 new and renewal leases totaling approximately 7.1 million square feet during the year, representing an 85% increase in leased square footage compared to 2024. Comparable tenant sales for spaces under 10,000 square feet increased by 1.2% year-over-year, with sales per square foot reaching $881.
Strategically, Macerich has been active in acquisitions and dispositions as part of its Path Forward Plan, aimed at improving its balance sheet and operational efficiency. The company has consolidated its ownership in several properties, including Freehold Raceway Mall and Chandler Fashion Center, and has targeted non-core asset sales to streamline its portfolio. The company is also redeveloping key properties, such as the Scottsdale Fashion Square, with an estimated total cost of $84 million to $90 million.
Looking ahead, Macerich anticipates continued challenges from external factors such as inflation, elevated interest rates, and potential tenant bankruptcies. The company aims to reduce its net debt to adjusted EBITDA leverage ratio over the next two to three years while maintaining a focus on strategic acquisitions and reinvestments. The company declared a quarterly cash dividend of $0.17 per share for the first quarter of 2026, reflecting its commitment to returning value to shareholders while navigating a complex retail environment.
About MACERICH CO
The Macerich Company is a real estate investment trust specializing in the ownership, management, redevelopment, and development of regional and community shopping centers across the United States. Its portfolio includes approximately 43 million square feet of retail space, anchored by major department stores and diverse tenants. The company focuses on enhancing property value through strategic acquisitions, leasing, redevelopment, and operational efficiencies in a competitive retail real estate market.
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