Macerich Reports $249.2 Million Revenue in Q1 2025, 19.4% Increase Year-Over-Year

The Macerich Company reported a total revenue of $249.2 million for the first quarter of 2025, marking a 19.4% increase from $208.8 million in the same period of 2024. The growth in revenue was primarily driven by a significant rise in leasing revenue, which increased by 23.0% to $235.6 million, compared to $191.7 million in the prior year. The company also noted a net loss attributable to common stockholders of $50.1 million, a decrease from a net loss of $126.7 million in the first quarter of 2024, reflecting improved operational performance and reduced impairment losses.

In terms of operational metrics, the company reported a leased occupancy rate of 92.6% as of March 31, 2025, down from 93.4% a year earlier. The decrease was attributed to temporary and holiday specialty tenants. However, the company achieved a positive releasing spread of $6.86 per square foot, indicating that new leases were signed at higher rates than those of expiring leases. The company executed 320 leases totaling approximately 2.6 million square feet during the quarter, a significant increase compared to 211 leases for 1.0 million square feet in the same quarter of 2024.

Strategically, Macerich has been active in acquisitions and consolidations. In May 2024, the company acquired the remaining 40% interests in both Arrowhead Towne Center and South Plains Mall, consolidating its ownership to 100%. Additionally, the company has been focusing on its Path Forward Plan, which aims to improve its balance sheet and operational efficiencies over the next few years. This includes potential asset dispositions and a targeted reduction in its Net Debt to Adjusted EBITDA leverage ratio.

The company’s total assets increased to $8.68 billion as of March 31, 2025, up from $8.57 billion at the end of 2024. Total liabilities also rose to $5.94 billion, compared to $5.72 billion in the previous quarter, largely due to increased mortgage notes payable. The company reported cash and cash equivalents of $253.2 million, a significant increase from $89.9 million at the end of 2024, providing a stronger liquidity position to support its operational and strategic initiatives.

Looking ahead, Macerich anticipates continued challenges from external factors such as inflation and elevated interest rates, which may impact its financial performance. However, the company remains optimistic about its leasing activities and the potential for organic growth as new tenants open in its centers. The management is committed to executing its Path Forward Plan, which includes enhancing asset performance and exploring acquisition opportunities, while maintaining a focus on financial stability and operational excellence.