Macerich Reports 15% Revenue Growth and Improved Net Loss in Q3 2025

The Macerich Company reported its financial results for the third quarter of 2025, revealing a total revenue of $253.3 million, a 15% increase from $220.2 million in the same period last year. The rise in revenue was primarily driven by a 16.6% increase in leasing revenue, which reached $237.2 million, up from $203.4 million in 2024. However, the company recorded a net loss of $89.9 million for the quarter, an improvement from the $112.1 million loss reported in the prior year. For the nine months ending September 30, 2025, total revenues increased to $752.3 million from $644.5 million, while the net loss for the period was $182.7 million, compared to a profit of $21.9 million in 2024.

The company's financial position showed significant changes compared to the previous fiscal period. Total assets decreased to $8.42 billion from $8.57 billion at the end of 2024, primarily due to a reduction in property values, which fell to $6.73 billion from $7.10 billion. Conversely, cash and cash equivalents increased substantially to $290.2 million from $89.9 million, reflecting improved liquidity. The company's total liabilities also rose to $5.84 billion from $5.72 billion, largely due to increased mortgage notes payable, which reached $5.08 billion, up from $4.89 billion.

Strategically, Macerich has been active in acquisitions and dispositions. The company acquired Crabtree Mall for $290 million in June 2025, marking a significant addition to its portfolio. Additionally, it completed the acquisition of the remaining interests in Arrowhead Towne Center and South Plains Mall in May 2024, consolidating its ownership in these properties. On the disposition side, the company sold Lakewood Center for $332.1 million in August 2025, which included the assumption of a $317.1 million loan by the buyer, resulting in a gain of $21.1 million.

Operationally, the company reported a leased occupancy rate of 93.4% as of September 30, 2025, a slight decrease from 93.7% a year earlier but an increase from 92.0% in the previous quarter. The company signed 86 new leases and 193 renewal leases during the quarter, totaling approximately 1.5 million square feet. The average tenant allowance was $49.58 per square foot. The company also noted that comparable tenant sales for spaces less than 10,000 square feet increased by 3.1% year-over-year, indicating a positive trend in retail performance.

Looking ahead, Macerich has outlined its Path Forward Plan, which aims to improve its balance sheet and operational efficiency over the next three to four years. The company plans to reduce its Net Debt to Adjusted EBITDA leverage ratio, invest in key assets, and pursue strategic acquisitions while managing its capital structure. Despite the challenges posed by inflation and elevated interest rates, the company remains optimistic about its growth prospects and is focused on enhancing its portfolio through targeted investments and operational improvements.