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The Macerich Company (MAC) investor relations material
The Macerich Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved significant progress on the Path Forward Plan, ahead of schedule for 2028 targets, with strong operational and leasing momentum; robust leasing activity with 888 leases for 5.4 million sq. ft. in the first three quarters of 2025, up 85% year-over-year.
Portfolio expanded with acquisitions of Crabtree Mall and full ownership of Arrowhead Towne Center, South Plains Mall, and Pacific Premier Retail properties; Lakewood Center, Atlas Park, and Valley Mall were sold in 2025.
SNO pipeline grew to $99 million, on track to exceed $100 million by year-end, with potential to surpass $140 million including Crabtree.
Anchor leasing initiatives progressing, with 30 anchors targeted to open by 2028, 25 already committed.
Crabtree Mall acquisition expected to be leverage neutral and accretive to 2028 FFO targets.
Financial highlights
FFO, excluding certain items, was $93.4 million for Q3 2025, up from $86.0 million in Q3 2024; nine-month FFO rose 7.8% to $268.1 million.
Leasing revenue for Q3 2025 rose 16.6% year-over-year to $237.2 million; total revenues for Q3 2025 were $253.3 million.
Net loss attributable to the company for Q3 2025 was $87.4 million, improved from $108.2 million in Q3 2024.
Go-Forward Portfolio Centers NOI, excluding lease termination income, increased 1.7% year-over-year in Q3 2025; year-to-date up nearly 2%.
Portfolio sales at quarter-end were $867 per sq ft, up almost 4% year-over-year; go-forward portfolio sales at $905 per sq ft.
Outlook and guidance
On track to meet or exceed SNO pipeline targets, with $20 million expected online in 2025 and the remainder in 2026 and beyond.
Path Forward Plan aims to reduce Net Debt to Adjusted EBITDA leverage ratio over 3–4 years, focus on core asset consolidation, and pursue selective acquisitions.
2028 FFO per share midpoint target increased by $0.08 to $1.89 post-Crabtree acquisition.
Leasing pipeline strong, with 94% of 2025 expiring space renewed or committed and 1.8 million sq. ft. of new store leases planned through 2028.
Substantial progress on $2 billion disposition program, expected to be substantially complete by end of 2026.
Strategies to exceed $140M SNO target
Disposition strategy for remaining Eddy assets
Reconcile strong leasing with consumer stress news
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Next The Macerich Company earnings date
Q4 202527 Feb, 2026
Next The Macerich Company earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Shopping malls and Commerical Spaces
Macerich is an American real estate investment trust (REIT) specializing in the ownership, development, and management of retail properties, primarily focusing on high-end shopping malls. The company’s properties are usually strategically located in densely populated and affluent areas. Macerich's strategy involves not only traditional retail operations but also a focus on transforming mall spaces into mixed-use developments, incorporating elements like residential units, offices, and entertainment facilities. The company is headquartered in Santa Monica, California, and its shares are listed on the NYSE.
Macerich is an REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. These types of companies make it possible for individual investors and institutions to earn dividends from real estate investments without having to buy, manage, or finance any properties themselves. To qualify as a REIT, a company must comply with certain IRS regulations, including paying at least 90% of its taxable income in dividends to shareholders, which provides a regular income stream for investors. Similar companies to Macerich that also operate as REITs include Simon Property Group, Regency Centers, and Brixmor Property.
The History of Macerich
Macerich was established in 1964 by Mace Siegel and Richard Cohen, whose names served as inspiration for the name of the company. It started as a small real estate management and over the years it evolved into a major player in the shopping mall industry. In 1994, Macerich took a significant step by going public as a REIT, which enabled larger-scale investments and growth. The company expanded its portfolio through strategic acquisitions, including notable purchases like the acquisition of Westcor in 2002 and Wilmorite in 2005, significantly expanding its presence in the retail property sector.
The Business Model
Macerich's business model revolves around investing in, developing, and managing high-end retail properties, primarily focusing on upscale shopping malls. The company strategically selects locations in densely populated, affluent areas, aiming to attract premium retailers and upscale consumers. Additionally, Macerich has been adapting its business model by incorporating mixed-use elements into its properties. This includes adding residential units, office spaces, and leisure facilities in order to diversify its tenants and sources of revenue.
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