The Macerich Company Earnings Recaps
Q3 2025
Nov 5, 2025
Macerich outperformed expectations in Q3 2025, achieving substantial leasing momentum and operational improvements, reinforcing confidence in its Path Forward strategy.
Key takeaways
- Signed leases of 1.5 million square feet in Q3, an 87% increase year-over-year, driving total year-to-date leases to 5.4 million square feet.
- Portfolio occupancy rose to 93.4%, up 140 basis points from the previous quarter, with a go-forward occupancy of 94.3%.
- Positive leasing spreads of 5.9% for 16 consecutive quarters highlight the strength of recent leasing initiatives, including commitments on 74% of previously vacant Forever 21 space.
- The acquisition of Crabtree Mall is expected to enhance leasing momentum, with ongoing projects projected to achieve incremental SNO growth of $140 million.
- Strong commitment to new retail concepts, with 30 anchor openings targeted between 2025 and 2028, positioning Macerich for long-term occupancy and revenue growth.
Q2 2025
Aug 12, 2025
Macerich's second quarter 2025 results highlight strong progress on its Path Forward plan, driven by robust leasing momentum and a strategic acquisition of Crabtree Mall, positioning the company for future growth.
Key takeaways
- Signed 4.3 million square feet of leases year-to-date, exceeding the 2025 goal of 4 million.
- Acquired Crabtree Mall for $290 million, enhancing the portfolio and offering significant growth potential in a high-demand market.
- Occupancy declined slightly to 92% largely due to Forever 21 store closures; traffic improved by 2.1% in the go-forward portfolio.
- Strong leasing momentum positions the company to meet or exceed 2028 targets for net operating income and overall performance.
- Continued emphasis on reducing leverage while driving operational excellence through technology and strategic leasing initiatives.