The Macerich Company Q3 2025 Earnings Recap

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.