Macerich reported third‑quarter 2025 revenue of $253.26 million, falling 1.46% below the consensus estimate of $257.01 million, and earnings per share of $0.35, a $0.01 shortfall on the $0.36 consensus. The company’s net loss of $87.4 million narrowed from a $108.2 million loss in Q3 2024, reflecting a $72.6 million reduction in impairment charges tied to the sale of select assets.
Revenue missed expectations because the company’s core leasing activity, while strong, was offset by a decline in sales from its Go‑Forward Portfolio Centers, where a 1.7% year‑over‑year increase in NOI was insufficient to counterbalance the $72.6 million impairment. The impairment stemmed from accelerated asset disposals under the Path Forward plan, which, while improving liquidity, temporarily reduced operating income.
EPS fell short of estimates largely due to the $72.6 million impairment and a $95.4 million write‑down of property values, which were one‑time charges not related to ongoing operations. After accounting for these items, the company’s operating earnings were in line with prior‑year performance, but the one‑time hit pushed the reported EPS below consensus.
Leasing momentum remains a key driver of the company’s outlook. President and CEO Jackson Hsieh noted that 1.5 million square feet of new and renewal leases were signed in Q3 2025, an 87% increase from Q3 2024, and that the company is on track to complete 85% of its new‑lease target by mid‑2026. The acquisition of Crabtree Mall is expected to be accretive to funds from operations, adding a stable anchor tenant base to the portfolio.
Management reiterated its Path Forward plan, highlighting a reduction in net debt to EBITDA from 7.76x to a lower target and a liquidity position of roughly $1 billion. While the company did not provide new revenue or earnings guidance, the emphasis on leasing activity and debt reduction signals confidence in sustaining growth and improving profitability over the next 12 months.
Investors reacted positively to the earnings release, citing the robust leasing activity and progress on the Path Forward plan as key factors. The company’s focus on portfolio optimization and strong lease signing momentum suggests a trajectory toward improved operating performance despite the short‑term impact of asset impairments.
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