Macerich Co (MAC) Q3 2025 Earnings Call Summary: Exceptional Leasing Growth and Strategic Advancements
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 05 2025
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Source: Yahoo Finance
Leasing Performance: Macerich Co reported an 87% increase in new and renewal leases in Q3 2025, totaling 1.5 million square feet, with year-to-date signed leases reaching 5.4 million square feet, an 86% increase from 2024.
Financial Metrics: The company achieved a 4% increase in portfolio sales per square foot and reported approximately $93 million in Funds From Operations (FFO) for Q3 2025, while maintaining a liquidity of around $1 billion.
Occupancy and Traffic Challenges: The occupancy rate improved to 93.4%, but traffic remained flat compared to 2024, indicating potential difficulties in attracting visitors, compounded by the impact of the Forever 21 liquidation.
Debt and Future Plans: Macerich is addressing significant debt, with plans to reduce leverage to the low to mid 6 times range, while also evaluating further equity issuances to support growth opportunities like the Crabtree acquisition.
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Analyst Views on MAC
Wall Street analysts forecast MAC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MAC is 19.80 USD with a low forecast of 18.00 USD and a high forecast of 23.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
5 Buy
4 Hold
1 Sell
Moderate Buy
Current: 17.900
Low
18.00
Averages
19.80
High
23.00
Current: 17.900
Low
18.00
Averages
19.80
High
23.00
About MAC
The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). As an owner, operator, and developer of retail real estate in United States markets, the Company’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. The Company is developing and managing properties that serve as community cornerstones. It owns interests in approximately 38 retail centers. Its properties include Arrowhead Towne Center, Danbury Fair, Desert Sky Mall, Eastland Mall, Fashion District Philadelphia, Fashion Outlets of Chicago, The Village at Corte Madera, Washington Square, Vintage Faire Mall, Broadway Plaza, Superstition Springs Center, Crabtree, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Triad Investment Management Acquires 206,916 Shares of Macerich for $3.82 Million
- New Investment Position: Triad Investment Management initiated a new stake in Macerich by acquiring 206,916 shares valued at approximately $3.82 million during the latest quarter, indicating confidence in the company's fundamentals despite prevailing market skepticism.
- Asset Allocation Insight: The new position represents 3.87% of Triad's reportable assets under management, highlighting the firm's strategic emphasis on Macerich within its diversified portfolio, potentially setting the stage for future growth.
- Market Performance Review: As of Thursday, Macerich shares were priced at $18.32, down 2.8% over the past year and underperforming the S&P 500 by 19.53 percentage points, reflecting the challenges faced by retail REITs in a high-interest-rate environment.
- Financial Health Overview: Despite reporting a net loss of $87.4 million in the third quarter, an improvement from a loss of $108.2 million a year earlier, Macerich's management remains focused on asset quality and financial discipline, which helps sustain operational performance amid broader market pressures.
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Macerich (MAC) Announces 2025 Dividend Tax Treatment with $0.68 Per Share
- Dividend Payment Overview: Macerich paid a total dividend of $0.68 per share in 2025, reflecting the company's ongoing commitment to stable cash flow and shareholder returns despite market challenges.
- Tax Classification Details: The 2025 dividends are classified as taxable ordinary dividends, with each quarter paying $0.17, providing shareholders with clear tax reporting categories that enhance transparency.
- Company Background: As a self-managed real estate investment trust (REIT), Macerich holds a significant position in the U.S. high-quality retail real estate market, owning 39 million square feet of properties primarily concentrated in California and the East Coast, showcasing its strong market positioning.
- Commitment to Governance: Macerich is dedicated to advancing environmental goals and corporate governance, indicating that the company prioritizes not only financial performance but also social responsibility and sustainability, thereby enhancing its brand image and competitive edge.
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