Q3 2025 Macerich Co Earnings Call Transcript
Key Points
- Macerich Co (MAC) achieved an 87% increase in new and renewal leases in Q3 2025 compared to Q3 2024, totaling 1.5 million square feet.
- Year-to-date signed leases in 2025 reached 5.4 million square feet, marking an 86% increase from the same period in 2024.
- The company is ahead of schedule on its leasing volume and is on track to meet its 2028 targets.
- Macerich Co (MAC) reported a 4% increase in portfolio sales per square foot compared to the same period in 2024.
- The company has made significant progress on its path forward plan, including reducing leverage and refining its portfolio through asset sales.
- Traffic through the third quarter was flat compared to the same period in 2024, indicating potential challenges in attracting more visitors.
- The company is dealing with the impact of the Forever 21 liquidation, which has been a drag on occupancy.
- Macerich Co (MAC) has one remaining maturing loan in 2025 for approximately $200 million, which is expected to be in technical default at maturity.
- The company is facing challenges in the macroeconomic environment, including political uncertainty and pending tariffs.
- Despite progress, the company still has a significant amount of debt to address, with plans to further reduce leverage to the low to mid 6 times range over the next couple of years.
Ladies and gentlemen, thank you for standing by. Welcome to the 3rd quarter, 2025 Majournings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you would need to press 11 on your telephone. You will then hear an automated message advising your hand is raised.
We do ask to please limit to one question and one follow-up and to withdraw your question, please press 11 again. Please be advised that today's conference is being recorded.
I would now like to turn the conference over to Alexandra Johnstone, Vice President of Finance and Investor Relations. Please go ahead.
Thank you for joining us on our 3rd quarter 2025 earnings call.
During this call, we will make certain statements that may be deemed forward-looking within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1,995,
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