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Key Takeaways
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Macerich's third-quarter net loss narrowed to about $16.7 million from more than $87 million a year earlier, while revenue rose to $260.06 million and FFO climbed to $109.1 million.
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Leased occupancy reached 94.9% across the 37-asset portfolio, and the premier Go Forward portfolio posted NOI of $192.99 million, up 4.7%, with occupancy above 96%.
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The REIT sold Pacific View Mall for $69.7 million and has a mall acquisition under contract expected to close by year-end, continuing its push to concentrate on top-tier assets.
Macerich's turnaround kept moving in the third quarter, with revenue, NOI and FFO all up and its net loss shrinking sharply, Commercial Observer reports.
The Santa Monica-based REIT lost about $16.73 million attributable to the company, versus more than $87 million in Q3 2025.
By the Numbers
Revenue totaled $260.06 million, up from $253.26 million. Total NOI was $209.83 million versus $209.01 million, and FFO rose to $109.1 million from $96.2 million.
The Go Forward portfolio of premier malls is where the growth sits. Its NOI reached $192.99 million, a 4.7% gain on $184.35 million.
Occupancy and Leasing
Leased occupancy for the roughly 39 million SF, 37-asset portfolio hit 94.9%, up 1.5% year over year. Go Forward occupancy topped 96%, centered on California, the Pacific Northwest, Phoenix, the D.C. area, New York and, since 2025, North Carolina.
Macerich signed about 1.2 million SF of leases, and SF taken by new tenants rose 16.9% annually. Macerich estimates the new-store leases will bring in about $131 million more gross revenue than the prior uses produced in 2024.
Trimming and Buying
The company keeps selling assets outside its core, most recently the $69.7 million September sale of Pacific View Mall in Ventura, Calif. We covered Macerich's Class A strategy in May, when it bought Annapolis Mall for $272 million and swapped vacant department stores for experiential tenants.
Executives also said a mall acquisition is under contract and should close by year-end, without naming it.
Why It Matters
CEO Jackson Hsieh has run the "Path Forward Plan" for about two years, and he told analysts on the earnings call that the company has more than one way to grow.
The results also fit Green Street's finding that mall values rose 13% year over year, with about 250 Class A malls holding roughly 90% of sector value.
What's Next
Leasing executives pointed to the National Retail Federation's October forecast that holiday spending will top $1 trillion for the first time. Watch for the acquisition details and for how the holiday season shapes Q4 leasing.
