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- **Leasing Strength**: Q3 signings up 87% YoY, with 5.4M sq ft YTD (86% YoY growth). SNO pipeline at $99M, 70% of deals meet 5-year rent targets. 
- **Balance Sheet Progress**: Reduced leverage to 7.76x, sold $1.2B in non-core assets, repaid $1B of 2026 debt. 
- **Crabtree Impact**: $14M incremental SNO, 74% of Forever 21 space re-leased at higher rents. 
- **Anchor Momentum**: 30 anchors targeted (25 committed), Dick's House of Sport driving +15% traffic. 
- **FFO Outlook**: Path Forward midpoint ($1.81) unchanged, with Crabtree adding $0.08 accretion. 
- ** NOI Growth**: Go-forward portfolio NOI +2% YoY, fortress properties sales +4.8% YoY. 
- **Debt Management**: $1B liquidity, targeting low-mid 6x leverage by 2028. 
- **Dispositions**: $1.4B+ in asset sales completed, on track for $2B+ by end-2026.

**【CEO Summary Section】**
- Signed 1.5 million sq ft of new and renewal leases in Q3, up 87% YoY, with year-to-date signings at 5.4 million sq ft (86% YoY increase). 
- SNO pipeline reached $99 million (vs. $87 million in August), with $14 million incremental from Crabtree. 
- 70% of new lease deals meet 5-year plan net effective rent targets, on track for 85% completion by mid-2026. 
- 30 anchors targeted to open by 2028, with 25 committed (e.g., Dick's House of Sport at 9 locations). 
- Crabtree acquisition: $14 million incremental SNO, 90% of remaining $40 million in SNO from A/B/C-rated spaces. 
- New lease deals approved up 61% YoY, with 2025 total exceeding 2024 volume. 

**【CFO Financial Commentary】**
- Go-forward portfolio NOI increased 1.7% QoQ and 2% YoY through Q3. 
- Sold $1.2 billion in non-core assets since 2025, with $1.4-$1.5 billion total disposals expected by end-2026. 
- Repaid $1 billion of 2026 maturing debt, reducing net debt/EBITDA to 7.76x (from 8.76x at Path Forward launch). 
- Completed $50 million ATM issuance to partially offset Crabtree leverage, keeping acquisition ~neutral to 2028 leverage targets. 
- 2026 expiring square footage: 55% committed, 30% in LOI stage (88% total progress). 

**【Q&A Highlights】**
- **Leasing Momentum**: 2026 expirations 88% resolved (vs. 23% at same time in 2024), with renewals at or above 5-year plan targets. 
- **Crabtree Update**: 74% of Forever 21 liquidation space re-leased at higher rents, with Dick's House of Sport leading traffic gains. 
- **Balance Sheet**: $1 billion liquidity (including $650M revolver), targeting low-mid 6x leverage by 2028. 
- **Anchor Leasing**: 85% tenant retention expected for 2026 expirations, with capital costs ~1-1.5x annual rent for in-line tenants. 
- **SNO Pipeline**: $100M+ SNO on track for 2025, with $20M coming online this year and $80M+ in 2026+. 
- **Acquisition Appetite**: Disciplined approach to accretive deals, with Crabtree-like opportunities expected in 2026-2027. 
- **Forever 21 Impact**: 74% of 0.5M sq ft liquidated space re-leased, driving 100+ basis points of NOI improvement. 
- **FFO Guidance**: Path Forward midpoint ($1.81) remains unchanged, with Crabtree adding $0.08 accretion. 
- **Traffic/Sales**: Go-forward portfolio sales +3.5% YoY in Q3, fortress properties +4.8%, driven by apparel, entertainment, and luxury. 
- **Dispositions**: $130M+ in outparcel/land sales under contract, on track for $100-150M 2025 target. 
- **Debt Market**: Improved access to capital for non-Fortress assets, with Crabtree refinanced at SOFR+250 (mid-6% effective rate).

The Macerich Company (MAC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Disposal of Assets

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MAC

MAC fundamentals

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