Macerich Q3 FFO & Revenues Miss Estimates, Occupancy Declines Y/Y

The Macerich Company MAC reported third-quarter 2025 funds from operations (FFO) per share of 35 cents, lagging the Zacks Consensus Estimate of 36 cents. The reported figure compares unfavorably with the prior-year quarter’s 38 cents.Results reflected a decline in occupancy and a rise in interest expenses year over year. However, with solid leasing volume, Go-Forward Portfolio Centers’ net operating income (NOI) and base rent re-leasing spreads increased.Quarterly revenues of $253.3 million increased 15% from the year-ago quarter’s figure. However, the metric missed the Zacks Consensus Estimate of $257 million.MAC’s Q3 in DetailThe portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing 12 months ended Sept. 30, 2025, came in at $867, up from $834 year over year.In the third quarter, Macerich signed leases encompassing 1.5 million square feet. On a comparable center basis, this reflected an 81% increase in the amount of leased square footage signed year over year.Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 1.7% year over year to $178.8 million.For the trailing 12 months ended Sept. 30, 2025, base rent re-leasing spreads were 5.9% more than the expiring base rent, making it the 16th consecutive quarter of positive base rent leasing spreads.However, portfolio occupancy was 93.4% as of Sept. 30, 2025, down from 93.7% as of Sept. 30, 2024. Our expectation for the same was pegged at 92.3%. Go-Forward Portfolio Center occupancy as of the same period was 94.3%.However, interest expenses grew 27.3% year over year to $72.7 million.MAC’s Portfolio ActivityIn July 2025, MAC’s joint venture closed on the sale of Atlas Park for $72 million.In August 2025, MAC closed on the sale of Lakewood Center for $332 million and Valley Mall for $22 million.Balance Sheet of MACAs of Nov. 4, 2025, Macerich had around $1 billion of liquidity, including $650 million of available capacity on its revolving line of credit.In the third quarter, MAC sold 2.8 million shares of common stock for around $50 million of net proceeds through its at-the-market program.MAC’s Zacks RankCurrently, Macerich carries a Zacks Rank #3 (Hold).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Macerich Company (The) Price, Consensus and EPS Surprise Macerich Company (The) price-consensus-eps-surprise-chart | Macerich Company (The) QuotePerformance of Other Retail REITsRegency Centers Corporation REG reported third-quarter 2025 NAREIT FFO per share of $1.15, in line with the Zacks Consensus Estimate. The figure increased 7.5% from the prior-year quarter.REG's results reflected healthy leasing activity. It witnessed a year-over-year improvement in the same-property NOI and base rents during the quarter. The company increased its 2025 NAREIT FFO per share outlook.Kimco Realty Corp. KIM reported third-quarter 2025 FFO per share of 44 cents, beating the Zacks Consensus Estimate of 43 cents. The metric rose 2.3% from the year-ago quarter.Results reflected higher same-property NOI due to a rise in minimum rents. Higher interest expenses acted as a dampener. This retail REIT raised its quarterly dividend and 2025 FFO per share guidance range.Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.Zacks Names #1 Semiconductor StockThis under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kimco Realty Corporation (KIM): Free Stock Analysis Report Macerich Company (The) (MAC): Free Stock Analysis Report Regency Centers Corporation (REG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks