Macerich Q2 net loss $40.9M; FFO adj $0.33; acquires Crabtree Mall for $290M

MACERICH CO

2025-Q2 EPS reported -$0.36 vs consensus -$0.08 ▼ miss (-338.0%)

Net loss attributable to company $40.9M ($0.16 diluted) vs net income $252.0M prior year due to Chandler Fashion Center gain.
Adjusted FFO (ex-items) $87.3M ($0.33/diluted) vs $88.1M ($0.39) prior year.
Go-Forward Portfolio NOI up 2.4% YoY; portfolio occupancy 92.0% (down 1.4pp YoY, driven by Forever 21 closures).
Leased 1.7M sq ft in Q2 (+137% YoY); base rent re-leasing spreads +10.5% TTM.
Acquired Crabtree Mall (Raleigh, NC) for ~$290M on June 23; closed $160M term loan at SOFR+250 on August 7.

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