MACERICH CO
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
MAC$24.84-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0000912242-25-000045
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0000912242-25-000068
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 162 previous paragraphs and 199 current paragraphs.
106 unchanged; 52 reworded; 36 added; 1 removed; 3 previous and 5 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (36)
Current report
On June 23, 2025, the Company acquired Crabtree Mall, a 1,325,000 square foot regional retail center in Raleigh, North Carolina, for a total purchase price of $290.0 million. The acquisition was initially funded with cash on hand and $100.0 million of borrowings on the Company's credit facility (See Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).
Current report
On April 16, 2025, the Company sold a parcel at SanTan Adjacent in Gilbert, Arizona for $3.0 million, which resulted in a loss on sale of assets of $0.2 million. On April 28, 2025, the Company sold various parcels at SanTan Adjacent in Gilbert, Arizona for $24.5 million, which resulted in a gain on sale of assets of $0.1 million. The Company used the net proceeds from these sales to pay down debt and for other general corporate purposes.
Current report
On May 28, 2025, the Company sold Paradise Village Office Park in Phoenix, Arizona for $6.2 million, which resulted in a loss on sale of assets of $0.6 million. The Company used the net proceeds for general corporate purposes.
Current report
On June 11, 2025, the Company sold a former department store parcel located in Petaluma, California, for $2.6 million, which resulted in a gain on sale of assets of $2.0 million. The Company used the net proceeds for general corporate purposes.
Current report
On June 30, 2025, the Company sold 1010-1016 Market Street parcels at Fashion District Philadelphia in Philadelphia, Pennsylvania for $10.8 million, which resulted in a gain on sale of assets of $2.4 million. The Company used the net proceeds for general corporate purposes.
Current report
On June 30, 2025, the Company sold its remaining 5% effective interest in Paradise Valley Mall in Phoenix, Arizona for $5.5 million, which resulted in a loss on sale of assets of $1.2 million. The Company used the proceeds for general corporate purposes.
Current report
On July 30, 2025, the Company's joint venture sold Atlas Park, a 374,000 square foot community center in Queens, New York, for $72.0 million. Concurrent with the sale, the $65.0 million loan ($32.5 million at the Company's share) owed by the joint venture was paid off in full. The Company used its share of the net proceeds for general corporate purposes.
Current report
On July 30, 2025, the Company's joint venture in Atlas Park repaid in full the $65.0 million loan ($32.5 million at the Company's pro rata share) concurrent with the sale of the property (See "Dispositions").
Current report
On August 7, 2025, the Company closed on an initial $159.1 million two-year term loan with two one-year extension options on Crabtree Mall. The term loan also allows for additional requested advances of up to $51.2 million based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210.3 million. The new term loan bears interest at a rate of SOFR plus 2.50% (SOFR at the term loan closing date was 4.35%). The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan. The Company used a portion of the net proceeds to fully repay borrowings on the revolving credit facility (See Note 15 – Acquisitions and Note 11 – Bank and Other Notes Payable).
Current report
Supplemental Material United States Federal Income Tax Considerations
Current report
The following discussion supplements and updates the disclosures under the heading “Material United States Federal Income Tax Considerations” in the prospectus dated August 4, 2023, contained in the Company's Registration Statement on Form S-3 (File No. 333-273707) filed with the SEC on August 4, 2023 (the “Existing Tax Disclosure”). Capitalized terms herein that are not otherwise defined shall have the same meaning as when used in the Existing Tax Disclosure.
Current report
On July 4, 2025, H.R. 1, informally known as the One Big Beautiful Bill Act (the “OBBB”), was enacted. The OBBB makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors. In particular,
Current report
•For taxable years beginning on or after January 1, 2026, the OBBB relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT’s assets may be represented by securities of one or more taxable REIT subsidiaries.
Current report
•The OBBB permanently extended the pass-through qualified business income deduction, generally allowing individuals to deduct 20% of the aggregate amount of ordinary REIT dividends distributed by a REIT. This deduction was due to expire for tax years beginning after December 31, 2025.
Current report
To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the first four paragraphs of the Existing Tax Disclosure as if those paragraphs were set forth in this Quarterly Report on Form 10-Q.
Current report
In May 2025, as a further update to the Company’s Path Forward Plan and to provide a strategic disposition plan that refines the portfolio and creates a more focused platform for growth, the Company identified the following Centers as the go-forward portfolio Centers (the “Go-Forward Portfolio Centers”). The Go-Forward Portfolio Centers are subject to change.
Current report
Shopping center and operating expenses increased $9.4 million, or 13.3%, from 2024 to 2025. The increase in shopping center and operating expenses is attributed to increases of $8.0 million from the JV Transition Centers, $4.7 million from the Same Centers and $0.1 million from the Acquisition Property offset in part by a decrease of $3.8 million from the Disposition Properties.
Current report
Management Companies' operating expenses increased $2.4 million from 2024 to 2025 due to an increase in compensation expense.
Current report
Depreciation and amortization increased $16.8 million from 2024 to 2025. The increase in depreciation and amortization is attributed to an increase of $19.1 million from the JV Transition Centers, $1.5 million from the Same Centers and $0.8 million from the Acquisition Property offset in part by a decrease of $3.9 million from the Disposition Properties. Additionally, the increase is further offset by $0.7 million attributable to Santa Monica Place.
Current report
(Loss) gain on Sale or Write Down of Assets, net:
Current report
(Loss) gain on sale or write down of assets, net increased $335.5 million from 2024 to 2025 primarily due to the gains recognized in 2024 of $334.3 million relating to the Company no longer accounting for its investment in Chandler Fashion Center as a financing arrangement (See Note 12—Financing Arrangement and Note 16—Dispositions in the Company's Notes to the Consolidated Financial Statements).
Current report
Net (Loss) Income:
Current report
Net (loss) income decreased $307.0 million from 2024 to 2025. The decrease in net (loss) income is primarily due to the gain recognized in 2024 of $334.3 million relating to Chandler Fashion Center as discussed above.
Current report
Comparison of Six Months Ended June 30, 2025 and 2024
Current report
Revenues:
Current report
Management Companies' revenue decreased 27.6% from $15.0 million in 2024 to $10.9 million in 2025 primarily due to a decrease in management fees.
Current report
Shopping Center and Operating Expenses:
Current report
Leasing Expenses:
Current report
Management Companies' Operating Expenses:
Current report
Depreciation and Amortization:
Current report
Interest Expense:
Current report
(Loss) Gain on Sale or Write Down of Assets, net:
Current report
(Loss) gain on sale or write down of assets, net increased $313.4 million from 2024 to 2025. The increase is primarily due to the gains recognized in 2024 of $334.3 million relating to the Company no longer accounting for its investment in Chandler Fashion Center as a financing arrangement (See Note 12—Financing Arrangement and Note 16—Dispositions in the Company's Notes to the Consolidated Financial Statements).
Current report
Net (Loss) Income:
Current report
For the six months ended June 30, 2025, this includes the $290.0 million acquisition of Crabtree Mall, excluding closing adjustments and other related transaction costs. For the six months ended June 30, 2024, this includes the cash paid of $36.4 million on May 14, 2024, for the Company's acquisition of its joint venture partner's 40% interest in Arrowhead Towne Center and South Plains Mall. The total purchase price also included the assumption of the partner's share of debt. The Company now owns 100% of these regional retail centers (See Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).
Current report
Funds From Operations ("FFO")
Removed paragraphs (1)
Reworded paragraphs (52)
Previous wording
Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or the industry to differ materially from the Company's future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments; elevated interest rates and its impact on the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, and its tenants, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including those made in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as our other reports filed with the Securities and Exchange Commission (the "SEC"), which disclosures are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless required by law to do so.
Current wording
Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or the industry to differ materially from the Company's future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, including the impact of tariffs and elevated interest rates and inflation, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments; elevated interest rates and its impact on the financial condition and results of operations of the Company, including as a result of any increased borrowing costs on the Company's outstanding floating-rate debt and defaults on mortgage loans, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including elevated inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from any pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including those made in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as our other reports filed with the Securities and Exchange Commission (the "SEC"), which disclosures are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless required by law to do so.
Previous wording
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of March 31, 2025, the Operating Partnership owned or had an ownership interest in 39 regional retail centers (including office, hotel and residential space adjacent to these shopping centers), two community/power shopping centers and one redevelopment property. These 42 regional retail centers, community/power shopping centers and one redevelopment property consist of approximately 42 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.
Current wording
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of June 30, 2025, the Operating Partnership owned or had an ownership interest in 39 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and two community/power shopping centers. These 41 regional retail centers and community/power shopping centers consist of approximately 42 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.
Previous wording
The following discussion is based primarily on the consolidated financial statements of the Company for the three months ended March 31, 2025 and 2024. It compares the results of operations for the three months ended March 31, 2025 to the results of operations for the three months ended March 31, 2024. It also compares the results of operations and cash flows for the three months ended March 31, 2025 to the results of operations and cash flows for the three months ended March 31, 2024.
Current wording
The following discussion is based primarily on the consolidated financial statements of the Company for the three and six months ended June 30, 2025 and 2024. It compares the results of operations for the three months ended June 30, 2025 to the results of operations for the three months ended June 30, 2024. It also compares the results of operations and cash flows for the six months ended June 30, 2025 to the results of operations and cash flows for the six months ended June 30, 2024.
Previous wording
On April 30, 2025, the Company sold SouthPark Mall, an 802,000 square foot regional retail center in Moline, Illinois, for $10.5 million. The Company used the net proceeds for general corporate purposes. This asset was unencumbered.
Current wording
On April 30, 2025, the Company sold SouthPark Mall, an 802,000 square foot regional retail center in Moline, Illinois, for $10.5 million, which resulted in a loss on sale of assets of $4.3 million. The Company used the net proceeds for general corporate purposes. This asset was unencumbered.
Previous wording
For the three months ended March 31, 2025, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company’s share of the gains on sale of land of $0.7 million. The Company used its share of the proceeds from these sales of $8.3 million to pay down debt and for other general corporate purposes.
Current wording
For the three and six months ended June 30, 2025, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company’s share of the gains on sale of land of $0.1 million and $0.8 million, respectively. The Company’s proceeds from these sales in the three and six months ended June 30, 2025 were $4.0 million and $12.3 million, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.
Previous wording
On March 27, 2025, the Company closed a $340.0 million, ten-year loan on Washington Square, which matures on April 6, 2035. The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term. The Company used a portion of the net proceeds from this refinancing to repay the remaining first mortgage on Flatiron Crossing, which was $71.6 million at the Company’s share, and to repay the balance outstanding on the Company’s revolving credit facility of $110.0 million. As of the date of this Quarterly Report on Form 10-Q, there are no borrowings outstanding on the Company’s revolving credit facility (See “Liquidity and Capital Resources”).
Current wording
On March 27, 2025, the Company closed a $340.0 million, ten-year loan on Washington Square, which matures on April 6, 2035. The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term. The Company used a portion of the net proceeds from this refinancing to repay the remaining first mortgage on Flatiron Crossing, which was $71.6 million at the Company’s share, and to repay the balance outstanding on the Company’s revolving credit facility of $110.0 million.
Previous wording
The Company’s joint venture in Scottsdale Fashion Square, a 1,875,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred $30.4 million of the total $60.8 million incurred by the joint venture as of March 31, 2025. The opening will be in phases which began in 2024, with anticipated completion in 2025.
Current wording
The Company’s joint venture in Scottsdale Fashion Square, a 1,877,000 square foot regional retail center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $84.0 million and $90.0 million, with $42.0 million to $45.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $31.0 million of the total $62.1 million incurred by the joint venture as of June 30, 2025. The opening will be in phases which began in 2024, with anticipated completion in the fourth quarter of 2025.
Previous wording
The Company is redeveloping the northeast quadrant of Green Acres Mall, a 2,064,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $22.7 million as of March 31, 2025. The anticipated opening is in 2026 for the majority of the tenants, with one anchor tenant expected to open in 2027.
Current wording
The Company is redeveloping the northeast quadrant of Green Acres Mall, a 2,073,000 square foot regional retail center in Valley Stream, New York. The project will include new exterior shops and facade totaling approximately 375,000 square feet of leasing, including new grocery use, redevelopment of a vacant anchor building and demolition of another vacant anchor building. The total cost of the project is estimated to be between $130.0 million and $150.0 million. The Company has incurred approximately $25.9 million as of June 30, 2025. The anticipated opening is in 2026 for the majority of the tenants, with one anchor tenant expected to open in 2027.
Previous wording
The Company’s joint venture in FlatIron Crossing, a 1,397,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is expected to be 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred $11.7 million of the total $23.0 million incurred by the joint venture as of March 31, 2025. The anticipated opening will be in phases beginning in 2027.
Current wording
The Company’s joint venture in FlatIron Crossing, a 1,396,000 square foot regional retail center in Broomfield, Colorado, is developing luxury, multi-family residential units, new/repurposed retail and food and beverage uses, and a community plaza, in addition to the redevelopment of the vacant former Nordstrom store located on the property. The Company's ownership percentage is expected to be 43.4% in the residential portion of the development and 51.0% in the remainder of the property. The total cost of the project is estimated to be between $245.0 million and $265.0 million, with $125.0 million to $135.0 million estimated to be the Company’s pro rata share. The Company has incurred approximately $14.9 million of the total $29.2 million incurred by the joint venture as of June 30, 2025. The anticipated opening will be in phases beginning in 2027.
Previous wording
The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2024. On February 14, 2025, the Company announced a first quarter cash dividend of $0.17 per share of its common stock, which was paid on March 18, 2025 to stockholders of record on March 4, 2025. On April 28, 2025, the Company announced a second quarter cash dividend of $0.17 per share of its common stock, which will be paid on June 17, 2025 to stockholders of record on June 3, 2025. The dividend amount will be reviewed by the Board on a quarterly basis.
Current wording
The Company declared a cash dividend of $0.17 per share of its common stock for each quarter of 2024 and the first two quarters of 2025. On July 31, 2025, the Company announced a third quarter cash dividend of $0.17 per share of its common stock, which will be paid on September 23, 2025 to stockholders of record on September 9, 2025. The dividend amount will be reviewed by the Board on a quarterly basis.
Previous wording
In connection with the commencement of a separate “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2024, the Company sold 3.7 million shares of common stock for approximately $69.1 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.68. During the three months ended March 31, 2025, the Company did not issue any shares of common stock under the 2024 ATM Program. As of March 31, 2025, the Company had approximately $429.3 million of gross sales of its common stock available under the 2024 ATM Program.
Current wording
In connection with the commencement of a separate “at the market” offering program on November 12, 2024, which is referred to as the “2024 ATM Program,” the Company entered into an equity distribution agreement with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million. During the twelve months ended December 31, 2024, the Company sold 3.7 million shares of common stock for approximately $69.1 million of net proceeds through the 2024 ATM Program at a weighted average price of $18.68. During the three and six months ended June 30, 2025, the Company did not issue any shares of common stock under the 2024 ATM Program. As of June 30, 2025, the Company had approximately $429.3 million of gross sales of its common stock available under the 2024 ATM Program.
Previous wording
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including those related to the Redevelopment Properties, the JV Transition Centers and the Disposition Properties (each as defined below).
Current wording
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including those related to the Redevelopment Properties, the Acquisition Property, the JV Transition Centers and the Disposition Properties (each as defined below).
Previous wording
For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes include those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to or from consolidated assets ("JV Transition Centers") and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all Consolidated Centers, excluding the Redevelopment Properties, the JV Transition Centers, Santa Monica Place and the Disposition Properties, for the periods of comparison. Santa Monica Place is excluded from Same Centers due to the Company's default on the non-recourse loan on April 9, 2024 and the completion of the transition of the property to a receiver during the first quarter of 2025. The Company is still the owner of record of the property.
Current wording
For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes includes a recently acquired property ("Acquisition Property"), those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to or from consolidated assets ("JV Transition Centers") and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all Consolidated Centers, excluding the Redevelopment Properties, the JV Transition Centers, Santa Monica Place and the Disposition Properties, for the periods of comparison. Santa Monica Place is excluded from Same Centers due to the Company's default on the non-recourse loan on April 9, 2024 and the completion of the transition of the property to a receiver during the first quarter of 2025. The Company is still the owner of record of the property.
Previous wording
For the comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024, the JV Transition Centers are Arrowhead Towne Center, Chandler Fashion Center, Lakewood Center, Los Cerritos Center, Washington Square and South Plains Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are The Oaks, Southridge Mall, Wilton Mall and a former department store parcel at Valle Vista Mall (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024, there are no Redevelopment Properties.
Current wording
For the comparison of the three and six months ended June 30, 2025 to the three and six months ended June 30, 2024, the Acquisition Property is Crabtree Mall (See “Acquisitions” in Management’s Overview and Summary). The JV Transition Centers are Arrowhead Towne Center, Chandler Fashion Center, Lakewood Center, Los Cerritos Center, Washington Square and South Plains Mall (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are The Oaks, Southridge Mall, Wilton Mall, Southpark Mall, and former department store parcels at Valle Vista Mall in Harlingen, Texas and in Petaluma, California (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three and six months ended June 30, 2025 to the three and six months ended June 30, 2024, there are no Redevelopment Properties.
Previous wording
During the trailing twelve months ended March 31, 2025, comparable tenant sales for spaces less than 10,000 square feet across the portfolio decreased by 1.5% relative to the first quarter of 2024. The leased occupancy rate of 92.6% at March 31, 2025 represented a 0.8% decrease from 93.4% at March 31, 2024 and a 1.5% sequential decrease compared to the 94.1% occupancy rate at December 31, 2024. Releasing spreads increased as the Company executed leases at an average rent of $69.99 for new and renewal leases executed compared to $63.13 on leases expiring, resulting in a releasing spread increase of $6.86 per square foot, or 10.9%, for the trailing twelve months ended March 31, 2025. This was the Company’s fourteenth consecutive quarter of positive base rent leasing spreads.
Current wording
During the trailing twelve months ended June 30, 2025, comparable tenant sales for spaces less than 10,000 square feet across the portfolio decreased by 0.5% relative to the same period of 2024. The leased occupancy rate of 92.0% at June 30, 2025 represented a 1.3% decrease from 93.3% at June 30, 2024 and a 0.6% sequential decrease compared to the 92.6% occupancy rate at March 31, 2025. Releasing spreads increased as the Company executed leases at an average rent of $70.57 for new and renewal leases executed compared to $63.85 on leases expiring, resulting in a releasing spread increase of $6.73 per square foot, or 10.5%, for the trailing twelve months ended June 30, 2025. This was the Company’s fifteenth consecutive quarter of positive base rent leasing spreads.
Previous wording
As of March 31, 2025, the Company has executed renewal leases or commitments on 69% of its square footage expiring in 2025, which leases are expected to commence throughout 2025 and 2026 and another 24% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2025, which represent approximately 184,000 square feet of the Centers, are in the prospecting stage.
Current wording
As of June 30, 2025, the Company has executed renewal leases or commitments on 89% of its square footage expiring in 2025, which leases are expected to commence throughout 2025 and 2026 and another 9% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2025, which represent approximately 51,000 square feet of the Centers, are in the prospecting stage.
Previous wording
The Company has entered into 130 leases for new stores totaling approximately 814,000 square feet that have opened or are planned for opening in 2025, and another 27 leases for new stores totaling approximately 486,000 square feet opening after 2025. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $79.5 million (at the
Current wording
The Company has entered into 144 leases for new stores totaling approximately 814,000 square feet that have opened or are planned for opening in 2025, and another 51 leases for new stores totaling approximately 791,000 square feet opening after 2025. In total, through 2028, new store leases are expected to produce total gross revenue of approximately $87 million (at the Company’s pro rata share) in excess of the revenue generated in 2024 from prior uses in the same spaces. This new store leasing pipeline represents a cumulative and incremental estimate and includes open stores, leases signed not yet open, and leases in documentation that will or have commenced from 2024 through 2028. While there may be additional new space openings in 2025, any such leases are not yet executed.
Previous wording
During the quarter ended March 31, 2025, the Company signed 87 new leases and 233 renewal leases comprising approximately 2.6 million square feet of GLA. The average tenant allowance was $14.56 per square foot.
Current wording
During the quarter ended June 30, 2025, the Company signed 118 new leases and 213 renewal leases comprising approximately 1.7 million square feet of GLA. The average tenant allowance was $28.27 per square foot.
Previous wording
The Company may achieve these goals through a variety of methods and the timing, extent and impact of any transactions that the Company has or will undertake while implementing the Path Forward Plan may vary and evolve. In order to deleverage its capital structure, the Company may pursue asset dispositions and acquisitions, experience organic growth in EBITDA as tenants in its lease pipeline open for business, be selective about undertaking new development and redevelopment projects, and/or issue common stock. Asset sales will focus on whether a property is core to the Company’s strategy and may include defaulting on certain mortgage debts on the Company’s properties and giving possession of such secured properties to the lender. Additionally, as part of the Path Forward Plan, the Company is targeting for disposition certain outparcels, freestanding retail assets, non-enclosed mall assets and vacant land.
Current wording
The Company may achieve these goals through a variety of methods and the timing, extent and impact of any transactions that the Company has or will undertake while implementing the Path Forward Plan may vary and evolve. In order to deleverage its capital structure, the Company may pursue asset dispositions and acquisitions, experience organic growth in EBITDA as tenants in its lease pipeline open for business, be selective about undertaking new development and redevelopment projects, and/or issue common stock. Asset sales will focus on whether a property is core to the Company’s strategy and may include defaulting on certain mortgage debts on the Company’s properties and giving possession of such secured properties to the lender. Additionally, as part of the Path Forward Plan, the Company is targeting for disposition certain outparcels, freestanding retail assets, non-enclosed mall assets and vacant land. The Company also began acquiring properties in June 2025 with the acquisition of Crabtree Mall and will continue to look for other strategic acquisition opportunities that would compliment the Company's portfolio.
Previous wording
Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2024 and the first quarter of 2025, including a strong start to 2025 leasing volume and leasing spreads, operating results in 2025 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the 2024 bankruptcy of Express and any future tenant bankruptcies.
Current wording
Further, the Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional retail centers. Although some of the key performance indicators at the Centers continued to improve during 2024 and the first half of 2025, including a strong start to 2025 leasing volume and leasing spreads, operating results in 2025 have been and are expected to continue to be negatively impacted by certain external factors, including sustained inflation, tariffs and elevated interest rates, as well as the impact from the bankruptcies of Express, Forever 21 and Claire's and any future tenant bankruptcies.
Previous wording
Traffic levels at the Company’s Centers for the first quarter of 2025 increased by 1.8% from 2024 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended March 31, 2025 were $837 compared to $837 for the year ended December 31, 2024. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended March 31, 2025 decreased by 1.5% compared to the same period in 2024.
Current wording
Traffic levels at the Company’s Centers for the first half of 2025 increased by 1.6% from 2024 levels for the same time period. Portfolio tenant sales per square foot from spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2025 were $849 compared to $837 for the year ended December 31, 2024. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the quarter ended June 30, 2025 decreased by 0.3% compared to the same period in 2024.
Previous wording
During the first quarter of 2025, the Company signed 320 leases for approximately 2.6 million square feet, compared to 211 leases and 1.0 million square feet leased during the first quarter of 2024, representing a 156% increase in the amount of square footage leased and a 52% increase in the number of leases signed on a comparable center basis.
Current wording
During the first half of 2025, the Company signed 650 leases for approximately 4.3 million square feet, compared to 459 leases and 2.4 million square feet leased during the same period in 2024, representing a 76% increase in the amount of square footage leased and a 42% increase in the number of leases signed on a comparable center basis.
Previous wording
The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended March 31, 2025, the Company signed leases for new stores with new-to-Macerich portfolio uses for 104,000 square feet, with another 255,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.
Current wording
The Company believes that diversity of use within its tenant base has been, and will continue to be, a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended June 30, 2025, the Company signed leases for new stores with new-to-Macerich portfolio uses for 138,000 square feet, with another 280,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.
Previous wording
As of March 31, 2025, the leased occupancy rate was 92.6%, a 0.8% decrease compared to the leased occupancy rate at March 31, 2024 of 93.4% and a 1.5% sequential decrease compared to the 94.1% occupancy rate at December 31, 2024. The decrease was driven primarily by temporary and holiday specialty tenants.
Current wording
As of June 30, 2025, the leased occupancy rate was 92.0%, a 1.3% decrease compared to the leased occupancy rate at June 30, 2024 of 93.3% and a 0.6% sequential decrease compared to the 92.6% occupancy rate at March 31, 2025. The decrease was driven primarily by Forever 21 closures.
Previous wording
Many of the Company’s leases contain co-tenancy clauses. Certain Anchor or small tenant closures have become permanent, and co-tenancy clauses within certain leases may be triggered as a result. The Company does not anticipate that the negative impact of such clauses on lease revenue will be significant.
Current wording
Many of the Company’s leases contain co-tenancy clauses. Certain Anchor or small tenant closures have become vacant, and co-tenancy clauses within certain leases may be triggered as a result. The Company does not anticipate that the negative impact of such clauses on lease revenue will be significant.
Previous wording
The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2024, there were 13 bankruptcy filings involving the Company’s tenants, including the bankruptcy of Express, totaling 54 leases and representing approximately 369,000 square feet of leased space and $21.7 million of annual leasing revenue at the Company’s share. Year-to-date 2025, there was one bankruptcy filing involving the Company’s tenant, Forever 21, totaling 20 leases and representing approximately 734,000 square feet of leased space and approximately $5.2 million of annual leasing revenue at the Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2025 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.
Current wording
The pace of bankruptcy filings involving the Company’s tenants has remained steady in recent years but is substantially lower than 2021 levels. For the year ended December 31, 2024, there were 13 bankruptcy filings involving the Company’s tenants, including the bankruptcy of Express, totaling 54 leases and representing approximately 369,000 square feet of leased space and $21.7 million of annual leasing revenue at the Company’s share. Year-to-date 2025, there were five bankruptcy filings involving the Company’s tenants, including the bankruptcies of Forever 21 and Claire's, totaling 62 leases and representing approximately 795,000 square feet of leased space and approximately $11.3 million of annual leasing revenue at the Company’s share. Based on current information and market data, the Company expects that the pace of bankruptcy filings in 2025 will be lower than the average bankruptcy rate over the last decade but the Company will continue to monitor the impact of tariffs and other economic conditions on the Company's tenants.
Previous wording
The Company continues to actively address its near-term, non-recourse loan maturities, with nine completed transactions from the beginning of 2024 through the first quarter of 2025, totaling approximately $1.8 billion, or approximately $1.6 billion at the Company’s pro rata share. For additional information on the Company’s financing transactions in the year ended 2024 through the date of this Quarterly Report on Form 10-Q, see “Financing Activities” in Management’s Overview and Summary.
Current wording
The Company continues to actively address its near-term, non-recourse loan maturities, with nine completed transactions from the beginning of 2024 through the first half of 2025, totaling approximately $1.8 billion, or approximately $1.6 billion at the Company’s pro rata share. For additional information on the Company’s financing transactions in the year ended 2024 through the date of this Quarterly Report on Form 10-Q, see “Financing Activities” in Management’s Overview and Summary.
Previous wording
Leasing expenses increased from $10.5 million in 2024 to $11.2 million in 2025 due primarily to an increase in compensation expense.
Current wording
Leasing expenses increased from $9.6 million in 2024 to $10.6 million in 2025 primarily due to an increase in compensation expense.
Previous wording
Loss on sale or write down of assets, net decreased $22.1 million from 2024 to 2025. The decrease is primarily due to the 2024 impairment loss of $36.0 million at Santa Monica Place, as a result of the reduction in the estimated holding period of the property (See "—Financing Activities" in Management's Overview and Summary) offset in part by impairment losses in 2025 of $13.3 million recognized as a result of the reduction in the estimated holding period of certain properties.
Current wording
Equity in loss of unconsolidated joint ventures decreased $56.4 million from 2024 to 2025. The decrease in equity in loss of unconsolidated joint ventures is primarily due to impairment losses of $53.7 million recognized in 2024 as a result of the reduction in the estimated holding period of properties held by certain unconsolidated joint ventures.
Previous wording
Leasing revenue increased by $44.0 million, or 23.0%, from 2024 to 2025. The increase in leasing revenue is attributed to an increase of $47.1 million from the JV Transition Centers and $6.7 million from the Same Centers offset in part by decreases of $8.6 million from the Disposition Properties and $1.2 million from Santa Monica Place. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases increased from $0.1 million in 2024 to $1.0 million in 2025. Straight-line rents increased from $(3.2) million in 2024 to $(0.3) million in 2025. Lease termination income increased from $1.1 million in 2024 to $4.9 million in 2025. Percentage rent increased from $2.6 million in 2024 to $4.3 million in 2025. Provisions for bad debts decreased from $2.9 million in 2024 to $1.6 million in 2025.
Current wording
Leasing revenue increased by $78.8 million, or 20.2%, from 2024 to 2025. The increase in leasing revenue is attributed to increases of $88.3 million from the JV Transition Centers, $10.7 million from the Same Centers and $1.0 million from the Acquisition Property offset in part by decreases of $18.8 million from the Disposition Properties and $2.4 million from Santa Monica Place. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases increased from $2.5 million in 2024 to $3.0 million in 2025. Straight-line rents increased from $(3.7) million in 2024 to $0.5 million in 2025. Lease termination income increased from $1.2 million in 2024 to $5.5 million in 2025. Percentage rent increased from $5.5 million in 2024 to $8.4 million in 2025. Provisions for bad debts decreased from $4.4 million in 2024 to $2.4 million in 2025.
Previous wording
Shopping center and operating expenses increased $11.0 million, or 14.8%, from 2024 to 2025. The increase in shopping center and operating expenses is attributed to an increase of $3.8 million from the Same Centers, which is primarily due to increased property taxes, maintenance and utilities costs, and $10.2 million from the JV Transition Centers offset in part by a decrease of $3.1 million from the Disposition Properties.
Current wording
Shopping center and operating expenses increased $20.4 million, or 14.1%, from 2024 to 2025. The increase in shopping center and operating expenses is attributed to an increase of $8.2 million from the Same Centers, which is primarily due to increased property taxes, maintenance and utilities costs, $18.2 million from the JV Transition Centers and $0.1 million from the Acquisition Property offset in part by a decrease of $6.6 million from the Disposition Properties.
Previous wording
Management Companies' operating expenses increased $1.6 million from 2024 to 2025 due primarily to an increase in compensation expense, including employee severance costs of $1.3 million.
Current wording
Management Companies' operating expenses increased $4.0 million from 2024 to 2025 due primarily to an increase in compensation expense, including employee severance costs increase of $1.4 million.
Previous wording
Depreciation and amortization increased $24.2 million from 2024 to 2025. The increase in depreciation and amortization is attributed to increases of $24.0 million from the JV Transition Centers and $3.1 million from the Same Centers offset in part by a decrease of $3.4 million from the Disposition Properties.
Current wording
Depreciation and amortization increased $41.0 million from 2024 to 2025. The increase in depreciation and amortization is attributed to increases of $43.1 million from the JV Transition Centers, $4.5 million from the Same Centers and $0.8 million from the Acquisition Property offset in part by a decrease of $7.3 million from the Disposition Properties.
Previous wording
Interest expense increased $16.9 million from 2024 to 2025. The increase in interest expense is attributed to increases of $19.7 million from the JV Transition Centers and $2.2 million from the Same Centers offset in part by decreases of $2.1 million from lower outstanding balances on the Company's revolving loan facility, $4.4 million from the financing arrangement discussed in Note 12 in the Company's Notes to the Consolidated Financial Statements and $2.2 million from the Disposition Properties. Additionally, $3.7 million of the increase is attributable to Santa Monica Place, which includes default interest expense of $3.0 million. The decrease in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties and Chandler Freehold no longer being accounted for as a financing arrangement (See Note 12—Financing Arrangement in the Notes to the Consolidated Financial Statements).
Current wording
Interest expense increased $49.0 million from 2024 to 2025. The increase in interest expense is attributed to increases of $39.2 million from the JV Transition Centers, $11.3 million from the financing arrangement discussed in Note 12 in the Company's Notes to the Consolidated Financial Statements and $5.4 million from the Same Centers offset in part by decreases of $5.8 million from lower outstanding balances on the Company's revolving credit facility and $4.5 million from the Disposition Properties. Additionally, $3.4 million of the increase is attributable to Santa Monica Place, which includes default interest expense of $6.0 million. The increase in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties and Chandler Fashion Center no longer being accounted for as a financing arrangement (See Note 12—Financing Arrangement in the Notes to the Consolidated Financial Statements).
Previous wording
Equity in loss of unconsolidated joint ventures decreased $72.5 million from 2024 to 2025. The decrease in equity in loss of unconsolidated joint ventures is primarily due to the write-down of the Company's investment in Los Angeles Premium Outlets of $57.7 million during the first quarter of 2024.
Current wording
Equity in loss of unconsolidated joint ventures decreased $128.8 million from 2024 to 2025. The decrease in equity in loss of unconsolidated joint ventures is primarily due to the write-down of the Company's investment in Los Angeles Premium Outlets of $57.7 million during the first quarter of 2024 and impairment losses of $53.7 million recognized in 2024 as a result of the reduction in the estimated holding period of properties held by certain unconsolidated joint ventures.
Previous wording
Net loss decreased $80.3 million from 2024 to 2025. The decrease in net loss is primarily due to the 2024 impairment losses at Santa Monica Place and Los Angeles Premium Outlets along with the other variances noted above.
Current wording
Net (loss) income decreased $226.8 million from 2024 to 2025. The decrease in net (loss) income is primarily due to the gains recognized in 2024 of $334.3 million relating to Chandler Fashion Center along with the other variances noted above.
Previous wording
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments increased 17.1% from$74.6 millionin 2024 to$87.4 million in 2025. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments—diluted, see "Funds From Operations ("FFO")" below.
Current wording
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments increased 7.4% from$162.7 millionin 2024 to$174.7 million in 2025. For a reconciliation of net (loss) income attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments—diluted, see "Funds From Operations ("FFO")" below.
Previous wording
Cash provided by operating activities increased $27.4 million from 2024 to 2025. The increase is primarily due to the changes in assets and liabilities and the results, as discussed above.
Current wording
Cash provided by operating activities increased $30.5 million from 2024 to 2025. The increase is primarily due to the changes in assets and liabilities and the results, as discussed above.
Previous wording
Cash used in investing activities increased $56.1 million from 2024 to 2025. The increase in cash used in investing activities is primarily attributed to increases in contributions to unconsolidated joint ventures of $84.0 million, decreases in property improvements of $0.5 million and increases in development, redevelopment and renovation of $7.9 million offset in part by increases in distributions from unconsolidated joint ventures of $9.8 million. The increase in contributions to unconsolidated joint ventures is primarily due to contributions to Flatiron Crossing in 2025 to payoff the remaining loan balance (See “Financing Activities” in Management’s Overview and Summary).
Current wording
Cash used in investing activities increased $231.3 million from 2024 to 2025. The increase in cash used in investing activities is primarily attributed to increases in acquisitions of property of $225.1 million and contributions to unconsolidated joint ventures of $80.3 million offset in part by increases in proceeds from sale of assets of $77.6 million. The increase in acquisitions of property is due to the acquisition of Crabtree Mall (See "Acquisitions" in Management's Overview and Summary). The increase in contributions to unconsolidated joint ventures is primarily due to contributions to Flatiron Crossing in 2025 to payoff the remaining loan balance (See “Financing Activities” in Management’s Overview and Summary).
Previous wording
Cash provided by financing activities increased $160.9 million from 2024 to 2025. The increase in cash provided by financing activities is primarily due to a decrease in payments on mortgages, bank and other notes payable of $103.2 million, an increase in proceeds from mortgages, bank and other notes payable of $70.0 million offset in part by an increase in dividends and distributions of $11.2 million.
Current wording
Cash provided by (used in) financing activities increased $257.5 million from 2024 to 2025. The increase in cash provided by (used in) financing activities is primarily due to a decrease in payments on mortgages, bank and other notes payable of $123.3 million and an increase in proceeds from mortgages, bank and other notes payable of $150.0 million offset in part by an increase in dividends and distributions of $15.9 million.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Leasing revenue increased by $34.8 million, or 17.6%, from 2024 to 2025. The increase in leasing revenue is attributed to increases of $41.2 million from the JV Transition Centers, $4.0 million from the Same Centers and $1.0 million from the Acquisition Property offset in part by decreases of $10.2 million from the Disposition Properties. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases decreased from $2.5 million in 2024 to $2.0 million in 2025. The amortization of straight-line rents increased from $(0.5) million in 2024 to $0.8 million in 2025. Lease termination income increased from $0.0 million in 2024 to $0.6 million in 2025. Percentage rent increased from $2.9 million in 2024 to $4.1 million in 2025. Provisions for (recovery of) bad debts increased from $(1.5) million in 2024 to $0.8 million in 2025.
Current report — wording carried from elsewhere
Interest expense increased $32.2 million from 2024 to 2025. The increase in interest expense is attributed to increases of $19.6 million from the JV Transition Centers, $15.7 million from the financing arrangement (See Note 12—Financing Arrangement in the Company's Notes to the Consolidated Financial Statements) and $3.2 million from the Same Centers offset in part by decreases of $3.7 million from lower outstanding balances on the Company's revolving credit facility and $2.3 million from the Disposition Properties. The increase in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties and Chandler Fashion Center no longer being accounted for as a financing arrangement (See Note 12—Financing Arrangement in the Notes to the Consolidated Financial Statements).
Current report — wording carried from elsewhere
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments decreased from$88.1 million in 2024 to$87.3 million in 2025. For a reconciliation of net (loss) income attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments—diluted, see "Funds From Operations ("FFO")" below.
Current report — wording carried from elsewhere
Leasing expenses increased from $20.1 million in 2024 to $21.8 million in 2025 due primarily to an increase in compensation expense.
Current report — wording carried from elsewhere
Equity in Loss of Unconsolidated Joint Ventures:
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Company’s pro rata share) in excess of the revenue generated from prior uses in the same spaces. While there may be additional new space openings in 2025, any such leases are not yet executed.
Previous report — wording carried elsewhere
Loss on Sale or Write Down of Assets, net:
Previous report — wording carried elsewhere
The Oaks in Thousand Oaks, California. On March 27, 2025, the Company sold Wilton Mall in Saratoga Springs, New York and on April 30, 2025, the Company sold SouthPark Mall in Moline, Illinois. The Company used its share of proceeds from these transactions to pay down its revolving loan facility and other debt obligations. During the three months ended March 31, 2025 and the year ended December 31, 2024, the Company and certain joint venture partners sold various land parcels in separate transactions for aggregate proceeds of $8.3 million and $6.1 million (at the Company's share), respectively, which the Company used to pay down debt and for other general corporate purposes.