Macerich’s management companies brought in $12.1 million in the three months ended June 30, up 11.7% from a year earlier, helped by higher development fees. The broader business barely budged: revenue was $249.7 million, essentially flat versus $249.8 million.
The headline improvement came elsewhere. Net loss narrowed to $27.1 million from $40.9 million, and diluted loss per share improved to -$0.10 from -$0.16. That looks cleaner until the company’s explanation arrives: the comparison includes property-sale gains in 2026 and impairment losses in 2025.
Macerich said the latest result also included an $8.0 million impairment in an unconsolidated joint venture, tied to a shorter estimated holding period for one property. A joint venture is an investment Macerich owns with other parties, so the charge sits outside the company’s wholly consolidated properties but still reaches its earnings.
Management described the loss change this way:
"The decrease in net loss is primarily due to the gains recognized in 2026 of $10.1 million relating to the sale of an outparcel at Washington Square and $6.6 million relating to the sale of the Company's ownership interest in West Acres and impairment losses in 2025 of $26.2 million recognized as a result of the reduction in the estimated holding period of certain properties along with the other variances noted above."
Macerich, 10-Q, August 5, 2026
In plain English, the smaller loss was heavily shaped by asset transactions and the prior-year impairment comparison. Revenue did not provide much lift, and the latest joint-venture charge shows that property-level estimates are still moving around.
The balance sheet supplied a more visible change. Cash rose to $227.0 million from $131.1 million a year earlier, although the company does not disclose in these facts what drove that increase. At the same time, diluted shares rose 8.2% to 273.7 million, while stock compensation increased 32.1% to $6.8 million. More cash and a wider share base are both part of the same filing, but they answer different questions about the business.
Management continues to point to the operating environment around its shopping centers, including tenant failures and financing costs:
"Although some of the key performance indicators at the Centers continued to improve during 2025 and the first half of 2026, operating results in 2026 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 resulting store closures, and any future tenant bankruptcies."
Macerich, 10-Q, August 5, 2026
That puts the flat revenue in context without turning it into a forecast. Some key performance indicators improved, while the reported results still carry the effects of closures, inflation, tariffs, and rates.
The company’s annual record adds a useful complication. Revenue reached $1.0B in 2025, up 10.4%, but the annual net margin was still negative 19.4%. Growth has returned to the top line; the latest filing shows how far that is from a straightforward earnings recovery.
Macerich’s next quarterly report will clarify whether the $8.0 million joint-venture impairment was repeated or reduced and whether revenue moved beyond its current flat line.
The unresolved tension is simple: Macerich’s loss improved, but the property business itself barely grew.