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The Macerich Company
The Macerich Company (MAC) investor relations material
The Macerich Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved record leasing activity in 2025, signing 7.1 million sq ft of new and renewal leases, an 85% increase over 2024, and exceeded leasing targets for the year.
Portfolio consists of 39 million sq ft in 38 retail centers, focused on high-density U.S. markets.
Net loss attributable to the company was $18.8M ($0.07/share diluted) in Q4 2025, a significant improvement from $211.2M ($0.89/share diluted) in Q4 2024, mainly due to fewer asset write-downs.
FFO excluding certain items was $129 million or $0.48 per share in Q4 2025, up from $116.7M ($0.47/share diluted) in Q4 2024, aided by legal claim settlements and higher incentive payouts.
All 30 targeted anchor and big box replacements are now committed, expected to drive $750 million in annual tenant sales and boost traffic.
Financial highlights
Q4 2025 FFO, excluding certain items, was $129 million or $0.48 per share; full year FFO was $397.0M ($1.50/share diluted).
Q4 2025 total revenues: $261.7M; full year 2025: $1.01B.
Q4 2025 net loss: $18.8M; full year 2025 net loss: $197.1M.
Adjusted EBITDA for 2025: $741.9M.
Legal claims settlement income of $16.1 million contributed to a net positive impact of $8.4 million or $0.03 per share in Q4.
Outlook and guidance
SNO pipeline expected to contribute $30 million in 2026 (back-end weighted), $40–$45 million in 2027, and $45–$50 million in 2028.
NOI CAGR for 2025–2028 projected at 5.2%, with significant growth expected in 2027 and 2028.
Focus for 2026 is on completing the leasing pipeline, timely tenant move-ins, solidifying lease expirations, targeted dispositions, and evaluating accretive acquisitions.
New store leases expected to generate $107M in gross revenue above prior uses from 2024–2028.
Updated Path Forward Plan 3.0 to be provided at REITWeek in June; earnings guidance to resume in 2027.
Provide insight on rent commencement dates
Update on remaining $700M disposition timeline
Describe acquisition strategy and funding sources
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Next The Macerich Company earnings date
Q1 202611 May, 2026
The Macerich Company
Next The Macerich Company earnings date
Q1 202611 May, 2026
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Frequently asked questions
Shopping malls and Commerical Spaces
Macerich is an American real estate investment trust (REIT) specializing in the ownership, development, and management of retail properties, primarily focusing on high-end shopping malls. The company’s properties are usually strategically located in densely populated and affluent areas. Macerich's strategy involves not only traditional retail operations but also a focus on transforming mall spaces into mixed-use developments, incorporating elements like residential units, offices, and entertainment facilities. The company is headquartered in Santa Monica, California, and its shares are listed on the NYSE.
Macerich is an REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. These types of companies make it possible for individual investors and institutions to earn dividends from real estate investments without having to buy, manage, or finance any properties themselves. To qualify as a REIT, a company must comply with certain IRS regulations, including paying at least 90% of its taxable income in dividends to shareholders, which provides a regular income stream for investors. Similar companies to Macerich that also operate as REITs include Simon Property Group, Regency Centers, and Brixmor Property.
The History of Macerich
Macerich was established in 1964 by Mace Siegel and Richard Cohen, whose names served as inspiration for the name of the company. It started as a small real estate management and over the years it evolved into a major player in the shopping mall industry. In 1994, Macerich took a significant step by going public as a REIT, which enabled larger-scale investments and growth. The company expanded its portfolio through strategic acquisitions, including notable purchases like the acquisition of Westcor in 2002 and Wilmorite in 2005, significantly expanding its presence in the retail property sector.
The Business Model
Macerich's business model revolves around investing in, developing, and managing high-end retail properties, primarily focusing on upscale shopping malls. The company strategically selects locations in densely populated, affluent areas, aiming to attract premium retailers and upscale consumers. Additionally, Macerich has been adapting its business model by incorporating mixed-use elements into its properties. This includes adding residential units, office spaces, and leisure facilities in order to diversify its tenants and sources of revenue.
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