The Macerich Company (MAC) Q4 2025 earnings summary

Executive summary

• Achieved record leasing activity in 2025, signing 7.1 million sq ft of new and renewal leases, up 85% year-over-year, and exceeding internal targets for the Path Forward Plan.

• Completed $1.3 billion in asset dispositions toward a $2 billion goal, with a clear path to complete remaining sales.

• All 30 targeted anchor and big box replacements are now committed, expected to drive $750 million in annual tenant sales and boost traffic.

• 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.

Financial highlights

• Fourth quarter 2025 FFO, excluding certain items, was $129 million or $0.48 per share; full year FFO was $397.0 million ($1.50/share diluted).

• Q4 2025 total revenues: $261.7M; full year 2025: $1.01B.

• Legal claims settlement income of $16.1 million contributed to a net $8.4 million positive impact on FFO.

• Go-forward portfolio NOI, excluding lease termination income, increased 1.7% in Q4 2025 year-over-year; full-year NOI up 1.8%.

• Liquidity stands at approximately $990 million, including $650 million on the revolving credit line.

Outlook and guidance

• Focus for 2026 includes completing the leasing pipeline, timely tenant move-ins, solidifying lease expirations, targeted dispositions, and evaluating accretive acquisitions.

• SNO pipeline expected to contribute $30 million in 2026 (back-end weighted), $40–$45 million in 2027, and $45–$50 million in 2028.

• NOI growth expected to accelerate, with a projected CAGR midpoint of 5.2% from 2025–2028; 2026 NOI growth expected to be at least 3%, back-end weighted.

• Updated Path Forward Plan 3.0 to be provided at REITWeek in June; earnings guidance to resume in 2027.

• New store leases expected to generate $107M in gross revenue above prior uses from 2024–2028.