Macerich Company Q4 2025 Earnings Call Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Should l Buy MAC?
Source: seekingalpha
- Leasing Performance Surge: Macerich signed 7.1 million square feet of new and renewal leases in 2025, an 85% increase over 2024, exceeding the year-end target, indicating strong market performance that is expected to drive revenue growth further.
- Financial Metrics Improvement: The FFO per share for Q4 was $0.48, despite impacts from legal claims and corporate expenses, reflecting a solid overall financial position with a net debt to EBITDA ratio of 7.78x, demonstrating efforts in reducing leverage.
- Asset Disposition Progress: The company completed $1.3 billion in asset dispositions in Q4, moving towards a $2 billion target, indicating management's commitment to optimizing the asset portfolio and enhancing liquidity, which is expected to improve future financial flexibility.
- Positive Future Outlook: Management anticipates completing 350 new leases by 2026 and plans to resume earnings guidance in 2027, reflecting confidence in future growth, particularly against a backdrop of 5.5% growth in luxury sales, indicating strong market demand.
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Analyst Views on MAC
Wall Street analysts forecast MAC stock price to rise
10 Analyst Rating
5 Buy
4 Hold
1 Sell
Moderate Buy
Current: 18.790
Low
18.00
Averages
19.80
High
23.00
Current: 18.790
Low
18.00
Averages
19.80
High
23.00
About MAC
The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). 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 an owner, operator, and developer of retail real estate in United States markets, the Company’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. The Company is developing and managing properties that serve as community cornerstones. It owns interests in approximately 38 retail centers. Its properties include Arrowhead Towne Center, Danbury Fair, Desert Sky Mall, Eastland Mall, Fashion District Philadelphia, Fashion Outlets of Chicago, The Village at Corte Madera, Washington Square, Vintage Faire Mall, Broadway Plaza, Superstition Springs Center, Crabtree, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Macerich Company Q4 2025 Earnings Call Highlights
- Leasing Performance Surge: Macerich signed 7.1 million square feet of new and renewal leases in 2025, an 85% increase over 2024, exceeding the year-end target, indicating strong market performance that is expected to drive revenue growth further.
- Financial Metrics Improvement: The FFO per share for Q4 was $0.48, despite impacts from legal claims and corporate expenses, reflecting a solid overall financial position with a net debt to EBITDA ratio of 7.78x, demonstrating efforts in reducing leverage.
- Asset Disposition Progress: The company completed $1.3 billion in asset dispositions in Q4, moving towards a $2 billion target, indicating management's commitment to optimizing the asset portfolio and enhancing liquidity, which is expected to improve future financial flexibility.
- Positive Future Outlook: Management anticipates completing 350 new leases by 2026 and plans to resume earnings guidance in 2027, reflecting confidence in future growth, particularly against a backdrop of 5.5% growth in luxury sales, indicating strong market demand.
See More
Macerich Q4 Earnings Beat Expectations with Strategic Focus
- Strong Financial Performance: Macerich reported a Q4 FFO of $0.48, exceeding expectations by $0.04, indicating robust financial management amidst market challenges.
- Slight Revenue Decline: The company generated $261.7 million in revenue, a 4.4% year-over-year decline, yet it surpassed expectations by $1.22 million, demonstrating resilience in maintaining revenue streams.
- Deleveraging Strategy: Macerich is actively deleveraging its balance sheet, focusing on redevelopment projects to limit downside risks and enhance financial flexibility in a challenging market environment.
- Market Rating Insight: Seeking Alpha's quantitative rating on Macerich reflects investor confidence in the company's strategic adjustments, highlighting market interest in its future performance.
See More
Macerich Q4 Earnings Exceed Expectations with Revenue Growth
- Earnings Beat: Macerich reported Q4 adjusted FFO per share of $0.48, surpassing the analyst estimate of $0.44, and up from $0.35 in Q3 and $0.47 in Q4 2024, indicating improved profitability.
- Revenue Growth: Q4 revenue reached $261.7 million, exceeding the consensus of $260.5 million, and increased from $253.3 million in the previous quarter, although it declined from $273.7 million a year ago, reflecting market challenges.
- Expense Management: Total expenses were $281.7 million, slightly up from $281.1 million in Q3 but lower than $268.5 million in Q4 2024, with shopping center and operating expenses at $81.6 million, below Visible Alpha's estimate, showcasing effective cost control.
- Leasing Performance: As of December 31, 2025, portfolio occupancy was 94.0%, exceeding the estimate of 93.7% and up from 93.4% on September 30, 2025, indicating sustained competitiveness in the leasing market.
See More
Macerich to Announce Q4 Earnings on February 18
- Earnings Announcement Date: Macerich (MAC) is set to release its Q4 earnings on February 18 after market close, with consensus EPS estimate at $0.01 and revenue estimate at $260.48 million, reflecting a 4.8% year-over-year decline.
- Earnings Estimate Changes: Over the past three months, EPS estimates have seen no upward revisions and two downward revisions, indicating market concerns regarding the company's profitability.
- Revenue Estimate Adjustments: While there has been one upward revision in revenue estimates, there have been four downward revisions, suggesting a lack of confidence in Macerich's future revenue growth, which could impact its stock performance.
- Financial Health Initiatives: Macerich is focusing on deleveraging its balance sheet and redevelopment projects to limit downside risks, demonstrating the company's commitment to improving its financial health and addressing market challenges.
See More
Macerich Schedules Fourth Quarter 2025 Earnings Release and Conference Call
- Earnings Release Schedule: Macerich is set to release its Fourth Quarter 2025 earnings after market close on February 18, 2026, with management hosting a conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) to discuss quarterly results, demonstrating the company's commitment to transparency and investor communication.
- Participation Details: Investors wishing to join the call must register via the provided link to receive a dial-in number and personalized PIN, while a live webcast will also be available on the company's investor relations website, enhancing accessibility to important information.
- Replay Availability: A replay of the conference call will be accessible in the investor section of the company's website following the live event, ensuring that investors who cannot attend in real-time can still access critical insights, reflecting the company's dedication to serving all investors.
- Company Overview: Macerich is a fully integrated, self-managed real estate investment trust (REIT) focused on owning, operating, and developing high-quality retail real estate, currently managing 39 million square feet of properties primarily in densely populated U.S. markets, underscoring its leadership position in the industry.
See More
Triad Investment Management Acquires 206,916 Shares of Macerich for $3.82 Million
- New Investment Position: Triad Investment Management initiated a new stake in Macerich by acquiring 206,916 shares valued at approximately $3.82 million during the latest quarter, indicating confidence in the company's fundamentals despite prevailing market skepticism.
- Asset Allocation Insight: The new position represents 3.87% of Triad's reportable assets under management, highlighting the firm's strategic emphasis on Macerich within its diversified portfolio, potentially setting the stage for future growth.
- Market Performance Review: As of Thursday, Macerich shares were priced at $18.32, down 2.8% over the past year and underperforming the S&P 500 by 19.53 percentage points, reflecting the challenges faced by retail REITs in a high-interest-rate environment.
- Financial Health Overview: Despite reporting a net loss of $87.4 million in the third quarter, an improvement from a loss of $108.2 million a year earlier, Macerich's management remains focused on asset quality and financial discipline, which helps sustain operational performance amid broader market pressures.
See More
Macerich Company Q4 2025 Earnings Call Highlights
- Leasing Performance Surge: Macerich signed 7.1 million square feet of new and renewal leases in 2025, an 85% increase over 2024, exceeding the year-end target, indicating strong market performance that is expected to drive revenue growth further.
- Financial Metrics Improvement: The FFO per share for Q4 was $0.48, despite impacts from legal claims and corporate expenses, reflecting a solid overall financial position with a net debt to EBITDA ratio of 7.78x, demonstrating efforts in reducing leverage.
- Asset Disposition Progress: The company completed $1.3 billion in asset dispositions in Q4, moving towards a $2 billion target, indicating management's commitment to optimizing the asset portfolio and enhancing liquidity, which is expected to improve future financial flexibility.
- Positive Future Outlook: Management anticipates completing 350 new leases by 2026 and plans to resume earnings guidance in 2027, reflecting confidence in future growth, particularly against a backdrop of 5.5% growth in luxury sales, indicating strong market demand.
See More
Macerich Q4 Earnings Beat Expectations with Strategic Focus
- Strong Financial Performance: Macerich reported a Q4 FFO of $0.48, exceeding expectations by $0.04, indicating robust financial management amidst market challenges.
- Slight Revenue Decline: The company generated $261.7 million in revenue, a 4.4% year-over-year decline, yet it surpassed expectations by $1.22 million, demonstrating resilience in maintaining revenue streams.
- Deleveraging Strategy: Macerich is actively deleveraging its balance sheet, focusing on redevelopment projects to limit downside risks and enhance financial flexibility in a challenging market environment.
- Market Rating Insight: Seeking Alpha's quantitative rating on Macerich reflects investor confidence in the company's strategic adjustments, highlighting market interest in its future performance.
See More
Macerich Q4 Earnings Exceed Expectations with Revenue Growth
- Earnings Beat: Macerich reported Q4 adjusted FFO per share of $0.48, surpassing the analyst estimate of $0.44, and up from $0.35 in Q3 and $0.47 in Q4 2024, indicating improved profitability.
- Revenue Growth: Q4 revenue reached $261.7 million, exceeding the consensus of $260.5 million, and increased from $253.3 million in the previous quarter, although it declined from $273.7 million a year ago, reflecting market challenges.
- Expense Management: Total expenses were $281.7 million, slightly up from $281.1 million in Q3 but lower than $268.5 million in Q4 2024, with shopping center and operating expenses at $81.6 million, below Visible Alpha's estimate, showcasing effective cost control.
- Leasing Performance: As of December 31, 2025, portfolio occupancy was 94.0%, exceeding the estimate of 93.7% and up from 93.4% on September 30, 2025, indicating sustained competitiveness in the leasing market.
See More
Macerich to Announce Q4 Earnings on February 18
- Earnings Announcement Date: Macerich (MAC) is set to release its Q4 earnings on February 18 after market close, with consensus EPS estimate at $0.01 and revenue estimate at $260.48 million, reflecting a 4.8% year-over-year decline.
- Earnings Estimate Changes: Over the past three months, EPS estimates have seen no upward revisions and two downward revisions, indicating market concerns regarding the company's profitability.
- Revenue Estimate Adjustments: While there has been one upward revision in revenue estimates, there have been four downward revisions, suggesting a lack of confidence in Macerich's future revenue growth, which could impact its stock performance.
- Financial Health Initiatives: Macerich is focusing on deleveraging its balance sheet and redevelopment projects to limit downside risks, demonstrating the company's commitment to improving its financial health and addressing market challenges.
See More
Macerich Schedules Fourth Quarter 2025 Earnings Release and Conference Call
- Earnings Release Schedule: Macerich is set to release its Fourth Quarter 2025 earnings after market close on February 18, 2026, with management hosting a conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) to discuss quarterly results, demonstrating the company's commitment to transparency and investor communication.
- Participation Details: Investors wishing to join the call must register via the provided link to receive a dial-in number and personalized PIN, while a live webcast will also be available on the company's investor relations website, enhancing accessibility to important information.
- Replay Availability: A replay of the conference call will be accessible in the investor section of the company's website following the live event, ensuring that investors who cannot attend in real-time can still access critical insights, reflecting the company's dedication to serving all investors.
- Company Overview: Macerich is a fully integrated, self-managed real estate investment trust (REIT) focused on owning, operating, and developing high-quality retail real estate, currently managing 39 million square feet of properties primarily in densely populated U.S. markets, underscoring its leadership position in the industry.
See More
Triad Investment Management Acquires 206,916 Shares of Macerich for $3.82 Million
- New Investment Position: Triad Investment Management initiated a new stake in Macerich by acquiring 206,916 shares valued at approximately $3.82 million during the latest quarter, indicating confidence in the company's fundamentals despite prevailing market skepticism.
- Asset Allocation Insight: The new position represents 3.87% of Triad's reportable assets under management, highlighting the firm's strategic emphasis on Macerich within its diversified portfolio, potentially setting the stage for future growth.
- Market Performance Review: As of Thursday, Macerich shares were priced at $18.32, down 2.8% over the past year and underperforming the S&P 500 by 19.53 percentage points, reflecting the challenges faced by retail REITs in a high-interest-rate environment.
- Financial Health Overview: Despite reporting a net loss of $87.4 million in the third quarter, an improvement from a loss of $108.2 million a year earlier, Macerich's management remains focused on asset quality and financial discipline, which helps sustain operational performance amid broader market pressures.
See More
