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, 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.