Macerich (MAC) Q4 2025 Earnings Call Transcript

The Motley Fool

by newsfeedback@fool.com (Motley Fool Transcribing)

February 24, 2026

AI-Generated Deep Dive Summary

Macerich (MAC) reported strong financial results in its Q4 2025 earnings call, highlighting significant achievements across leasing, NOI growth, and liquidity. The company achieved a record-breaking leasing volume of 7.1 million square feet, marking an 85% increase compared to previous quarters. This success was driven by the completion of all 30 anchor and big box replacements, which are projected to generate $750 million in annual tenant sales. Funds From Operations (FFO) reached $129 million, or $0.48 per share, with a notable $16.1 million settlement income offsetting some costs. The company also made strides in occupancy rates, reaching 94.9% for its go-forward portfolio, up from 94% at the end of Q3. Leasing spreads improved by 80 basis points to 6.7%, marking 17 consecutive positive quarters. Despite these gains, risks such as a $76 million loan default on the 29th Street property and "frictional downtime" from renewals and anchor transitions were acknowledged. However, management remains confident in its ability to maintain NOI growth of 1.8% for the year, excluding the impact ofForever 21's departure. Macerich’s liquidity position remained strong at $990 million, with a net debt to EBITDA ratio improving to 7.8x. The company also secured a four-year loan extension for its South Plains property, ensuring continued financial stability. Moving forward, Macerich plans to focus on accretive acquisitions and value-add lease-up opportunities, aligning with its 2028 FFO targets. Readers interested in finance will find these results particularly relevant due to the company’s ability to consistently achieve record-breaking leasing volumes and NOI growth, despite challenges. The strong occupancy rates and improved leasing spreads underscore Macerich’s competitive position in the retail real estate market, while its disciplined approach to debt management and strategic asset sales further reinforce its financial resilience.

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Originally published on The Motley Fool on 2/24/2026