Macerich (NYSE:MAC) Releases Earnings Results

Macerich (NYSE:MAC) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.04, Zacks reports. The company had revenue of $261.70 million for the quarter, compared to analyst estimates of $260.48 million. Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. Macerich’s revenue was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.47 earnings per share.

Here are the key takeaways from Macerich’s conference call:

• Company reported record leasing momentum—signed 7.1 million sq ft in 2025 (an 85% increase YoY), with the leasing speedometer at 76%, a $107 million signed non-open pipeline, and SNOW incremental contributions forecast at $30M (2026), $40–45M (2027) and $45–50M (2028).
• All 30 targeted anchor/big-box replacements are now committed (totaling 2.9 million sq ft and ~$750M expected annual tenant sales), with early wins like Dick’s House of Sport driving outsized traffic and follow‑on leasing.
• Balance-sheet progress—approximately $1.3 billion of dispositions closed toward a $2B target, net debt/EBITDA down to 7.78x (one turn lower) and liquidity of about $990M, with a plan to reach low–mid 6x leverage.
• Financing and maturity risks remain—a $76M loan on Twenty‑Ninth Street is in default after maturity and is under lender negotiations, and management still needs to address some 2026 maturities (via sales, refinances, modifications or potential givebacks).
• Q4 adjusted FFO was $0.48 per share and go‑forward portfolio NOI rose 1.8% for 2025, but results included a $16.1M one‑time legal settlement and physical occupancy (~91%) is below leased occupancy (~94.9%), leaving some execution risk on rent commencement and tenant buildouts.

Macerich Trading Up 1.9%

Macerich stock traded up $0.37 during mid-day trading on Wednesday, hitting $19.16. The company’s stock had a trading volume of 3,422,822 shares, compared to its average volume of 2,032,485. The firm has a market capitalization of $4.91 billion, a PE ratio of -12.05, a price-to-earnings-growth ratio of 4.11 and a beta of 2.16. Macerich has a 1 year low of $12.48 and a 1 year high of $20.76. The stock’s fifty day moving average is $18.60 and its two-hundred day moving average is $17.88. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.97.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 annualized dividend and a dividend yield of 3.5%. Macerich’s payout ratio is presently -42.77%.

Macerich News Summary

Here are the key news stories impacting Macerich this week:

• Positive Sentiment: FFO beat: Macerich reported funds from operations (FFO) of $0.48/sh, topping the Zacks estimate of $0.43 and roughly in line with last year — a sign of improving cash generation that supports REIT valuation. Macerich (MAC) Q4 FFO Beat Estimates
• Positive Sentiment: Operational improvement: Management cited controlled expenses and higher occupancy as drivers of the quarter, which supports ongoing margin recovery and steadier cash flow for the portfolio. Macerich Q4 earnings benefit from controlled expenses, increased occupancy
• Positive Sentiment: Narrowed net loss and path forward plan: The company reduced its net loss for the quarter and outlined elements of a “path forward” plan, which investors may view as constructive for long-term recovery. Macerich Narrows Losses and Advances Path Forward Plan
• Neutral Sentiment: Official filings: The company posted its full fourth-quarter earnings release and supplemental information (press release and report) — useful for digging into portfolio-level metrics and guidance but not a new catalyst by itself. Macerich Reports Fourth Quarter 2025 Earnings Results
• Neutral Sentiment: Turnaround watch: Coverage notes the quarter is an early test of Macerich’s turnaround plan — progress on occupancy and expense control is promising but execution over upcoming quarters will determine sentiment. Macerich earnings up next as turnaround plan faces key test
• Neutral Sentiment: Quarter snapshot and analyst summaries are available for quick review of metric-by-metric performance; these summarize the mixed data points investors are parsing. Macerich: Q4 Earnings Snapshot
• Negative Sentiment: Headline EPS miss and continued net losses: Macerich reported GAAP EPS of ($0.07) versus analyst consensus near $0.44, and the company still showed a negative net margin and return on equity — reminders of ongoing profitability and leverage risks that could cap near-term upside. Macerich (MAC) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MAC shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Jefferies Financial Group reissued a “buy” rating and set a $21.00 price objective on shares of Macerich in a research report on Monday, December 15th. Truist Financial boosted their price objective on shares of Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Mizuho set a $21.00 target price on shares of Macerich in a research report on Friday, January 9th. Finally, Scotiabank raised their target price on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 13th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Macerich has an average rating of “Hold” and an average target price of $19.76.

Institutional Investors Weigh In On Macerich

Several institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in Macerich by 139.8% in the 4th quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock valued at $67,855,000 after purchasing an additional 2,142,737 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Macerich by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after acquiring an additional 2,034,338 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Macerich by 435.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,724,727 shares of the real estate investment trust’s stock valued at $31,390,000 after buying an additional 1,402,627 shares during the period. Woodline Partners LP acquired a new position in Macerich in the third quarter valued at $16,268,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of Macerich in the 4th quarter valued at $16,430,000. Hedge funds and other institutional investors own 87.38% of the company’s stock.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.