MAC
The Macerich Company18.30
-0.29-1.56%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Eyes value-add buys, disposition delays
Q&A spotlighted Macerich's push for accretive value-add acquisitions like Crabtree, hiring David Keane to scout lease-up opportunities while shunning stabilized assets without partners—equity issuance tops funding choices. Disposition delays trace to encumbrances and entitlements, yet outparcel cap rates stick at 7-8%. Luxury sales jumped 5.5% despite flat traffic from pay-shaped consumers; retailers stay cautious but demand space. NOI growth accelerates post-2025 friction, back-end loaded via SNO. Path-Forward 3.0 will stress rent commencements. Answers mostly reinforced scripted progress. Luxury bucks the trend.
Key Stats
Market Cap
4.91BP/E (TTM)
-Basic EPS (TTM)
-1.67Dividend Yield
0.04%Recent Filings
8-K
Record leasing, sales progress
Macerich posted record leasing in 2025, signing 7.1M sq ft across 1,199 leases, lifting go-forward leased occupancy to 94.9% from 94.6%. Signed-not-open pipeline hits ~$107M committed revenue, eyeing ~$140M total, while Path Forward Plan races ahead at 76% complete versus 70% target. Asset sales topped ~$1.2B, slashing leverage. Anchors fuel traffic.
8-K
Macerich ups revolver to $900M
Macerich amended its revolving credit facility to $900M on February 24, 2026, up from $650M, maturing March 1, 2029 (extendable to 2030). Secured by mortgages and equity pledges, it offers flexible expansion to $1.1B. Borrowing base covenant maintained; margins start at SOFR+1.90%. Lenders get more liquidity.
10-K
FY2025 results
Macerich trimmed non-core assets through 2025, selling Wilton Mall, SouthPark Mall, Lakewood Center and parcels for $21.5M net gains offset by $151.4M impairments on shortened-hold properties like Santa Monica Place—yet Go-Forward Portfolio NOI rose 1.8% to $729.8M, buoyed by 6.7% releasing spreads on $69.77/sq ft leases and 94.0% occupancy. Q4 leasing accelerated with 397 new deals for 1.0M sq ft opening in 2026, while $290M Crabtree Mall buy added scale. Debt hit $6.59B but revolving facility sat dry at $649M available; quarterly $0.17 dividends held firm. Path Forward deleveraging advanced via dispositions and $53.9M ATM equity. Tenant bankruptcies slowed but online retail erodes traffic.
8-K
Macerich Q4 loss narrows sharply
Macerich posted Q4 net loss of $18.8M ($0.07/share), far better than 2024's $211.2M blowup from asset writedowns. Adjusted FFO hit $128.9M ($0.48/share), up from $116.7M; Go-Forward NOI rose 1.7% while leasing soared 36% to 1.4M sq ft with 6.7% rent spreads. Record 2025 dispositions totaled $1.3B. Path Forward executes.
8-K
Leasing surges ahead of plan
Macerich released its Nareit business update on December 8, 2025, highlighting record leasing with 5.4M sf signed YTD through 3Q25 and 71% completion of its five-year new lease plan, ahead of 70% year-end target. Signed-not-open pipeline hits ~$100M committed revenue, eyeing ~$140M total, while Path Forward asset sales reached ~$1.2B against ~$2B goal. Leasing momentum crushes prior years. Leverage drops as sales proceed.
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