Macerich (NYSE:MAC) Releases Earnings Results, Misses Estimates By $0.50 EPS

Macerich (NYSE:MAC) issued its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50), FiscalAI reports. Macerich had a negative return on equity of 14.21% and a negative net margin of 37.97%.The business had revenue of $261.70 million for the quarter, compared to analysts’ expectations of $260.48 million. During the same period last year, the business earned $0.47 earnings per share. The company’s revenue for the quarter was down 4.4% on a year-over-year basis.

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 Stock Performance

MAC stock opened at $19.16 on Thursday. The company has a 50 day moving average price of $18.62 and a 200 day moving average price of $17.89. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $20.76. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $4.91 billion, a PE ratio of -12.05, a price-to-earnings-growth ratio of 4.17 and a beta of 2.16.

Macerich Announces Dividend

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

Macerich News Summary

Here are the key news stories impacting Macerich this week:

• Positive Sentiment: Q4 FFO/EPS beat — Macerich reported $0.48 FFO per share (also presented as EPS/FFO) versus consensus ~$0.43, and revenue of $261.7M slightly above estimates; the print reduces near‑term earnings uncertainty. FFO Beat
• Positive Sentiment: Leasing momentum and Path‑Forward update — Management set a target of ~85% leasing completion by mid‑2026 as its Path‑Forward plan advances, signaling potential stabilization in occupancy and future rent roll growth. Leasing Target
• Positive Sentiment: Narrowing losses & expense control — Macerich narrowed its net loss for the quarter and management highlighted controlled operating expenses and improving occupancy trends, which supports margin recovery if sustained. Narrowed Losses
• Neutral Sentiment: Earnings call detail and supplemental filings available — The full Q4 2025 earnings call transcript and the company press release/supplemental package provide detail on leasing cadence, portfolio dispositions and liquidity plans; these items will shape guidance but did not dramatically change the headline results. Earnings Call Transcript Press Release
• Negative Sentiment: Revenue and profitability headwinds remain — Revenue declined ~4.4% year‑over‑year and the company still posts a negative net margin and negative ROE, underscoring that recovery depends on sustained leasing and expense discipline. Earnings Snapshot
• Negative Sentiment: Turnaround execution risk — Analysts note the Path‑Forward plan faces a key test in upcoming quarters; failure to accelerate leasing or materially improve cash flow would pressure the stock given existing leverage. Turnaround Risk

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC boosted its stake in Macerich by 366.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,095 shares during the period. Triumph Capital Management bought a new position in shares of Macerich during the third quarter worth about $33,000. Kestra Advisory Services LLC acquired a new stake in Macerich in the 4th quarter valued at approximately $43,000. Danske Bank A S bought a new stake in Macerich in the 3rd quarter valued at approximately $56,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Macerich by 16.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 858 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.