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Dec 31, 2025
Macerich Q4 2025 Earnings Report
Macerich reported its Q4 2025 earnings, showing a net loss attributable to the company of $18.8 million, an improvement from the $211.2 million loss in Q4 2024.
Key Takeaways
Macerich experienced a significant improvement in its financial performance for the fourth quarter of 2025, with a net loss of $18.8 million compared to a $211.2 million loss in the same period last year. Funds from Operations (FFO) excluding certain financing expenses and non-real estate investment impacts increased to $128.9 million, or $0.48 per share-diluted. The company also saw a 1.7% increase in Go-Forward Portfolio Centers net operating income (NOI) and achieved a record 7.1 million square feet in signed leases for the year.
Net loss attributable to the Company improved significantly to $18.8 million in Q4 2025 from $211.2 million in Q4 2024, primarily due to fewer asset sale/write-down losses.
FFO excluding specific financing expenses and non-real estate investment impacts increased to $128.9 million, or $0.48 per share-diluted, in Q4 2025, up from $116.7 million, or $0.47 per share-diluted, in Q4 2024.
Go-Forward Portfolio Centers net operating income (NOI), excluding lease termination income, increased by 1.7% in Q4 2025 compared to Q4 2024.
The company achieved a new record for signed leases in 2025, totaling 7.1 million square feet, an 85% increase over 2024.
Revenue by Geographic Location
Forward Guidance
Macerich's forward guidance emphasizes completing its leasing pipeline, ensuring timely rent commencement, solidifying remaining lease expirations, and executing targeted dispositions. The company also plans to evaluate new accretive acquisition opportunities in a disciplined manner.
Positive Outlook
- Focus on completing the leasing pipeline to drive future revenue.
- Ensuring tenants move in and commence rent on time for stable income.
- Solidifying remaining lease expirations to maintain occupancy.
- Continuing to evaluate new acquisition opportunities that are accretive to the plan.
- Commitment to disciplined capital allocation for growth.
Challenges Ahead
- Potential risks from general industry and economic conditions, including tariffs and elevated interest rates.
- Impact of inflation on demand for retail space and tenant creditworthiness.
- Adverse changes in real estate markets, competition, and technology.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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