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Macerich posted Q4 FFO of $0.48 per share, topping estimates and up from $0.47 a year ago.
MAC signed 1.4M sq. ft. of leases; re-leasing spreads rose 6.7% for a 17th straight positive quarter.
Macerich revenues fell 4.4%, while occupancy dipped to 94% despite higher tenant sales per sq. ft.
The Macerich Company (MAC - Free Report) reported fourth-quarter 2025 funds from operations (FFO), excluding financing expense in connection with Chandler Freehold, accrued default interest expense and gain on non-real estate investments per share of 48 cents, surpassing the Zacks Consensus Estimate of 43 cents. The reported figure compared favorably with the prior-year quarter’s 47 cents.
Results reflected solid leasing volume and an increase in Go-Forward Portfolio Centers’ net operating income (NOI) and base rent re-leasing spreads.
Quarterly revenues of $261.7 million lagged the Zacks Consensus Estimate of $283.3 million. The metric decreased 4.4% from the year-ago quarter’s figure.
In 2025, Macerich reported an FFO per share of $1.50, which outpaced the Zacks Consensus Estimate of $1.45. However, the figure compared unfavorably with the year-ago number of $1.58. Revenues of $1.01 billion jumped 10.4% year over year and matched the consensus mark.
MAC’s Q4 in Detail
The portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing 12 months ended Dec. 31, 2025, came in at $881, up from $837 year over year.
In the fourth quarter, Macerich signed leases encompassing 1.4 million square feet. On a comparable center basis, this reflected a 36% increase in the amount of leased square footage signed year over year.
Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 1.7% year over year to $197.5 million.
For the trailing 12 months ended Dec. 31, 2025, base rent re-leasing spreads were 6.7% more than the expiring base rent, making it the 17th consecutive quarter of positive base rent leasing spreads.
Portfolio occupancy was 94% as of Dec. 31, 2025, down from 94.1% as of Dec. 31, 2024. Our expectation for the same was pegged at 93.7%. Go-Forward Portfolio Center occupancy as of the same period was 94.9%.
MAC’s Portfolio Activity
During the fourth quarter of 2025, MAC completed outparcel and land sales aggregating $42.3 million.
Balance Sheet of MAC
As of Feb. 18, 2026, Macerich had around $990 million of liquidity, including $650 million of available capacity on its revolving line of credit.
Regency Centers Corporation (REG - Free Report) reported fourth-quarter 2025 NAREIT FFO per share of $1.17, in line with the Zacks Consensus Estimate. The figure increased 7.3% from the prior-year quarter.
REG's results reflected healthy leasing activity. It witnessed a year-over-year improvement in the same-property NOI and base rents during the quarter.
Kimco Realty Corp. (KIM - Free Report) reported fourth-quarter 2025 FFO per share of 44 cents, meeting the Zacks Consensus Estimate. The metric rose 4.8% from the year-ago quarter.
Results reflected higher same-property NOI, driven by improved occupancy and a rise in minimum rents.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
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Macerich Q4 FFO Beats Estimates, Revenues Miss, Occupancy Declines Y/Y
Key Takeaways
The Macerich Company (MAC - Free Report) reported fourth-quarter 2025 funds from operations (FFO), excluding financing expense in connection with Chandler Freehold, accrued default interest expense and gain on non-real estate investments per share of 48 cents, surpassing the Zacks Consensus Estimate of 43 cents. The reported figure compared favorably with the prior-year quarter’s 47 cents.
Results reflected solid leasing volume and an increase in Go-Forward Portfolio Centers’ net operating income (NOI) and base rent re-leasing spreads.
Quarterly revenues of $261.7 million lagged the Zacks Consensus Estimate of $283.3 million. The metric decreased 4.4% from the year-ago quarter’s figure.
In 2025, Macerich reported an FFO per share of $1.50, which outpaced the Zacks Consensus Estimate of $1.45. However, the figure compared unfavorably with the year-ago number of $1.58. Revenues of $1.01 billion jumped 10.4% year over year and matched the consensus mark.
MAC’s Q4 in Detail
The portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing 12 months ended Dec. 31, 2025, came in at $881, up from $837 year over year.
In the fourth quarter, Macerich signed leases encompassing 1.4 million square feet. On a comparable center basis, this reflected a 36% increase in the amount of leased square footage signed year over year.
Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 1.7% year over year to $197.5 million.
For the trailing 12 months ended Dec. 31, 2025, base rent re-leasing spreads were 6.7% more than the expiring base rent, making it the 17th consecutive quarter of positive base rent leasing spreads.
Portfolio occupancy was 94% as of Dec. 31, 2025, down from 94.1% as of Dec. 31, 2024. Our expectation for the same was pegged at 93.7%. Go-Forward Portfolio Center occupancy as of the same period was 94.9%.
MAC’s Portfolio Activity
During the fourth quarter of 2025, MAC completed outparcel and land sales aggregating $42.3 million.
Balance Sheet of MAC
As of Feb. 18, 2026, Macerich had around $990 million of liquidity, including $650 million of available capacity on its revolving line of credit.
MAC’s Zacks Rank
Currently, Macerich carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Macerich Company (The) Price, Consensus and EPS Surprise
Macerich Company (The) price-consensus-eps-surprise-chart | Macerich Company (The) Quote
Performance of Other Retail REITs
Regency Centers Corporation (REG - Free Report) reported fourth-quarter 2025 NAREIT FFO per share of $1.17, in line with the Zacks Consensus Estimate. The figure increased 7.3% from the prior-year quarter.
REG's results reflected healthy leasing activity. It witnessed a year-over-year improvement in the same-property NOI and base rents during the quarter.
Kimco Realty Corp. (KIM - Free Report) reported fourth-quarter 2025 FFO per share of 44 cents, meeting the Zacks Consensus Estimate. The metric rose 4.8% from the year-ago quarter.
Results reflected higher same-property NOI, driven by improved occupancy and a rise in minimum rents.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.