Macerich reported its fourth‑quarter 2025 results on February 18 2026, showing a funds‑from‑operations (FFO) per share of $0.48 versus the consensus estimate of $0.43, a beat of $0.05 per share. Net operating income for the Go‑Forward Portfolio Centers, excluding lease‑termination income, rose 1.7 % year‑over‑year to $197.5 million, while total revenue fell to $261.7 million, missing the consensus estimate of $283.31 million.
Leasing activity remained strong, with leasing revenue for the quarter up 16.6 % year‑over‑year to $237.2 million. The company signed a record 7.1 million square feet of new and renewal leases in 2025, an 85 % increase over 2024, and reported re‑leasing spreads of 6.7 % above expiring base rent, indicating healthy demand and pricing power.
Management emphasized that the 2026 focus will be on completing the leasing pipeline, ensuring tenants move in and rent commences on time, solidifying remaining lease expirations, completing targeted dispositions, and evaluating new acquisition opportunities that are accretive to the Path Forward plan. The company also noted that its leasing velocity remains ahead of the 2025 target, positioning it well for the plan’s objectives.
The company’s net debt to EBITDA ratio declined to 7.78× at the end of Q4 2025, down from 7.76× at the end of 2024, and it maintains a liquidity position of roughly $1 billion. Management reiterated its commitment to reduce leverage to a low‑6× net debt/EBITDA target by 2028, reflecting a continued focus on deleveraging.
Revenue missed expectations, likely due to a slight decline in occupancy—94 % year‑over‑year versus 94.1 % in the prior year—and weaker top‑line growth, despite the strong leasing momentum. The 1.7 % increase in NOI suggests that cost control and efficient leasing have helped offset the revenue shortfall, but the company remains cautious about the broader retail real‑estate environment.
Guidance for 2026 was reaffirmed, with management maintaining its Path Forward plan and emphasizing the importance of leasing pipeline completion, tenant move‑in, and disciplined acquisition activity. No new revenue or operating‑income guidance was disclosed, but the company’s focus on leasing velocity and deleveraging signals confidence in its long‑term strategy.
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