Macerich (NYSE:MAC) Issues Quarterly Earnings Results

Macerich (NYSE:MAC) announced its quarterly earnings results on Wednesday. The real estate investment trust reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50), FiscalAI reports. The company had revenue of $261.70 million during the quarter, compared to the consensus estimate of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.22%. The business’s revenue was down 4.4% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share.

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 Price Performance

Shares of NYSE:MAC opened at $19.82 on Friday. The firm has a 50 day simple moving average of $18.65 and a 200 day simple moving average of $17.90. The company has a market cap of $5.08 billion, a price-to-earnings ratio of -25.74, a PEG ratio of 4.25 and a beta of 2.16. Macerich has a one year low of $12.48 and a one year high of $20.65. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.03 and a quick ratio of 1.03.

Macerich Announces Dividend

The business also recently disclosed 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. This represents a $0.68 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, March 16th. Macerich’s dividend payout ratio is currently -42.77%.

Wall Street Analyst Weigh In

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

Institutional Trading of Macerich

Several institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC increased its position in shares of Macerich by 366.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 1,095 shares during the period. Triumph Capital Management bought a new position in shares of Macerich in the third quarter valued at $33,000. Kestra Advisory Services LLC bought a new stake in shares of Macerich during the fourth quarter worth about $43,000. Danske Bank A S acquired a new stake in shares of Macerich in the 3rd quarter worth about $56,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings 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 purchasing an additional 858 shares in the last quarter. Institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

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.