SANTA MONICA, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”), a leading owner, operator, and developer of major retail properties in top markets, today announced that it has closed an amended and restated $900 million revolving credit facility. “We are pleased to close on this new facility, which enhances our liquidity, provides additional flexibility, extends the maturity term, lowers pricing, reduces unused commitment fees, and expands our lending ...

SANTA MONICA, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”) today announced that Jack Hsieh, President and Chief Executive Officer, and Dan Swanstrom, Senior Executive Vice President and Chief Financial Officer, will participate in a round table presentation at Citi’s 2026 Global Property CEO Conference on Monday, March 2, 2026, at 2:55 PM Eastern Time. A live audio webcast can be accessed from the Investors section of the Company’s website, investi ...

Financial Strategy - The Company unveiled the Path Forward Plan in Q2 2024, aiming to improve its balance sheet and enhance operational efficiencies[45] - The Company targets to reduce its Net Debt to Adjusted EBITDA leverage ratio over the next two to three years[47] - The Company plans to focus on asset dispositions, including non-core properties, to refine its portfolio[45] Property Management and Operations - The Company emphasizes decentralized property management to optimize operations and tenant mix at each Center[51] - The Company is pursuing ground-up development projects selectively to increase growth opportunities[56] - Tenant occupancy costs are a critical factor for profitability, with a focus on maintaining low costs relative to tenant sales[65] Rental Income and Lease Expirations - Consolidated Centers reported minimum rents of 8.1% for 2025, up from 7.9% in 2023, while percentage rents decreased to 0.6% from 0.8%[66] - Average base rent per square foot for consolidated centers increased to $66.92 in 2025 from $61.66 in 2023, reflecting a growth of 8.5%[67] - Unconsolidated joint venture centers showed an increase in average base rent per square foot to $79.47 in 2025, up from $70.42 in 2023, marking a 12.9% increase[67] - Scheduled lease expirations for consolidated centers indicate that 15.60% of total leased GLA will expire in 2026, with an ending base rent of $70.67 per square foot[70] - For big boxes and anchors, 4.61% of total leased GLA will expire in 2026, with an ending base rent of $27.31 per square foot[71] - The average base rent per square foot on leases executed during 2025 for consolidated centers was $66.92, compared to $65.62 in 2024[68] Tenant Composition and Performance - Approximately 73% of total rents for the year ended December 31, 2025, were derived from Mall Stores and Freestanding Stores under 10,000 square feet[60] - Major tenants accounted for 27% of total rents from Big Box and Anchor tenants, with Dick's Sporting Goods contributing 4%[62] - Anchors accounted for approximately 6.9% of the company's total rents for the year ended December 31, 2025[74] - The Company is focusing on maintaining strong anchor tenants to drive customer traffic and enhance the desirability of its centers[72] Employee Relations and Diversity - As of December 31, 2025, the Company employed approximately 598 individuals, with a turnover rate of 14.3%[87][88] - The Company achieved a Net Promoter Score (NPS) of 55, indicating excellent employee relations according to Bain & Company's scoring framework[87] - The Company recognizes the importance of diversity, with approximately 58% of its employees identifying as female and 30% belonging to underrepresented groups[91] - The Company has implemented various employee benefits, including a 401(k) plan, stock purchase program, and comprehensive health insurance[93] Sustainability and Corporate Responsibility - The Company has maintained a strong commitment to sustainability, achieving the 1 GRESB ranking in the North American Retail Sector for ten consecutive years[95] - The Company has established operational protocols to ensure the health and safety of employees and customers at its centers[92] Debt Management and Interest Rate Risk - The Company is exposed to interest rate risk and manages this by maintaining a ratio of fixed-rate long-term debt to total debt[376] - As of December 31, 2025, the total long-term debt for the Consolidated Centers is $5.1 billion, with a fair value of $4.98 billion[377] - The average interest rate for fixed rate debt at the Consolidated Centers is 4.56%, while the average interest rate for floating rate debt is 5.62%[378] - The Company's pro rata share of the Unconsolidated Joint Venture Centers' total fixed rate debt is $1.55 billion, with an average interest rate of 5.29%[379] - A 1% increase in interest rates is estimated to decrease future earnings and cash flows by approximately $4.7 million per year based on $471.1 million of floating rate debt outstanding[382] - The Company utilizes derivative financial instruments to manage interest rate risk, including interest rate cap and swap agreements[380] - The total fixed rate debt for the Consolidated Centers was $4.7 billion as of December 31, 2024, indicating a slight increase in average interest rates from 4.40% to 4.56%[378] - The total floating rate debt for the Consolidated Centers increased from $0.4 billion in 2024 to $0.5 billion in 2025, with a decrease in average interest rates from 6.21% to 5.62%[378] - The Company's pro rata share of floating rate debt in Unconsolidated Joint Venture Centers decreased from $132.9 million in 2024 to $12.0 million in 2025[379] - The fair value of the Company's long-term debt is estimated using a present value model that reflects risks associated with similar long-term debt[383] - The Company extended a $200 million loan at South Plains Mall to November 6, 2029, at an existing rate of 4.22%[377]

Core Insights - The Macerich Company (MAC) reported fourth-quarter 2025 funds from operations (FFO) per share of 48 cents, exceeding the Zacks Consensus Estimate of 43 cents and slightly up from 47 cents in the prior-year quarter [1][11] - Quarterly revenues were $261.7 million, which fell short of the Zacks Consensus Estimate of $283.3 million and represented a 4.4% decrease from the same quarter last year [2][11] - For the full year 2025, Macerich reported an FFO per share of $1.50, surpassing the Zacks Consensus Estimate of $1.45 but down from $1.58 in the previous year; revenues reached $1.01 billion, a 10.4% year-over-year increase [3] Leasing and Occupancy - The portfolio tenant sales per square foot for spaces under 10,000 square feet increased to $881, up from $837 year-over-year [4] - In Q4, Macerich signed leases totaling 1.4 million square feet, marking a 36% increase in leased square footage year-over-year [4][11] - Go-Forward Portfolio Centers' net operating income (NOI) rose 1.7% year-over-year to $197.5 million, with base rent re-leasing spreads increasing by 6.7% for the 17th consecutive quarter [5][11] - Portfolio occupancy was 94% as of December 31, 2025, slightly down from 94.1% a year earlier, while Go-Forward Portfolio Center occupancy was 94.9% [6] Financial Activity - During Q4 2025, MAC completed outparcel and land sales totaling $42.3 million [7] - As of February 18, 2026, Macerich had approximately $990 million in liquidity, including $650 million available on its revolving line of credit [8] Market Position - Macerich currently holds a Zacks Rank of 3 (Hold) [9]

Core Insights - Macerich reported revenue of $261.7 million for the quarter ended December 2025, reflecting a 4.4% decline year-over-year and a surprise of -7.63% compared to the Zacks Consensus Estimate of $283.31 million [1] - The company's EPS was $0.48, a significant improvement from -$0.89 in the same quarter last year, resulting in a positive surprise of +10.73% against the consensus estimate of $0.43 [1] Financial Performance - Minimum rents generated $151.87 million, falling short of the average estimate of $167.66 million by three analysts, marking a year-over-year decrease of -4.6% [4] - Management Companies revenues were reported at $6.44 million, exceeding the average estimate of $6.09 million, but still showing a year-over-year decline of -16.6% [4] - Tenant recoveries amounted to $65.23 million, below the average estimate of $71.99 million, with a year-over-year change of -1% [4] - Percentage rents reached $19.31 million, slightly above the estimated $18.92 million, but represented a -14.5% change compared to the previous year [4] - Net Earnings Per Share (Diluted) was reported at -$0.07, compared to the average estimate of -$0.01 from four analysts [4] Stock Performance - Over the past month, Macerich's shares have returned +2%, contrasting with a -1.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Macerich (MAC) reported quarterly funds from operations (FFO) of $0.48 per share, exceeding the Zacks Consensus Estimate of $0.43 per share, and showing a slight increase from $0.47 per share a year ago, indicating a positive performance trend [1] Financial Performance - The company posted revenues of $261.7 million for the quarter ended December 2025, which was 7.63% below the Zacks Consensus Estimate and a decrease from $273.68 million in the same quarter last year [2] - Over the last four quarters, Macerich has surpassed consensus FFO estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Macerich shares have increased by approximately 1.8% since the beginning of the year, contrasting with the S&P 500's zero return, indicating relative outperformance [3] Future Outlook - The future performance of Macerich's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook for upcoming quarters [4][6] - The current consensus FFO estimate for the next quarter is $0.31 on revenues of $244.46 million, and for the current fiscal year, it is $1.47 on revenues of $992.64 million [7] Industry Context - The REIT and Equity Trust - Retail industry, to which Macerich belongs, is currently ranked in the top 25% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

The Macerich Company (NYSE:MAC) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Company ParticipantsAlexander Goldfarb - Managing DirectorAlexandra Johnstone - VP of Finance and Investor RelationsBrad Miller - Senior VP of Portfolio ManagementCaitlin Burrows - VPDan Swanstrom - Senior EVP and CFODoug Healey - Senior EVP of LeasingFloris van Dijkum - Managing DirectorGreg McGinniss - DirectorHaendel St. Juste - Managing DirectorJackson Hsieh - President and CEOMichael Griffin - DirectorOmotayo Okusanya - ...

Financial Data and Key Metrics Changes - For Q4 2025, FFO excluding certain expenses was approximately $129 million or $0.48 per share, with a legal claims settlement income of $16.1 million impacting results [20][21] - Go-forward portfolio centers NOI increased by 1.7% in Q4 2025 compared to Q4 2024, and for the full year, it increased by 1.8% compared to 2024 [20][21] - Net debt to EBITDA at the end of Q4 was 7.78x, a full turn lower than at the outset of the Path Forward plan, with a strategy to reduce leverage to the low to mid-6x range over the next couple of years [24][25] Business Line Data and Key Metrics Changes - The company signed 7.1 million sq ft of new and renewal leases in 2025, an 85% increase over 2024, setting a new company record [7][16] - Trailing twelve-month leasing spreads as of December 31, 2025, were 6.7%, up 80 basis points from the last quarter, marking 17 consecutive quarters of positive leasing spreads [15][21] - The occupancy rate at the end of Q4 was 94%, up 60 basis points from the last quarter, with the go-forward portfolio occupancy at 94.9% [14] Market Data and Key Metrics Changes - Traffic for 2025 was flat compared to 2024, but inline sales were up 1.5%, with luxury sales increasing by nearly 5.5% [14][37] - The company is experiencing a K-shaped consumer trend, with strong demand from higher-income segments while lower-income segments remain cautious [35][38] Company Strategy and Development Direction - The Path Forward Plan focuses on simplifying the business, improving operational performance, and reducing leverage, with significant progress reported in 2025 [5][12] - The company plans to provide an updated Path Forward Plan 3.0 at REITWeek in June and intends to return to providing earnings guidance beginning in 2027 [12][13] - The focus for 2026 includes completing the leasing pipeline, solidifying lease expirations, and evaluating new acquisition opportunities [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the company, noting that the heavy lifting of de-risking the Path Forward Plan is substantially complete [12] - The leasing environment remains strong, with a significant number of deals being reviewed and approved, indicating robust demand for retail space [18][19] - Management highlighted the importance of physical stores as the most profitable channel for retailers, which bodes well for the company's portfolio [39] Other Important Information - The company has completed $1.3 billion in dispositions towards its $2 billion goal, with ongoing efforts to sell additional assets [10][25] - The company is actively working on renovation plans for newly acquired properties, such as Crabtree, which is expected to enhance value [10][11] Q&A Session Summary Question: What types of properties are acquisition candidates? - Management indicated a focus on value-add opportunities that are accretive to their 2028 FFO plans, rather than stabilized higher-quality centers [29][30] Question: How would funding be structured for a sizable acquisition? - The preference would be to issue equity if it makes sense, with potential for capital partnerships, and a distant third option would be recycling properties [31] Question: How does the leasing pipeline look for growth inflection? - Management noted that the snow pipeline indicates significant contributions in 2026, with a more pronounced impact expected in 2027 and 2028 [33] Question: What is the overall health of the consumer? - Management acknowledged a K-shaped consumer trend, with strong performance in luxury segments and cautious spending in lower-income tiers [35][38] Question: What is the impact of closures and proactive space take-backs on NOI growth? - Excluding certain closures, NOI growth could have been around 2.5% for the year, indicating potential for significant future growth [74]

The Macerich Company (NYSE:MAC) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Speaker14Ladies and gentlemen, thank you for standing by. Welcome to the fourth quarter 2025 Macerich Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you would need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. ...

The Macerich Company Earnings Resul&tsSupplemental Information For the Three and Twelve Months EnDdecdember 31, 2025 Exhibit 99.1 Earnings Results & Supplemental Information For the Three and Twelve Months EnDdecdember 31, 2025 Table of Contents All information included in this supplemental financial package is unaudited, unless otherwise indicated. | | Page No. | | --- | --- | | Executive Summary & Financial Highlights | 1 | | Executive Summary | 1 | | Financial Highlights | 4 | | Capital Information | 8 | ...