SANTA MONICA, Calif., Feb. 10, 2026 (GLOBE NEWSWIRE) -- WHAT: Macerich (NYSE: MAC) Schedules Fourth Quarter 2025 Earnings Release and Conference Call WHEN: Earnings Results will be released after market on Wednesday, February 18, 2026. Management will hold a conference call at 2:00 pm Pacific Time (5:00 pm Eastern Time) on that same day to discuss quarterly results. WHERE: Participants who wish to join the conference by telephone must register using the dial-in registration link below to receive the dial-i ...

Core Insights - The Macerich Company (MAC) is a shopping center/mall REIT primarily located in California, Arizona, and New York, and has shifted its portfolio strategy from a broad view to a more focused approach over the last couple of years [1] Company Strategy - The company has significantly changed its portfolio strategy, indicating a shift towards a more concentrated investment approach [1]

Company Overview - Macerich is a fully integrated real estate investment trust (REIT) that owns, leases, manages, and redevelops regional shopping centers, with a portfolio of 37 regional retail centers totaling 39 million square feet [8] - The company generates revenue primarily from rental income, tenant leases, and property management fees, focusing on densely populated U.S. metropolitan markets such as the West Coast, Arizona, Chicago, and the Northeast corridor [9] - As of Thursday, Macerich shares were priced at $18.32, with a market capitalization of $4.69 billion and a revenue of $1.03 billion over the trailing twelve months (TTM) [5] Recent Developments - Triad Investment Management initiated a new stake in Macerich by acquiring 206,916 shares during the latest quarter, with an estimated transaction value of $3.82 million [2][3] - This new position accounts for 3.87% of Triad's 13F reportable assets under management [4] - The Macerich position aligns with Triad's broader portfolio strategy, which includes media, technology, industrials, and short-duration fixed income exposure [12] Market Performance - Macerich shares have underperformed the S&P 500 by approximately 19.53 percentage points over the past year, with a decline of 2.8% [4] - The firm reported a net loss of $87.4 million in the third quarter, an improvement from a loss of $108.2 million a year earlier, indicating a focus on balance sheet discipline and asset quality [11] Investment Implications - The acquisition of Macerich shares suggests a willingness to invest in the company's fundamentals despite prevailing market skepticism, particularly in a climate dominated by growth-heavy allocations [10] - Macerich's concentrated portfolio in high-quality regional malls remains relevant as retailers prioritize fewer, more productive locations, supported by steady leasing momentum and improving tenant sales trends [11]

Core Viewpoint - The Macerich Company announced the tax treatment for its dividend distributions for the year 2025, detailing the classification of dividends for income tax purposes [1]. Group 1: Dividend Distribution Details - Macerich paid dividends of $0.68 per share during the calendar year ended December 31, 2025 [1]. - The dividends are classified as follows for tax purposes: - For each of the four distributions made in 2025, the rate per share was $0.17, with all classified as non-dividend distributions [1]. - There were no amounts classified as ordinary dividends, Section 199A dividends, qualified dividends, or capital gain distributions for the year [1]. Group 2: Company Overview - Macerich is a fully integrated, self-managed, and self-administered real estate investment trust (REIT) [2]. - The company focuses on high-quality retail real estate in densely populated U.S. markets, with a portfolio concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor [2]. - Macerich currently owns 39 million square feet of real estate, primarily consisting of interests in 38 retail centers [2]. - The company is committed to advancing environmental goals, social good, and sound corporate governance [2].

Core Viewpoint - Mackenzie Realty Capital, Inc. has established a new entity, MacKenzie Apartment Communities, Inc., focused on multi-family properties on the West Coast, which is currently wholly owned by MKZR [1][3]. Group 1: Company Structure and Valuation - As of January 1, 2026, MKZR has contributed its multi-family assets and development property to MAC, which is a stand-alone company [1]. - The Net Asset Value (NAV) of MAC has been determined to be $18.10 per share, based on appraisals and construction costs, with a potential range from $16.46 to $19.95 per share [2]. - The current portfolio of MAC includes 4 stabilized properties and one development project, with the newly constructed Aurora at Green Valley yet to be appraised [2]. Group 2: Future Opportunities and Strategy - The CEO of MKZR expressed excitement about the launch of MAC, highlighting options such as raising funds specifically for multi-family assets, merging with another multi-family focused REIT, or spinning off MAC shares to MKZR shareholders on a 1:1 basis [3]. - MAC is noted to have a clean balance sheet and favorable market conditions, indicating a positive outlook for its future [3]. Group 3: Company Background - MacKenzie Realty Capital, founded in 2013, is a West Coast-focused REIT aiming to invest at least 80% of its total assets in real property, with a portfolio that includes 50% multi-family and 50% boutique class A office properties [3].

Core Insights - The Macerich Company (MAC) has seen a stock price increase of 16.2% over the past six months, significantly outperforming the industry's decline of 1.9% [1][7] - The company operates a portfolio of premium shopping centers in the United States, focusing on omnichannel retailing to support long-term growth [1][2] - An aggressive capital-recycling program is in place, aimed at reducing leverage and allowing investment in higher-growth properties [1][4] Revenue and Market Position - Macerich's premium malls are located in affluent U.S. markets, providing a strong foundation for generating cash flows [2][7] - Total revenues for MAC are projected to increase by 12.7% in 2025 [2] Strategic Initiatives - The company is enhancing asset quality and customer relationships by adopting an omnichannel model, which is essential for retail stores fulfilling orders from mall-based locations [3] - There is a focus on reusing and repositioning properties, particularly through the recapturing of anchor tenants to attract shoppers [3] Capital Management - The capital-recycling program involves divesting non-core and slower-growth assets, with proceeds being reinvested in core markets and higher-growth properties through acquisitions and redevelopment [4][7] - This strategy is expected to sustain the upward trend in MAC's stock price in the near term [4]

Core Insights - The Macerich Company (MAC) reported Q3 2025 FFO per share of 35 cents, missing the Zacks Consensus Estimate of 36 cents and down from 38 cents in the prior year [1][9] - Quarterly revenues reached $253.3 million, a 15% increase year-over-year, but fell short of the Zacks Consensus Estimate of $257 million [2] - The company experienced a decline in occupancy rates and an increase in interest expenses, yet solid leasing activity contributed to growth in net operating income (NOI) and base rent re-leasing spreads [1][5] Financial Performance - Portfolio tenant sales per square foot for spaces under 10,000 square feet increased to $867 from $834 year-over-year [3] - In Q3, MAC signed leases for 1.5 million square feet, marking an 81% increase in leased square footage year-over-year [3] - Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 1.7% year-over-year to $178.8 million [4] Occupancy and Expenses - Portfolio occupancy was 93.4% as of September 30, 2025, down from 93.7% a year prior, while Go-Forward Portfolio Center occupancy was 94.3% [5] - Interest expenses increased by 27.3% year-over-year to $72.7 million [5] Portfolio Activity - In July 2025, MAC sold Atlas Park for $72 million, followed by the sale of Lakewood Center for $332 million and Valley Mall for $22 million in August 2025 [6] Balance Sheet - As of November 4, 2025, MAC had approximately $1 billion in liquidity, including $650 million available on its revolving line of credit [7] - The company raised around $50 million in net proceeds by selling 2.8 million shares of common stock through its at-the-market program during Q3 [7] Industry Comparison - Other retail REITs like Regency Centers Corporation and Kimco Realty Corp. reported positive FFO growth, indicating a mixed performance across the sector [10][11]

Property Ownership and Acquisitions - As of September 30, 2025, the Operating Partnership owned or had an ownership interest in 38 regional retail centers, comprising approximately 39 million square feet of gross leasable area (GLA) [145] - The Company acquired a 100% interest in Arrowhead Towne Center and South Plains Mall for $36.4 million, including the assumption of debt [150] - The acquisition of Crabtree Mall, a 1,325,000 square foot regional retail center, was completed for a total purchase price of $290.0 million, funded by cash and $100.0 million in borrowings [153] - The Company sold Lakewood Center for $332.1 million, recognizing a gain on sale of assets of $21.1 million [168] - The Company recognized a gain of $42.8 million from the sale of its 50% interest in Biltmore Fashion Park for $110.0 million [157] Financial Performance - For the three months ended September 30, 2025, the Company reported gains on the sale of land totaling $1.2 million [170] - The Company anticipates continued growth and has outlined expectations for its Path Forward Plan [146] - The Company expects to generate positive cash flow after recurring operating capital expenditures and payment of dividends in 2025 [222] - Funds From Operations (FFO) attributable to common stockholders increased by 7.8%, from $248.7 million in 2024 to $268.1 million in 2025 [246] - FFO (Funds From Operations) attributable to common stockholders and unit holders for the three months ended September 30, 2025, was $88.59 million, compared to $81.23 million for the same period in 2024, representing an increase of 9.3% [278] Debt and Financing - The Company defaulted on a $300.0 million loan on Santa Monica Place, transitioning the property to a receiver [173] - The Company replaced a $116.9 million mortgage loan on Danbury Fair Mall with a new $155.0 million loan at a fixed rate of 6.39% [172] - A $525.0 million refinance loan on Queens Center was closed, replacing an existing $600.0 million loan, with a fixed interest rate of 5.37% [177] - The Company repaid a $478.0 million loan on Washington Square using proceeds from a public stock offering, recognizing a gain of $14.4 million [178] - The Company's total outstanding loan indebtedness was $6.60 billion as of September 30, 2025, with $5.08 billion in consolidated debt [263] Redevelopment and Development Activities - The Company is redeveloping Scottsdale Fashion Square with an estimated total cost of $84.0 million to $90.0 million, with a pro rata share of $42.0 million to $45.0 million [184] - The redevelopment of Green Acres Mall is estimated to cost between $130.0 million and $150.0 million, with approximately $31.4 million incurred as of September 30, 2025 [185] - The joint venture in FlatIron Crossing has a total project cost estimated between $245.0 million and $265.0 million, with the Company's pro rata share estimated at $125.0 million to $135.0 million [187] - The Company expects to incur approximately $250.0 million to $300.0 million for development and redevelopment activities over the next twelve months [253] Leasing and Occupancy - Leasing revenue increased by $33.8 million, or 16.6%, from 2024 to 2025, driven by $30.6 million from JV Transition Centers and $11.0 million from Acquisition Property [226] - Comparable tenant sales for spaces less than 10,000 square feet increased by 0.5% for the trailing twelve months ended September 30, 2025, with sales per square foot rising to $867 from $837 in 2024 [207][216] - The leased occupancy rate was 93.4% as of September 30, 2025, a 0.3% decrease from 93.7% in 2024, but a 1.4% increase from 92.0% at June 30, 2025 [207][219] - The Company signed 888 leases for approximately 5.4 million square feet during the first three quarters of 2025, representing an 85% increase in square footage leased compared to 2024 [217] - The Company has executed renewal leases or commitments on 94% of its square footage expiring in 2025, with another 5% in the letter of intent stage [208] Cash Flow and Dividends - Cash provided by operating activities increased by $42.8 million from 2024 to 2025, attributed to changes in assets and liabilities [247] - Cash used in investing activities increased by $300.8 million, primarily due to property acquisitions and contributions to unconsolidated joint ventures [248] - Cash dividends and distributions for the nine months ended September 30, 2025, were $142.0 million, funded by operations [269] - The Company declared a cash dividend of $0.17 per share for each quarter of 2024 and the first three quarters of 2025 [188] Interest Rates and Debt Management - A 1% increase in interest rates would decrease future earnings and cash flows by approximately $4.7 million per year based on $471.1 million of floating rate debt outstanding [283] - The total floating rate debt for Consolidated Centers was $459.1 million as of September 30, 2025, with an average interest rate of 6.04% [280] - The Company has interest rate cap agreements in place to manage floating rate exposure, ensuring that the prevailing floating loan rate does not exceed specified limits [282] - The average interest rate on the fixed rate debt for Consolidated Centers increased from 4.40% at December 31, 2024, to 4.56% at September 30, 2025 [280] Joint Ventures and Equity - Equity in income (loss) of unconsolidated joint ventures increased by $213.5 million from 2024 to 2025, largely due to prior impairment losses recognized in 2024 [243] - The Company's pro rata share of the Unconsolidated Joint Venture Centers' fixed rate debt was $1.56 billion, with an average interest rate of 5.29% as of September 30, 2025 [281]

Core Insights - Macerich (MAC) reported quarterly funds from operations (FFO) of $0.35 per share, missing the Zacks Consensus Estimate of $0.36 per share, and down from $0.38 per share a year ago, indicating a surprise of -2.78% [1] - The company posted revenues of $253.26 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 1.46%, but up from $220.22 million year-over-year [2] - Macerich shares have underperformed, losing about 13% since the beginning of the year compared to the S&P 500's gain of 16.5% [3] Financial Performance - Over the last four quarters, Macerich has surpassed consensus FFO estimates only once [2] - The current consensus FFO estimate for the coming quarter is $0.46 on revenues of $285.53 million, and for the current fiscal year, it is $1.46 on revenues of $1.04 billion [7] Market Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call [3] - The Zacks Industry Rank for REIT and Equity Trust - Retail is in the top 23% of over 250 Zacks industries, indicating a favorable industry outlook [8] - The estimate revisions trend for Macerich was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it will perform in line with the market [6]

Financial Data and Key Metrics Changes - FFO, excluding certain expenses, was approximately $93.35 per share during Q3 2025, with a Go-Forward Portfolio Centers NOI increase of 1.7% compared to Q3 2024 [20][21] - Net debt to EBITDA at the end of Q3 was 7.76 times, a full turn lower than at the outset of the Path Forward Plan [22] - Portfolio sales at the end of Q3 were $867 per sq ft, up almost 4% compared to the same period in 2024 [12] Business Line Data and Key Metrics Changes - Signed 1.5 million sq ft of new and renewal leases in Q3 2025, an 87% increase from Q3 2024, bringing year-to-date signed leases to 5.4 million sq ft, an 86% increase compared to the same period in 2024 [6][11] - The SNO pipeline grew from $87 million in August to $99 million, with expectations to meet or exceed the $100 million target by year-end [7][8] - Trailing 12-month leasing spreads remained positive at 5.9%, marking 16 consecutive quarters of positive leasing spreads [13] Market Data and Key Metrics Changes - Traffic through the portfolio was flat compared to Q3 2024, but comp sales for the go-forward portfolio increased by 3.5% [12][57] - The retailer environment remains strong, with legacy retailers reinventing themselves and emerging brands rapidly opening stores [17][18] Company Strategy and Development Direction - The company is focused on operational improvement, leasing momentum, and achieving deleveraging targets as part of its Path Forward Plan [5][11] - The acquisition of Crabtree Mall is seen as a compelling investment, with plans to invigorate leasing momentum and drive permanent occupancy [11][49] - The company aims to refine its portfolio and strengthen its balance sheet through a $2 billion disposition target, with almost $1.2 billion completed to date [21][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in hitting 2028 targets due to strong leasing momentum and a healthy retailer environment [5][17] - The company remains patient and disciplined regarding additional external growth opportunities while focusing on leasing and operational improvements [11][22] - Management noted that despite macroeconomic uncertainties, retailer demand across all categories is strong, indicating a robust Class A mall sector [18][75] Other Important Information - The company has approximately $1 billion of liquidity, including $650 million of capacity on its revolving line of credit [22] - The addition of high-profile retailers like Hermès and Level 99 is expected to enhance the portfolio's attractiveness and drive customer traffic [14][15] Q&A Session Summary Question: Follow-up on equity issuance - The main objective was to make Crabtree leverage neutral, with future ATM use evaluated in the context of accretive growth opportunities [29] Question: Clarification on SNO pipeline - The $6 million related to Crabtree includes both in-place NOI and incremental leasing since acquisition [30][31] Question: 2026 lease expirations - 55% of 2026 expiring square footage is committed, with another 30% in the letter of intent stage, significantly ahead of last year [34][35] Question: Anchor leases timing and capital costs - Most anchor leases are expected to commence in the back half of 2027 or early 2028, with capital costs varying by tenant [37][39] Question: Financing appetite for non-Fortress assets - The financing market has improved, with recent loans closed at favorable rates, indicating a positive outlook for refinancing [44][49] Question: Impact of Canadian tourists on sales - There has been a reduction in Canadian tourists, but sales performance at key centers like Scottsdale Fashion Square remains strong [72][73] Question: Conflicting signals in retail performance - Despite some retailers facing challenges, the demand for leasing space in high-quality malls remains robust, driven by a lack of new supply [75]