Macerich(US:MAC) ZACKS·2026-02-19 14:56Core 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]