Q4 2025 Macerich Co Earnings Call Transcript
Key Points
- Macerich Co (MAC) achieved a record 7.1 million square feet of new and renewal leases in 2025, an 85% increase over 2024.
- The company exceeded its 2025 leasing target, reaching 76% of its five-year plan, ahead of the 70% target.
- Macerich Co (MAC) completed $1.3 billion in dispositions towards its $2 billion goal, demonstrating significant progress.
- The company's portfolio sales reached $881 per square foot, marking a high watermark since going public in 1994.
- Macerich Co (MAC) reported a 17th consecutive quarter of positive leasing spreads, with a 6.7% increase in the fourth quarter of 2025.
- Traffic for 2025 was flat compared to 2024, indicating challenges in increasing footfall.
- The company is facing a default on a $76 million loan for its Twenty Ninth Street property, with ongoing discussions with the lender.
- Macerich Co (MAC) has yet to complete $700 million in dispositions to reach its $2 billion target, indicating potential delays.
- The company's net debt to EBITDA ratio remains high at 7.78 times, despite a reduction over the past year.
- There is uncertainty regarding the impact of tenant credit issues on the company's 2026 performance, as noted in the call.
Ladies and gentlemen, thank you for standing by. Welcome to the fourth-quarter 2025 Macerich earnings conference call. (Operator Instructions)
I would like now to turn the conference over to Alexandra Johnstone, Vice President of Finance and Investor Relations. Please go ahead.
Thank you for joining us on the fourth-quarter 2025 earnings call.
During this call, we will make certain statements that may be deemed forward-looking within the name of the Safe Harbor of the Private Securities Litigation Reform Act of 1995, including statements regarding projections, plans or future expectations. Actual results may differ materially due to a variety of risks and uncertainties set forth in today's earnings results supplemental and our SEC filings. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the supplemental filed on Form 8-K with the SEC, which is posted in the Investors section of the company's website at
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