Macerich Narrows Losses and Advances Path Forward Plan

Macerich ( (MAC) ) just unveiled an update.

For the quarter ended December 31, 2025, Macerich narrowed its net loss to $18.8 million, or $0.07 per diluted share, from a $211.2 million loss a year earlier, largely because 2024 results had been hit by asset sale and write-down losses. Funds from operations excluding specified items rose to $128.9 million, or $0.48 per diluted share, aided by a legal settlement and partly offset by higher incentive compensation, as Go-Forward Portfolio Centers net operating income increased 1.7% for the quarter and 1.8% for the year.

Operating metrics reflected continued leasing and sales momentum, with portfolio tenant sales per square foot for small-shop space climbing to $881 for the 12 months ended December 31, 2025, and Go-Forward centers reaching $921. Leased portfolio occupancy stood at 94.0%, while the company signed a record 7.1 million square feet of leases in 2025, producing positive re-leasing spreads of 6.7% and building a new-store pipeline expected to generate roughly $107 million in incremental gross revenue between 2024 and 2028.

Management described 2025 as a pivotal year in executing its “Path Forward Plan,” highlighting $1.3 billion of completed asset dispositions, full commitment of all 30 anchor spaces and substantially completed de-risking of the strategy. Looking ahead to 2026, Macerich plans to concentrate on moving tenants into pipeline space on schedule, addressing remaining lease expirations and selectively pursuing accretive acquisitions while advancing targeted dispositions, supported by about $990 million in liquidity and a four-year extension of its $200 million South Plains Mall loan.

On the balance sheet and capital return front, Macerich completed $42.3 million in outparcel and land sales in the fourth quarter of 2025, including a $25.8 million sale of the Washington Square retail strip center, and entered a contract to sell La Cumbre Plaza for approximately $11 million with closing expected in the second quarter of 2026. The company also declared a quarterly cash dividend of $0.17 per common share, payable March 30, 2026 to shareholders of record as of March 16, 2026, underscoring management’s confidence in the REIT’s improving cash flow profile.

The most recent analyst rating on (MAC) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Macerich stock, see the MAC Stock Forecast page.

Spark’s Take on MAC Stock

According to Spark, TipRanks’ AI Analyst, MAC is a Neutral.

Macerich’s overall stock score reflects a mix of challenges and opportunities. The most significant factor is the company’s financial performance, which is hindered by profitability issues and high leverage. However, strong leasing activity and strategic initiatives highlighted in the earnings call and corporate events provide a positive outlook. Technical analysis and valuation metrics present mixed signals, with potential overbought conditions and a negative P/E ratio being concerns.

To see Spark’s full report on MAC stock, click here.

More about Macerich

Macerich is a fully integrated, self-managed real estate investment trust that owns, operates and develops high-quality retail real estate in densely populated U.S. markets. The company’s 39 million-square-foot portfolio, consisting mainly of interests in 38 regional retail centers across California, the Pacific Northwest, Phoenix/Scottsdale and the New York–to–Washington, D.C. corridor, focuses on community-centered properties while emphasizing long-term shareholder value and ESG priorities.

As the sole general partner and majority owner of The Macerich Partnership, L.P., Macerich concentrates on acquiring, leasing, managing, developing and redeveloping regional shopping centers. Its strategy centers on enhancing net operating income through active leasing, redevelopment and disciplined capital recycling, positioning the REIT as a leading player in the U.S. high-quality mall and lifestyle center segment.

Average Trading Volume: 1,847,222

Technical Sentiment Signal: Buy

Current Market Cap: $4.94B

For detailed information about MAC stock, go to TipRanks’ Stock Analysis page.