Macerich Q4 net loss narrows to $18.8M; FFO per share $0.48; record leasing

MACERICH CO

2025-FY EPS reported -$0.78 vs consensus $0.02 ▼ miss (-3476.6%)

Q4 net loss $18.8M vs $211.2M loss in Q4 2024; FFO ex-items $128.9M ($0.48) vs $116.7M ($0.47).
Go-Forward Portfolio NOI ex-lease term income up 1.7% Q4; 1.8% for FY 2025.
Portfolio tenant sales per sq ft $881 TTM Dec 2025 vs $837 prior year; leased occupancy 94.0%.
Signed 7.1M sq ft of leases in FY 2025 (85% YoY increase, company record); re-leasing spreads +6.7%.
Completed $1.3B dispositions in 2025; liquidity ~$990M; quarterly dividend $0.17 payable Mar 30.

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