Why Is Macerich (MAC) Down 5% Since Last Earnings Report?

It has been about a month since the last earnings report for Macerich (MAC). Shares have lost about 5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Macerich due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Macerich Company (The) before we dive into how investors and analysts have reacted as of late.

Macerich Q4 FFO Beats Estimates, Revenues Miss, Occupancy Declines Y/Y

The Macerich Company reported fourth-quarter 2025 funds from operations (FFO), excluding financing expense in connection with Chandler Freehold, accrued default interest expense and gain on non-real estate investments per share of 48 cents, surpassing the Zacks Consensus Estimate of 43 cents. The reported figure compared favorably with the prior-year quarter’s 47 cents.

Results reflected solid leasing volume and an increase in Go-Forward Portfolio Centers’ NOI and base rent re-leasing spreads.

Quarterly revenues of $261.7 million lagged the Zacks Consensus Estimate of $283.3 million. The metric decreased 4.4% from the year-ago quarter’s figure.

Q4 in Detail

The portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing 12 months ended Dec. 31, 2025, came in at $881, up from $837 year over year.

In the fourth quarter, Macerich signed leases encompassing 1.4 million square feet. On a comparable center basis, this reflected a 36% increase in the amount of leased square footage signed year over year.

Go-Forward Portfolio Centers' NOI, excluding lease termination income, rose 1.7% year over year to $197.5 million.

For the trailing 12 months ended Dec. 31, 2025, base rent re-leasing spreads were 6.7% more than the expiring base rent, making it the 17th consecutive quarter of positive base rent leasing spreads.

Portfolio occupancy was 94% as of Dec. 31, 2025, down from 94.1% as of Dec. 31, 2024. Our expectation for the same was pegged at 93.7%. Go-Forward Portfolio Center occupancy as of the same period was 94.9%.

Portfolio Activity

During the fourth quarter of 2025, Macerich completed outparcel and land sales aggregating $42.3 million.

Balance Sheet

As of Feb. 18, 2026, Macerich had around $990 million of liquidity, including $650 million of available capacity on its revolving line of credit.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates revision.

VGM Scores

Currently, Macerich has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Macerich has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Macerich is part of the Zacks REIT and Equity Trust - Retail industry. Over the past month, Equinix (EQIX), a stock from the same industry, has gained 6.2%. The company reported its results for the quarter ended December 2025 more than a month ago.

Equinix reported revenues of $2.42 billion in the last reported quarter, representing a year-over-year change of +7%. EPS of $2.69 for the same period compares with $7.92 a year ago.

Equinix is expected to post earnings of $10.72 per share for the current quarter, representing a year-over-year change of +10.9%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.2%.

Equinix has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

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This article originally published on Zacks Investment Research (zacks.com).

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