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- **Leasing Triumph**: 7.1 million sq ft leased in 2025, 85% above 2024, with $107 million SNO pipeline driving 2026-2028 growth.
- **Balance Sheet Strength**: Reduced leverage to 7.78x, $1.3 billion disposed, and $200 million loan extended at 4.2%.
- **Strategic Growth**: Pursuing value-add acquisitions, with potential equity issuance for larger deals.
- **Consumer Confidence**: Luxury sales up 5.5%, physical stores profitable, and limited new supply supporting demand.

**【CEO Summary Section】**
- **Path-Forward Plan Progress**: Signed 7.1 million sq ft of new and renewal leases in 2025, an 85% increase vs. 2024, exceeding the 5-year plan's 70% target. 30 anchor replacements are committed, with 5 open and 11 under construction. Disposed $1.3 billion of $2 billion target.
- **SNO Pipeline**: $107 million signed, with $30 million expected in 2026, $40-45 million in 2027, and $45-50 million in 2028. 350 uncommitted deals remain, 150 in LOI stage.
- **Strategic Acquisitions**: Focused on accretive value-add opportunities like Crabtree, with potential equity issuance or capital partners for larger deals.

**【CFO Financial Commentary】**
- **Financial Results**: Q4 FFO of $129 million ($0.48 per share), driven by legal settlements. Full-year Go-Forward NOI up 1.8% vs. 2024.
- **Balance Sheet**: Reduced leverage to 7.78x (from 8.78x in 2024), targeting low-mid 6x. Completed $1.3 billion in dispositions, with $15 million in outparcel sales under contract.
- **Debt Management**: Extended $200 million South Plains loan at 4.2%, addressing 2026 maturities. 29th Street loan in default, discussions ongoing.

**【Q&A Highlights】**
- **Leasing Momentum**: 80% of 2026 expiring square footage committed, vs. 63% at same time in 2024. 2026 NOI expected to be back-end weighted, with inflection in 2027-2028.
- **Consumer Trends**: Luxury sales up 5.5% in 2025, driven by high-quality tenants. Physical stores remain profitable, with limited new supply.
- **Disposition Challenges**: Outparcel sales weighted to 2026 due to encumbrances and entitlements. Targeting 7-8% cap rates, with $107 million in SNO pipeline.
- **AI and Efficiency**: Exploring AI for tenant coordination and RCD (Rent Commencement Date) optimization, with updates expected at REIT Week 2026.

The Macerich Company (MAC) Q4 2025 Earnings Call Transcript

- **Leasing Strength**: Q3 signings up 87% YoY, with 5.4M sq ft YTD (86% YoY growth). SNO pipeline at $99M, 70% of deals meet 5-year rent targets. 
- **Balance Sheet Progress**: Reduced leverage to 7.76x, sold $1.2B in non-core assets, repaid $1B of 2026 debt. 
- **Crabtree Impact**: $14M incremental SNO, 74% of Forever 21 space re-leased at higher rents. 
- **Anchor Momentum**: 30 anchors targeted (25 committed), Dick's House of Sport driving +15% traffic. 
- **FFO Outlook**: Path Forward midpoint ($1.81) unchanged, with Crabtree adding $0.08 accretion. 
- ** NOI Growth**: Go-forward portfolio NOI +2% YoY, fortress properties sales +4.8% YoY. 
- **Debt Management**: $1B liquidity, targeting low-mid 6x leverage by 2028. 
- **Dispositions**: $1.4B+ in asset sales completed, on track for $2B+ by end-2026.

**【CEO Summary Section】**
- Signed 1.5 million sq ft of new and renewal leases in Q3, up 87% YoY, with year-to-date signings at 5.4 million sq ft (86% YoY increase). 
- SNO pipeline reached $99 million (vs. $87 million in August), with $14 million incremental from Crabtree. 
- 70% of new lease deals meet 5-year plan net effective rent targets, on track for 85% completion by mid-2026. 
- 30 anchors targeted to open by 2028, with 25 committed (e.g., Dick's House of Sport at 9 locations). 
- Crabtree acquisition: $14 million incremental SNO, 90% of remaining $40 million in SNO from A/B/C-rated spaces. 
- New lease deals approved up 61% YoY, with 2025 total exceeding 2024 volume. 

**【CFO Financial Commentary】**
- Go-forward portfolio NOI increased 1.7% QoQ and 2% YoY through Q3. 
- Sold $1.2 billion in non-core assets since 2025, with $1.4-$1.5 billion total disposals expected by end-2026. 
- Repaid $1 billion of 2026 maturing debt, reducing net debt/EBITDA to 7.76x (from 8.76x at Path Forward launch). 
- Completed $50 million ATM issuance to partially offset Crabtree leverage, keeping acquisition ~neutral to 2028 leverage targets. 
- 2026 expiring square footage: 55% committed, 30% in LOI stage (88% total progress). 

**【Q&A Highlights】**
- **Leasing Momentum**: 2026 expirations 88% resolved (vs. 23% at same time in 2024), with renewals at or above 5-year plan targets. 
- **Crabtree Update**: 74% of Forever 21 liquidation space re-leased at higher rents, with Dick's House of Sport leading traffic gains. 
- **Balance Sheet**: $1 billion liquidity (including $650M revolver), targeting low-mid 6x leverage by 2028. 
- **Anchor Leasing**: 85% tenant retention expected for 2026 expirations, with capital costs ~1-1.5x annual rent for in-line tenants. 
- **SNO Pipeline**: $100M+ SNO on track for 2025, with $20M coming online this year and $80M+ in 2026+. 
- **Acquisition Appetite**: Disciplined approach to accretive deals, with Crabtree-like opportunities expected in 2026-2027. 
- **Forever 21 Impact**: 74% of 0.5M sq ft liquidated space re-leased, driving 100+ basis points of NOI improvement. 
- **FFO Guidance**: Path Forward midpoint ($1.81) remains unchanged, with Crabtree adding $0.08 accretion. 
- **Traffic/Sales**: Go-forward portfolio sales +3.5% YoY in Q3, fortress properties +4.8%, driven by apparel, entertainment, and luxury. 
- **Dispositions**: $130M+ in outparcel/land sales under contract, on track for $100-150M 2025 target. 
- **Debt Market**: Improved access to capital for non-Fortress assets, with Crabtree refinanced at SOFR+250 (mid-6% effective rate).

The Macerich Company (MAC) Q3 2025 Earnings Call Transcript

- **Leasing Supercharge**: 4.3M sq.ft. signed YTD (double 2024 pace), 65% new deal completion vs. 70% target. SNO pipeline at $87M, up 16% QoQ.
- **Crabtree Payoff**: $290M acquisition with 11% cap rate, $950/sq.ft. sales, and 74% occupancy. $60M capital plan to drive 90%+ occupancy by 2028.
- **Balance Sheet Cleanup**: Net debt/EBITDA down to 7.9x (from 8.9x). $800M+ asset sales completed, $1.2B+ under contract. 2025 debt maturities fully addressed.
- **Growth Catalysts**: DICK'S House of Sport expansion, 1.3M sq.ft. SNO pipeline, and 30+ anchor repositioning opportunities.

**【CEO Summary Section】**
- **Path Forward Plan Progress**: Ahead of schedule on leasing (65% new deal completion vs. 70% target by year-end) and SNO pipeline ($87M vs. $75M last quarter). Crabtree Mall acquisition ($290M) adds high-growth potential in Raleigh-Durham, targeting 90% occupancy by 2028.
- **Leasing Momentum**: 4.3M sq.ft. signed YTD (double 2024 volume), 1.7M sq.ft. in Q2 alone. DICK'S House of Sport signed at 3 locations, driving experiential retail.
- **Balance Sheet Strength**: Net debt/EBITDA reduced to 7.9x (from 8.9x at Path Forward launch), targeting low-mid 6x by 2028. $915M liquidity supports deleveraging.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: FFO of $87M ($0.33/share), excluding one-time items. Go-forward portfolio NOI up 2.4% YoY. Dispositions progress: $800M+ in asset sales completed, $1.2B+ under contract.
- **Debt Management**: $160M term loan for Crabtree at SOFR+250bps. 2025 debt maturities addressed; only $200M remaining in November. 2026 maturities being refinanced or repaid via asset sales.
- **Liquidity**: $650M undrawn on revolver. Proceeds from Atlas Park ($72M) used to repay high-cost debt.

**【Q&A Highlights】**
- **Crabtree Rationale**: 11% cap rate, $950/sq.ft. sales, and 74% occupancy vs. 90% target. Capital budget of $60M for modernization and tenant mix upgrade. Retailer demand surge post-acquisition.
- **Leasing Risk**: 90% of remaining SNO pipeline in A/B/C-rated spaces. 2025 expiring square footage 90% committed, 2026 at 30%+.
- **External Growth**: Open to accretive acquisitions (e.g., Crabtree) if IRR >12% and accretive to 2028 FFO targets. No immediate plans beyond Crabtree.
- **California Exposure**: Focus on Los Cerritos (strong performance), Victor Valley (only mall in town), and Los Angeles repositioning (e.g., DICK'S at former Sears box).

The Macerich Company (MAC) Q2 2025 Earnings Call Transcript

- **Leasing Supercharge**: Q1 2025 signings (+160% sq. ft. YoY), 60% new deal completion rate, $80M SNO pipeline vs. $66M last quarter.
- **Balance Sheet Strength**: Debt-to-EBITDA 7.9x (down 1.0x YoY), $995M liquidity, $1.1B asset sales completed.
- **2026 Growth Vision**: 3%-4% same-center NOI, 89%+ physical occupancy, $600M+ in new anchor sales.
- **Tariff Resilience**: 80%+ Q1 2025 expirations committed, no material retailer pullback.


**【CEO Summary Section】**
- **Leasing Progress Ahead of Schedule**: Signed 2.6 million sq. ft. in Q1 2025, more than double Q1 2024 levels. SNO pipeline grew to $80 million (from $66 million last quarter), targeting $100 million by year-end. New deal completion rate reached 60%, vs. 39% last quarter.
- **Path Forward Plan Update**: $1.1 billion in asset sales completed to date, targeting $2 billion. Debt-to-EBITDA ratio reduced to 7.9x, down from 8.9x at plan launch. 2026 inflection point on track for substantial plan completion.
- **Leasing Strategy Focus**: 70%+ of 2025 expirations committed or in LOI stage. Targeting 3%-4% same-center NOI growth in 2026 go-forward portfolio, driven by 89%+ physical permanent occupancy.

**【CFO Financial Commentary】**
- **Q1 2025 Financials**: FFO of $87 million ($0.33/share), up 16% YoY. Same-center NOI (ex Eddy) +2.4% YoY. Debt-to-EBITDA 7.9x, down 1.0x YoY.
- **Balance Sheet Strength**: $995 million liquidity, including $650 million revolver capacity. Completed $340 million Washington Square refinancing at 5.58% fixed rate. 2025 maturities reduced to $200 million.
- **Disposition Progress**: $1.1 billion in asset sales completed (Country Club Plaza, Biltmore, Wilton Mall, etc.). $77 million of $100-150 million outparcel/land sales target achieved YTD.

**【Q&A Key Takeaways】**
- **Leasing Momentum**: ELC approvals up 70% YoY in Q1. 26 anchor deals (17 signed, 6 LOIs) targeting $600+ million in sales by 2028. 90% of remaining SNO from A/B/C space in top centers.
- **Tariff Impact**: Minimal pullback from retailers; 80%+ of Q1 2025 expirations committed. SNO pipeline resilient despite macro uncertainty.
- **2026 Outlook**: 3%-4% same-center NOI growth for go-forward portfolio. 84%+ physical occupancy with 26 new anchors coming online.
- **Liquidity & Debt**: 2025 maturities covered. 2026 givebacks/dispositions pipeline clear. Targeting low/mid-6x leverage by 2028.


The Macerich Company (MAC)-12 May 25-2025 Q1 Earnings call transcript

- **Path Forward Progress**: 39% of 2028 leasing goals achieved, 84% of 2025 expiring space committed, $66M SNO pipeline.
- **Leasing Momentum**: 55% more deals reviewed YTD 2025, 3x new deals, 5x new sq.ft. (Doug Healey).
- **Financial Discipline**: Debt-to-EBITDA 8x (down from 9x), $1.3B JV buyouts, $454M equity raise.
- ** NOI Outlook**: Flat to slightly up in 2025, stair-step growth in 2027-2028.
- **Development Returns**: 13-17% IRR on Green Acres/Nordstrom, equity for accretive projects.

**【CEO Summary Section】**
- Launched the Path Forward Plan to simplify operations, improve performance, and reduce leverage over 5 years.
- Achieved 3.75M sq.ft. annual lease volume in 2023-2024, targeting 4M sq.ft. in 2025-2026 with a focus on new leases (45% mix vs. historical 34%).
- 8.8% base rent re-leasing spreads for small tenants, 17.6% for new leases, and 50%+ for vacant/temp spaces.
- Targeting 89% physical occupancy by 2028 (currently 84%), with $66M SNO pipeline ($27M in 2025).
- Progress: 39% of 2028 leasing goals achieved, 84% of 2025 expiring space committed or in LOI.

**【CFO Financial Commentary】**
- 2024 FFO: $117M/Q4, $128M/Q4 2023, driven by higher interest expense and severance costs.
- Debt-to-EBITDA: 8x (down from 9x in 2023), targeting low-mid 6x by 2028.
- Completed $1.3B in JV buyouts, $454M equity raise, and $157M asset sale in 2024.
- 2025 disposition plan: $100-105M in outparcel sales, $2B+ target by 2028.
- Debt management: refinanced Queens Center at 5.4%, reduced 2025 maturities to $300M.

**【Q&A Highlights】**
- **Leasing Velocity**: 55% more deals reviewed YTD 2025 vs. 2024, 3x new deals, 5x new sq.ft. (Doug Healey).
- ** NOI Growth**: Flat to slightly up in 2025, stair-step increase in 2027-2028 due to SNO pipeline (Jack Hsieh).
- **Debt Strategy**: Equity issuance for accretive development (13-17% returns), but focused on debt paydown (Daniel Swanstrom).
- **Tenant Health**: Watch list 60% smaller than 2019, 75-100bps bad debt reserves (Doug Healey, Dan Swanstrom).
- **Development**: Green Acres and Nordstrom on track, Flatiron delayed (Jack Hsieh).

Actual																	-0.15	-1.27	-0.06	0.5	-0.08	-0.17	-0.07	-0.07	0.01	-0.27	-0.07	-1.22	0.29	-0.59	1.16	-0.5	-0.89	-0.2	-0.16	-0.34	-0.07
Forecast																	-0.1768	-0.1235	-0.0897	-0.0765	-0.0068	-0.0134	-0.0383	-0.0248	0.0252	-0.0595	-0.0792	-0.0502	0.0758	-0.0867	-0.0699	-0.0587	0.0345	-0.0756	-0.0918	-0.0802	-0.0033
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+15.16%	-928.34%	+33.11%	+753.59%	-1076.47%	-1168.66%	-82.77%	-182.26%	-60.32%	-353.78%	+11.62%	-2330.28%	+282.59%	-580.51%	+1759.51%	-751.79%	-2679.71%	-164.55%	-74.29%	-323.94%	-2021.21%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	185.84M	194.64M	215.47M	212.14M	229.40M	216.14M	204.09M	210.70M	228.22M	214.85M	212.37M	218.15M	238.69M	208.78M	215.52M	220.22M	273.68M	249.22M	249.79M	253.26M	261.70M
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	188.94M	188.90M	184.74M	195.30M	203.86M	205.32M	203.88M	197.91M	223.20M	201.65M	205.58M	211.25M	224.49M	205.11M	199.35M	208.54M	222.23M	219.91M	235.23M	242.32M	258.90M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.64%	+3.04%	+16.63%	+8.62%	+12.53%	+5.27%	+0.10%	+6.46%	+2.25%	+6.55%	+3.30%	+3.26%	+6.32%	+1.79%	+8.11%	+5.60%	+23.15%	+13.33%	+6.19%	+4.51%	+1.08%

MAC

MAC fundamentals

MAC Q4 2025 Earnings

Earnings Call

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MAC

MAC fundamentals

MAC Q4 2025 Earnings

Earnings Call

MAC Earnings Call Summary for Q4/20255:00 PM on Feb 18, 2026

MAC Earnings Call Summary for Q3/20255:00 PM on Nov 4, 2025

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MAC Earnings Call Summary for Q4/20241:00 PM on Feb 27, 2025

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