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Macerich Highlights Leasing Momentum and Balance Sheet Progress in Q4 Earnings Call
REIT outlines priorities for 2026, including completing dispositions and converting signed leases to rent-paying occupancy.
Published on Feb. 23, 2026
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Macerich (NYSE:MAC) executives emphasized leasing momentum, improving operating metrics, and continued balance sheet work during the company's fourth quarter 2025 earnings call, describing 2025 as a 'pivotal year' for progress under its 'Path Forward Plan.' Management also outlined near-term priorities for 2026, including completing remaining dispositions and converting signed leasing activity into rent-paying occupancy.
Why it matters
As a major REIT focused on regional shopping centers, Macerich's performance and strategic initiatives provide insights into the state of the retail real estate industry. The company's progress on its 'Path Forward Plan' and priorities for 2026 offer a window into how it is navigating challenges facing the sector, such as tenant demand, redevelopment, and balance sheet management.
The details
Macerich signed 7.1 million square feet of new and renewal leases in 2025, an 85% increase over 2024 and a new company record. About 30% of the 2025 leasing volume represented new lease signings. The company's signed non-open (SNO) pipeline is approximately $107 million, above the $100 million year-end target. Macerich said all 30 anchor and big-box replacements targeted in the Path Forward Plan are now committed. Portfolio sales at the end of the fourth quarter were $881 per square foot, up $14 from the prior quarter and a company high watermark. The company completed approximately $1.3 billion in dispositions and reduced leverage by 'a full turn,' with net debt to EBITDA at 7.78x.
- Macerich acquired Crabtree Valley Mall in June 2025.
- Macerich recently completed a four-year loan extension through November 2029 on South Plains, a $200 million loan.
- The $76 million loan (at the company's pro rata share) for Twenty Ninth Street is now in default after maturity.
The players
The Macerich Company
A real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California.
Jackson Hsieh
CEO of Macerich.
Doug Healey
Senior executive vice president of leasing at Macerich.
Brad Miller
Senior vice president of portfolio management at Macerich.
Dan Swanstrom
CFO of Macerich.
What they’re saying
“Leasing continued to be 'the engine' behind the company's plan.”
— Jackson Hsieh, CEO (transcriptdaily.com)
“About 30% of the 2025 leasing volume represented new lease signings.”
— Doug Healey, Senior executive vice president of leasing (transcriptdaily.com)
What’s next
Macerich said it expects to provide an updated 'Path Forward Plan 3.0' at REITWeek in June and intends to return to providing earnings guidance beginning in 2027.
The takeaway
Macerich's progress on its 'Path Forward Plan,' including strong leasing activity, improving operating metrics, and balance sheet management, suggests the REIT is making strides in navigating the challenges facing the retail real estate industry. However, the company still faces work ahead, such as completing dispositions, addressing upcoming lease expirations, and evaluating potential accretive acquisitions.
