Macerich Highlights Leasing Momentum and Path Forward Plan Progress

REIT reports strong Q4 2025 results, outlines priorities for 2026 including completing dispositions and driving occupancy.

Published on Feb. 27, 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 broader trends and challenges facing the retail real estate industry. The company's efforts to reposition its portfolio, drive leasing, and strengthen its balance sheet are closely watched by investors and analysts.

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. The signed non-open (SNO) pipeline is approximately $107 million, above the company's $100 million year-end target. 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. Macerich opened 416,000 square feet of new stores in the fourth quarter, bringing total openings to 1.3 million square feet for 2025.

  • Macerich acquired Crabtree Valley Mall in June 2025.
  • Macerich expects a new Dick's Sporting Goods 'House of Sport' store to open at Crabtree Valley Mall in the fall of 2026.
  • Macerich expects Dick's Sporting Goods stores to open at Tysons Corner Center and Washington Square in the fall of 2027, and at Valley River in the spring of 2028.

The players

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.

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.

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What they’re saying

“Leasing continued to be 'the engine' behind the company's plan.”

— Jackson Hsieh, CEO (themarketsdaily.com)

“About 30% of the 2025 leasing volume represented new lease signings.”

— Doug Healey, Senior executive vice president of leasing (themarketsdaily.com)

“The 2026 contribution is 'back-end weighted,' aligning with prior commentary about a second-half inflection.”

— Management (themarketsdaily.com)

What’s next

Macerich plans to provide an updated 'Path Forward Plan 3.0' at REITWeek in June 2026 and intends to return to providing earnings guidance beginning in 2027.

The takeaway

Macerich's strong leasing momentum, progress on its redevelopment initiatives, and efforts to strengthen its balance sheet suggest the REIT is making strides in its turnaround efforts. However, the company still faces challenges, including addressing upcoming lease expirations and completing its remaining dispositions, that will be key to watch in the year ahead.