The Macerich Company furnished a business update alongside its appearance at Citi’s 2026 Global Property CEO Conference, highlighting record leasing momentum, a sizable signed‑not‑open pipeline and progress on its deleveraging plan.
For the full year 2025, Macerich signed 1,199 leases versus 819 in 2024, with 291 store openings versus 197 and go-forward leased occupancy rising to 94.9%. The company reports about $107 million of signed‑not‑open revenue uplift committed, with cumulative potential of roughly $140 million that it estimates will flow about 80% to NOI. A five-year plan calls for about 1,000 new tenant openings, with roughly 800 already committed or in letter‑of‑intent stage and leasing completion at 76% as of February 2026.
Macerich is also replacing 30 legacy anchors totaling 2.9 million square feet, targeting an estimated $750 million in annual sales. On the balance sheet side, it outlines a roughly $2 billion asset sale and give‑back program, with about $1.4–$1.5 billion already addressed through completed or in‑process mall and outparcel transactions.
The Macerich Company entered into a Second Amended and Restated Credit Agreement providing a $900 million secured revolving loan facility maturing on March 1, 2029, with an option to extend to March 1, 2030. The facility can be increased to $1.1 billion subject to additional lender commitments and conditions.
Borrowings bear interest at either a Base Rate or Term SOFR plus a margin currently ranging from 0.80% to 2.20%, with the margin tied initially to debt yield and later to net debt to EBITDA upon meeting performance thresholds. As of signing, the applicable margin was 0.90% for Base Rate loans and 1.90% for Term SOFR loans.
The agreement is secured by mortgages on certain wholly owned assets and equity pledges and is unconditionally guaranteed by Macerich and certain subsidiaries. It includes a borrowing base maintenance covenant, minimum debt yield and fixed charge coverage tests, a cap on floating rate debt, and customary covenants and events of default. The borrower also pays a monthly facility fee on unused commitments.
The Macerich Company outlines its 2025 performance and strategy as a national mall-focused REIT. It owns or has interests in 38 centers totaling about 39 million square feet, anchored by 127 major tenants and roughly 4,600 smaller stores and freestanding units.
During 2025, Macerich bought Crabtree Mall in North Carolina for $290 million and sold multiple malls, parcels and joint-venture interests, including Lakewood Center for $332.1 million (with loan assumption), as part of its balance-sheet-focused “Path Forward Plan.” Proceeds were largely used to pay down debt and fund general corporate needs.
The company refinanced Washington Square with a new $340 million 10‑year loan at a 5.58% fixed rate, raised $53.9 million by selling 3.1 million shares through its 2024 ATM equity program, and maintained a quarterly common dividend of $0.17 per share. It is investing heavily in redevelopment projects at Scottsdale Fashion Square, Green Acres Mall and FlatIron Crossing to add luxury retail, mixed-use and residential components while deliberately pruning non-core assets.
Macerich Co senior executive vice president and chief financial officer Daniel E. Swanstrom II received a grant of 41,411 LTIP Units on February 16, 2026. These units are long-term incentive compensation in The Macerich Partnership, L.P., where Macerich is the general partner.
Each LTIP Unit can, after meeting tax allocation and time-vesting conditions, be converted into a common partnership unit, which the holder may later redeem for cash equal to the fair market value of one Macerich common share, or one share if the company elects stock settlement. The LTIP Units vest in three equal installments on December 31, 2026, December 31, 2027, and December 31, 2028, and do not have expiration dates for conversion and redemption rights. Following this grant, Swanstrom directly holds 154,695 LTIP Units.
Macerich Co Chief Legal Officer and Secretary Ann C. Menard reported equity-based compensation awards involving partnership LTIP Units. On February 16, 2026, she acquired 41,411 LTIP Units as long-term incentive compensation that vest one-third on December 31 of 2026, 2027, and 2028.
She also acquired 51,585 performance-based LTIP Units from a grant originally made on January 1, 2023. The Compensation Committee determined 102.89% of the 50,136-target LTIP Units were earned based on performance through December 31, 2025. These units vested on December 31, 2025 and must be held until December 31, 2026.
Each LTIP Unit represents a limited partnership interest in The Macerich Partnership, L.P. that can be converted into a common partnership unit, then generally redeemed for cash equal to the value of one Macerich common share, or, at the company’s election, settled in one common share, with no expiration date.
MACERICH CO Senior EVP and Head of Leasing Doug J. Healey reported awards of LTIP Units in the company’s operating partnership as long-term incentive compensation. One grant of 41,411 LTIP Units vests in three equal installments on December 31 of 2026, 2027 and 2028. A separate 51,585-unit award reflects performance-based LTIP Units earned at 102.89% of a 50,136-unit target for the 2023–2025 performance period, which vested on December 31, 2025 and must be held until December 31, 2026. These LTIP Units can later be converted into common units and then redeemed for cash equal to the fair market value of a MACERICH common share or, at the issuer’s election, one share of common stock.
Macerich Company reported that Chief Accounting Officer Christopher J. Zecchini received a grant of 11,043 LTIP Units as long-term incentive compensation at a stated price of $0.0000 per unit. Following this award, he holds 29,253 LTIP Units directly.
These LTIP Units represent limited partnership interests in The Macerich Partnership, L.P. that can convert into common partnership units, which may then be redeemed for cash equal to the fair market value of one common share or, at the issuer’s election, one share of common stock. The units vest in three equal installments on December 31, 2026, December 31, 2027, and December 31, 2028.
The Macerich Company reported a much smaller net loss as operating metrics and leasing improved in 2025. Net loss attributable to the company was $18.8 million, or $0.07 per diluted share, in Q4 2025 versus a net loss of $211.2 million, or $0.89 per diluted share, a year earlier, largely because 2024 included sizable losses on asset sales and write-downs.
Q4 funds from operations (FFO) excluding specified financing and investment items rose to $128.9 million, or $0.48 per diluted share, from $116.7 million, or $0.47. Go-Forward Portfolio Centers net operating income excluding lease termination income increased 1.7% year over year in Q4 and 1.8% for 2025.
Leasing momentum was strong: the company signed 1.4 million square feet of leases in Q4, up 36%, and 7.1 million square feet for the year, an 85% increase and a company record. New store leases are expected to generate about $107 million of gross revenue at Macerich’s share above 2024 levels over 2024–2028. Portfolio tenant sales per square foot for spaces under 10,000 square feet reached $881, up from $837 a year earlier, with Go-Forward Portfolio Centers at $921.
The company continued executing its “Path Forward Plan,” completing approximately $1.3 billion of asset dispositions over 2024–2025 and extending key debt, including a four-year extension of the $200 million South Plains Mall loan at a 4.22% rate. At period end, Macerich reported about $990 million of liquidity, including full availability on its $650 million revolving credit line, total pro rata debt of $6.59 billion, and net debt to adjusted EBITDA of 7.78x. A quarterly dividend of $0.17 per common share was declared, continuing the company’s consistent payout.
JPMorgan Chase & Co. has filed an amended ownership report showing a beneficial stake in The Macerich Company common stock. JPMorgan reports beneficial ownership of 10,728,430 shares, representing 4.1% of the outstanding common stock as of the event date.
The filing breaks down control over these shares, with sole voting power over 1,096,979 shares and shared voting power over 6,455,944 shares. JPMorgan also reports sole dispositive power over 4,271,639 shares and shared dispositive power over 6,456,394 shares. It certifies the holdings are in the ordinary course of business and not for influencing control of Macerich.
JPMorgan Chase & Co. filed a Schedule 13G reporting beneficial ownership of 13,381,853 shares of The Macerich Company common stock, representing 5.2% of the class as of 12/31/2025. JPMorgan reports 1,492,978 shares with sole voting power and 7,064,483 with shared voting power, and 6,315,165 shares with sole dispositive power and 7,064,933 with shared dispositive power.
The filing identifies JPMorgan as a holding company and lists several subsidiaries involved in holding the shares, including J.P. Morgan Securities LLC and JPMorgan Chase Bank, National Association. JPMorgan certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Macerich.