Management highlighted a signed non-open leasing pipeline of approximately $107 million, exceeding its $100 million year-end target. The company’s internal Leasing Speedometer reached 76%, above its 2025 goal of 70% and moving toward an 85% mid-2026 target, while 2025 leasing soared to a company record of 7.1 million sq ft, an 85% increase year-over-year.

Macerich completed roughly $1.3 billion of property dispositions last year, reducing net debt/EBITDA by one turn to 7.78x and maintaining a path to $2 billion of sales. Portfolio sales reached $881 per sq ft, portfolio occupancy stood at 94%, and the company reported 17 consecutive quarters of positive leasing spreads, up 80 basis points sequentially.

All 30 targeted anchor and big-box replacements are now committed, totaling 2.9 million sq ft and projected to generate $750 million in annual tenant sales. Executives detailed development at Crabtree Valley Mall, Scottsdale and Green Acres, including a new Dick’s House of Sport, Belk consolidation, and commitments on 18 new and 31 renewal leases at Crabtree.

CFO reported fourth-quarter FFO of $129 million, or $0.48 per share, and go-forward portfolio NOI growth of 1.7% year-over-year. Near-term priorities for 2026 include completing remaining dispositions and converting signed leasing activity into rent-paying occupancy to drive FFO growth.