Macerich Q4 FFO Beats by 10.7% as Revenue Drops 7.6%
Macerich reported Q4 FFO of $0.48 per share, a 10.7% surprise versus the $0.43 consensus and up from $0.47 a year ago. Quarterly revenue fell to $261.7 million, missing estimates by 7.6% and down from $273.7 million, as shares have risen 1.8% year-to-date.
1. Q4 Results
Macerich delivered quarterly FFO of $0.48 per share, surpassing the $0.43 consensus estimate and up from $0.47 a year prior. Revenue declined to $261.7 million, missing estimates by 7.6% and down from $273.7 million in the prior-year period.
2. Stock Performance
Since the start of 2026, Macerich shares have gained 1.8%, outpacing the flat S&P 500 as investors reacted to the FFO beat despite the revenue shortfall. This performance reflects market focus on cash flow generation over top-line growth.
3. Outlook
Analysts project Q1 FFO of $0.31 on $244.5 million in revenue and full-year FFO of $1.47 on $992.6 million in revenue. Near-term stock movement will hinge on estimate revisions and management commentary on sustaining cash flow trends.