Macerich Q4 Revenue Falls to $261.7M, EPS Beats by 10.7%
Macerich reported Q4 revenue of $261.7 million, down 4.4% year-over-year and 7.6% below estimates, while EPS of $0.48 beat forecasts by 10.7%. Leasing metrics showed minimum rents falling 4.6% to $151.9 million and management revenue declining 16.6% to $6.44 million.
1. Q4 Financial Results
For the quarter ended December 2025, Macerich generated revenue of $261.7 million, marking a 4.4% decline year-over-year and missing consensus by 7.6%. Net income translated to EPS of $0.48, compared to a loss of $0.89 in the prior-year period, exceeding analyst forecasts by 10.7%.
2. Leasing Revenue Breakdown
Minimum rents totaled $151.87 million, down 4.6% from last year and below estimates, while tenant recoveries reached $65.23 million, a 1% year-over-year decrease. Management company revenues fell 16.6% to $6.44 million, and percentage rents declined 14.5% to $19.31 million, slipping past projections on several metrics.
3. Share Performance and Market Context
Macerich shares have risen 2% over the past month versus a 1.3% drop in the S&P 500 composite, reflecting investor focus on the company’s mixed operating metrics and earnings beat. The performance suggests a cautious market outlook as leasing trends remain under pressure.