Short answer
MACERICH CO (MAC) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $1.0B (+10.4% year over year) and net income of −$197M.
- Top risk flagged: Legal risk: Santa Monica Place loan default with court-appointed receiver since 3/18/25, loan non-recourse but asset disposition imminent
FY2025 key financial metrics · XBRL
- Revenue
- $1.0B
- +10.4% YoY
- Net income
- −$197M
- −1.6% YoY
- EPS (diluted)
- −$0.78
- +11.4% YoY
- ROE
- -8.1%
- −1.0 pp YoY
- Operating cash flow
- $322M
- +13.5% YoY
Source: XBRL data from the MACERICH CO (MAC) FY2025 10-K on SEC EDGAR. USD.
MACERICH CO FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Operates as a real estate investment trust focused on acquisition, leasing, management, redevelopment, and development of regional retail centers
- Introduced and emphasized strategic Path Forward Plan in 2024 targeting deleveraging, consolidating joint ventures, and portfolio enhancement
- Significant portfolio changes including acquisition of Crabtree Mall and transition of multiple centers from joint ventures to consolidated assets
- Leased occupancy steady at ~94.0%, leasing volume surged 85% YoY to 7.1 million square feet with 1,199 new and renewal leases signed in 2025
- Default and transition of Santa Monica Place property to receiver in early 2025 after 2024 non-recourse loan default, unique event this year
Management Discussion & Analysis
- No segment performance data or profit margins mentioned
- Stock return from $100 to $210.76 over 5 years vs S&P Midcap 400 at $154.68
- $278.7M remaining share repurchase authorization from original $500M announced in 2017
Risk Factors
- Legal risk: Santa Monica Place loan default with court-appointed receiver since 3/18/25, loan non-recourse but asset disposition imminent
- Macroeconomic risk: $159.1M SOFR-based term loan on Crabtree Mall with variable interest (SOFR + 2.5%), exposed to rising interest rates
- Operational risk: Seven centers on long-term ground leases expiring 2038-2078, exposing company to lease renewal or purchase uncertainties
- Competitive risk: Vacant anchor stores requiring redevelopment or tenant replacement, risking reduced foot traffic vs. modern retail formats
- Financial risk: $340M 10-year loan on Washington Square at 5.58% fixed rate, majority interest-only term, with concentration of large maturities by 2035
Generated from the filing text; verify against the original. How to read a 10-K
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