MACERICH CO (MAC) FY2025 10-K Annual Report
MACERICH CO (MAC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MACERICH CO FY2025 10-K Analysis
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 revenue or profitability data disclosed in provided MD&A section
- • No segment performance data or profit margins mentioned
- • No cash flow, buybacks, dividends, or capital expenditure amounts reported
- • 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
MACERICH CO FY2025 Key Financial MetricsXBRL
Revenue
$1.0B
▲ +10.4% YoY
Net Income
-$197M
▼ -1.6% YoY
Net Margin
-19.4%
▲ +170bp YoY
ROE
-8.1%
▼ -101bp YoY
Total Assets
$8.4B
▼ -2.3% YoY
EPS (Diluted)
$-0.78
▲ +11.4% YoY
Operating Cash Flow
$322M
▲ +13.5% YoY
Source: XBRL data from MACERICH CO FY2025 10-K filing on SEC EDGAR. All figures in USD.
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