Macerich (MAC) reported higher revenue of US$1.01 billion for the full year 2025, but still posted a net loss of US$197 million, indicating continued profitability challenges. The company’s investment narrative hinges on its ability to attract tenants and shoppers to its malls despite retail pressures and a leveraged balance sheet, with refinancing and funding remaining key risks. Despite being loss-making, Macerich’s board affirmed a quarterly dividend, prompting questions about cash flow coverage and reinvestment capacity.
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Macerich (MAC) Posts Higher 2025 Revenue Yet Ongoing Losses Is Its Turnaround Story Intact?
Macerich (MAC) reported higher revenue of US$1.01 billion for the full year 2025, but still posted a net loss of US$197 million, indicating continued profitability challenges. The company’s investment narrative hinges on its ability to attract tenants and shoppers to its malls despite retail pressures and a leveraged balance sheet, with refinancing and funding remaining key risks. Despite being loss-making, Macerich’s board affirmed a quarterly dividend, prompting questions about cash flow coverage and reinvestment capacity.