In this paper, we study the performance analysis of free-space optical (FSO) system employing a constant-power variable-rate adaptive subcarrier intensity modulation (SIM) and utilizing phase-shift keying (PSK) over the Málaga atmospheric turbulence with pointing errors. According to a target bit-error rate (BER) and the instantaneous signal-to-noise ratio (SNR), the adaptive strategy adopts the subcarrier PSK modulation order. More precisely, we develop new analytical expressions for the average BER, the upper bound on ergodic channel capacity for non-adaptive modulation, and the attainable spectral efficiency (SE) of an adaptive SIM-FSO communication system. According to the simulation results, it is possible to achieve an increase in SE under weak-to-strong turbulence conditions without the need to increase the average optical power transmitted or compromise the BER requirements.