Macerich (MAC) reported funds from operations (FFO) per share of 44 cents, which beat the Zacks Consensus Estimate of 40 cents. Moreover, the figure increased 18.9% from the year-ago quarter's 37 cents. This retail REIT experienced an increase in same-center net operating income (NOI), including lease termination income, from the prior-year period. Although the shares of MAC declined 4.3% during yesterday's regular trading session on the NYSE, they were trending upward in the initial trading session today b ...

aimintang Macerich (NYSE:MAC) is currently trading hands for 10.2x its annualized fiscal 2024 second-quarter funds from operation of $0.39 per share, following a 26% rally of its commons over the last 1 year. The retail REIT last declared a quarterly cash dividend of $0.17 per share, kept unchanged from the previously declared payout and $0.68 per share annualized for a 4.3% dividend yield. FFO per share for the second quarter dipped by 1 cent from its year-ago comp. I own a position in Simon Property Group ...

Core Viewpoint - The Macerich Company is undergoing significant changes to improve its financial health by divesting non-core assets and reducing debt, despite facing challenges such as tenant bankruptcies and high leverage levels [3][5][7]. Financial Performance - In Q2 2024, the FFO per share was $0.39, which is $0.01 lower than Q2 2023, attributed to flat sales and rising interest expenses [5]. - Occupancy levels decreased by 10 basis points to 93.3% compared to the previous quarter, although it increased by 70 basis points year-over-year [5][6]. - The company faced seven tenant bankruptcies, with Express being the largest, affecting 206,000 square feet of its portfolio [5]. Asset Management and Strategy - The company has committed 76% of the expiring square footage for 2024 and signed letters of intent for an additional 18% [6]. - In Q2, Macerich sold an Outparcel deal for $7.1 million and divested its 50% interest in Biltmore Fashion Park for $110 million, contributing to a debt reduction of approximately $564 million [6]. - The management aims to reduce outstanding debt by $1 billion to $1.4 billion by the end of 2024, with a target to retire $1 billion of debt this year [6]. Market Position and Outlook - The financing market for Class A retail real estate remains strong, with Macerich closing five transactions totaling nearly $700 million year-to-date in 2024 [6]. - Despite positive steps in balance sheet optimization, the current leverage remains high at 8.48x, down from 8.76x, with expectations to further reduce it to the low 8x range by the end of 2024 [6][7].

This quarterly report represents an FFO surprise of 10%. A quarter ago, it was expected that this shopping center real estate investment trust would post FFO of $0.39 per share when it actually produced FFO of $0.31, delivering a surprise of -20.51%. Macerich, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $215.52 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.59%. This compares to year-ago revenues of $212.37 million. The company h ...

During the second quarter, we unveiled our Path Forward Plan, followed by significant investor outreach. We are pleased with the feedback we received on what we believe is a very executable, multi-pronged strategy to improve our balance sheet, and also to make inward-facing enhancements to both bolster company culture and improve key business processes to gain operating efficiencies. We are fully engaged in implementing numerous aspects of the Path Forward Plan. Balance Sheet: The Macerich Company Earnings ...

With the addition of Ms. Laing, Macerich's Board will have eight directors, seven of whom are independent. Ms. Laing's areas of expertise include corporate strategy, risk management, public equity and corporate debt offerings, finance and capital markets, corporate governance and sustainability matters, investor relations, together with extensive knowledge of IT and cybersecurity, including cybersecurity assessments, controls, protocols, monitoring and incident response, obtained through the responsibility ...

SANTA MONICA, Calif., July 22, 2024 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of major retail properties in top markets, today announced the appointment of Diana M. Laing to its Board of Directors. Ms. Laing previously served on Macerich's Board from 2003 through 2022. A seasoned corporate finance executive with 35+ years in real estate investment and operating companies, Ms. Laing brings key skills and experience to the Macerich Board – including ...

SANTA MONICA, Calif., June 26, 2024 (GLOBE NEWSWIRE) -- Dial-In Registration: https://register.vevent.com/register/BI4e7fa38720a8454281f71d47b45decaf Webcast Registration: https://edge.media-server.com/mmc/p/d5ie8i9q Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific N ...

It has been about a month since the last earnings report for Macerich (MAC) . Shares have added about 7.6% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Macerich due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Macerich Q1 FFO Miss Estimates, Revenues Fall Y/Y M ...

SANTA MONICA, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation's leading owners, operators, and developers of major retail properties in top markets, announced today that it will participate in Nareit's REITweek 2024 Investor Conference June 4 and June 5, 2024. Jack Hsieh, President and Chief Executive Officer; Scott Kingsmore, Senior Executive Vice President and Chief Financial Officer; and Doug Healey, Senior Executive Vice President of Leasing, will participate in an analy ...