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Macerich(MAC) - 2022 Q4 - Earnings Call Transcript
2023-02-07 23:00
Financial Data and Key Metrics Changes - FFO per share for Q4 2022 was $0.53, consistent with Q4 2021, while the full year FFO was $1.96, exceeding Street consensus by approximately $0.03 [88][110] - Same-center NOI growth for Q4 2022 was 2% compared to Q4 2021, with a full year increase of 7.5% [113] - Occupancy at the end of 2022 was 92.6%, a 110 basis point improvement from Q4 2021 [84] Business Line Data and Key Metrics Changes - The company executed 261 leases for 900,000 square feet in Q4 2022, totaling 974 leases for 3.8 million square feet for the full year [121] - Average sales per square foot for tenants under 10,000 square feet was $869, a 7% increase over 2021 [83] - Trailing 12-month leasing spreads remained positive at 4% as of December 31, 2022, down from 6.6% last quarter [94] Market Data and Key Metrics Changes - Retail sales for 2022 were up nearly 3% compared to 2021, with Q4 sales flat versus Q4 2021 [93][108] - The company expects to see a significant increase in occupancy, targeting between 93.5% and 94% by the end of 2023 [134] Company Strategy and Development Direction - The company is focusing on redevelopment and repositioning of its centers, including mixed-use projects and luxury brand additions [65][111] - The Arte Museum at Santa Monica Place is expected to attract 1 million visitors annually, enhancing the property’s appeal [86] Management's Comments on Operating Environment and Future Outlook - Management noted strong retailer demand and minimal pullback from retailers despite macroeconomic uncertainties [98] - The company anticipates a healthy operating cash flow of approximately $315 million before dividends for 2023 [66] Other Important Information - The company expects bad debts to remain normal, with low incidents of bankruptcies and a significant drop in lease termination income from $25 million in 2022 to an estimated $10 million in 2023 [68] - The company is experiencing a competitive leasing environment, which is expected to drive rates up [30] Q&A Session All Questions and Answers Question: What bad debt assumptions did you forecast in guidance given the macro backdrop? - Management indicated a very healthy retailer community, with many retailers being long-term and opportunistic in securing prime real estate [126] Question: Are you seeing any shifts given the macro uncertainty in leasing and rent negotiations? - Management noted that retailers are still pushing through with expansion projects and that leasing negotiations are progressing positively [153] Question: What is the land sales expectation built into 2023? - Management did not provide specific figures but indicated that leasing activity remains robust [154]
Macerich(MAC) - 2022 Q3 - Quarterly Report
2022-11-07 21:07
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No.: 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | Part I | Financial Information | | ...
Macerich(MAC) - 2022 Q3 - Earnings Call Transcript
2022-11-03 21:16
The Macerich Company (NYSE:MAC) Q3 2022 Earnings Conference Call November 3, 2022 1:00 PM ET Company Participants Samantha Greening - Director of IR Scott Kingsmore - SEVP and CFO Doug Healey - SEVP of Leasing Conference Call Participants Greg McGinniss - Scotiabank Derek Johnston - Deutsche Bank Craig Schmidt - Bank of America Merrill Lynch Samir Khanal - Evercore Floris Van Dijkum - Compass Point Linda Tsai - Jefferies Connor Mitchell - Piper Sandler Michael Mueller - JPMorgan Craig Mailman - Citi Ronald ...
Macerich(MAC) - 2022 Q2 - Quarterly Report
2022-08-08 16:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No.: 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) Maryland 95-4448705 (State or other juris ...
Macerich(MAC) - 2022 Q2 - Earnings Call Transcript
2022-07-28 22:06
The Macerich Company (NYSE:MAC) Q2 2022 Earnings Conference Call July 28, 2022 1:00 PM ET Company Participants Samantha Greening - Director of Investor Relations Tom O'Hern - Chief Executive Officer Scott Kingsmore - Senior Executive Vice President and Chief Financial Officer Doug Healey - Senior Executive Vice President of Leasing Conference Call Participants Greg McGinniss - Scotiabank Derek Johnston - Deutsche Bank Craig Schmidt - Bank of America Floris Van Dijkum - Compass Point Alexander Goldfarb - Pip ...
Macerich(MAC) - 2022 Q1 - Quarterly Report
2022-05-10 16:41
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No.: 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) Maryland 95-4448705 (State or other juri ...
Macerich(MAC) - 2022 Q1 - Earnings Call Transcript
2022-05-09 21:04
The Macerich Company (NYSE:MAC) Q1 2022 Earnings Conference Call May 9, 2022 1:00 PM ET Company Participants Samantha Greening - Director of Investor Relations Thomas O'Hern - CEO & Director Scott Kingsmore - Senior EVP, CFO & Treasurer Douglas Healey - Senior EVP & Head of Leasing Conference Call Participants Derek Johnston - Deutsche Bank Craig Schmidt - BofA Securities Samir Khanal - Evercore ISI Floris Van Dijkum - Compass Point Research Linda Tsai - Jefferies Mike Mueller - JPMorgan Ki Bin Kim - T ...
Macerich(MAC) - 2021 Q4 - Annual Report
2022-02-25 17:11
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________ Commission File No. 1-12504 THE MACERICH COMPANY | (Exact name of registrant as specified in its charter) | | | | --- | --- | --- | | M ...
Macerich(MAC) - 2021 Q4 - Earnings Call Transcript
2022-02-10 21:27
The Macerich Company (NYSE:MAC) Q4 2021 Earnings Conference Call February 10, 2022 1:00 PM ET Company Participants Samantha Greening - Director of Investor Relations Thomas O'Hern - CEO & Director Scott Kingsmore - Senior EVP, CFO & Treasurer Douglas Healey - Senior EVP & Head of Leasing Conference Call Participants Derek Johnston - Deutsche Bank Craig Schmidt - BofA Securities Samir Khanal - Evercore ISI Alexander Goldfarb - Piper Sandler Floris Van Dijkum - Compass Point Linda Tsai - Jefferies Hongli ...
Macerich(MAC) - 2021 Q3 - Quarterly Report
2021-11-08 17:51
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 1-12504 THE MACERICH COMPANY (Exact name of registrant as specified in its charter) Maryland 95-4448705 (State or other j ...