Macerich(US:MAC)2025-11-04 21:13Financial Performance - The net loss attributable to the Company for Q3 2025 was $87.4 million, or $0.34 per diluted share, an improvement from a net loss of $108.2 million, or $0.50 per diluted share, in Q3 2024[8] - Funds from Operations (FFO) for Q3 2025 were $93.4 million, or $0.35 per diluted share, compared to $86.0 million, or $0.38 per diluted share, in Q3 2024[9] - Total revenues for the three months ended September 30, 2025, increased to $253.3 million, up 15% from $220.2 million in the same period of 2024[29] - Net loss attributable to the Company for the three months ended September 30, 2025, was $87.4 million, compared to a loss of $108.2 million in the same period of 2024[37] - Funds From Operations (FFO) for the three months ended September 30, 2025, was $88.6 million, an increase from $81.2 million in the same period of 2024[37] - Total expenses for the three months ended September 30, 2025, were $281.1 million, up from $240.2 million in the same period of 2024[29] - Interest expense for the three months ended September 30, 2025, was $72.7 million, compared to $57.1 million in the same period of 2024[40] - The company reported a loss on the sale or write down of assets of $72.6 million for the three months ended September 30, 2025, compared to a loss of $16.6 million in the same period of 2024[37] - Adjusted EBITDA for the three months ended September 30, 2025, was $180,853, compared to $175,130 for the same period last year, reflecting a year-over-year increase of 1.0%[51] Leasing and Occupancy - Go-Forward Portfolio Centers' net operating income (NOI) increased by 1.7% in Q3 2025 compared to Q3 2024[10] - Portfolio occupancy as of September 30, 2025, was 93.4%, a decrease of 0.3% from 93.7% in September 2024, but an increase of 1.4% from 92.0% in June 2025[12] - The Company signed leases for 1.5 million square feet in Q3 2025, representing an 81% increase in leased square footage compared to Q3 2024[12] - New store leases are expected to generate approximately $99 million in total gross revenue, exceeding revenue from prior uses in those spaces[13] - Base rent re-leasing spreads were 5.9% greater than expiring base rent for the trailing twelve months ended September 30, 2025, marking the sixteenth consecutive quarter of positive spreads[14] - Leasing revenue for the three months ended September 30, 2025, was $237.2 million, an increase of 16.6% from $203.4 million in the same period of 2024[29] - For the three months ended September 30, 2025, total leasing revenue was $308.987 million, with minimum rents contributing $204.244 million[63] - The average base rent per square foot for consolidated centers increased to $67.24 for the twelve months ended September 30, 2025, compared to $63.04 for the same period in 2024[81] - The average base rent per square foot on leases executed during the twelve months ended September 30, 2025, was $69.64 across all retail centers[81] Capital and Liquidity - The Company sold 2.8 million shares of common stock for approximately $50 million in net proceeds during Q3 2025[19] - As of the filing date, the Company had approximately $1 billion in liquidity, including $650 million available on its revolving line of credit[19] - A quarterly cash dividend of $0.17 per share was announced, payable on December 29, 2025[20] - The Company reported a net income attributable to the Company of $(1.060) million for the three months ended September 30, 2025[60] - Cash and cash equivalents as of September 30, 2025, were $290,162, indicating liquidity available for operations and investments[54] - The company made capital expenditures of $403.3 million for the nine months ended September 30, 2025, including $290 million for property acquisitions[71] Debt and Financial Structure - Total market capitalization as of September 30, 2025, was $11,460,615, with debt accounting for 57.6% of this total[45] - Total debt as of September 30, 2025, is $5,076,908,000, with a weighted average interest rate of 5.36%[114] - The Company's pro rata share of total debt is $6,601,760,000, with fixed rate debt comprising 92.92% of the total[119] - The net debt to adjusted EBITDA ratio is used to evaluate the Company's capital structure and financial leverage, providing insights into overall liquidity[115] - The weighted average maturity of the Company's debt is 3.46 years[114] Asset Management - The total assets of the company as of September 30, 2025, were $8,423,928, reflecting the overall financial position of the company[54] - The company reported a straight-line rent receivable of $134.2 million as of September 30, 2025, down from $152.0 million in 2024[68] - The company reported a gain on the sale of assets of $11.939 million for the three months ended September 30, 2025[60] - The company sold its 50% joint venture partnership interest in Biltmore Fashion Park for $110 million[75] - The total sales price for Country Club Plaza was $175.6 million, with $147.7 million of the loan forgiven by the lender[75] - The company has various assets totaling 1,856,000 square feet, including office and hotel spaces adjacent to shopping centers[98] Development and Renovation - The company is currently undergoing ongoing renovations at Crabtree Mall, which is expected to enhance its value and occupancy[91] - The development and redevelopment pipeline forecast indicates total costs ranging from $459 million to $505 million, with expected stabilized yields between 6.75% and 18%[121] - The Green Acres Mall redevelopment is projected to cost between $130 million and $150 million, with an expected stabilized yield of 12.5% to 13.5%[121] - The Scottsdale Fashion Square redevelopment is estimated at $84 million to $90 million, with a projected stabilized yield of 17% to 18%[121] Stock Performance and Investor Relations - The stock price for Macerich Company (MAC) reached a high of $22.27 and a low of $17.29 in Q4 2024, with a consistent dividend of $0.17 per share declared and paid each quarter[127] - The stock price in Q3 2023 ranged from a high of $12.99 to a low of $10.65, indicating a fluctuation of approximately 22%[127] - The stock price in Q1 2025 is projected to be between $15.71 and $21.12, reflecting a potential increase of 20% from the previous quarter's low[127] - The company offers a Dividend Reinvestment Plan allowing stockholders to reinvest dividends into additional common stock[128] - The high stock price of $18.33 in Q3 2024 represents a 42% increase compared to the low of $12.99 in Q2 2024[127] - The stock price in Q2 2024 is expected to be between $12.99 and $17.20, indicating a potential growth opportunity[127] - The company provides an electronic version of its annual report and SEC filings on its website, enhancing transparency for investors[130]