Macerich Q2 net loss $15M; same center NOI up 5.6%; FFO $0.40/share, guidance narrowed

MACERICH CO

2023-Q2 EPS reported -$0.34 revenue$427,228,000

Q2 net loss $15M ($0.07/diluted) vs $15.4M loss; FFO ex-Chandler Freehold $88.7M ($0.40) down from $102.9M ($0.46).
Same center NOI (ex-lease term income) +5.6% YoY; occupancy 92.6% (up 0.8pp YoY, 0.4pp QoQ).
Re-leasing spreads 11.3%; signed 191 leases for 1.4M sq ft in Q2 (+21% sq ft YoY).
2023 guidance narrowed: FFO per share $1.77-$1.83 (midpoint unchanged); EPS ($0.32)-($0.26). Dividend $0.17/share.
Liquidity ~$565M (incl $405M revolver); sold two power centers for $29.1M; bought partner's interest in 5 Sears parcels for $46.7M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

MACERICH CO updated its Full Year 2023 guidance (lowered).

Period: Full Year 2023
Guidance: lowered
Result: guidance update

Exact text from the filing

At this time, we are narrowing the ranges of our 2023 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold. This results in a decrease to t

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Source: SEC EDGAR

accession 0000912242-23-000019

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