Macerich Q3 net loss $262.5M on $252M impairments; same-center NOI +4.8%

MACERICH CO

2023-Q3 EPS reported -$1.56 revenue$645,380,000

Net loss $262.5M ($1.22 diluted) vs $15.2M loss a year ago; driven by $107.7M impairment on Country Club Plaza and $144.7M on Fashion Outlets of Niagara.
FFO excluding certain items was $99.1M ($0.44/diluted) vs $102.8M ($0.46) prior year.
Portfolio occupancy improved to 93.4% (up 1.3% YoY); same-center NOI ex-lease term income +4.8% in Q3.
FY 2023 EPS guidance reduced to ($1.52)–($1.46); FFO per share guidance maintained at $1.77–$1.83 excluding items.
Quarterly dividend $0.17/share payable Dec 1, 2023; liquidity ~$665M with $515M revolver available.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MACERICH CO reported the three and nine months ended September 30, 2023 results: net income $262.5 million or $1.22 per share-diluted. Guidance reaffirmed.

Period: the three and nine months ended September 30, 2023
Net income: $262.5 million or $1.22 per share-diluted
Guidance: reaffirmed
Result: reported results

Exact text from the filing

The net loss attributable to the Company was $262.5 million or $1.22 per share-diluted during the third quarter of 2023

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Source: SEC EDGAR

accession 0000912242-23-000023

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