Macerich Q1 net loss widens to $126.7M; withdraws 2024 guidance; defaults on $300M loan

MACERICH CO

2024-Q1 EPS reported -$0.59 revenue$208,783,000

Net loss attributable to Macerich was $126.7M ($0.59 diluted loss per share) in Q1 2024 vs $58.7M loss ($0.27) in Q1 2023.
Adjusted FFO was $74.6M ($0.33 per share) vs $95.9M ($0.43) prior year; same-center NOI decreased 1.9%.
Portfolio occupancy 93.4% (up 1.2% YoY); base rent re-leasing spreads +14.7% for TTM; leased 1.04M sq ft (+14% YoY).
Defaulted on $300M non-recourse loan on Santa Monica Place (Apr 9); negotiations with lender ongoing.
Withdrew 2024 EPS and FFO guidance due to strategic plan uncertainty; declared $0.17 quarterly dividend (payable June 3).

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 0.95

MACERICH CO reported three months ended March 31, 2024 results: net income -126.7 million, EPS -0.59.

Period: three months ended March 31, 2024
Net income: -126.7 million
EPS: -0.59
Result: reported results

Exact text from the filing

The net loss attributable to the Company was $126.7 million or $0.59 per share-diluted during the first quarter of 2024, compared to the net loss attributable to the Company of $58.7 million or $0.27 per share-diluted attributable to the Company for the quarter ended March 31, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MACERICH CO reported quarter ended March 31, 2023 results: net income -58.7 million, EPS -0.27.

Period: quarter ended March 31, 2023
Net income: -58.7 million
EPS: -0.27
Result: reported results

Exact text from the filing

The net loss attributable to the Company was $126.7 million or $0.59 per share-diluted during the first quarter of 2024, compared to the net loss attributable to the Company of $58.7 million or $0.27 per share-diluted attributable to the Company for the quarter ended March 31, 2023.

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Source: SEC EDGAR

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