secwatch.observer — SEC 8-K summary
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Issuer:     MACERICH CO (MAC)
CIK:        0000912242
Form:       8-K
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0000912242-24-000069
Event type: earnings
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/912242/000091224224000069/0000912242-24-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/912242/000091224224000069/mac-20240430.htm
  HTML page:      https://secwatch.observer/filing/0000912242-24-000069

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