Macerich posts Q2 net income $252M vs loss year ago; defaults on $300M loan, withdraws guidance

MACERICH CO

2024-Q2 EPS reported $0.58 revenue$424,304,000

Net income of $252M ($1.16 diluted EPS) vs net loss of $15M in Q2 2023; core FFO per share $0.39 vs $0.40.
Same-center NOI up 1.4% (ex-lease term income); portfolio occupancy 93.3% (+70 bps YoY).
Defaulted on $300M Santa Monica Place loan; negotiations underway with lender.
Sold Country Club Plaza for $175.6M with loan forgiveness; expects to sell open-air asset for $110M at 6.5% cap rate.
Withdrew 2024 guidance due to Path Forward Plan uncertainty; quarterly dividend $0.17/share sustained.

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