secwatch.observer — SEC 8-K summary
======================================

Issuer:     MACERICH CO (MAC)
CIK:        0000912242
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0000912242-24-000120
Event type: earnings
Sentiment:  neutral
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/912242/000091224224000120/0000912242-24-000120-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/912242/000091224224000120/mac-20240731.htm
  HTML page:      https://secwatch.observer/filing/0000912242-24-000120

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer