Macerich Q3 net loss narrows to $108M; FFO $0.38/sh, same-center NOI +1.9%

MACERICH CO

2024-Q3 EPS reported $0.08 revenue$644,528,000

Q3 net loss $108.2M ($0.50/sh) vs $262.5M loss ($1.22/sh) in Q3 2023.
FFO (adjusted) $86.0M ($0.38/sh) vs $100.6M ($0.45/sh) a year ago; same-center NOI up 1.9% YoY.
Portfolio occupancy 93.7% (+30bps YoY); base rent re-leasing spreads +11.9% for TTM.
Acquired partner's 40% interest in PPRT for $122M (7.4% cap); sold 50% of Biltmore for $110M (6.5% cap).
Refinanced Queens Center with $525M loan at 5.37% fixed through Nov 2029; under contract to sell The Oaks for $157M.

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