Macerich posts Q4 net loss of $211.2M, FFO per share down; executes $454M equity offering

MACERICH CO

2024-FY EPS reported -$0.88 revenue$918,204,000

Q4 2024 net loss of $211.2M ($0.89 diluted) vs net income of $62.2M ($0.29) in Q4 2023.
Adjusted FFO per share fell to $0.47 from $0.57 YoY; same-center NOI declined 0.4% in Q4.
Portfolio occupancy rose to 94.1% (up 60 bps YoY); trailing 12-month tenant sales $837/sq ft.
Completed public offering of 23M shares at $19.75 for gross $454M; used proceeds to repay $478M Washington Square loan.
Acquired partner's 40% interest in PPRT for $122M (7.4% cap rate); sold The Oaks for $157M.

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