Loading...
•
Jun 30, 2020
Macerich Q2 2020 Earnings Report
Macerich announced results of operations for the quarter ended June 30, 2020.
Key Takeaways
Macerich reported a net loss attributable to the Company of $25.1 million, or $0.18 per share-diluted, for the quarter ended June 30, 2020, compared to net income of $15.7 million, or $0.11 per share-diluted, for the quarter ended June 30, 2019. FFO-diluted, excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt, was $60.5 million, or $0.39 per share-diluted, compared to $133.6 million, or $0.88 per share-diluted for the quarter ended June 30, 2019.
The majority of properties have resumed operations, excluding two malls in NYC and nine indoor malls in California.
Mall portfolio occupancy was 91.3% at June 30, 2020, compared to 94.1% at June 30, 2019.
Mall tenant annual sales per square foot decreased to $774 for the twelve months ended June 30, 2020, compared to $776 for the twelve months ended June 30, 2019.
Average rent per square foot increased 2.1% to $62.48 at June 30, 2020, compared to $61.17 at June 30, 2019.
Forward Guidance
On March 27, 2020, given the complex and rapidly evolving circumstances surrounding the COVID-19 pandemic, the Company withdrew its previously published 2020 Guidance, and is not providing an updated outlook at this time as a result of continued uncertainties.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...