Sep 30, 2020

Macerich Q3 2020 Earnings Report

Announced results of operations, which included a net loss attributable to the company.

Key Takeaways

Macerich reported a net loss of $22.2 million, or $0.15 per share-diluted, for the quarter ended September 30, 2020, compared to a net income of $46.4 million, or $0.33 per share-diluted, for the quarter ended September 30, 2019. FFO-diluted, excluding financing expense in connection with Chandler Freehold was $83.4 million or $0.52 per share-diluted compared to $133.2 million or $0.88 per share-diluted for the quarter ended September 30, 2019.

All properties in the portfolio have resumed operations as of October 7, 2020.

Rent collections continued to improve, with collection rates increasing to approximately 81% in October of 2020 and 80% in the third quarter of 2020, up from approximately 61% in the second quarter of 2020.

Mall portfolio occupancy, including closed centers, was 90.8% at September 30, 2020, compared to 91.3% at June 30, 2020.

Average rent per square foot increased 1.8% to $62.29 at September 30, 2020, compared to $61.16 at September 30, 2019.

Total Revenue
$186M
Previous year: $231M
-19.6%
EPS
$0.52
Previous year: $0.88
-40.9%
Portfolio Occupancy
90.8%
Gross Profit
$103M
Previous year: $139M
-26.3%
Cash and Equivalents
$630M
Previous year: $98.3M
+540.8%
Total Assets
$9.18B
Previous year: $8.78B
+4.6%

Macerich

Macerich