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Dec 31, 2022
Macerich Q4 2022 Earnings Report
Operating fundamentals remained strong, occupancy increased, leasing spreads were positive, and the strongest annual leasing volumes were achieved.
Key Takeaways
Macerich reported a net income attributable to the company of $1.7 million, or $0.01 per share-diluted, for Q4 2022. Same center NOI, excluding lease termination income, increased 2.0% compared to Q4 2021. Portfolio occupancy as of December 31, 2022, was 92.6%.
Net income attributable to the Company was $1.7 million or $0.01 per share-diluted during the fourth quarter of 2022.
Funds from Operations (“FFO”), excluding financing expense in connection with Chandler Freehold was $119.5 million or $0.53 per share-diluted during the fourth quarter of 2022.
Same center net operating income (“NOI”), excluding lease termination income, increased 2.0% in the fourth quarter of 2022 compared to the fourth quarter of 2021, and increased 0.7% when including lease termination income.
Portfolio occupancy as of December 31, 2022 was 92.6%, a 1.1% increase compared to the 91.5% occupancy rate at December 31, 2021, and a 0.5% sequential increase compared to the 92.1% occupancy rate at September 30, 2022.
Forward Guidance
Macerich issued its 2023 guidance for both estimated EPS-diluted and FFO per share-diluted, excluding financing expense in connection with Chandler Freehold.
Positive Outlook
- Cash Same Center Net Operating Income (“NOI”) Growth, excluding Lease Termination Income (a) 2.00 %-3.00%
- Lease termination income $10 million $0.04 FFO / Share Impact
- Straight-line rental income $2 million $0.01 FFO / Share Impact
- Amortization of acquired above and below-market leases (net-revenue) $7 million $0.03 FFO / Share Impact
- Capitalized interest $29 million $0.13 FFO / Share Impact
Challenges Ahead
- EPS-diluted ($0.13)-($0.03)
- FFO per share-diluted1.75 -1.85
- impact of financing expense in connection with Chandler Freehold— -—
- Interest expense (c) $320 million $1.43
Historical Earnings Impact
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Avg. Return Before/After Earnings
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