Macerich Q4 2024 Earnings Report

Macerich reported a net loss in Q4 2024 amid lower real estate revenues and asset write-downs.

Key Takeaways

Macerich reported total revenue of $273.7 million in Q4 2024. However, the company faced a significant net loss of $211.2 million, primarily due to asset write-downs. Same-center net operating income (NOI) declined 0.4% year-over-year. Portfolio occupancy improved slightly to 94.1%, while re-leasing spreads remained positive. The company announced a quarterly dividend of $0.17 per share.

Total revenue reached $273.7 million, up from $238.7 million in Q4 2023.

Net loss of $211.2 million, mainly driven by asset impairments.

Same-center NOI declined 0.4% year-over-year.

Portfolio occupancy improved to 94.1%.

Total Revenue

$274M

Previous year: $239M

+14.7%

EPS

$0.47

Previous year: $0.56

-16.1%

Same Center NOI

$215M

Previous year: $216M

-0.4%

Portfolio Occupancy

94.1%

Previous year: 93.5%

+0.6%

Adjusted EBITDA

$208M

Previous year: $211M

-1.6%

Cash and Equivalents

$89.9M

Previous year: $190M

-52.8%

Total Assets

$8.57B

Previous year: $7.51B

+14.0%

Macerich Revenue

Macerich EPS

Forward Guidance

Macerich expects stable occupancy levels but remains cautious about macroeconomic conditions impacting lease renewals and asset valuations.

Positive Outlook

Portfolio occupancy expected to remain above 94%.
Re-leasing spreads continue to be positive, supporting rental growth.
New development and redevelopment projects expected to drive long-term value.
Disciplined cost management to support profitability.
Continued commitment to dividend payments, maintaining $0.17 per share.

Challenges Ahead

Weak consumer sentiment may impact tenant sales and leasing demand.
Higher interest rates increasing financing costs.
Potential for further asset write-downs amid economic uncertainty.
Macroeconomic risks could slow leasing activity.
Debt refinancing remains a key challenge with upcoming maturities.