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Dec 31, 2024
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%.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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