Macerich Reports Improved Earnings Amid Strategic Moves

Macerich Company ( (MAC) ) has released its Q3 earnings. Here is a breakdown of the information Macerich Company presented to its investors.

Macerich Company is a leading owner, operator, and developer of high-quality retail real estate primarily concentrated in densely populated U.S. markets, including California and the Pacific Northwest, known for its strong focus on sustainability and community involvement.

In its latest earnings report for the three and nine months ending September 30, 2024, Macerich Company highlighted a series of strategic acquisitions and refinancing activities aimed at strengthening its portfolio and financial positioning. The company has been actively involved in consolidating ownership interests and refinancing key properties at attractive interest rates.

Key financial highlights indicated a significant reduction in net loss, with a net loss attributable to the company of $108.2 million for the third quarter of 2024, a notable improvement from the $262.5 million loss in the previous year. Funds from Operations (FFO) excluding certain expenses were $86.0 million or $0.38 per share diluted. Same center net operating income increased by 1.9%, reflecting stable operational performance.

The company’s strategic moves include acquiring a 40% interest in the Pacific Premier Retail Trust portfolio for $122 million and refinancing the Queens Center loan at a 5.37% fixed interest rate. These efforts align with its strategic objective to opportunistically consolidate ownership of its portfolio while maintaining financial flexibility.

Looking ahead, Macerich Company remains focused on executing its Path Forward Plan, which includes refining its portfolio and exploring potential transaction opportunities. Despite withdrawing its 2024 guidance due to market uncertainties, the company continues to identify attractive financing opportunities and remains committed to achieving sustainable growth.