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Macerich Company (MAC)
NYSE:MAC
Earnings Data
Report Date
May 13, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
-0.08Last Year’s EPS
-0.59Same Quarter Last Year
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 27, 2025
|% Change Since: -15.30%
|Next Earnings Date:May 13, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects positive progress in business simplification, leasing performance, and traffic recovery. However, challenges remain with a decrease in FFO and same-center NOI, alongside higher capital costs. The company is on track with its strategic initiatives and has a clear path forward.Company Guidance
During the Macerich Fourth Quarter 2024 Earnings Conference Call, the company provided comprehensive guidance on its strategic Path-Forward Plan aimed at simplifying the business, improving operational performance, and reducing leverage over a five-year horizon. Key metrics highlighted include targeting an average of 4 million square feet of leasing annually in 2025 and 2026, up from 3.75 million square feet in previous years, with a focus on increasing the percentage of new lease deals. The company achieved an 8.8% base rent releasing spread for permanent tenants under 10,000 square feet, with new leases signed at a 17.6% higher base rent than prior periods. Macerich is also targeting an 89% physical permanent occupancy rate by 2028, up from the current 84%, with a signed-not-open (SNO) pipeline of $66 million. The call also detailed progress in refinancing efforts, with the Queens Center refinance at a favorable 5.4% fixed interest rate, and Macerich's debt to EBITDA decreasing to just below 8x. The guidance underscores a strategic shift to longer-term leasing planning and an increase in operational efficiencies through new technological and organizational enhancements.Successful Business Simplification
The company successfully simplified its business by consolidating joint venture interests at key locations and de-risked through an equity offering. Refinancing of Queens Center was achieved well below target rates.
Strong Leasing Performance
In 2024, achieved 8.8% base rent releasing spreads for permanent tenants under 10,000 square feet, with new leases signed during this period at 17.6% higher base rent versus the prior period.
Improved Portfolio Traffic
Traffic for the year was up almost 2% compared to 2023, and portfolio traffic is back to pre-COVID levels.
Portfolio Occupancy Increase
Fourth quarter occupancy was 94.1%, up 40 basis points from the third quarter and 60 basis points from the previous year.
Significant Liquidity and Debt Reduction
The company has approximately $683 million of liquidity, and reduced debt to EBITDA to slightly below 8x, with a strategy to further reduce leverage to the low to mid 6x range.
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MAC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MAC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 27, 2025 | $19.93 | $18.15 | -8.93% |
| Nov 06, 2024 | $18.61 | $18.28 | -1.77% |
| Jul 31, 2024 | $16.25 | $15.55 | -4.31% |
| Apr 30, 2024 | $15.38 | $13.22 | -14.04% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Macerich Company (MAC) report earnings?
Macerich Company (MAC) is schdueled to report earning on May 13, 2025, TBA Not Confirmed.
What is Macerich Company (MAC) earnings time?
Macerich Company (MAC) earnings time is at May 13, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MAC EPS forecast?
MAC EPS forecast for the fiscal quarter 2025 (Q1) is -0.08.
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