Earnings Call Summary | Macerich Co(MAC.US) Q4 2023 Earnings Conference

moomoo AI ·  Feb 7 18:19  · Conference Call

The following is a summary of the The Macerich Company (MAC) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Macerich reported an increase in same-center NOI of 3% in Q4 2023, with an annual rise of 4.5%.

  • Occupancy levels grew by 90 basis points to reach 93.5%.

  • One of the top 10 REITs, Macerich, attained a 2023 total shareholder return of 46%.

  • The company hit positive re-leasing spreads of 17.2% for the year.

  • The EBITDA margin enhanced over 100 basis points from Q4 2022.

  • FFO per share for 2023 was $1.80, matching the company's forecast, increasing by 5.7% quarter-on-quarter.

  • The estimated FFO for 2024 lies in the range of $1.76 to $1.86 per share, with expected same-center NOI growth of 2.25% to 3.25%.

Business Progress:

  • Macerich signed leases for over 4 million square feet during 2023, setting an all-time record.

  • The company's bankruptcy rates are at a historic low, and the leasing pipeline is strong with about 2.2 million square feet of leases to open.

  • Occupancy and net operating income are projected to increase progressively through 2024 and 2025.

  • The company continues to focus on the diversification and densification of its high-quality town centers.

  • In 2023, the company opened 1.6 million square feet of new stores, a significant increase compared to 2022.

  • Near-term plans include the opening of approximately 2.8 million square feet of new stores from 2024 through 2026.

  • Macerich ended 2023 with leases for 80 new brands, contributing to over 600,000 square feet.

  • The leadership transition to the incoming CEO, Jackson Hsieh, is proceeding as planned.

More details: Macerich Co IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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