Q2 2024 Macerich Co Earnings Call Transcript
Key Points
- Macerich Co (MAC) has made significant progress in reducing its debt, with a goal to reduce $2 billion in debt by the end of 2024.
- Operational performance is improving, with a focus on key assets on the East Coast contributing to NOI growth.
- Leasing momentum is strong, with 1.8 million square feet of leases signed year-to-date and a robust pipeline of new store openings.
- Occupancy rates are improving, with portfolio occupancy excluding Eddie properties at 94.9%.
- Redevelopment projects at Scottsdale Fashion Square, FlatIron Crossing, and Green Acres Mall are expected to add $36 million in incremental NOI.
- Sales per square foot were flat compared to the previous year, indicating potential challenges in consumer spending.
- Interest rates and inflation are impacting consumer behavior, particularly at moderate and lower-income levels.
- The company faces challenges in the commercial property market, making asset sales more difficult.
- There are ongoing negotiations with lenders for certain assets, such as Santa Monica Place, indicating potential financial stress.
- The company experienced a $2 million increase in bad debt expense, impacting same-center NOI growth.
Ladies and gentlemen, thank you for standing by. Welcome to the second-quarter 2024 Macerich earnings conference call. (Operator Instructions)
Please be advised that, today's conference is being recorded. I would like now to turn the conference over to Samantha Greening, Director of Investor Relations. Please go ahead.
Thank you for joining us on our second-quarter 2024 earnings call.
During the course of this call, we will be making certain statements that may be deemed forward-looking within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995, including statements regarding projections, plans, or future expectations. Actual results may differ materially due to a variety of risks and uncertainties set forth in today's press release and our SEC filings.
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
