Latest news with #Macerich
Axios
4 days ago
- Business
- Axios
Tysons Corner mall slated to get $100 million makeover
A $100 million facelift is in the works for Tysons Corner Center. Why it matters: The mall — one of the East Coast's largest — is a major anchor of the Tysons area, which has seen a swath of development and is a huge economic booster for Fairfax County. State of play: A "strategic redevelopment" of Tysons Corner will see the west end of the mall containing Bloomingdale's and Macy's turned into "a vibrant and walkable retail, dining and entertainment district, anchored by upscale dining and a luxury market," according to a presentation released last month by the property's owner, Macerich. Renderings for the project — first reported by Washington Business Journal — show visitors walking along an outdoor shopping area with outdoor seating. Yes, but: Stock up on those Bitty Babies while you can, people: This could signal the end for the Tysons American Girl Doll Store. (Pour one out for the time Mimi tried to get tipsy there. #neverforget) The plans show the existing American Girl Doll site in a "before" image; it's replaced by a storefront reading "Market" in the "after" rendering. Zoom in: The $100 million glow up includes $66 million in retailer investments for store refreshes, per the presentation.
Business Insider
23-05-2025
- Business
- Business Insider
Macerich upgraded to Neutral from Underweight at Piper Sandler
Piper Sandler upgraded Macerich (MAC) to Neutral from Underweight with an unchanged price target of $16. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
13-05-2025
- Business
- Yahoo
Macerich's Q1 FFO & Revenues Beat Estimates, Occupancy Dips Y/Y
The Macerich Company MAC reported first-quarter 2025 funds from operations (FFO) per share of 33 cents, excluding financing expenses in relation to Chandler Freehold, gain on extinguishment of debt, accrued default interest expenses and loss on non-real estate investments, outpacing the Zacks Consensus Estimate of 31 cents. The figure remained unchanged year over year. The results reflect solid leasing volume, driving same-center net operating income (NOI) and higher base rent re-leasing spreads. However, occupancy dipped, and expenses climbed year over year. Quarterly revenues of $249.2 million were higher than the year-ago quarter's $208.8 million. Moreover, the figure surpassed the Zacks Consensus Estimate of $218.9 million. The portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing 12 months ended March 31, 2025 came in at $837, remaining unchanged year over year. In the first quarter, Macerich signed leases encompassing 2.6 million square feet. On a comparable center basis, this reflected a 156% increase in the amount of leased square footage signed year over year. The increase resulted from the strong renewal leasing volume of 2.3 million square feet. Same-center NOI, excluding lease termination income, rose 0.9% year over year to $191.3 million. We estimated the same to increase 0.8% year over year. For the trailing 12 months ended March 31, 2025, base rent re-leasing spreads were 10.9% more than the expiring base rent, making it the 14th consecutive quarter of positive base rent leasing spreads. However, portfolio occupancy was 92.6% as of March 31, 2025, down from 93.4% as of March 31, 2024. Our expectation for the same was pegged at 94.3%. The decrease was due to temporary and holiday specialty tenants. Moreover, year over year, shopping center and operating expenses increased 14.8% to $85.2 million, management companies' operating expenses grew 8.3% to $20.8 million, and leasing expenses rose 6.6% to $11.2 million. Also, interest expenses grew significantly year over year to $69.1 million. During the first quarter, MAC closed on the dispositions of the Wilton Mall for $25 million. In April 2025, the company closed on the sale of SouthPark for $11 million. As of May 12, 2025, Macerich had around $995 million of liquidity. This included $650 million of available capacity on its revolving line of credit. Currently, Macerich carries a Zacks Rank #3 (Hold). Macerich Company (The) price-consensus-eps-surprise-chart | Macerich Company (The) Quote Regency Centers Corporation REG reported first-quarter 2025 NAREIT funds from operations (FFO) per share of $1.15, outpacing the Zacks Consensus Estimate of $1.14. The figure increased 6.5% from the prior-year quarter. (See the Zacks Earnings Calendar to stay ahead of market-making news.) Results reflected healthy leasing activity. It witnessed a year-over-year improvement in the same-property net operating income and base rents during the quarter. REG currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Kimco Realty Corp. KIM reported first-quarter 2025 FFO per share of 44 cents, beating the Zacks Consensus Estimate of 42 cents. The metric grew 12.8% from the year-ago quarter. Results reflected better-than-expected growth in revenues, though a rise in interest expenses acted as a dampener. KIM currently carries a Zacks Rank #2. Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kimco Realty Corporation (KIM) : Free Stock Analysis Report Macerich Company (The) (MAC) : Free Stock Analysis Report Regency Centers Corporation (REG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
Macerich Co (MAC) Q1 2025 Earnings Call Highlights: Leasing Success and Strategic Progress Amid ...
Leasing Activity: Signed 2.6 million square feet of leases in Q1 2025, including 2.3 million square feet of renewals. Portfolio Sales: $837 per square foot, flat compared to Q4 2024; $928 per square foot excluding Eddy properties, up $13 from last quarter. Occupancy Rate: 92.6% in Q1 2025, down from 94.1% in Q4 2024; 95.2% excluding Eddy properties. Leasing Spreads: Trailing 12-month leasing spreads at 10.9%, with 22% on new deals and 7% on renewals. FFO: Approximately $87 million or $0.33 per share in Q1 2025, up from $75 million or $0.33 per share in Q1 2024. Same-Center NOI: Increased 0.9% in Q1 2025 compared to Q1 2024; 2.4% increase excluding Eddy assets. Net Debt to EBITDA: 7.9 times at the end of Q1 2025, nearly a full turn lower than at the start of the Path Forward plan. Dispositions: Completed almost $800 million in sales; Lakewood sale under contract, expected to increase total to over $1.1 billion. Liquidity: Approximately $995 million, including $650 million capacity on revolving line of credit. Warning! GuruFocus has detected 6 Warning Signs with MAC. Release Date: May 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Macerich Co (NYSE:MAC) is ahead of schedule on its leasing progress targets, having signed 2.6 million square feet of leases in the first quarter, more than double the previous year's first quarter. The company has made significant progress in its Path Forward plan, including consolidating joint ventures, issuing equity, and completing refinancings and dispositions. Macerich Co (NYSE:MAC) has a strong pipeline of new leases, with a goal to achieve $130 million in cumulative signed not open (SNO) potential by mid-2026. The company has successfully executed asset sales and loan givebacks, with $1.1 billion in dispositions completed and a clear path to achieving its $2 billion target. Macerich Co (NYSE:MAC) has implemented a new corporate structure and technology enhancements, such as the leasing speedometer, to streamline operations and improve decision-making. Occupancy in the first quarter was 92.6%, down from 94.1% in the previous quarter, primarily due to the closure of temporary holiday stores and transitioning projects. The company faces challenges with tenant bankruptcies, such as Forever21, which requires remerchandising efforts to fill vacated spaces. Despite progress, Macerich Co (NYSE:MAC) still has $50 million of SNO and remaining mall dispositions and givebacks to complete its Path Forward plan. Same-center NOI growth was modest at 0.9% year-over-year, indicating limited immediate revenue growth from existing properties. The company anticipates higher capital expenditures than initially planned, which could impact short-term financial performance. Q: With the recent news on trade tariffs, do you see any potential upside in leasing going forward? A: Douglas Healey, Senior Executive Vice President, Head - Leasing: We haven't seen much pullback due to tariffs. Retailer sentiment remains strong, as reflected in our leasing metrics and pipeline. We don't anticipate significant changes in upside due to tariffs. Q: Can you provide details on the $80 million SNO pipeline and its net incremental impact? A: Brad Miller, Senior Vice President, Asset Management: The $80 million is incremental over 2024 revenue. We expect $25 million to be realized in 2025, with $6 million already realized in Q1. Q: Given the progress on leasing and sales, how is your CapEx spending trending, and when might you provide guidance? A: Jackson Hsieh, President, CEO, Director: CapEx is slightly higher than initially planned, with faster spending. We expect major FFO and EBITDA uplift in 2027-2028. Guidance will be considered as we progress. Q: What contributed to the success of new deals, which are up 70% from last year? A: Jackson Hsieh, President, CEO, Director: The success is due to our organizational structure and streamlined leasing process. Our leasing speedometer tool and clear directives have enabled rapid decision-making and execution. Q: How do you view the impact of tariffs on asset sales, particularly for Lakewood? A: Jackson Hsieh, President, CEO, Director: Lakewood's proceeds over debt are minimal. Outparcel sales are performing well, with cap rates in the mid-5% range. We expect to exceed our outparcel sales target. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
12-05-2025
- Business
- Washington Post
Macerich: Q1 Earnings Snapshot
SANTA MONICA, Calif. — SANTA MONICA, Calif. — The Macerich Co. (MAC) on Monday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations. The Santa Monica, California-based real estate investment trust said it had funds from operations of $87.4 million, or 33 cents per share, in the period.
