Fri, Feb 28, 2:00 PM (57 days ago)
**Summary of The Macerich Company (MAC) 10-K for Fiscal Year Ended December 31, 2024** The Macerich Company, a Maryland-based real estate investment trust (REIT), reported total revenues of $918.2 million for FY 2024, up 3.9% from $884.1 million in FY 2023. Net loss improved to $(197.7) million, compared to $(278.1) million in the previous year, with diluted earnings per share at $(0.88). The company's total assets increased to $8.57 billion, with property net valued at $7.1 billion. In 2024, Macerich executed a strategic "Path Forward Plan," focusing on balance sheet improvements, asset consolidations, and operational efficiencies. The company acquired full ownership of several properties, including Arrowhead Towne Center and South Plains Mall, while disposing of underperforming assets like The Oaks and Southridge Mall, impacting net income positively through gains on sales. Key risks include elevated interest rates affecting borrowing costs and potential tenant bankruptcies. Macerich's leverage remains significant, with total debt at $6.65 billion. Future outlook anticipates continued challenges from inflation and market volatility but aims for organic growth through leasing and redevelopment strategies. The company plans to maintain liquidity through operational cash flow and strategic asset management.