Macerich Q4 FFO Improves; Results Beat Estimates

(RTTNews) - Macerich Company (MAC), a real estate investment trust focused on shopping centers, on Wednesday reported a rise in Funds from Operations or FFO for the fourth-quarter.

In addition, the company's earnings and revenue beat the Street view.

For the fourth-quarter, the company posted FFO of $158.391 million or $0.71 per share, higher than $109.931 million or $0.49 per share, reported for the same period of last year.

Excluding items, FFO stood at $126.498 million or $0.56 per share, compared with $119.504 million or $0.53 per share a year ago.

The list of excluding items include, financing expense in connection with Chandler Freehold, gain on extinguishment of debt, and accrued default interest expense.

Net income surged to $62.179 million or $0.29 per share, from $1.689 million or $0.01 per share in 2022.

On average, five analysts polled by Thomson Reuters had expected the firm to earn $0.08 per share, for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA increased to $211.172 million from $195.837 million a year ago.

Total revenue improved to $238.688 million from previous year's $228.225 million, above the analysts' estimate of $224.53 million.

Looking ahead, for the full year, Macerich expects to post FFO of $1.75 per share to $1.85 per share.

Excluding items, the firm expects annual FFO of $1.76 per share to $1.86 per share.

Macerich projects net income per share of negative $0.08 per share to positive $0.02 per share, above the analysts' estimate of negative 0.18 per share.