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

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