MAC - Macerich Q4 Earnings: The Recovery Continues Albeit At A Slower Pace
Summary
- Macerich's Q4 showed a slowdown in NOI growth, tenant sales were flat, and operational improvements are being counteracted by higher interest expenses.
- On the positive side, the company's occupancy continues to improve, ended the year at 92.6%, and Macerich is making good progress in leasing and refinancing its debt.
- The company is estimated to have $512 million of available liquidity, with a net debt to forward EBITDA of 8.8x, slightly above target, risking a potential small equity raise.
- Despite the recovery progressing at a slower pace than we would like to see, we continue to believe MAC shares are extremely undervalued at current prices.
For further details see:
Macerich Q4 Earnings: The Recovery Continues, Albeit At A Slower Pace