Every material Form 8-K Macerich filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Macerich reported a third-quarter 2024 net loss attributable to the company of $108.2 million, or $0.50 per diluted share, compared with a loss of $262.5 million, or $1.22 per share, a year earlier. Total revenues rose to $220.2 million from $218.2 million, but FFO excluding certain items fell to $86.0 million, or $0.38 per share, from $100.6 million, or $0.45 per share. The company has not issued fiscal 2024 guidance since withdrawing it on April 30, 2024.
Q3 2024 net loss attributable to the company: $108.2 million, or $0.50 per diluted share, versus $262.5 million, or $1.22 per share, in Q3 2023
Q3 2024 total revenues: $220.2 million, versus $218.2 million a year earlier
FFO excluding certain items: $86.0 million, or $0.38 per share, versus $100.6 million, or $0.45 per share, a year earlier
Fiscal 2024 guidance remains withdrawn; the company is not providing an updated outlook
Macerich said Daniel E. Swanstrom II will become Senior Executive Vice President, Chief Financial Officer and Treasurer effective November 16, 2024, replacing Scott Kingsmore, who will move to Senior Advisor and leave the company on December 31, 2024. The filing describes Swanstrom's real estate finance background and sets out his compensation, including a $600,000 base salary and a $1,500,000 sign-on equity grant.
Daniel E. Swanstrom II, 47, was previously Founder and Managing Member of DES Partners, LLC and CFO of CorePoint Lodging Inc.
Scott W. Kingsmore departs December 31, 2024, and will receive a $100,000 monthly consulting fee for January 1 to March 31, 2025.
Swanstrom's sign-on LTIP grant has a grant date fair value of $1,500,000 and vests ratably over three years; his 2024 bonus is a fixed $375,000 in cash.
Macerich reported second-quarter 2024 results. Net income attributable to the company was $252.0 million, or $1.16 per diluted share, versus a $15.0 million loss a year earlier, driven by a $325.0 million gain on sale or write-down of assets. Core FFO excluding certain items fell slightly to $0.39 per share from $0.40, and the company has not issued 2024 guidance since withdrawing it on April 30, 2024.
Total revenues were $215.5 million, up from $212.4 million in the second quarter of 2023.
Net income attributable to the company was $252.0 million, or $1.16 per diluted share, compared with a loss of $15.0 million, or $0.07 per share, a year earlier.
FFO excluding certain items was $88.1 million, or $0.39 per share, compared with $89.1 million, or $0.40 per share, in the prior-year quarter.
The company withdrew its 2024 guidance on April 30, 2024 and is not providing an updated outlook.
Macerich's board elected Diana M. Laing as a director on July 18, 2024, and increased the board from seven members to eight. The company said seven of the eight directors will be independent, and Laing previously served on the Macerich board from 2003 through 2022.
Laing was elected to the board on July 18, 2024, on the recommendation of the Nominating and Corporate Governance Committee.
The board increased from seven to eight members, effective upon Laing's appointment.
Laing was CFO of American Homes 4 Rent until her retirement in June 2018 and was interim CFO of Alexander & Baldwin from November 2018 to May 2019.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Macerich filing is on SEC EDGAR ↗. 8-K briefs of other companies →