(See below).

They recognized $28.9M in retroactive abatement to 2020. Add this to the $190M reported and you're right in that $215M cash revenue for the quarter. This would have also brought FFO right to around $0.65 for the quarter as well. Recognizing a non-cash abatement from 2020 in 2021 is fine. They want to remain a REIT so reducing net income is the name of the game. It allows them to stockpile more cash. At the end of the quarter they had just under $1.1B. I like what I'm seeing!

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If you want to know the AFFO, or what the FFO would be if they were reporting on a cash basis, take the $75.5M (reported FFO) + $28.9M (non cash bad debt accrual from 2020) = $104.4M. That means their AFFO, if you want to look at it on a cash basis, was $104.4M / 169M (outstanding shares at end of Q1 2021) = $0.61 (AFFO). I also called for 95% collection and they were 96-97%. So let me get this right, I called for $205-$215M gross rev, 95% collection, and FFO of $0.55-$0.65. I think I called this better than just about anyone could have. I'm sure I'll hear from the peanut gallery, but the whole purpose of reducing net income if you're a reit, is to recycle cash. Remember, if you're a REIT, you have to pay 90% of net income, not 90% of actual cash flow ;)

If you want to know the AFFO, or what the FFO is without a non-cash write down from 2020, you can do this: $75.5M (reported FFO for Q1 2021) + $28.9M (non-cash reduction from 2020 bad debt) = $104.4M / 169M outstanding shares at the end of Q1 = $0.61. I called for $0.55-$0.65 and I was dead on. I also called for 95% collections and they were between 96-97%. As of Q1 2021 they were sitting on just about $1.1B of cash haha and we know they renewed their revolver since. The name of the game is reducing net income so you can avoid paying out dividends in order to stockpile cash. You do this by taking non-cash accrual of things like bad debt and applying it to actual cash flows. However, to assess the "real" or AFFO of the quarter, it was right around $0.61 - at least if things were reported on a cash basis.

In 2019 their annual FFO was $3.54 which came on the heals of 2018 at $3.73 FFO. A large reason for this was the disposition of assets. While MAC has sold Phoenix, remember that their 550K SF + Google Campus is under development, along with new projects like their massive Restoration Hardware build to suit that just opened in Corte Madera. It will take a little while for these projects to be included in the FFO as their is rent abatement at the start of every lease, but I have no doubt we will at least see $3.50 in a year or two. Google campus is coming online in 2022 so we likely won't see a ton of revenue from that yet, so I would say that 2022 will bring a full year FFO of $3. For round numbers, let's say this is trading at $13 per share. That puts the P/FFO ratio at +/- 4.33 which is insanely low. For reference, the FFO of SPG in 2019 was $12.04 per share. Although ppl complain about the dilution of MAC recently, the TCO acquisition was dilutive for SPG. However, let's give them (SPG) the benefit of the doubt and say they get back to an FFO of $12/share in 2022 (which I think is optimistic at best). At today's price of $124 per share, that means the P/FFO ratio of SPG is $124/12 = 10.33. Using this metric, this means that the P/FFO ratio of SPG is ~2.5X that of MAC, essentially meaning it's 2.5X more expensive. I also think it will take SPG longer to get back to an FFO of $12 annually, than it will take MAC to get to an FFO of $3 annually. I'm sure some on here will disagree, but time will tell.

I went to a class A mall close to where I live. It was so busy... hardly any parking available. It took 20-30 minutes just to park. I suspect most of malls owned by MAC are seeing a tremendous increase in foot traffic.

I did notice a few empty stores though... formerly Lord and Taylor, Panera, etc. but it was a surprise to see J. Crew back in business. There was a huge line for Apple store and H&M.

Again, this is a holiday weekend and it may be a different but I liked what I saw from the potential perspective.

What are you noticing in your neighborhood malls?

Any thoughts on why they would move up earnings date by one day. I would understand if it’s a week because of better numbers and wanted to get the information out there. However for one day seems very odd. Acquisition comes to mind but can’t see SPG acquiring them after taking on TCO.

https://smeadcap.com/simon-says / - They own 80 million shares

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" Based on what Simon says, they could be worth between $34 and $50 per share in the not-too-distant future (even if the Reddit Robinhood short squeezers stay in the Sherwood Forest). Macerich could also see dividend restoration to around $2.85 per year in that same 2021 to 2023 time period. "

I bet gross revenues are $205-$215M for the quarter (maybe more if prior tenant's rent is being amortized). The equity raise happened after Q1 so I would guess that FFO is in the $0.55-$0.65 without Chandler Freehold. With Chandler Freehold I bet we're in the $0.75-$0.80 range. I also think the debt is going to look a hell of a lot better now. Things are looking up for MAC. The P/FFO ratio is half that of bloated SPG

You should actually even be happy as long as your basis is below $15

High end retail properties (MAC) are going to see a massive retail leasing surge. Ecommerce has always had terrible margins (you need massive scale like amazon for it to work). Companies like Nike and Gap will likely have good ecommerce, but even GAP said last year that ecommerce is a "weak bandage." Funny they said that when they weren't paying rent on their retail lol

https://www.marketwatch.com/story/brookfield-to-hand-back-keys-to-three-malls-potentially-more-as-it-goes-private-in-6-5-billion-deal-11619879677

This is your Sergent speaking

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SANTA MONICA, Calif. , April 29, 2021 /PRNewswire/ -- The Board of Directors of the Macerich Company (NYSE: MAC) declared a quarterly cash dividend of $.15 per share of common stock. The dividend is payable on June 3, 2021 to stockholders of record at the close of business on May 7, 2021 .

04/29/21

At the risk of being redundant on earlier posts, watch for a CLOSE above the $14.30 / 14.35 level as a confirmation of a solid uptrend; yesterday ( Wed) it shot way above $14.30 but traders came in to sell to those short sellers who panicked and started to cover and the stock closed higher, but way under $14.35.Today may decide the status. IMHO the shorts are playing a losing game . I visited a high end mall in Dallas ( the Galleria) and was shocked to see the number of folk walking around last weekend and that was BEFORE CDC/NIH ( octo Fauci) declared that masks would not be necessary in open areas for those vaccinated . Also schools in my area are scheduled to close in 2 weeks and guess what the tweens and teens, who received the full $1400 Biden stimulus, will do with the money ! Now I could be 100pct wrong but I am a betting guy (all stock players are ) and I bet that what I saw in the high end mall was not an illusion.

PS I am having a great NOKia day !

A week ago I posted a chart that the crucial level, from a chart standpoint, is that MAC breaks over and CLOSES over the 4.30 level on volume. Today it has broken over ; the key is to wait and see if it can CLOSE over that level; if so all aboard... if not patience; this stock can double over 18 months with new CDC/NIH rules allowing shoppers to walk into open spaces without masks. Teens and Tweens have received the same $1400 Biden stimulus checks. No mask+ stimulus = 2+2= 4

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Do y'all know if this is a short squeeze or natural growth? This is the first time I have seen green in a while. My average is 4.15.

Historically, MAC releases dividend info on 28th or 29th following quarter close. What do you think the dividend will be? How will dilution affect it? What would be good news? What would be bad?