Membres
#51 12/05/2020 13h51
- Cigarette
- Membre (2015)
- Réputation : 29
Seekingalpha a écrit :
Macerich (NYSE:MAC): Q1 FFO of $0.81 beats by $0.22.
Revenue of $226.95M (+0.2% Y/Y) beats by $3.76M.
During the trough of the COVID-19 pandemic, all but a few of the Company’s malls had shuttered, except for the continued operation of essential retail and services, and approximately 74% of the gross leasable area, which was previously occupied prior to the COVID-19 closures, had closed. Many of those stores that remained open did so on a limited-hours basis. The Company is now actively planning for the re-opening of its real estate in all facets. Within the past two weeks, The Company has re-opened 13 assets located in Texas, Colorado, Missouri, Iowa, Indiana and Arizona. By the end of May, the Company anticipates being able to open, as permitted, approximately 35 properties. While still uncertain given the myriad of state and local ordinances, at this time, it is reasonable to assume that the vast majority of the Company’s properties will be open by mid-June. The Company is prepared and ready for re-opening, when permitted to do so.
Un 1er trimestre 2020 plutôt positif et une ré-ouverture progressive des centres commerciaux en cours jusqu’à mi-juin.
Seeking a écrit :
As previously reported, the Company has drawn the majority of the remaining capacity on its $1.5 billion revolving line of credit. As of March 31, 2020, the Company had $735 million of cash on its balance sheet, including joint ventures at the Company’s share.
The Company’s Board of Directors recently approved a reduction in the quarterly dividend to $.50 per share, payable 20% in cash and 80% in common stock for the upcoming dividend. The dividend reduction preserves approximately $150 million of cash annually. For each quarter that the board chooses to pay the dividend in stock, an additional $60 million in cash will be preserved. The Company’s next dividend payment is on June 3, 2020 to shareholders of record at market close on April 22, 2020
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The Company has reduced its controllable shopping center expenses by approximately 45% during the period that its properties are substantially closed, except for essential retail and services.
On voit bien ici que Macerich faisait face à un manque de liquidité et que le paiement des dividendes en action bien que dilutif (et encore dans une optique B&H ça se discute) est une bonne chose pour relancer la machine.
Dans l’ensemble, un signal plutôt positif sur le dossir même si le pipiline de redéveloppment à été sabré et que la question de la résilience au e-commerce reste intacte.
Le début de la fin de la baisse pour Macerich ?
Hors ligne
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