MAC - Macerich FFO of $0.44 beats by $0.03 revenue of $214.85M beats by $10.2M

2023-05-04 07:03:30 ET

• Macerich press release ( NYSE: MAC ): Q1 FFO of $0.44 beats by $0.03 .
• Revenue of $214.85M (-0.6% Y/Y) beats by $10.2M .
• Same center net operating income (“NOI”), excluding lease termination income, increased 4.8% in the first quarter of 2023 compared to the first quarter of 2022, and decreased 1.4% when including lease termination income.
• Portfolio tenant sales per square foot for space less than 10,000 square feet for the trailing twelve months ended March 31, 2023 were $866 compared to $843 for the trailing twelve months ended March 31, 2022. Portfolio tenant sales for the quarter ended March 31, 2023 from comparable spaces less than 10,000 square feet increased 0.1% compared to the same timeframe in 2022.
• Portfolio occupancy as of March 31, 2023 was 92.2%, a 0.9% increase compared to the 91.3% occupancy rate at March 31, 2022.
• FY23 Outlook: FFO of $1.75-$1.85 vs $1.79 consensus

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