MAC - Macerich lowers 2022 guidance midpoint after Q3 earnings miss

Macerich ( NYSE: MAC ) stock dropped as much as 7.0% after the shopping mall owner trimmed the top end of its 2022 FFO guidance range more than it raised the lower end. In late morning trading (New York time), the stock was down 1.8%.

The shopping mall REIT now expects FY2022 FFO per share, excluding impact of Chandler Freehold financing expense, of $1.93-$1.99 compared with its previous range of $1.92-$2.04. That lowers the midpoint to ~$1.96 from ~$1.98. Consensus is $1.94.

Q3 FFO, excluding Chandler Freehold financing expenses, of $0.46 per share, a penny off the $0.47 consensus, was unchanged from Q2, and rose a penny from $0.45 in Q3 2021.

Same-center net operating income, excluding lease termination income, rose 2.14% Y/Y, down from the 5.4% Y/Y increase in the prior quarter.

Q3 revenue increased to $210.7M, topping the $203.7M consensus, from $204.1M in the prior quarter and dropped from $212.1M in the year-ago period.

Portfolio occupancy was 92.1% at Sept. 30, 2022 vs. 91.8% at June 30.

Re-leasing spreads were 6.6% greater than expiring base rent for the 12 months ended Sept. 30, 2022, the strongest result since the quarter ended Sept. 30, 2019; that compares with +0.6% for the 12 months ended June 30, 2022.

Conference call at 1:00 PM ET.

Earlier, Macerich FFO of $0.46 misses by $0.01, revenue of $210.7M beats by $6.97M

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