MAC - Macerich Q1 earnings bear as tenant sales rebound; guidance tightened
After better-than-expected Q1 earnings, Macerich (NYSE:MAC) narrowed 2022 guidance on Monday, lifting the lower end of its previous range by 4 cents and reducing its top end by a penny. Q1 results reflected a recovery in tenant sales at spaces less than 10K square feet increase from both the year-ago and prepandemic levels. Macerich (MAC) stock is slipping 0.8% in Monday premarket trading. The company now expects FY2022 adjusted FFO per share of $1.90-$2.04 (midpoint $1.97) vs. $1.85-$2.05 guidance issued in February; compares with the average analyst estimate of $1.95. Q1 funds from operations, excluding financing expenses related to Chandler Freehold, of $0.50 per share, topping the $0.46 consensus, slipped from $0.53 in Q4 2021 and increased from $0.45 in the year-ago quarter. For the quarter, portfolio comparable tenant sales from spaces less than 10K square feet rose 14.5% from the year-ago quarter rand were 11.5% higher than Q1 2019. Same-center net
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Macerich Q1 earnings bear as tenant sales rebound; guidance tightened