MAC - Macerich Q4 earnings rise as traffic returns occupancy rises
Macerich (NYSE:MAC) stock gains 1.4% in premarket trading after Q4 earnings topped the consensus estimate, with mall traffic rising in the second half of 2021 despite the Delta and Omicron variant outbreaks. Same-center net operating income, including lease termination income, rose 36.1% from Q4 2020; for the year, same-center NOI increased 7.3% Y/Y. Portfolio occupancy increased to 91.5% at Dec. 31, 2021 from 90.3% on Sept. 30. Traffic during the holiday shopping season reached ~95% of pre-COVID holiday period of 2019, the company said. Re-leasing spreads vs. expiring base rent for the 12 months ended Dec. 31, 2021 were +5%. 2022 FFO guidance, excluding financing expense related to Chandler Freehold, of $1.85-$2.05 (midpoint of $1.95) compares with consensus estimate of $1.94. Conference call at 1:00 PM ET. Earlier, Macerich FFO of $0.53 beats by $0.05, revenue of $229.4M beats by $23.72M
For further details see:
Macerich Q4 earnings rise as traffic returns, occupancy rises