MAC - Macerich Q4 FFO tops consensus as occupancy rises leasing spreads stay positive

Macerich ( NYSE: MAC ) said Tuesday its Q4 results showed strong leasing activity, increased occupancy and positive leasing spreads. Q4 revenue, though, fell short of analysts' consensus. Macerich shares fell 1.3% in premarket trading.

The shopping mall REIT expects FY2023 FFO per share , excluding Chandler Freehold financing expense, of $1.75-$1.85, which puts the midpoint at $1.80, just below the consensus estimate of $1.81.

"The operating fundamentals of our business remained strong during the fourth quarter of 2022," the company said in its Q4 results statement. "Occupancy continued to increase, leasing spreads were positive and we finished the year with the strongest annual leasing volumes for the company in well over a decade."

Q4 FFO, excluding Chandler Freehold financing expense, of $0.53 per share, just topping the $0.52 consensus, rose from $0.46 in Q3 and was unchanged from $0.53 in Q4 2021.

Same-center net operating income, excluding lease termination income, rose 2.0% Y/Y, compared with 2.14% increase in the prior quarter.

Q4 revenue increased to $228.2M, missing the $230.1M consensus, from $210.7M in the prior quarter and declined from $229.4M in the year-ago quarter.

Portfolio occupancy was 92.6% at Dec. 31, 2022 vs. 92.1% at Sept. 30.

Macerich's ( MAC ) re-leasing spreads were 4.0% greater than expiring base rent for the 12 months ended Dec. 31, 2022; that compares with +6.6% for the 12 months ended Sept. 30, 2022.

Q4 total expenses of $237.1M increased from $232.1M in the prior quarter and from $234.8M in the year-ago quarter.

Conference call at 1:00 PM ET.

Earlier, Macerich FFO of $0.53 beats by $0.01, revenue of $228.22M misses by $1.86M

For further details see: