MAC - Macerich stock climbs 2% after Q2 beats year guidance raised

Macerich (NYSE:MAC) boosts the low end of its 2021 guidance range for FFO per share, assuming no further government-mandated shutdowns of its properties. Its shares gain 2.0% in premarket trading. Now sees adjusted FFO per share (excluding financing expenses related to Chandler Freehold) of $1.82-1.97 from its previous range of $1.77-1.97; compares with consensus of $1.84. Q2 same-store net operating income, excluding lease termination income, rises 10.4% Y/Y. Comparable tenant sales from spaces less than 10K square feet across its portfolio increased by 13.4% relative to pre-COVID sales during Q2 2019. Portfolio occupancy was 89.4% at June 30, 2021 vs. 88.5% at March 31. During Q2, Macerich (MAC) signed 223 leases for ~692K square feet (excluding COVID workout deals), representing 15% more deals and 6% more square feet than what was leased during the pre-COVID Q2 2019. Expects development expenditures of less than $100M in each of 2021 and 2022, excluding

For further details see:

Macerich stock climbs 2% after Q2 beats, year guidance raised