MAC - Macerich stock sinks after Q1 top and bottom lines fall
2023-05-04 12:11:34 ET
Macerich ( NYSE: MAC ) stock tanked 8.5% in Thursday early afternoon trading as the shopping mall REIT turned in adjusted fund from operations that slightly missed Wall Street expectations and dropped Q/Q and Y/Y against a tough macroeconomic backdrop.
"Wehavestarted2023withleasingvolumes thatsignificantlyexceededthosefromthesametimeframein2022,whichwasthestrongestyearofleasingvolumefortheCompany sincepriortotheGlobalFinancialCrisis,whenmeasuredonacomparablecenterbasis," MAC said in a statement.
"TrailingtwelvemonthleasingspreadsatMarch31,2023werefavorableandimprovedovercalendaryear2022, andoccupancyincreasedrelativetothefirstquarterof2022," it added.
Q1 FFO per share, excluding Chandler Freehold financing expense, of $0.40, exceeding the average analyst estimate of $0.41, slid from $0.46 in the prior quarter and from $0.50 a year before.
Revenue of $214.9M, exceeding the $204.7M consensus, descended from $228.2M in Q4 2022 and from $216.1M in Q1 2022.
Total expenses came in at $216.9M vs. $237.1M in Q4 2022 and $229.1M in Q1 2022.
Same-center net operating income, excluding lease termination income, advanced 4.8% Y/Y in Q1, compared with a 2.0% increase in the prior quarter.
Portfolio occupancy was 92.2% as of March 31, 2023, down from 92.6% at Dec. 31, 2022, and up from 91.3% at March 31, 2022.
Re-leasing spreads were 6.6%greaterthanexpiringbaserentforthe 12 months ended March 31, 2023. That's an improvement from 4.0% for the 12 months ended Dec. 31, 2022.
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Macerich stock sinks after Q1 top and bottom lines fall