MAC - Macerich stock slides 4% after Q3 earnings beat and guidance raised

Macerich (NYSE:MAC) stock drops 4.2% even as the mall owner's Q3 tops consensus and increases its guidance for 2021. Still, the company's funds from operations declined from Q2 and from the year-ago quarter. Boosts guidance for 2021 FFO per share to $1.92-2.00 from $1.82-1.97 in August; compares with consensus estimate of $1.93. Q3 adjusted FFO per share of $0.45 beats the average analyst estimate of $0.43 but falls from $0.59 in Q2 and $0.52 in the year-ago quarter. Q3 total revenue of $212.1M exceeds the consensus of $200.6M and declined from $215.5M in Q2 but increased from $185.8M a year ago. Q3 total expenses of $215.9M increases from $206.6M a year earlier; shopping center and operation expenses of $70.7M increased from $64.7M a year ago; interest expense increased to $40.3M from $37.2M. Portfolio occupancy of 90.3% at Sept. 30, 2021 improved from 89.4% at June 30. Same-center net operating income, excluding

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Macerich stock slides 4% after Q3 earnings beat and guidance raised