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The Macerich Company (NYSE: MAC) 1Q19 Results: Beats Estimates, Raises/Reaffirms 2019 Guidance

Executive Summary

  • Macerich reported 1Q19 revenues of $226.5 million, down 4.3% year over year and beating the $220.4 million consensus estimate. FFOPS were $0.81, beating the consensus estimate by a penny.
  • Mall tenant sales per square foot for the 12 months ended March 31 were $746, up 8.7% year over year, and the average rent per square foot was $60.74 as of March 31, up 3.9%.
  • The company reaffirmed its 2019 FFO guidance of $3.65-$3.73 and raised EPS guidance to $0.41-0.49 from $0.33-0.41 previously.

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