Macerich (MAC) Misses Q1 FFO by 4c

Macerich (NYSE: MAC) reported Q1 FFO of $0.79, $0.04 worse than the analyst estimate of $0.83. Revenue for the quarter came in at $318.34 million versus the consensus estimate of $299.94 million.

Recent Highlights:

• Mall tenant annual sales per square foot for the portfolio increased 7.4% for the year ended March 31, 2015 to $607 compared to $565 for the year ended March 31, 2014. On a same center basis, annual sales per square foot increased to $604 for the year ended March 31, 2015, up from $579 for the year ended March 31, 2014.

• The releasing spreads for the year ended March 31, 2015 were up 21%.

• Mall portfolio occupancy was 95.4% at March 31, 2015 compared to 95.1% at March 31, 2014.

Arthur Coppola chairman and chief executive officer of Macerich stated, "Over the past several years, Macerich has executed an extensive and successful portfolio transformation by selling lower quality malls and recycling the capital into value-enhancing redevelopment opportunities. Today, Macerich has a unique and irreplaceable portfolio of high quality properties and we are beginning to realize the significant benefits of our portfolio transformation strategy. During the recently completed quarter, additional occupancy gains and continued strong releasing spreads drove solid same center net operating income growth of 5.0%. In addition, we continued to execute on our deep pipeline of value-add redevelopment and expansion projects, while further strengthening our balance sheet through additional long term financings at highly attractive rates."

For earnings history and earnings-related data on Macerich (MAC) click here.

You May Also Be Interested In

• Klarna shares tumble on weak full-year revenue guidance
• Home Depot beats estimates, reaffirms fiscal 2026 guidance
• Corporación América Airports S.A. (CAAP) Misses Q2 EPS by 18c