Macerich (MAC) Tops Q3 EPS by 25c, Revenues Beat; Provides FY19 Outlook

Macerich (NYSE: MAC) reported Q3 EPS of $0.33, $0.25 better than the analyst estimate of $0.08. Revenue for the quarter came in at $231.13 million versus the consensus estimate of $219.94 million.

Results and Highlights:

• Mall tenant annual sales per square foot for the portfolio increased by 13.2% to $800 for the twelve months ended September 30, 2019 compared to $707 for the twelve months ended September 30, 2018.
• Re-leasing spreads for the twelve months ended September 30, 2019 were up 8.3%.
• Mall portfolio occupancy was 93.8% at September 30, 2019 compared to 95.1% at September 30, 2018.
• Average rent per square foot increased to $61.16 at September 30, 2019, up 3.5% from $59.09 at September 30, 2018.
• Year to date, the Company has completed or arranged nearly $2.1 billion of financings at an average interest rate of 3.9% and an average maturity of over 9.2 years, netting $576 million of excess loan proceeds at the Company's share.

"We are pleased by a solid third quarter. The portfolio continues to show strong tenant sales growth, and the leasing environment is improving with total leasing volume up 29% year to date compared to 2018," said the Company's Chief Executive Officer, Tom O'Hern. "Along with our partner, PREIT, we are thrilled to have delivered Fashion District Philadelphia to the citizens of Philadelphia several weeks ago. The project provides a previously unavailable critical mass of retail and entertainment offerings in a single downtown venue."

GUIDANCE:

Macerich sees FY2019 EPS of $0.64-$0.72, versus the consensus of $0.39.

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

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