Macerich Posts 34% Increase In Signed Leases YTD
Portfolio Pulse from Lekha Gupta
Macerich Co (MAC) reported a 34% YoY increase in signed leases year-to-date, with 191 leases for 1.4 million square feet in Q2. Portfolio-wide occupancy rose to 92.6%, up 80 basis points YoY and 40 basis points QoQ. The company opened 263,000 square feet of new stores in Q2, a 20% increase YoY. However, Q2 sales of $212.37 million missed the estimate of $218.71 million, and FFO per share was $0.40, down from $0.46 a year ago.
August 21, 2023 | 12:03 pm
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NEUTRAL IMPACT
Macerich's increased leasing activity and occupancy rates indicate positive growth, but missed sales estimates and lower FFO per share may concern investors. The stock is trading higher premarket.
The increase in leasing activity and occupancy rates shows positive growth for Macerich, which could boost investor confidence. However, the missed sales estimates and lower FFO per share could raise concerns about the company's financial performance, potentially impacting the stock price. Despite this, the stock is trading higher in premarket, indicating that the market may be focusing more on the positive leasing and occupancy data.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100