Overview
Macerich Q3 net loss of $87.4 mln, improved from $108.2 mln last year
FFO excluding certain expenses rose to $93.4 mln from $86.0 mln last year
Company signed leases for 1.5 mln sq ft, 81% increase from last year
Outlook
Company did not provide specific guidance for future quarters or full year
Result Drivers
ASSET SALES - Gains from sales of Lakewood Center and Atlas Park contributed to reduced net loss
LEASING ACTIVITY - Signed leases for 1.5 mln sq ft, an 81% increase from last year
TENANT SALES - Sales per square foot for spaces under 10,000 sq ft increased to $905
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income | -$87.40 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 7 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Macerich Co is $19.00, about 8.7% above its November 3 closing price of $17.34
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)