High-Quality Malls See High Sales Growth, Driving a Strong 3Q for Macerich
Retail continues to be strong in 2018, leading to mall operator Macerich beating our top-line and bottom-line estimates in the third quarter. Sales per square foot for in-line tenants were up 7.3%, driven by 10.5% growth from the unconsolidated portfolio although the consolidated portfolio was still up 4.1%. Occupancy was up 80 basis points sequentially to 95.1%, beating our estimate of a 25-basis-point decline. Releasing spreads slowed down more than we expected at 10.9% for the quarter, leadin...Macerich is a self-administered and self-managed real estate investment trust. The company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers. The company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). The Operating Partnership owns or has an ownership interest in regional shopping centers and community/power shopping centers. The company conducts all of its operations through the Operating Partnership and its management companies, including Macerich Property Management Company, LLC and Macerich Management Company.
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