MAC Report 2/19/19
Mall fundamentals exceeded our lofty expectations in the fourth quarter for Macerich, but management's guidance for 2019 seems conservative. Despite the strong quarter, we don't anticipate changing our $59 fair value estimate for the narrow-moat company given the lower 2019 outlook. Sales per square foot was up 10.0%, driven by 15.3% growth from the unconsolidated portfolio, though the consolidated portfolio still saw solid 4.8% growth. Occupancy costs declined to 12.4%, the lowest point in at l...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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