Macerich Reports 1Q Results, Highlights Rising Tenant Sales
Macerich reported first-quarter results that were roughly in line with management’s expectations and on pace with our broader 2018 estimates. Funds from operations came in at $0.82 per share for the quarter, a 5.7% decrease from the same period a year ago. Management maintained its full-year 2018 FFO guidance of $3.92-$4.02 per share, slightly above our 2018 estimate of $3.83. We did not see anything in Macerich’s first-quarter results that would alter our long-term view of the company, so we ar...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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