Macerich Reports First-Quarter Results; Steady Performance Amid Industry Disruption
Macerich reported first-quarter results roughly in line with our expectations, with company management reaffirming prior 2017 guidance. We are currently maintaining our $76 per share fair value estimate and narrow moat rating.Even though turbulence throughout the retail industry reached new peaks in the first quarter, Macerich's performance remained relatively insulated. Same-center sales per square foot increased roughly 2%, while leasing spreads remained a robust 17.5% for the trailing 12 mon...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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