Macerich's trimmed portfolio makes it more manageable while facing tough headwinds.
Macerich showed very strong fundamentals in the second quarter but missed our funds from operations estimate due to an issue that we believe is nonrecurring, leading us to maintain our $58 fair value estimate and no-moat rating. Sales per square foot for inline tenants at Macerich's malls were up 7.1% for the quarter, outperforming the strong sales growth seen at other public A-mall owners for the quarter. Occupancy for the total portfolio was down only 10 basis points to 94.3%. Releasing spread...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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