Skip to Content

Macerich Co - Stock Quote MAC

Rating as of

Morningstar's Macerich Co Stock Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Macerich Reports High Same-Store NOI Growth and Low Tenant Occupancy Costs in Q1

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

First-quarter results for no-moat Macerich were slightly ahead of our expectations, though we didn’t see anything in the quarter that would materially change our $28.50 fair value estimate. Occupancy did fall 20 basis points sequentially to 91.3%, though occupancy usually falls in the first quarter and the decline wasn’t as large as our estimate of a 50-basis-point decline. Re-leasing spreads remain low but positive at 1.3%, in line with our estimate of a 1.2% spread of new rents over prior rent levels. Same-store net operating income grew 30.2% year over year in the first quarter, slightly better than our estimate of 27.2% growth. Macerich reported funds from operations of $0.50 per share in the first quarter, 12.4% higher than the $0.45 figure the company reported in the first quarter of 2021.

Read Full Analysis

Macerich Co's Company Profile

Business Description

The Macerich Company is an S&P 500 company that invests in premium mall assets. The company owns 29 regional malls in its consolidated portfolio and 19 regional malls in its unconsolidated portfolio along with six power centers and six other real estate assets. The company's total portfolio has 47.6 million square feet of gross leasable area and averaged $801 sales per square foot over the 12 months prior to the pandemic, with the consolidated portfolio averaging $646 sales per square foot and the unconsolidated portfolio averaging $998 sales per square foot.

Contact
401 Wilshire Boulevard, Suite 700
Santa Monica, CA, 90401
T +1 310 394-6000
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 640

Macerich Co's Related Articles & News