Macerich's (MAC) Q2 FFO & Revenues Beat, Reaffirms View
Zacks Investment Research | Jul 31, 2016 10:00PM ET
The Macerich Company (NYSE:MAC) reported second-quarter 2016 adjusted funds from operations (“FFO”) per share of $1.02, which came in higher than both the Zacks Consensus Estimate and prior-year quarter tally of 97 cents. Improvement in releasing spread and same center net operating income aided the result.
Macerich posted revenues of $259.9 million, surpassing the Zacks Consensus Estimate $241 million. However, the year-ago quarter revenue figure was of $323 million.
Quarter in Detail
As of Jun 30, 2016, mall portfolio occupancy decreased 50 basis points (bps) year over year to 95%. Mall tenant annual sales increased to $626 per square foot from the $623 at the end of second quarter 2015. In addition, re-leasing spreads rose 16.1% on a year-over-year basis. Also, same centers NOI grew 6.5% during the quarter.
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