REIT Macerich Q3 net loss narrows on higher leasing activity

Reuters11-05

REIT Macerich Q3 net loss narrows on higher leasing activity

Overview

Macerich Q3 net loss of $87.4 mln, improved from $108.2 mln last year
FFO excluding certain expenses rose to $93.4 mln from $86.0 mln last year
Company signed leases for 1.5 mln sq ft, 81% increase from last year

Outlook

Company did not provide specific guidance for future quarters or full year

Result Drivers

ASSET SALES - Gains from sales of Lakewood Center and Atlas Park contributed to reduced net loss
LEASING ACTIVITY - Signed leases for 1.5 mln sq ft, an 81% increase from last year
TENANT SALES - Sales per square foot for spaces under 10,000 sq ft increased to $905

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Net Income		-$87.40 mln

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 7 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Macerich Co is $19.00, about 8.7% above its November 3 closing price of $17.34

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2581604467","isCrawlerRequest":true}