Macerich Company Updates 2022 Guidance

(RTTNews) - The Macerich Company (MAC) has narrowed the ranges and increased the mid-points of 2022 guidance for both estimated EPS and FFO per share, excluding financing expense in connection with Chandler Freehold. FFO per share, excluding items, is projected in a range of $1.90 - $2.04. Loss per share is projected in a range of $0.17 to a loss of $0.03.

The net loss attributable to the company was $37.2 million or $0.17 per share during the first quarter of 2022, compared to a net loss of $63.6 million or $0.40 per share, last year. Funds from operations, excluding financing expense in connection with Chandler Freehold increased 12.8% on a per share basis to $112.4 million or $0.50 per share, compared to $75.6 million or $0.45 per share.

Analysts on average had expected the company to post a loss of $0.03 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Same center net operating income, excluding lease termination income, increased 24.7% in the first quarter of 2022. This percentage increased to 30.2% when including lease termination income. Revenue for the quarter rose 13.5% to $216.14 million from $190.42 million last year.

On May 9, 2022, the company declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on June 3, 2022 to stockholders of record at the close of business on May 20, 2022.