Macerich Posts Wider Loss In Q1; Lowers 2023 Earnings Guidance

(RTTNews) - The Macerich Company (MAC) posted a first-quarter net loss attributable to company of $58.7 million or $0.27 per share, compared to a loss of $37.2 million or $0.17 per share, prior year. On average, six analysts polled by Thomson Reuters expected the company to report a loss per share of $0.07, for the quarter. Analysts' estimates typically exclude special items.

Funds from operations, excluding financing expense in connection with Chandler Freehold, was $88.7 million or $0.40 per share, compared to $112.4 million or $0.50 per share, last year.

Total revenues declined to $214.85 million from $216.14 million, last year. Analysts on average had estimated $204.96 million in revenue.

The company lowered its 2023 guidance for estimated EPS and maintained guidance for FFO per share, excluding financing expense in connection with Chandler Freehold. Loss per share is now projected in a range of $0.32-$0.22. FFO per share, excluding financing expense in connection with Chandler Freehold, is expected in a range of $1.75-$1.85.

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