Upcoming AWS Coverage on Brixmor Property Group Post-Earnings Results

LONDON, UK / ACCESSWIRE / February 23, 2017 / Active Wall St. announces its post-earnings coverage on The Macerich Co. (NYSE: MAC). The Company released its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year 2016 (FY16) on February 06, 2017. The Santa Monica, California-based Company's quarterly diluted funds from operations (FFO) per share grew on a y-o-y basis, outperforming market consensus estimates. Register with us now for your free membership at:

http://www.activewallst.com/register/

One of Macerich's competitors within the REIT - Retail space, Brixmor Property Group Inc. (NYSE: BRX), reported on February 13, 2017, its Q4 and full year 2016 financial results. AWS will be initiating a research report on Brixmor Property in the coming days.

Today, AWS is promoting its earnings coverage on MAC; touching on BRX. Get our free coverage by signing up to:

http://www.activewallst.com/register/

Earnings Reviewed

During Q4 FY16, Macerich's total revenues fell to $272.00 million from $320.76 million in Q4 FY15. However, the Company's total revenues number topped market consensus estimates of $261.7 million. The Company generated $158.78 million of revenues from minimum rents in Q4 FY16 compared to $181.53 million in the year ago same period. Percentage rents revenues during Q4 FY16 were $11.62 million versus $13.88 million in the previous year's comparable quarter. In Q4 FY16, tenant recoveries' revenues fell to $74.71 million from $97.50 million in Q4 FY15. Management Companies' revenues were $10.54 million in Q4 FY16 compared to $9.18 million in Q4 FY15. Furthermore, other income during the reported quarter was $16.34 million compared to $18.67 million in the prior year's same quarter.

The shopping center REIT reported net income of $40.83 million, or $0.26 per diluted share, in Q4 FY16 compared to $444.19 million, or $2.65 per diluted share, in Q4 FY15. Excluding debt extinguishment and other charges, the Company's FFO attributable to common stockholders and unit holders during Q4 FY16 stood at $180.63 million, or $1.17 per diluted share, compared to $186.39 million, or $1.12 per diluted share, in Q4 FY15. Wall Street had expected the Company to report FFO of $1.16 per diluted share.

In full year FY16, Macerich's total revenues fell to $1.04 billion from $1.29 billion in FY15. The Company's net income for FY16 was $554.84 million, or $3.52 per diluted share, up from $522.91 million, or $3.08 per diluted share, in FY15. Furthermore, FFO attributable to common stockholders and unit holders for FY16 came in at $640.60 million, or $4.07 per diluted share, versus $665.99 million, or $3.95 per diluted share, in FY15.

Earnings Metrics

Macerich's total expense fell to $238.01 million in Q4 FY16 from $276.12 million in Q4 FY15. For Q4 FY16, the Company's adjusted EBITDA was $246.74 million compared to $246.94 million in Q4 FY15. The Company's net operating income (NOI) for all centers was $252.73 million in Q4 FY16 compared to $262.66 million in the previous year's corresponding quarter. Furthermore, NOI for same centers was $227.74 million in the reported quarter versus $223.14 million in Q4 FY15.

For the year ended December 31, 2016, mall tenant annual sales per square foot for the portfolio were $630 compared to $635 for the year ended December 31, 2015. On a same center basis, the mall tenant sales per square foot were $650 in FY16 compared to $643 in FY15. During FY16, the releasing spreads were up 17.7%. Furthermore, mall portfolio occupancy as on December 31, 2016, was 95.4% compared to 96.1% as on December 31, 2015.

Asset Sale

On January 19, 2017, the Company announced the sale of Cascade Mall in Burlington, Washington and Northgate Mall in San Rafael, California to Merlone Geier Partners for $170 million. After debt repayment, net proceeds from this transaction were $107 million.

Dividend and Share Repurchase

In a separate press release on February 09, 2017, Macerich's Board of Directors declared a quarterly cash dividend of $0.71 per share of common stock. The dividend is payable March 03, 2017 to common stockholders of record on February 21, 2017.

On February 13, 2017, Macerich announced that the Company's Board of Directors has authorized the repurchase of up to $500 million of its outstanding common shares as market conditions and the Company's liquidity warrant.

Outlook

In its guidance for FY17, Macerich's management expected diluted EPS in the range of $1.26 to $1.36, whereas FY17's diluted FFO per share is forecasted to be between $3.90 and $4.00.

Stock Performance

At the closing bell, on Wednesday, February 22, 2017, Macerich's stock slightly declined 0.75%, ending the trading session at $67.30. A total volume of 588.06 thousand shares were traded at the end of the day. The Company's shares are trading at a PE ratio of 11.34 and have a dividend yield of 4.22%. At Wednesday's closing price, the stock's net capitalization stands at $9.74 billion.

Active Wall Street:

Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

AWS has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@activewallst.com

Phone number: 1-858-257-3144

Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active Wall Street