Macerich Earnings: Signs of Stabilization Emerging
The year 2020 hasn't been kind to mall owners like Macerich (NYSE: MAC). Many malls were forced to close for months during the lockdown phase of the COVID-19 pandemic. Even after they reopened, traffic typically remained depressed, as many consumers are wary of crowded public spaces.
These tough conditions have put severe pressure on Macerich's results for the past two quarters. However, the company's third-quarter earnings report -- and particularly management's commentary during the subsequent earnings call -- should give investors comfort that the mall REIT will make a full recovery from the pandemic over the next few years.
In the third quarter, Macerich's same-center net operating income (NOI) plunged 29.3% year over year, from $215.6 million to $152.4 million. Meanwhile, adjusted funds from operations (FFO) fell to $83.4 million ($0.52 per share) from $133.2 million ($0.88 per share) a year earlier.
Source Fool.com
