Morningstar

Morningstar, Inc.

Equity Bottom-Up

Macerich produced a very solid first quarter that came in well ahead of our assumptions. Despite the strong quarter, we don't anticipate changing our $57 fair value estimate for the narrow-moat company, given that management maintained its conservative 2019 outlook. Macerich's tenants produced sales per square foot of $746, increasing 8.7% over the first quarter of 2018, and occupancy costs for tenants remained at 12.4%, well below the company's historical average. Occupancy rose 70 basis points…

United States

The Macerich Company is a fully integrated, self-administered and self-managed real estate investment trust.  The Company acquires, owns, redevelops, manages, and leases regional and community shopping centers located throughout the United States.

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52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00