Macerich posts positive Q1 results through February
Macerich put a positive spin on its first-quarter financial results by cutting the period short in reporting some measures.
The mall owner reported a 7.4% rise in sales per sq. ft. to $801 for the 12 months ending on February 29 this year compared to the 12 months that culminated on March 31 in 2019. The company stated it decided to use this reckoning “given the widespread closures of a majority of…tenants during March 2020 as a result of COVID-19.”
Macerich also reported that re-leasing spreads for the 12 months concluding on March 31 this year were 6.5%, calling them a “sequential improvement” over the 4.7% posted during all of 2019.
The company stated that 74% of the gross leaseable area at its properties has been closed during the pandemic and that many of the stores that remained opened did so on a limited-hours basis.
Macerich said it is actively pursuing the re-opening of its portfolio, with 13 already back on track in Texas, Colorado, Missouri, Iowa, Indiana and Arizona. The company expects to open another 35 by the end of May.
CEO Thomas O’Hern said in a press release that COVID-19 was “touching almost every facet of the global economy,” but felt optimistic about Macerich’s future.
"I am confident that we have built a resilient business model, a high-quality portfolio, and a team of top professionals to weather this crisis and to ensure we remain well-positioned going forward," O’Hern said.