Macerich Co.'s management beat back some of the creeping negativity around first-quarter retailer tenant store closures and bankruptcies by maintaining full-year guidance and testifying to robust leasing activity and retailer tenant sales growth.

The real estate investment trust's shares, which were trading at a 34.3% discount to net asset value at market close on May 1, were up more than 4% in May 2 trading and experienced a lift in the immediate aftermath of the early afternoon earnings call. Analysts cited as a key positive the fact that the company reaffirmed its 2019 guidance for funds from operations and same-store net operating income growth, which they said should give investors comfort after the recent bankruptcy of apparel retailer Charlotte Russe.

The mall landlord signed 258 leases comprising 825,000 square feet during the first quarter, representing a 64% gain year over year by lease count and a 51% gain in terms of square footage signed — results management described on the call as "extremely strong." Several emerging brands, including private sleep products retailer Casper Sleep and exercise equipment and media company Peloton, were included in the leasing mix.

Overall, re-leasing spreads increased 11.0% over the 12 months ended March 31. Occupancy ticked up to 94.7% from 94.0%, and mall tenant sales per square foot increased 8.7%, to $746 from $686. The footwear and food and beverage categories have been faring particularly well in sales, CEO Thomas O'Hern said.

"While we continue to face some short-term occupancy disruption from several bankruptcies that occurred at the start of year, we remained firm in our belief that in the long run, our high-quality assets situated in dense, urban markets will thrive as the retail landscape continues to evolve," O'Hern said.

Executives noted that the company's ailing retailer watch list has diminished "considerably" over the last year. "I think the real key here is that we've got an opportunity to reset and re-merchandise our centers," Doug Healey, executive vice president for leasing, said. "So as we start to lose some apparel, it gives us the opportunity to take traditional malls with traditional apparel stores and really turn them into town centers that are something for everybody."