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Macerich Q4'17 FFO falls 14% YOY

Macerich Co. disclosed funds from operations attributable to common stockholders and unit holders for the 2017 fourth quarter of $155.6 million, or $1.03 per share, a 13.9% decrease in the aggregate from $180.6 million, or $1.17 per share, in the 2016 fourth quarter.

The regional mall landlord said fourth-quarter 2017 FFO included a $14.5 million re-valuation reduction of a deferred tax asset as a result of the lower federal corporate income tax rates adopted as part of new tax reform legislation.

Revenue for the fourth quarter came in at $256.7 million, a 5.6% decrease from $272.0 million in the comparable 2016 period.

For the full year 2017, the company posted a 9.3% year-over-year fall in FFO. In the aggregate, results totaled $582.9 million, or $3.83 per share, compared with $642.3 million, or $4.08 per share, a year prior. Revenue for the full year came in at $993.7 million, a loss of 4.79% from $1.04 billion the previous year.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was $1.14 per share. For the full year, the S&P Capital IQ consensus estimate for FFO was $3.94 per share.

Macerich expects FFO per share in the range of $3.92 to $4.02 for the 2018 full year.

For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $4.07.

Macerich said it expects to close on a $450 million, 12-year, fixed-rate loan on Broadway Plaza. The Walnut Creek, Calif., property was recently expanded and renovated.

The company also refinanced Santa Monica Place in Santa Monica, Calif., in December 2017 with a new $300 million, five-year, floating-rate loan with an initial rate of 3.13%. The former $215 million loan was paid off at closing.