On Mar 21, shares of
The Macerich Company (
- a real estate investment trust (REIT) - soared to touch a
52-week high of $62.94, as it gained momentum following its
strong fourth-quarter 2012 results.
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The closing price of Macerich on Mar 21, 2013, was $62.43,
representing a solid year-to-date return of 7.2%. The average
trading volume over the last 3 months was 0.4 million shares.
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left, given its estimate revisions over the
last 30 days.
Macerich reported robust fourth-quarter 2012 results with core
FFO and revenues surpassing the Zacks Consensus Estimate.
Successful implementation of its strategic plan, which led to a
concentration of company's solid portfolio of A-quality malls
across the most attractive U.S. markets, was the major growth
driver. Moreover, the acquisition of upscale properties - such as
Green Acres Mall and Kings Plaza - during the quarter further
strengthened its portfolio.
On Feb 6, Macerich's fourth-quarter 2012 FFO (funds from
operations) per share came in at 90 cents, beating the Zacks
Consensus Estimate as well as the year-ago FFO by 3 cents. For
full-year 2012, core FFO per share escalated 10.4% year over year
to $3.18 and exceeded the Zacks Consensus Estimate of $3.04. The
remarkable results were aided by strong fundamentals in the
portfolio with solid tenant sales, leasing growth and occupancy
Notably, Macerich has delivered strong earnings surprises in 4
straight quarters with an average beat of 6.40%.
Estimate Revisions Show Potency
Over the last 30 days, the Zacks Consensus Estimate for full-year
2013 has been revised marginally upward to $3.38 per share. On
the other hand, the Zacks Consensus Estimate for full-year 2014
has remained unchanged at $3.57 per share.
On Mar 21, a number of REITs crafted 52-week highs. This includes
Plum Creek Timber Co. Inc. (
Health Care REIT, Inc. (
BioMed Realty Trust Inc. (
Note: Funds from operations, a widely accepted and reported
measure of REITs performance, are derived by adding depreciation,
amortization and other non-cash expenses to net income.