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Dec. 12, 2018, 2:47 p.m. EST

Macerich shares slide 4% after SunTrust cuts price target, citing loss of rent from Sears among other factors

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By Ciara Linnane

Macerich Co. shares /zigman2/quotes/203054096/composite MAC +3.43% slid 4% Wednesday, after SunTrust Robinson Humphrey lowered its price target on the real-estate investment trust's stock to $52 from $55 and cut 2019 estimates, citing a range of factors including the potential loss of rent from Sears /zigman2/quotes/202095319/delayed SHLDQ +0.41% . Analysts led by Ki Bin Kim refined their model after talking with the company and learning that interest costs will be higher in 2019 by about $20 million, the company expects lower capitalized interest in 2019 and expect higher-than-expected expensing of previously capitalized leasing costs. Six of the nine Sears locations owned through a joint venture with Seritage are currently in liquidation. And Westside Pavilion, owned in a joint venture with Hudson Pacific, will be shut down starting in 2019. Shares have fallen 28% in 2018, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.36% has fallen 0.5%.

/zigman2/quotes/203054096/composite
US : U.S.: NYSE
$ 29.23
+0.97 +3.43%
Volume: 2.06M
Oct. 22, 2019 6:30p
P/E Ratio
39.15
Dividend Yield
10.26%
Market Cap
$4.13 billion
Rev. per Employee
$1.33M
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/zigman2/quotes/202095319/delayed
US : U.S.: OTC
$ 0.25
+0.0010 +0.41%
Volume: 83,380
Oct. 22, 2019 3:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$26.98 million
Rev. per Employee
$148,213
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/zigman2/quotes/210599714/realtime
US : S&P US
2,995.99
-10.73 -0.36%
Volume: 1.84B
Oct. 22, 2019 5:03p
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