The Macerich Company (NYSE:MAC) Q3 2022 Earnings Conference Call November 3, 2022 1:00 PM ET

Company Participants

Samantha Greening - Director of IR

Scott Kingsmore - SEVP and CFO

Doug Healey - SEVP of Leasing

Conference Call Participants

Greg McGinniss - Scotiabank

Derek Johnston - Deutsche Bank

Craig Schmidt - Bank of America Merrill Lynch

Samir Khanal - Evercore

Floris Van Dijkum - Compass Point

Linda Tsai - Jefferies

Connor Mitchell - Piper Sandler

Michael Mueller - JPMorgan

Craig Mailman - Citi

Ronald Kamden - Morgan Stanley

Operator

Good day and welcome to the The Macerich Company Third Quarter 2022 Earnings Call. This call is being recorded.

And now at this time I'll turn the conference over to Samantha Greening. Please go ahead.

Samantha Greening

Thank you for joining us on our third quarter 2022 earnings call. During the course of this call, we will be making certain statements they may be deemed forward looking within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, including statements regarding projections plans are future expectations. Actual results may differ materially due to a variety of risks and uncertainties set forth in today's press release and our SEC filings, including the adverse impact of the novel Coronavirus on the U.S. regional and global economies and the financial condition and results of operations of the company and its tenants.

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with SEC, which are posted in the investor section of company's website at macerich.com.

Joining us today are Scott Kingsmore, Senior Executive Vice President and Chief Financial Officer and Doug Healy, Senior Executive Vice President of leasing.

With that I'll turn the call over to Scott.

Scott Kingsmore

Thank you, Samantha. Good morning and good afternoon. Unfortunately, Tom was missing this call, as yesterday you had a death in his immediate family. At this time, we send Tom and his family our loved support, thoughts and prayers.

We are pleased to report another strong quarter with the majority of our operating metrics trending very positively. After a very strong first half of 2022, we also had a solid third quarter, we saw robust retailer demand, tenant sales were flat in the third quarter however, our portfolio average sales for tenants under 10,000 feet were $877 per foot, our highest level ever. We continue to see traffic at about 95% of pre-COVID traffic, but comparable tenant sales or exceeding pre pandemic levels with year-to-date comparable sales up nearly 5% versus the same period in 2021 and up over 13% compared to the same period pre-COVID in 2019.