LOS ANGELES—According to a report from RBC CapitalMarkets, Macerich Co. just missed itsestimated NOI for Q1 2014.FFO/share comes in at $0.81, missing estimates by$0.02 and census by $0.03. The REIT did exceed interest expenses by$0.01, which the report says is offset the $0.02 losses on the NOIline. NOI was driven down by lower other income and lowerpercentage rents.

Although NOI just missed the mark by RBC Capital's estimates, itdid see healthy same store NOI growth this quarter at about 3.5%.Comparatively, the company experienced 3.4% growth in Q1 of 2013and 4.9% growth in the final quarter of 2013. TheREIT also experienced growth in store tenantsales, which were up 0.9% to $565 per square foot; as well as majorgrowth in occupancy, which reached 95.1%. RBC Capital notes this isthe highest level on record for Macerich. GlobeSt.com reported, forexample, two new tenant signings at Tyson's Tower inWashington DC earlier this year. Along with occupancy, leasingspreads fared well, performing at 14.8% while base rent per squarefoot continued to grow.

Overall, the REIT showed a strong quarter with minimal losses.The most noticeable loss was in the company's operatingmargin, which fell from 68.4% in Q4 of 2013 to 65.8%. NOIyields on gross book value also fell to 7.5% from 6.8% in the samequarter last year. Despite the near misses, the company forecastedan FFO/share of $3.50 to $3.60, and RBC Capital is in agreementwith the group.