在第一季度业绩“有些令人失望”后，Macerich在丰业银行的评级被下调

Macerich (NYSE:MAC) shares slipped 1.5% after Scotiabank downgraded the operator of retail real estate to Sector Underperform from Sector Perform on the heels of "somewhat disappointing" first-quarter results.

The company suffered a notable decline in Q1 funds from operations, due in part to the negative impact of its tenant Express filing for bankruptcy.

The downbeat coverage also followed the announcement of Macerich's (MAC) strategic plan to reduce leverage and improve its credit costs.

"The path to low-to-mid 6x leverage will result in 3-4 years of earnings headwinds as assets are sold or handed back to lenders," analyst Greg McGinniss wrote in a note.

And, he added, "there is the potential for another round of equity issuance driven shareholder earnings dilution of ~10%, we estimate."

His Sector Underperform rate differs from the SA Quant system rating and the average sell-side analyst rating, both at Hold.

Earlier on Friday, McGinniss upgraded fellow retail REIT Tanger (SKT) to Sector Perform, as tenant risk exposure for the retail REIT "has not materialized in a meaningful way."