Macerich: 2Q Earnings Snapshot
SANTA MONICA, Calif. (AP) _ The Macerich Co. (MAC) on Tuesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Santa Monica, California-based real estate investment trust said it had funds from operations of $60.5 million, or 39 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 46 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $25.1 million, or 18 cents per share.
The shopping center real estate investment trust posted revenue of $178.6 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $191 million.
The company’s shares have declined 69% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 4%. The stock has declined 73% in the last 12 months.