Macerich: Q2 Earnings Snapshot
SANTA MONICA, Calif. (AP) _ The Macerich Co. (MAC) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Santa Monica, California-based real estate investment trust said it had funds from operations of $102.9 million, or 46 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $15.4 million, or 7 cents per share.
The shopping center real estate investment trust posted revenue of $204.1 million in the period.
Macerich expects full-year funds from operations in the range of $1.92 to $2.04 per share.