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Strategies & Market Trends : Commercial Real Estate tic.............tic,,,

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From: Smiling Bob	8/5/2009 12:04:43 PM
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CREITS trading like they've seen the worst Not even close ---- Macerich Posts 2Q Loss On Write-Down; Occupancy Up From 1Q>MAC Tuesday 08/04/2009 6:42 AM ET - Dow Jones News Related Companies Symbol Last %Chg MAC 23.58 9.93% As of 12:03 PM ET 8/5/09 DOW JONES NEWSWIRES Macerich Co. (MAC) reported Tuesday that it swung to a second-quarter loss on a $27 million write-down of non-core assets as the real-estate investment trust saw occupancy rates edge up from earlier this year. Commercial-property owners, especially shopping-center owners like Macerich, have been hit hard as retailers either close stores or can't pay rent. Other REITs have sold stock in order to raise capital, but Macerich has been betting it can do better for shareholders by selling stakes in some of its malls first. Last week, the company said it sold a 49% stake in New York City's Queens Center mall, though analysts have said the move may not be enough to avoid selling shares. Macerich posted a loss of $21.7 million, or 29 cents a share, compared with year-earlier income of $15.7 million, or 21 cents a share, a year earlier. Funds from operations, a key profitability measure for REITs, fell to 67 cents from $1.12. Both figures for the latest quarter included 31 cents in write-downs. Revenue decreased 5.5% to $205.9 million as average minimum rent fell by the same amount. Analysts polled by Thomson Reuters expected revenue of $202 million and FFO of $1. Occupancy rates dropped to 90.5% from 92.5% a year earlier but rose from the first quarter's 90.2%. Mall tenant sales per square foot for the past year fell 7.8% Macerich has so far been able to refinance debt on its properties as it becomes due. It said Tuesday it has less than $60 million of debt maturing this year remaining on its books once financings-in-process are completed. Shares closed Monday at $20.04 and were inactive premarket. The stock is down 63% the past year. -By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com Order free Annual Report for Macerich Visit djnewswires.ar.wilink.com or call 1-888-301-0513 Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: djnewsplus.com. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires 08-04-09 0642ET Copyright (c) 2009 Dow Jones & Company, Inc.

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