Macerich in black, aided by gains; revenue up
By Saabira Chaudhuri
Macerich Co. (NYSE:MAC) swung to a second-quarter profit as the mall-focused real-estate investment trust recorded a double-digit rise in revenue and was helped by big gains on asset sales.
Revenue has been on the rise at Macerich as the retail property market continues to strengthen, and occupancy and rent rates start to stabilize. Wednesday, Chief Executive Arthur Coppola said the company continues to execute on its plan to dispose of noncore assets. During the quarter, it sold its interests in three urban villages and a shopping center, among others.
Overall, Macerich recorded a $130.7 million gain on the sale, disposition or write-down of its assets versus a loss of $35.8 million a year ago.
Macerich reported a profit of $133.4 million, or $1 a share, compared with a year-earlier loss of $19.2 million, or 15 cents a share. Revenue rose 13% to $204.5 million.
Adjusted funds from operations were flat at 74 cents, topping the 73 cents expected by analysts.
Shares of Macerich, which backed its full-year earnings guidance, closed on Tuesday at $58.41 and were inactive premarket. The stock is up 15% so far this year.
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