WASHINGTON (dpa-AFX) - Macerich Co. (MAC), a real estate investment trust that invests in shopping centers, on Wednesday reported a decline in Funds from Operation or FFO and a narrower net loss for the third-quarter.
However, the company registered a rise in revenue, above analysts' estimates.
For the three-month period to September 30, the company recorded FFO of $81.225 million or $0.36 per share, lower than $91.957 million or $0.41 per share, recorded for the same period last year.
Excluding items, FFO stood at $85.968 million or $0.38 per share, compared with $100.553 million or $0.45 per share a year ago.
Net loss was $108.189 million or $0.50 per share, narrower than a loss of $262.547 million or $1.22 per share in 2023. Revenue was $220.224 million, up from prior year's $218.152 million.
On average, analysts polled by Thomson Reuters had projected the firm to post loss of $0.05 per share, on revenue of $213.57 million, for the quarter. Analysts' estimates typically exclude special items.
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