Macerich Posts Profit In Q2

(RTTNews) - Macerich Company (MAC), a real estate investment trust focused on shopping centers, posted a net profit of $265.5 million for the second quarter. This compares to last year's net loss of $14.4 million.

Net income attributable to the company totaled $252 million or $1.16 per share, compared with a net loss of $14.96 million or $0.07 per share last year.

Adjusted funds from Operations was $88.1 million or $0.39 per share, compared to $89.1 million or $0.40 per share in the same quarter of last year. This excludes financing expense in connection with Chandler Freehold, accrued default interest expense and loss on non-real estate investments.

For the second quarter, the company's total revenues improved to $215.5 million from $212.4 million a year ago. Leasing revenues rose to about $198 million from $193 million.