The Macerich Co. (MAC) on Monday said that it slipped to loss in the second quarter, due to the absence of asset sale gains recorded in the last year quarter. Revenues also rose during the period, helped by a jump in leasing revenues.
On the NYSE, the stock was down 3 percent in Monday's after-hours at $16.18. MAC closed Monday's trade at $16.16, down 0.18 percent.
The real estate investment trust posted net loss of $40.91 million or $0.16 per share in the second quarter, compared to net income of $252.01 million or $1.16 per share in the prior-year period. The year-ago quarter included gain on sale of asset of $334.3 million, related to the Chandler Fashion Center transaction.
During the three-month period, Funds from Operations or FFO declined to $83.98 million or $0.32 per share from $99.70 million or $0.44 per share in the same period last year.
On an adjusted basis, FFO came in at $87.3 million or $0.33 per share in the quarter, compared to $88.1 million or $0.39 per share in the second quarter of 2024. Total revenues for the quarter climbed to $249.79 million from $215.52 million in the previous-year period, helped by growth in leasing revenues.
The company declared a dividend of $0.17 per share for the second quarter. The dividend will be paid on September 23 to stockholders of record at the close of business on September 9.
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