Macerich 3Q results improve

Macerich 3rd-quarter results improve on higher rent revenue, occupancy

Associated Press

SANTA MONICA, Calif. (AP) -- The Macerich Co. said conditions improved during the third quarter with better revenue from rent and higher occupancy rates at malls.

The real estate investment trust said Wednesday that funds from operations, totaled $145.1 million, or 33 cents per share. That compares with $143.2 million, or 10 cents per share. Excluding one-time items, net income totaled 78 cents per share. Analysts expected 75 cents per share, according to FactSet.

Funds from operations, which adds charges including amortization and depreciation back to net income, is considered a measure of core operations for a real estate investment trust.

Net income attributable to shareholders more than quadrupled to $43.9 million, or 33 cents per share, from $12.9 million, or 10 cents per share.

Total revenue rose 12 percent to $215.7 million from $193.3 million last year.

Mall tenant annual sales per square foot rose 9 percent to $511 million for the 12 months ended Sept. 30. Occupancy rose to 93 percent as of Sept. 30, from 91.9 percent a year earlier.

Minimum rents rose 10 percent to $119.1 million.

The company affirmed expectations of adjusted FFO of $3.06 to $3.14 in 2012. Analysts expect $3.57 per share.

Santa Monica, Calif., company operates 59 shopping centers in the U.S.

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