Macerich FFO Tops Estimate

(RTTNews) - Macerich Co (MAC), a real estate investment trust, on Wednesday reported fourth-quarter funds from operations of $158.8 million or $0.99 per share compared with $140.6 million or $0.94 per share last year.

Excluding items, adjusted FFO for the quarter was $1.05 per share. Analysts polled by Thomson Reuters estimated FFO of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.

The company's net earnings for the quarter were $1.4 billion or $9.51 per share, and included a $8.88 per share gain on remeasurement resulting from the buyout of partner interests in five malls. This compares with earnings of $144.9 million or $1.03 per share last year.

The company's revenues for the quarter were $323 million compared with $282 million in the prior year.

Minimum rents for the quarter totaled $182.3 million compared with $155.6 million a year ago, the company said.

Analysts estimated revenues of $160.5 million for the quarter.

For the full year 2015, the company expects FFO of $3.80 to $3.90 earnings per share, while analysts expect $3.85 per share.