Macerich Q3 FFO Drops

(RTTNews) - The Macerich Company (MAC), a real estate investment trust, Tuesday reported funds from Operations excluding financing expense in connection with Chandler Freehold and accrued default interest expense of $99.1 million or $0.44 per share for the third quarter, lower than $102.8 million or $0.46 per share a year ago.

The company posted a net loss of $262.55 million or $1.22 per share wider than $15.19 million or $0.07 per share loss last year.

Analysts expected the company to report a loss of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter, however, increased to $218.15 million from $210.7 million in the previous year. The consensus estimate was for $211.99 million.

For the full year, Macerich expects FFO per share, excluding financing expense in connection with Chandler Freehold and accrued default interest expense to be in the range of $1.77-$1.83.