FX.co ★ Macerich Posts Profit In Q2

Macerich Company (MAC), a real estate investment trust specializing in shopping centers, reported a net profit of $265.5 million for the second quarter, a marked improvement compared to last year's net loss of $14.4 million.

The net income attributable to the company amounted to $252 million, or $1.16 per share, in contrast to the previous year's net loss of $14.96 million, or $0.07 per share.

Adjusted funds from operations stood at $88.1 million, or $0.39 per share, slightly down from $89.1 million, or $0.40 per share, in the same quarter last year. These figures exclude financing expenses related to Chandler Freehold, accrued default interest expenses, and losses on non-real estate investments.

Total revenues for the second quarter experienced growth, reaching $215.5 million, up from $212.4 million the previous year. Leasing revenues also saw an increase, rising to approximately $198 million from $193 million.