Macerich reports net income increase, releases yearly guidance
The Macerich Company announced strong second quarter results on Monday. The real estate investment trust reported an increase of net income to $45.2 million, or $0.31 per diluted share, from $14.4 million, or $0.09 per diluted share in the previous second quarter.
Funds From Operations diluted for the quarter were $160.3 million, or $1.02 per diluted share, compared to $151.0 million, or $0.89 per diluted share in 2015.
"During the second quarter we continued to improve our operating margins and to deliver strong releasing spreads. These were the key drivers to our positive earnings and FFO increases and exceptional same center net operating growth of 6.5% during the quarter." said Arthur Coppola, chairman and chief executive officer of Macerich.
Mall tenant annual sales per square foot for the portfolio increased to $626 from $623, and same center basis sales per square foot were $644 compared to $629 in the previous year.
Macerich used a portion of the proceeds from joint ventures that were completed in October 2015 and January 2016 to complete a total of $1.2 billion of share repurchases under its share repurchase program. The company also closed on a $375 million loan on The Shops at North Bridge on May 27, 2016 and arranged for a $225 million loan at The Village at Corte Madera.
For 2016, Macerich expects its diluted EPS to range from $3.83 to $3.93 and its diluted funds from operations per share to range from $4.05 to $4.15.
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