Macerich Trims FY23 Outlook; Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Tuesday, REIT Macerich Co. (MAC) trimmed its outlook for the full year 2023.

For fiscal 2023, the company now projects a loss in a range of $0.32 to $0.26 per share, FFO in a range of $1.78 to $1.84 per share and adjusted FFO in a range of $1.77 to $1.83 per share.

Previously, the company expected a loss in a range of $0.32 to $0.22 per share, FFO in a range of $1.79 to $1.89 per share and adjusted FFO in a range of $1.75 to $1.85 per share.

On average, analysts polled by Thomson Reuters expect the company to report a loss of $0.29 per share on revenues of $827.83 million for the year. Analysts' estimates typically exclude special items.

On August 4, the company declared a quarterly cash dividend of $0.17 per share of common stock, payable on September 8, 2023 to stockholders of record at the close of business on August 18, 2023.

For the second quarter, the company reported a net loss attributable to the company of $14.96 million or $0.07 per share, compared to net loss of $15.38 million or $0.07 per share in the prior-year quarter.

Funds from operations or FFO were $82.99 million or $0.37 per share, compared to $93.71 million or $0.42 per share in the year-ago quarter. Adjusted FFO were $0.40 per share, compared to $0.46 per share last year.

On average, six analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased to $212.37 million from $204.09 million in the same quarter last year. Analysts expected revenue of 208.00 million for the quarter.

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