Macerich 3Q Results Fall 10 Pct. As Revenue Dips

SANTA MONICA, Calif. (AP) — Mall operator Macerich Co. on Thursday said its third quarter funds from operations slid 10 percent as revenue fell.

The real estate investment trust posted FFO of $88.7 million or 97 cents per share, compared with $98.5 million, or $1.12 per share, in the same quarter of 2008. Per-share results in the latest quarter reflect 6 percent more shares outstanding than last year.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.

Revenue slid 11 percent to $200.7 million from $225.8 million.

Analysts polled by Thomson Reuters, on average, expected FFO of 92 cents per share on revenue of $200.3 million.

Net income available to common stockholders was $142.8 million, or $1.75 per share, up from $2.6 million or 3 cents per share, in the 2008 quarter. The latest period was boosted by $161.6 million of gain on property sales, mainly the sale of a joint venture interest in Queens Center, a mall in New York City.