Macerich Q2 FFO Rises; Lifts 2015 FFO/shr Outlook

(RTTNews) - Macerich Co. (MAC) reported that its second-quarter funds from operations increased to $151.0 million or $0.89 per share from $129.8 million or $0.86 per share last year.

Included in the 2015 second quarter results was a loss on extinguishment of debt of $1.6 million or $.01 per share-diluted and $11.4 million or $.07 per share-diluted of expenses related to an unsolicited takeover attempt and contested proxy.

Net income attributable to the company for the quarter was $14.4 million or $0.09 per share down from $16.1 million or $0.11 per share last year.

Total revenues for the quarter grew to $322.79 million from $254.34 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share and revenues of $316.72 million for the quarter. Analysts' estimates typically exclude special items.

The company increased its 2015 previously provided FFO per share guidance range to $3.86 to $3.94 up from $3.83 to $3.93. The guidance does not include the impact of gains or losses on early extinguishment of debt or expenses related to an unsolicited takeover attempt. Analysts expect annual earnings of $3.85 per share.