Macerich Q1 Loss Sharply Widens; Withdraws FY24 Outlook
(RTTNews) - REIT Macerich Co. (MAC) reported Tuesday that a net loss attributable to the company of $126.73 million or $0.59 per share, sharply wider than $58.73 million or $0.27 per share in the prior-year quarter.
Funds from operations or FFO were $74.60 million or $0.33 per share, compared to $95.92 million or $0.43 per share in the year-ago quarter.
On average, seven analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter decreased to $208.78 million from $214.85 million in the same quarter last year. Analysts expected revenue of 205.11 million for the quarter.
Looking ahead, the company said it is withdrawing its 2024 guidance.
On Friday, the company declared a quarterly cash dividend of $0.17 per share of common stock, payable on June 3, 2024 to stockholders of record at the close of business on May 20, 2024.
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