Macerich Co., the Santa Monica-based shopping mall owner, said first-quarter net income slipped 7% because of an accounting change tied to the depreciation of it assets.
The real estate investment trust reported profit of $18.1 million, or 31 cents a share, down from $19.4 million, or 37 cents, a year earlier. Revenue rose 8% to $123.8 million.
Income from operations, a key measure of profitability for REITs, rose to $68.7 million, or 90 cents a share, from $63.3 million, or 84 cents, beating estimates by 4 cents.
Macerich shares fell $1.47 to $40.70 on the NYSE.