Macerich profit is weaker than expected

Shopping mall owner Macerich Co. reported weaker-than-expected fourth-quarter profit and said 2007 results would miss Wall Street's forecasts.

Macerich's funds from operations, a key profit measure for real estate investment trusts, rose to $124.7 million, or $1.36 a share, from $105.9 million, or $1.32, a year earlier.

Analysts had expected funds from operations of $1.46 a share.

Net income available to common shareholders rose to $147.9 million, or $1.98 a share, from $23.6 million, or 39 cents.