October 26, 2007 |
Santa Monica-based shopping center operator Macerich Co. will open a $205-million mall near Phoenix today as part of an expansion program in Arizona. SanTan Village is the first of several regional shopping centers the company is building in metropolitan Phoenix. The outdoor mall will include department stores, theaters, restaurants, offices and 130 shops.
February 14, 2007 |
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.
May 10, 2006 |
Santa Monica-based shopping mall owner Macerich Co. said its first-quarter results improved, lifted by solid occupancy and leasing activity, but fell a penny short of Wall Street's forecast. First-quarter funds from operations (FFO) climbed 19% to $90.1 million, or $1.05 a share, from $76 million, or 99 cents, a year earlier. 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.
May 4, 2006 |
Macerich Co., a Santa Monica-based real estate investment trust that owns stakes in 76 U.S. shopping malls, said Wednesday that it agreed to purchase 11 department store buildings in California, Arizona and Connecticut from Federated Department Stores Inc. Among them are six store sites in Southern California, including Robinsons-May at Santa Monica Place. Cincinnati-based Federated is selling stores it decided to close after acquiring May Department Stores Co. for $11 billion last year.
November 9, 2005 |
Macerich Co., a real estate investment trust, said funds from operations grew 11% in the third quarter as it continued to see strong occupancy levels, leasing activity and tenant sales. Funds from operations, which add depreciation and amortization to earnings, increased to $81.1 million, or $1.04 a share, from $72.9 million, or 95 cents, a year earlier. The Santa Monica-based company said net income, after preferred dividends, fell to $4.1 million, or 7 cents a share, from $17.
February 11, 2005 |
Shopping center operator Macerich Co. reported a jump in operating income and profit during the fourth quarter as the Santa Monica-based company continued to expand. Funds from operations, a key measure of profitability for real estate investment trusts such as Macerich, were $89.5 million, or $1.16 a share, in the three months ended Dec. 31. That compared with $78.3 million, or $1.04, a year earlier.