Macerich’s Funds From Operations Rise 13%

Santa Monica-based mall owner Macerich Co. said funds from operations climbed 13% in the second quarter, citing rising rents and sales at the company’s retail properties.

Second-quarter funds from operations were $77.1 million, or $1 a share, compared with $68 million, or 89 cents, a year earlier. The results narrowly missed Wall Street estimates of $1.02 a share.

Net income was $6.7 million, or 11 cents a share, compared with $17.1 million, or 29 cents, a year earlier, when the real estate investment trust made gains on asset sales. Occupancy of properties rose slightly to 92.3%.

Macerich shares fell $1.58 to $69.61.

Roger Vincent