Shopping mall owner Macerich Co. on Wednesday said it moved to a second-quarter profit, helped by large gains on asset sales.
The Santa Monica real-estate investment trust also saw a 13 percent increase in revenue, which the company attributed to a stronger retail property market and stabilization in rent rates. The REIT during the quarter sold interests in four shopping centers for a net gain of nearly $131 million. Net income was more than $133 million ($1 a share), compared with a net loss of $19.2 million (-15 cents) in the same period a year earlier, with revenue of more than $204 million.
Adjusted funds from operations were flat at 74 cents, just above the Wall Street consensus of 73 cents. Shares closed down less than 1 percent to $58.17.