Macerich Shares Up on Earnings

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Macerich Co. on Tuesday reported strong earnings growth in the fourth quarter, citing a robust retail sector that is allowing the Santa Monica mall operator to raise store lease rates.


Macerich reported fourth quarter net income of $148 million ($1.98 per share), a nearly five-fold hike from $23.6 million (39 cents) for the same period a year earlier. Analysts polled by Thompson Financial were expecting earnings of $1.46.


Revenues for the Santa Monica real estate investment trust came in 7.5 percent higher at $244 million, also handily beating analysts’ projections of $223 million. The company said that store leases signed during the quarter at its mall and freestanding developments were 21 percent higher on average than expiring rents.


For the year, net income increased 333 percent to $228 million ($3.19 per share. Revenue was up 13 percent to $885 million.


Shares in Macerich closed up $1.41 on Tuesday to $99.56.

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