Macerich Co. (NYSE:MAC) reported strong second-quarter earnings Monday, boosted by higher occupancy and tenant sales.
The mall owner posted a net loss of $400,000, or one cent a share, compared with $21.7 million, or 29 cents a share, in the same quarter last year.
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The Santa Monica, Calif.-based company said revenues were $181.9 million, compared with $205.9 million in the earlier-year quarter, and beating the Street’s view of $173.86 million.
Revenues were boosted by a 91.8% increase in occupancy and a 3.3% increase in tenant sales.
Macerich CEO Arthur Coppola said the results were “solid,” and noted the positive gains were largely driven by strong occupancy gains and same center growth.
“In addition we continue to see improvement in the capital markets and we have been able to capitalize on that with some very attractive financings,” he said.
The CEO said he was “very pleased” with the opening of the new Santa Monica Place, a mall with many of the world’s “best retail brands,” he said.
“The strong leasing demand for this project demonstrates that retailers will respond to a project with vision, location and top-quality execution even during challenging economic times,” he said.