Mall REIT Macerich beats loss expectations but misses on FFO and revenue, as 9 California malls were re-closed

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Shares of Macerich Co. rose 1.8% in premarket trading Tuesday, after the real estate investment trust focused on shopping centers reported a narrower-than-expected net loss but second-quarter FFO and revenue that missed forecasts, as nine California malls were re-closed during the quarter as a result of a resurgence of COVID-19. The company swung to a net loss of $25.1 million,or 18 cents a share, from net income of $15.7 million, or 11 cents a share, in the year-ago period. The FactSet consensus was for a per-share loss of 27 cents. Funds from operations (FFO) fell to $60.5 million, or 39 cents a share, from $133.6 million, or 88 cents a share, missing the FactSet consensus of 49 cents. Revenue dropped 21.7% to $178.6 million, below the FactSet consensus of $185.6 million. The company said that while the majority of its properties are now open, two New York City malls remain closed since March, while nine indoor California malls, which had reopened in May and early June, were closed for a second time in July because of a statewide mandate. The stock has tumbled 69.4% year to date through Monday, while the SPDR Real Estate Select Sector ETF has slipped 5.8% and the S&P 500 has gained 4.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.