The Macerich Company Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
November 03, 2021 at 04:32 pm IST
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The Macerich Company reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported sales was USD 197.14 million compared to USD 175.51 million a year ago. Revenue was USD 212.14 million compared to USD 185.84 million a year ago. Net income was USD 106.7 million compared to net loss of USD 22.19 million a year ago. Basic earnings per share from continuing operations was USD 0.5 compared to basic loss per share from continuing operations of USD 0.15 a year ago. Diluted earnings per share from continuing operations was USD 0.5 compared to diluted loss per share from continuing operations of USD 0.15 a year ago.
For the nine months, sales was USD 573.66 million compared to USD 554.98 million a year ago. Revenue was USD 618.03 million compared to USD 591.38 million a year ago. Net income was USD 31.33 million compared to net loss of USD 39.79 million a year ago. Basic earnings per share from continuing operations was USD 0.16 compared to basic loss per share from continuing operations of USD 0.28 a year ago. Diluted earnings per share from continuing operations was USD 0.16 compared to diluted loss per share from continuing operations of USD 0.28 a year ago.
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company conducts its operations through The Macerich Partnership, L.P. (the Operating Partnership). The Company is focused on the acquisition, ownership, development, redevelopment, management, and leasing of regional and community/power shopping centers located throughout the United States. The Company, through its operating partnership, owns ownership interests in approximately 46 million square feet of real estate, consisting primarily of 43 regional town centers, three community/power shopping centers and one redevelopment property. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, including Macerich Property Management Company, LLC, Macerich Management Company, Macerich Arizona Partners LLC, Macerich Arizona Management LLC, MACW Mall Management, Inc., and MACW Property Management, LLC.