01:59 PM EDT, 04/30/2024 (MT Newswires) -- Macerich ( MAC ) reported Q1 funds from operations Tuesday of $0.29 per diluted share, down from $0.44 a year earlier.

Analysts polled by Capital IQ expected funds from operations of $0.39.

Revenue for the quarter that ended March 31 was $208.8 million, down from $214.9 million a year earlier.

Analysts surveyed by Capital IQ expected $203.5 million.

The company said it is withdrawing its 2024 estimates for earnings per share and funds from operations as it executes a strategic plan to reduce net debt to earnings before interest, taxes, depreciation, and amortization leverage.

Macerich ( MAC ) shares were down 8.7% in recent trading.

Price: 14.63, Change: -1.39, Percent Change: -8.65