SANTA MONICA, Calif. (AP) — SANTA MONICA, Calif. (AP) — The Macerich Co. (MAC) on Thursday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $116.7 million, or 47 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 47 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $211.2 million, or 89 cents per share.
The shopping center real estate investment trust, based in Santa Monica, California, posted revenue of $273.7 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $235.4 million.
For the year, the company reported funds from operations of $360.9 million. Revenue was reported as $918.2 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAC at https://www.zacks.com/ap/MAC
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