SANTA MONICA, Calif. (AP) — SANTA MONICA, Calif. (AP) — The Macerich Co. (MAC) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $119.5 million, or 53 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 52 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 net income of $1.7 million, or 1 cent per share.
The shopping center real estate investment trust posted revenue of $228.2 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $235.9 million.
For the year, the company reported funds from operations of $437.5 million, or $1.96 per share. Revenue was reported as $859.2 million.
Macerich expects full-year funds from operations in the range of $1.75 to $1.85 per share.
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