Macerich: 4Q Earnings Snapshot
SANTA MONICA, Calif. (AP) _ The Macerich Co. (MAC) on Thursday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $72.9 million, or 45 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 54 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 $190.4 million, or $1.19 per share.
The shopping center real estate investment trust posted revenue of $194.6 million in the period.
For the year, the company reported funds from operations of $339.5 million, or $2.16 per share. Revenue was reported as $786 million.
The company’s shares have climbed 22% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 4%. The stock has decreased 50% in the last 12 months.