CHATTANOOGA, Tenn. – CHATTANOOGA, Tenn. (AP) _ CBL & Associates Properties Inc. (CBL) on Monday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Chattanooga, Tennessee, said it had funds from operations of $79.2 million, or 40 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 41 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 $12.6 million, or 7 cents per share.
The owner and operator of retail properties posted revenue of $206.9 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $207.3 million.
CBL expects full-year funds from operations in the range of $1.70 to $1.80 per share.
In the final minutes of trading on Monday, the company's shares hit $3.55. A year ago, they were trading at $7.97.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CBL at https://www.zacks.com/ap/CBL
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