SANTA MONICA, Calif. – SANTA MONICA, Calif. (AP) _ The Macerich Co. (MAC) on Wednesday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $149.6 million, or 99 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1 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 $74 million, or 52 cents per share.
The shopping center real estate investment trust posted revenue of $242.2 million in the period. Its adjusted revenue was $217.6 million.
Macerich expects full-year funds from operations in the range of $3.82 to $3.87 per share.
The company's shares have decreased 21 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 1 percent. In the final minutes of trading on Wednesday, shares hit $51.97, a decrease of roughly 5 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on MAC at https://www.zacks.com/ap/MAC