SANTA MONICA, Calif. (AP) _ The Macerich Co. (MAC) on Tuesday reported a key measure of profitability in its first 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 $75.6 million, or 45 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $63.6 million, or 40 cents per share.
The shopping center real estate investment trust posted revenue of $190.4 million in the period.
Macerich expects full-year funds from operations in the range of $1.77 to $1.97 per share.
The company's shares have climbed 33% since the beginning of the year, while the S&P's 500 index has risen 12%. The stock has more than doubled in the last 12 months.
The Associated Press