Macerich: Q2 Earnings Snapshot

SANTA MONICA, Calif. (AP) — SANTA MONICA, Calif. (AP) — The Macerich Co. (MAC) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $99.7 million, or 44 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $252 million, or $1.16 per share.

The shopping center real estate investment trust, based in Santa Monica, California, posted revenue of $215.5 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $219 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAC at https://www.zacks.com/ap/MAC