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 matched Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $165.7 million, or $1.09 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.09 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 $11.7 million, or 8 cents per share.
The shopping center real estate investment trust posted revenue of $246.9 million in the period. Its adjusted revenue was $215.7 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $234.2 million.
For the year, the company reported funds from operations of $583.8 million, or $3.85 per share. Revenue was reported as $960.4 million.
Macerich expects full-year funds from operations in the range of $3.65 to $3.73 per share.
The company’s shares have climbed nearly 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 9 percent. The stock has declined 25 percent in the last 12 months.