Macerich: 1Q Earnings Snapshot

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

The Santa Monica, California-based real estate investment trust said it had funds from operations of $122.7 million, or 81 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 79 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 $7.5 million, or 5 cents per share.

The shopping center real estate investment trust posted revenue of $227 million in the period.

The company's shares have decreased 76% since the beginning of the year, while the Standard & Poor's 500 index has decreased slightly more than 9%. The stock has decreased 84% in the last 12 months.

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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