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

The Santa Monica, California-based real estate investment trust said it had funds from operations of $126.5 million, or 56 cents per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 55 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 $62.2 million, or 29 cents per share.

The shopping center real estate investment trust, based in Santa Monica, California, posted revenue of $238.7 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $242 million.

For the year, the company reported funds from operations of $403 million. Revenue was reported as $884.1 million.

Macerich expects full-year funds from operations in the range of $1.76 to $1.86 per share.

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