CHATTANOOGA, Tenn. (AP) _ CBL & Associates Properties Inc. (CBL) on Thursday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Chattanooga, Tennessee-based real estate investment trust said it had funds from operations of $67.8 million, or 34 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $44.1 million, or 26 cents per share.
The owner and operator of retail properties posted revenue of $187.3 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $191.8 million.
CBL expects full-year funds from operations in the range of $1.30 to $1.35 per share.
In the final minutes of trading on Thursday, the company's shares hit $1.43. A year ago, they were trading at $3.30.