CHATTANOOGA, Tenn. (AP) _ CBL & Associates Properties Inc. (CBL) on Wednesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Chattanooga, Tennessee, said it had funds from operations of $103 million, or 52 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $22.9 million, or 13 cents per share.
The owner and operator of retail properties posted revenue of $238 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $244.8 million.
CBL expects full-year funds from operations in the range of $2.18 to $2.24 per share.
The company's shares have dropped 19 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.26, a decrease of 22 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CBL at https://www.zacks.com/ap/CBL
Keywords: CBL & Associates, Earnings Report