NEW YORK (AP) _ Seritage Growth Properties (SRG) on Thursday reported a loss in funds from operations in its fourth quarter, after reporting a profit in the same period a year earlier.
The New York-based real estate investment trust said it had a funds from operations loss of $15 million, or 27 cents per share, in the period.
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 $25.9 million, or 70 cents per share.
The real estate investment trust posted revenue of $36.6 million in the period.
For the year, the company reported funds from operations losses of $33.9 million, swinging to a loss in the period. Revenue was reported as $168.6 million.
The company's shares have fallen 13% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $35, a fall of 21% in the last 12 months.