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Macerich: Q1 Earnings Snapshot

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

The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $92.4 million, or 34 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 31 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 $36.4 million, or 14 cents per share.

The shopping center real estate investment trust, based in Santa Monica, California, posted revenue of $241.5 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $238.7 million.

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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

Mother honors daughter’s memory by helping metro Atlanta families with back-to-school clothes

Click here for updates on this story    ATLANTA (WUPA) -- What began as a mother's way of honoring her late daughter has grown into a nonprofit helping foster families and others facing financial hardship across metro Atlanta.After her adopted daughter, Emonie, died unexpectedly in 2018, Leigh Canada said she wasn't sure what to do with the clothes her daughter left behind. Instead of storing them away, she transformed them into a mission.Canada started Emonie's Closet inside her garage before expanding it into a mobile clothing boutique and the Closet of Champions, an appointment-only shopping space designed to give families a dignified shopping experience.Today, the nonprofit serves youth in foster care, young adults aging out of foster care, kinship caregivers, job seekers and families experiencing financial hardship.Families can shop at no cost, often receiving up to a week's worth of clothing. For those who can't make it to an appointment, Canada packs clothing based on sizes and individual needs."I wanted to go back to her foundation, which was foster care, and provide back to that community," Canada said.For Tamaryo Shepherd, a single mother of four, the nonprofit came at the right time as she prepared her children for the new school year."Finances can be really tight, especially being a single mom and having four kids that you have to provide for," Shepherd said. "Emonie's Closet has really came in and been a big blessing."Canada says the nonprofit is about more than providing clothes."It means the world to me," she said. "It's just keeping her spirit through others."Canada says Emonie's Closet relies on community donations, volunteers and partnerships to continue serving families throughout metro Atlanta. Those interested in volunteering, donating or requesting assistance can learn more here.Please note: This story was provided to CNN Wire by an affiliate and does not contain original CNN reporting. This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.
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