MALVERN, Pa. – MALVERN, Pa. (AP) _ Liberty Property Trust (LPT) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Malvern, Pennsylvania, said it had funds from operations of $98.6 million, or 65 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 62 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 $140.2 million, or 95 cents per share.
The real estate investment holding trust posted revenue of $190.2 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $169.5 million.
Liberty Property expects full-year funds from operations in the range of $2.55 to $2.65 per share.
The company's shares have decreased almost 9 percent since the beginning of the year. The stock has decreased 4 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on LPT at https://www.zacks.com/ap/LPT