HOUSTON – HOUSTON (AP) _ Weingarten Realty Investors (WRI) on Tuesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $74.7 million, or 57 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 57 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 $146.8 million, or $1.13 per share.
The real estate investment trust posted revenue of $132.5 million in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $131.1 million.
Weingarten Realty expects full-year funds from operations in the range of $2.29 to $2.35 per share.
The company's shares have dropped 20 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.21, a fall of 24 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on WRI at https://www.zacks.com/ap/WRI
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