LOS ANGELES – LOS ANGELES (AP) _ Kilroy Realty Corp. (KRC) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $96.3 million, or 94 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 90 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 $36.2 million, or 36 cents per share.
The real estate investment trust posted revenue of $182.8 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $181.7 million.
Kilroy Realty expects full-year funds from operations to be $3.49 to $3.64 per share.
The company's shares have decreased 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $70.06, a drop of nearly 5 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 KRC at https://www.zacks.com/ap/KRC