CLEVELAND – CLEVELAND (AP) _ Forest City Enterprises Inc. (FCE.A) on Thursday reported a key measure of profitability in its first quarter.
The Cleveland-based real estate investment trust said it had funds from operations of $82.5 million, or 30 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 net income of $199.7 million, or 73 cents per share.
The developer of shopping malls, office buildings and apartment complexes, based in Cleveland, posted revenue of $209.9 million in the period.
The company's shares have dropped 17 percent since the beginning of the year. The stock has fallen 11 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 FCE.A at https://www.zacks.com/ap/FCE.A