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.
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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
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