NEW YORK – NEW YORK (AP) _ Brixmor Property Group Inc. (BRX) on Monday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $154.3 million, or 51 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 50 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 $80.4 million, or 26 cents per share.
The owner and operator of shopping centers posted revenue of $313 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $308.2 million.
The company's shares have decreased 7 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $17.31, a fall of 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 BRX at https://www.zacks.com/ap/BRX
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
