ROCKVILLE, Md. – ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Rockville, Maryland-based real estate investment trust said it had funds from operations of $112.4 million, or $1.52 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $1.50 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 $59.2 million, or 81 cents per share.
The real estate investment trust posted revenue of $225.4 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $223.8 million.
Federal Realty Investment Trust expects full-year funds from operations in the range of $6.08 to $6.24 per share.
The company's shares have declined 13 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $115.57, a drop of 14 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 FRT at https://www.zacks.com/ap/FRT