First Industrial Realty Trust: 3Q Earnings Snapshot

CHICAGO (AP) _ First Industrial Realty Trust Inc. (FR) on Wednesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.

The real estate investment trust, based in Chicago, said it had funds from operations of $51.6 million, or 40 cents per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $30.9 million, or 24 cents per share.

The real estate investment trust posted revenue of $100.3 million in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $99.7 million.

First Industrial Realty Trust expects full-year funds from operations in the range of $1.57 to $1.61 per share.

The company's shares have declined 2.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $30.67, dropping slightly in the last 12 months.


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