First Industrial Realty Trust: 3Q Earnings Snapshot
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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.
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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.
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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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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on FR at https://www.zacks.com/ap/FR