Washington Reit: 1Q Earnings Snapshot
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WASHINGTON (AP) _ Washington Real Estate Investment Trust (WRE) on Wednesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Washington-based real estate investment trust said it had funds from operations of $35.2 million, or 45 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $3.3 million, or 4 cents per share.
The real estate investment trust posted revenue of $84.9 million in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $82.8 million.
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Washington Reit expects full-year funds from operations in the range of $1.81 to $1.89 per share.
The company's shares have decreased 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.86, a fall of 14 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 WRE at https://www.zacks.com/ap/WRE