NEW YORK (AP) — NEW YORK (AP) — Brixmor Property Group Inc. (BRX) on Monday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $151.6 million, or 50 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 49 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 $112.2 million, or 37 cents per share.
The owner and operator of shopping centers posted revenue of $311.4 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $308.1 million.
Brixmor expects full-year funds from operations to be $1.97 to $2.04 per share.
The company's shares have dropped almost 7% since the beginning of the year. In the final minutes of trading on Monday, shares hit $21.10, a decrease of 17% in the last 12 months.