VANCOUVER, British Columbia (AP) _ City Office REIT Inc. (CIO) on Friday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Vancouver, British Columbia-based real estate investment trust said it had funds from operations of $11.8 million, or 29 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 a loss of $2.9 million, or 7 cents per share.
The real estate investment trust, based in Vancouver, British Columbia, posted revenue of $37.1 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $36.2 million.
The company's shares have risen 11% since the beginning of the year. The stock has dropped 1% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIO at https://www.zacks.com/ap/CIO