ATLANTA (AP) _ Cousins Properties Inc. (CUZ) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Atlanta-based real estate investment trust said it had funds from operations of $69 million, or 17 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 15 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 $4.8 million, or 1 cent per share.
The real estate company posted revenue of $119.9 million in the period. Its adjusted revenue was $112.5 million, falling short of Street forecasts. Four analysts surveyed by Zacks expected $117 million.
Cousins Properties expects full-year funds from operations to be 58 cents to 63 cents per share.
The company's shares have fallen slightly since the beginning of the year. In the final minutes of trading on Thursday, shares hit $8.47, a decrease of 21 percent 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 CUZ at https://www.zacks.com/ap/CUZ
Keywords: Cousins Properties, Earnings Report