ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Rockville, Maryland-based real estate investment trust said it had funds from operations of $116.9 million, or $1.56 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.55 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 $58.1 million, or 78 cents per share.
The real estate investment trust posted revenue of $232.2 million in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $234.7 million.
Federal Realty Investment Trust expects full-year funds from operations in the range of $6.30 to $6.46 per share.
The company's shares have increased 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $134.21, a rise of 16% 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 FRT at https://www.zacks.com/ap/FRT