ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Rockville, Maryland-based real estate investment trust said it had funds from operations of $114.8 million, or $1.55 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.53 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 $61.6 million, or 84 cents per share.
The real estate investment trust posted revenue of $224.9 million in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $227.9 million.
Federal Realty Investment Trust expects full-year funds from operations in the range of $6.13 to $6.23 per share.
The company's shares have declined nearly 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $124.96, a fall of 7 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 FRT at https://www.zacks.com/ap/FRT