ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Rockville, Maryland, said it had funds from operations of $117.3 million, or $1.58 per share, in the period.
The average estimate of 10 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 $60.5 million, or 82 cents per share.
The real estate investment trust posted revenue of $229.8 million in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $228.5 million.
Federal Realty Investment Trust expects full-year funds from operations to be $6.18 to $6.24 per share.
The company's shares have declined 5.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $125.45, an increase of 4 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