ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Monday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Rockville, Maryland, said it had funds from operations of $120 million, or $1.58 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.60 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 $145.3 million, or $1.92 per share.
The real estate investment trust posted revenue of $239.1 million in the period, topping Street forecasts. Seven analysts surveyed by Zacks expected $238.7 million.
For the year, the company reported funds from operations of $477.7 million, or $6.33 per share. Revenue was reported as $935.8 million.
Federal Realty Investment Trust expects full-year funds from operations to be $6.40 to $6.58 per share.
The company's shares have declined slightly since the beginning of the year. In the final minutes of trading on Monday, shares hit $128.09, a decline of 6% in the last 12 months.