ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Rockville, Maryland-based real estate investment trust said it had funds from operations of $117.2 million, or $1.57 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.57 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 $52.5 million, or 71 cents per share.
The real estate investment trust posted revenue of $235.4 million in the period, which topped Street forecasts. Seven analysts surveyed by Zacks expected $234.2 million.
For the year, the company reported funds from operations of $461.8 million, or $6.23 per share. Revenue was reported as $915.4 million.
Federal Realty Investment Trust expects full-year funds from operations to be $6.30 to $6.46 per share.
The company's shares have increased 14 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $135.15, a climb of 23 percent in the last 12 months.