U.S. Markets close in 4 hrs 52 mins

First Industrial Realty Trust: 1Q Earnings Snapshot

CHICAGO (AP) _ First Industrial Realty Trust Inc. (FR) on Tuesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.

The real estate investment trust, based in Chicago, said it had funds from operations of $53.5 million, or 41 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 42 cents 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 $23.8 million, or 19 cents per share.

The real estate investment trust posted revenue of $104.5 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $105 million.

First Industrial Realty Trust expects full-year funds from operations to be $1.65 to $1.75 per share.

The company's shares have climbed 21 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $35.06, a climb of 20 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 FR at https://www.zacks.com/ap/FR