CHICAGO (AP) _ First Industrial Realty Trust Inc. (FR) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $59.2 million, or 46 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 44 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 $35.7 million, or 28 cents per share.
The real estate investment trust posted revenue of $109.2 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $109 million.
First Industrial Realty Trust expects full-year funds from operations to be $1.76 to $1.84 per share.
The company's shares have declined nearly 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.33, a rise of 8% in the last 12 months.