CHICAGO (AP) _ First Industrial Realty Trust Inc. (FR) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $58.1 million, or 45 cents per share, in the period.
The average estimate of seven 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 $96.9 million, or 76 cents per share.
The real estate investment trust posted revenue of $110.8 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $108.6 million.
For the year, the company reported funds from operations of $225.2 million, or $1.74 per share. Revenue was reported as $426 million.
First Industrial Realty Trust expects full-year funds from operations in the range of $1.77 to $1.87 per share.
The company's shares have climbed 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $44.87, an increase of 34% in the last 12 months.