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First Industrial Realty Trust reports 1Q results

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 $43.7 million, or 36 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 37 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 $22.7 million, or 19 cents per share.

The real estate investment trust posted revenue of $97.4 million in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $97.1 million.

First Industrial Realty Trust expects full-year funds from operations to be $1.48 to $1.58 per share.

The company's shares have declined slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.99, a climb of 22 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


Keywords: First Industrial Realty Trust, Earnings Report