BETHESDA, Md. (AP) _ First Potomac Realty Trust (FPO) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $13.9 million, or 23 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 22 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 $43.1 million, or 74 cents per share.
The real estate investment trust posted revenue of $37.8 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $36.8 million.
First Potomac Realty Trust expects full-year funds from operations in the range of 80 cents to 85 cents per share.
The company's shares have risen slightly since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.98, a rise of 29 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 FPO at https://www.zacks.com/ap/FPO
Keywords: First Potomac Realty Trust, Earnings Report