WAKEFIELD, Mass. (AP) _ Franklin Street Properties Corp. (FSP) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Wakefield, Massachusetts, said it had funds from operations of $22.1 million, or 21 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 20 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 a loss of $1.2 million, or 1 cent per share.
The hybrid real estate investment trust posted revenue of $64.7 million in the period.
The company's shares have increased 26% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.82, a climb of 0.5% 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 FSP at https://www.zacks.com/ap/FSP