WAKEFIELD, Mass. (AP) _ Franklin Street Properties Corp. (FSP) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Wakefield, Massachusetts, said it had funds from operations of $23.8 million, or 22 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 21 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 $1.6 million, or 2 cents per share.
The hybrid real estate investment trust posted revenue of $66.8 million in the period.
Franklin Street expects full-year funds from operations to be 84 cents to 88 cents per share.
The company's shares have increased 27% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.94, a decrease of 6% in the last 12 months.