WAKEFIELD, Mass. (AP) _ Franklin Street Properties Corp. (FSP) on Tuesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The Wakefield, Massachusetts-based real estate investment trust said it had funds from operations of $24.9 million, or 23 cents per share, in the period.
The average estimate of three 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 $2.4 million, or 2 cents per share.
The hybrid real estate investment trust posted revenue of $68.5 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $65.4 million.
For the current quarter ending in December, Franklin Street expects its per-share funds from operations to range from 21 cents to 23 cents.
The company expects full-year funds from operations in the range of 87 cents to 89 cents per share.
The company's shares have increased 38% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.58, an increase of 20% in the last 12 months.