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Kilroy Realty: 1Q Earnings Snapshot

LOS ANGELES (AP) _ Kilroy Realty Corp. (KRC) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Los Angeles, said it had funds from operations of $110.2 million, or $1 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 99 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 $39.8 million, or 37 cents per share.

The real estate investment trust posted revenue of $221.3 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $219.2 million.

The company's shares have declined 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $65.02, a drop of 15% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KRC at https://www.zacks.com/ap/KRC