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.