LOS ANGELES (AP) _ Kilroy Realty Corp. (KRC) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $109.2 million, or $1.01 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 93 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 $43.8 million, or 41 cents per share.
The real estate investment trust posted revenue of $215.5 million in the period.
Kilroy Realty expects full-year funds from operations in the range of $3.82 to $3.88 per share.
The company's shares have increased 26% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $79.10, a climb of 12% in the last 12 months.