WAYNE, Pa. (AP) _ Liberty Property Trust (LPT) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Wayne, Pennsylvania-based real estate investment trust said it had funds from operations of $94.8 million, or 62 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 60 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 $54.3 million, or 37 cents per share.
The real estate investment holding trust posted revenue of $157.8 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $168.5 million.
Liberty Property expects full-year funds from operations in the range of $2.55 to $2.65 per share.
The company's shares have increased 17% since the beginning of the year. The stock has climbed 20% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LPT at https://www.zacks.com/ap/LPT