OAK BROOK, Ill. (AP) _ Retail Properties of America Inc. (RPAI) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Oak Brook, Illinois, said it had funds from operations of $58.4 million, or 27 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 $23.2 million, or 11 cents per share.
The real estate investment trust posted revenue of $122.7 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $121.9 million.
Retail Properties of America expects full-year funds from operations in the range of $1.03 to $1.07 per share.
The company's shares have risen 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.29, a climb of 6.5% 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 RPAI at https://www.zacks.com/ap/RPAI