HOUSTON (AP) _ Weingarten Realty Investors (WRI) on Tuesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $68.5 million, or 53 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $106.7 million, or 82 cents per share.
The real estate investment trust posted revenue of $121.4 million in the period. Its adjusted revenue was $117.4 million, missing Street forecasts. Four analysts surveyed by Zacks expected $118 million.
Weingarten Realty expects full-year funds from operations in the range of $2.05 to $2.11 per share.
The company's shares have increased 20% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $29.88, an increase of slightly more than 6% in the last 12 months.