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WP Glimcher reports 1Q results

COLUMBUS, Ohio (AP) _ WP Glimcher Inc. (WPG) on Wednesday reported a key measure of profitability in its first quarter.

The Columbus, Ohio-based real estate investment trust said it had funds from operations of $94 million, or 42 cents per share, in the period.

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 $9.3 million, or 5 cents per share.

The real estate investment trust posted revenue of $202.4 million in the period.

For the current quarter ending in July, WP Glimcher expects its per-share funds from operations to range from 40 cents to 42 cents.

The company expects full-year funds from operations in the range of $1.64 to $1.70 per share.

The company's shares have dropped 14 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.92, a decrease of 13 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WPG at https://www.zacks.com/ap/WPG

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Keywords: WP Glimcher, Earnings Report