NORTH BETHESDA, Md. (AP) — NORTH BETHESDA, Md. (AP) — Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The North Bethesda, Maryland-based real estate investment trust said it had funds from operations of $136.9 million, or $1.67 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.62 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 $58.5 million, or 72 cents per share.
The real estate investment trust, based in North Bethesda, Maryland, posted revenue of $280.7 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $277 million.
Federal Realty Investment Trust expects full-year funds from operations to be $6.46 to $6.58 per share.
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