NORTH BETHESDA, Md. (AP) — NORTH BETHESDA, Md. (AP) — Federal Realty Investment Trust (FRT) on Thursday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The North Bethesda, Maryland-based real estate investment trust said it had funds from operations of $136.7 million, or $1.64 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.65 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 $54.7 million, or 66 cents per share.
The real estate investment trust, based in North Bethesda, Maryland, posted revenue of $291.3 million in the period, which topped Street forecasts. Six analysts surveyed by Zacks expected $287.1 million.
Federal Realty Investment Trust expects full-year funds from operations in the range of $6.67 to $6.87 per share.
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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 FRT at https://www.zacks.com/ap/FRT
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