NEW YORK (AP) — NEW YORK (AP) — Brixmor Property Group Inc. (BRX) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $163.8 million, or 54 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 52 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 $70.1 million, or 23 cents per share.
The owner and operator of shopping centers posted revenue of $315.7 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $320 million.
Brixmor expects full-year funds from operations to be $2.11 to $2.14 per share.
The company’s shares have risen 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $24.72, an increase of 10% 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 BRX at https://www.zacks.com/ap/BRX
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