NORTH BETHESDA, Md. (AP) — NORTH BETHESDA, Md. (AP) — Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The North Bethesda, Maryland-based real estate investment trust said it had funds from operations of $144.6 million, or $1.71 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.72 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 $58.9 million, or 70 cents per share.
The real estate investment trust, based in North Bethesda, Maryland, posted revenue of $303.6 million in the period, beating Street forecasts. Eight analysts surveyed by Zacks expected $301.2 million.
Federal Realty Investment Trust expects full-year funds from operations in the range of $6.70 to $6.88 per share.
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