NEW YORK (AP) — NEW YORK (AP) — W.P. Carey Inc. (WPC) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $288.7 million, or $1.30 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.28 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 $176.3 million, or 80 cents per share.
The real estate investment trust, based in New York, posted revenue of $454.5 million in the period. Its adjusted revenue was $453 million.
W.P. Carey expects full-year funds from operations in the range of $5.16 to $5.26 per share.
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