Federal Realty Investment Trust: 3Q Earnings Snapshot
ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Rockville, Maryland-based real estate investment trust said it had funds from operations of $119.8 million, or $1.59 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.59 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 $63.5 million, or 84 cents per share.
The real estate investment trust posted revenue of $233.9 million in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $232.4 million.
Federal Realty Investment Trust expects full-year funds from operations in the range of $6.32 to $6.38 per share.
The company’s shares have increased 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $141.01, a rise of 11% in the last 12 months.