Federal Realty Investment Trust: Q2 Earnings Snapshot
NORTH BETHESDA, Md. (AP) _ Federal Realty Investment Trust (FRT) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in North Bethesda, Maryland, said it had funds from operations of $131.6 million, or $1.65 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.50 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 $59.7 million, or 75 cents per share.
The real estate investment trust posted revenue of $264.1 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $253 million.
Federal Realty Investment Trust expects full-year funds from operations to be $6.10 to $6.25 per share.