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ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The Rockville, Maryland-based real estate investment trust said it had funds from operations of $114.3 million, or $1.50 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.53 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.
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The company said it had net income of $52.8 million, or 70 cents per share.
The real estate investment trust posted revenue of $231.6 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $232.8 million.
The company’s shares have dropped 43% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $73.31, a decrease of 45% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FRT at https://www.zacks.com/ap/FRT
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