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NORTH BETHESDA, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The North Bethesda, Maryland-based real estate investment trust said it had funds from operations of $110.1 million, or $1.41 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.16 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 $44.2 million, or 57 cents per share.
The real estate investment trust posted revenue of $231.6 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $219.9 million.
Federal Realty Investment Trust expects full-year funds from operations in the range of $5.05 to $5.15 per share.
The company’s shares have increased 34% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $114.28, an increase of 49% 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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