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CHICAGO (AP) — CHICAGO (AP) — First Industrial Realty Trust Inc. (FR) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $83.1 million, or 61 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 60 cents 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 $54.6 million, or 41 cents per share.
The real estate investment trust, based in Chicago, posted revenue of $152.2 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $147.7 million.
First Industrial Realty Trust expects full-year funds from operations to be $2.37 to $2.45 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a FR">Zacks stock report on FR at https://www.zacks.com/ap/FR