Latest News by Industry
CHICAGO (AP) — CHICAGO (AP) — First Industrial Realty Trust Inc. (FR) on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $80.6 million, or 60 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 57 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 $82 million, or 62 cents per share.
The real estate investment trust posted revenue of $144.6 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $138.8 million.
For the year, the company reported funds from operations of $308.4 million, or $2.28 per share. Revenue was reported as $539.9 million.
First Industrial Realty Trust expects full-year funds from operations in the range of $2.29 to $2.39 per share.
_____
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