Brixmor: 2Q Earnings Snapshot
NEW YORK (AP) _ Brixmor Property Group Inc. (BRX) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $142.7 million, or 48 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 47 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 $69 million, or 23 cents per share.
The owner and operator of shopping centers posted revenue of $291 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $288.5 million.
The company’s shares have increased 25% since the beginning of the year. In the final minutes of trading on Monday, shares hit $18.36, a rise of almost 8% in the last 12 months.