Washington Reit: 2Q Earnings Snapshot
WASHINGTON (AP) _ Washington Real Estate Investment Trust (WRE) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Washington, said it had funds from operations of $37.7 million, or 47 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $987,000, or 1 cent per share.
The real estate investment trust posted revenue of $76.8 million in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $85.5 million.
Washington Reit expects full-year funds from operations in the range of $1.69 to $1.73 per share.
The company’s shares have climbed 19% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $27.44, a fall of 9% in the last 12 months.