First Industrial Realty Trust: 2Q Earnings Snapshot
CHICAGO (AP) _ First Industrial Realty Trust Inc. (FR) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $56.2 million, or 43 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 42 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 $39.8 million, or 31 cents per share.
The real estate investment trust posted revenue of $104.1 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $104.8 million.
First Industrial Realty Trust expects full-year funds from operations in the range of $1.68 to $1.76 per share.
The company’s shares have increased 31% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $37.92, a rise of 21% in the last 12 months.