Federal Realty Investment Trust: 2Q Earnings Snapshot
Posted Aug 5, 2020 05:28:06 PM.
Last Updated Aug 5, 2020 05:40:42 PM.
This article is more than 5 years old.
ROCKVILLE, Md. (AP) _ Federal Realty Investment Trust (FRT) on Wednesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Rockville, Maryland, said it had funds from operations of $58 million, or 77 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.21 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 $8.5 million, or 11 cents per share.
The real estate investment trust posted revenue of $176.2 million in the period, which also missed Street forecasts. Eight analysts surveyed by Zacks expected $212.5 million.
The company’s shares have dropped 41% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $76.18, a drop of 40% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FRT at https://www.zacks.com/ap/FRT
The Associated Press
