HOUSTON — Weingarten Realty Investors (WRI) on Monday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $61.7 million, or 48 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 41 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 $28 million, or 22 cents per share.
The real estate investment trust posted revenue of $121.4 million in the period. Its adjusted revenue was $118.3 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $103 million.
The company’s shares have climbed 46% since the beginning of the year. In the final minutes of trading on Monday, shares hit $31.63, more than doubling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WRI at https://www.zacks.com/ap/WRI