Brixmor: 3Q Earnings Snapshot

Associated Press
Updated ·1 min read

NEW YORK (AP) _ Brixmor Property Group Inc. (BRX) on Wednesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.

The real estate investment trust, based in New York, said it had funds from operations of $111.6 million, or 38 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $27.9 million, or 9 cents per share.

The owner and operator of shopping centers posted revenue of $253.9 million in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $271 million.

The company's shares have decreased 47% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.55, a drop of 48% 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 BRX at https://www.zacks.com/ap/BRX