Weingarten Realty: 3Q Earnings Snapshot
HOUSTON (AP) _ Weingarten Realty Investors (WRI) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $57 million, or 44 cents per share, in the period.
The average estimate of five 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 $25.1 million, or 20 cents per share.
The real estate investment trust posted revenue of $112.4 million in the period. Its adjusted revenue was $109.4 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $102.6 million.
The company's shares have dropped 51% since the beginning of the year. The stock has dropped 48% 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 WRI at https://www.zacks.com/ap/WRI
