WASHINGTON (dpa-AFX) - Federal Realty Investment Trust (FRT) Wednesday said first-quarter funds from operations, or FFO, increased to $74.1 million or $1.14 per share from $66.7 million or $1.04 per share in the same period last year.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $1.12 per share for the quarter. Analysts' estimates typically exclude special items.
Net income available to shareholders declined to $34.5 million or $0.53 per share from $42.9 million or $0.67 per share last year.
Income from continuing operations totaled $35.84 million or $0.53 per share, compared to $32.26 million or $0.48 per share last year.
Revenues totaled $157.75 million up from $146.29 million last year. Analysts expected revenues of $155.65 million.
Looking ahead, the company currently targets full-year FFO in the range of $4.55 to $4.59 per share. This compares to the previous guidance range of $4.53 to $4.58 per share. Analysts currently expect full-year FFO of $4.58 per share.
Full-year earnings are currently projected in a range of $2.23 to $2.27 per share, up from $2.12 to $2.17 per share, announced previously.
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