NORTH BETHESDA, Md. (AP) — NORTH BETHESDA, Md. (AP) — Federal Realty Investment Trust (FRT) on Friday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The North Bethesda, Maryland-based real estate investment trust said it had funds from operations of $162.6 million, or $1.88 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.82 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 $157.1 million, or $1.81 per share.

The real estate investment trust, based in North Bethesda, Maryland, posted revenue of $341.1 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $333.8 million.

Federal Realty Investment Trust expects full-year funds from operations in the range of $7.46 to $7.55 per share.

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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

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