Brixmor: 3Q Earnings Snapshot
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NEW YORK (AP) _ Brixmor Property Group Inc. (BRX) on Monday 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 $128.4 million, or 42 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 50 cents per share.
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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 $147.3 million, or 49 cents per share.
The owner and operator of shopping centers posted revenue of $306.5 million in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $305.2 million.
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Brixmor expects full-year funds from operations to be $1.89 to $1.94 per share.
The company's shares have dropped 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $15.59, a drop of 13 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on BRX at https://www.zacks.com/ap/BRX