Weingarten Realty: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}HOUSTON (AP) _ Weingarten Realty Investors (WRI) on Wednesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $74.8 million, or 58 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 58 cents per share.
{{#rendered}} {{/rendered}}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 $43 million, or 34 cents per share.
The real estate investment trust posted revenue of $128.8 million in the period. Its adjusted revenue was $125.3 million, missing Street forecasts. Five analysts surveyed by Zacks expected $126.4 million.
{{#rendered}} {{/rendered}}Weingarten Realty expects full-year funds from operations in the range of $2.27 to $2.30 per share.
The company's shares have fallen 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.06, a decline of 14 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on WRI at https://www.zacks.com/ap/WRI