NewzPHILADELPHIA (AP) — PHILADELPHIA (AP) — Independence Realty Trust Inc. (IRT) on Monday reported a key measure of profitability in its second quarter. The real estate investment trust, based in Philadelphia, said it had funds from operations of $66.6 million, or 28 cents per share, in the period.
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 $3.4 million, or 1 cent per share.
The real estate investment trust, based in Philadelphia, posted revenue of $167.2 million in the period. Independence Realty Trust expects full-year funds from operations in the range of $1.13 to $1.15 per share. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
Access a Zacks stock report on IRT at https://www.zacks.com/ap/IRT Source (AP) — Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its second quarter.
The results exceeded Wall Street expectations. The real estate investment trust, based in Pasadena, California, said it had funds from operations of $296.1 million, or $1.73 per share, in the period. The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.65 per share.
The company said it had a loss of $73.7 million, or 43 cents per share. The life science real estate company posted revenue of $662.8 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $649 million.
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