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Franklin Street reports 3Q results
The real estate investment trust, based in Wakefield, Massachusetts, said it had funds from operations of $27.9 million, or 28 cents per share, in the period. The average estimate of analysts surveyed ...
WAKEFIELD, Mass(AP) _ Franklin Street Properties Corp(FSP) on Tuesday reported a key measure of profitability in its third quarterThe results surpassed Wall Street expectationsThe real estate investment trust, based in Wakefield, Massachusetts, said it had funds from operations of $27.9 million, or 28 cents per share, in the periodThe average estimate of analysts surveyed by Zacks Investment Research was for funds from operations of 27 cents per shareFunds from operations is a closely watched measure in the REIT industryIt takes net income and adds back items such as depreciation and amortizationThe company said it had net income of $1.6 million, or 2 cents per shareThe hybrid real estate investment trust posted revenue of $61.2 million in the period, also surpassing Street forecastsAnalysts expected $60.4 million, according to ZacksFranklin Street expects full-year funds from operations to be $1.10 to $1.12 per shareThe company's shares have decreased slightly since the beginning of the yearIn the final minutes of trading on Tuesday, shares hit $11.93, a decline of 13 percent in the last 12 months_____ This story was generated by Automated Insights using data from Zacks Investment ResearchFSP stock research report from Zacks_____ Keywords:Franklin Street,Earnings Report Investment & Company InformationFinancereal estate investment trustWall Street
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