AUSTIN, Texas (AP) _ American Campus Communities Inc. (ACC) on Monday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.

The Austin, Texas-based real estate investment trust said it had funds from operations of $97.6 million, or 70 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 68 cents 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 $80.9 million, or 58 cents per share.

The real estate investment trust posted revenue of $249.4 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $250.2 million.

The company's shares have dropped 33% since the beginning of the year. In the final minutes of trading on Monday, shares hit $31.70, a drop of 33% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACC at https://www.zacks.com/ap/ACC

Automated Insights, source Associated Press News