BLOOMFIELD HILLS, Mich. (AP) _ Taubman Centers Inc. (TCO) on Tuesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.

The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $54.7 million, or 88 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 91 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 $19.9 million, or 32 cents per share.

The shopping center real estate investment trust posted revenue of $159.5 million in the period. Its adjusted revenue was $147.4 million, beating Street forecasts. Four analysts surveyed by Zacks expected $145.9 million.

The company's shares have risen 40% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $43.65, a fall of 16% 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 TCO at https://www.zacks.com/ap/TCO

Automated Insights, source Associated Press News