WASHINGTON (AP) _ Easterly Government Properties Inc. (DEA) on Tuesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The Washington-based real estate investment trust said it had funds from operations of $33.1 million, or 33 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 34 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 $7.3 million, or 8 cents per share.
The property management company posted revenue of $72.3 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $74.8 million.
Easterly Government Properties expects full-year funds from operations to be $1.34 to $1.36 per share.
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