PHOENIX (AP) _ Vereit Inc. (VER) on Thursday reported a key measure of profitability in its first quarter.

The Phoenix-based real estate investment trust said it had funds from operations of $183 million, or 80 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 $120.6 million, or 50 cents per share.

The real estate investment trust posted revenue of $290.8 million in the period. Its adjusted revenue was $290.3 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $291.1 million.

The company's shares have increased 23% since the beginning of the year. The stock has increased 76% 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 VER at https://www.zacks.com/ap/VER

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