NEW YORK (AP) _ W.P. Carey Inc. (WPC) on Friday reported a key measure of profitability in its second quarter.

The New York-based real estate investment trust said it had funds from operations of $254.4 million, or $1.31 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 $127.7 million, or 66 cents per share.

The real estate investment trust, based in New York, posted revenue of $344.4 million in the period.

W.P. Carey expects full-year funds from operations in the range of $5.22 to $5.30 per share.

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