WASHINGTON (AP) _ Easterly Government Properties Inc. (DEA) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Washington-based real estate investment trust said it had funds from operations of $23.2 million, or 30 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 $5.6 million, or 8 cents per share.
The property management company posted revenue of $52.7 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $52.3 million.
Easterly Government Properties expects full-year funds from operations to be $1.18 to $1.20 per share.
The company's shares have risen 20% since the beginning of the year. The stock has dropped slightly 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 DEA at https://www.zacks.com/ap/DEA
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