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UPDATE 1-Federal Realty Investment Trust Q1 FFO beats ests
May 4, 2010 / 10:17 PM / 7 years ago

UPDATE 1-Federal Realty Investment Trust Q1 FFO beats ests

* Q1 FFO $0.94 vs est $0.93

* Revenue up 6 pct

May 4 (Reuters) - Real estate investment trust Federal Realty Investment Trust (FRT.N) reported quarterly funds from operations that beat Wall Street estimates by a penny, helped by higher rental revenue.

For the first quarter, the company reported FFO of $57.8 million, or 94 cents a share, compared with FFO of $37.8 million, or 64 cents a share, a year ago. Analysts on average, has expected FFO of 93 cents a share, before special items, according to Thomson Reuters I/B/E/S.

Rental revenue rose 3 percent to $131.5 million, while total revenue increased 6 percent. FFO is a key performance measure for the REITs, because it excludes the profit-reducing effect of depreciation.

Shares of the company closed at $77.96 Tuesday on the New York Stock Exchange.

Reporting by Divya Sharma in Bangalore; Editing by Jarshad Kakkrakandy divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net

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