NEW YORK (AP) — NEW YORK (AP) — Brixmor Property Group Inc. (BRX) on Monday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in New York, said it had funds from operations of $163.4 million, or 54 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $88.9 million, or 29 cents per share.

The owner and operator of shopping centers posted revenue of $320.2 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $316.3 million.

Brixmor expects full-year funds from operations in the range of $2.08 to $2.11 per share.

The company's shares have declined nearly 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $22.15, an increase of 6% in the last 12 months.


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