COLUMBUS, Ohio (AP) _ Washington Prime Group Inc. (WPG) on Wednesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Columbus, Ohio, said it had funds from operations of $83.8 million, or 37 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 $10.1 million, or 5 cents per share.
The real estate investment trust posted revenue of $178.7 million in the period.
Washington Prime Group expects full-year funds from operations to be $1.48 to $1.56 per share.
The company’s shares have increased almost 8 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.68, a decrease of 16 percent in the last 12 months.
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