New Plan Excel FFO Falls

Still, funds from operations are in line with estimates.
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New Plan Excel Realty Trust

(NXL)

, a real estate investment trust, said it exceeded analysts' estimates for funds from operations and profits in the latest quarter.

The company earned $29.4 million, or 27 cents a share, in the quarter, compared with $35.5 million, or 33 cents a share, a year ago, but the comparability has been affected by asset sales conducted since last year. Analysts surveyed by Thomson First Call were expecting earnings of 22 cents a share in the most recent quarter.

Funds from operations were $50.9 million, or 47 cents a share, in the quarter, compared with $56.4 million, or 53 cents a share, last year. Analysts surveyed by Thomson First Call were expecting funds from operations of 45 cents a share.

The New York-based company's fourth-quarter rental revenue of $111.5 million came in below analysts' estimates of $114 million.

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