Real estate investment trust
New Plan Excel Realty Trust
reported that funds from operations for the third quarter rose 56% from a year ago.
Funds from operations were $47.8 million, or 44 cents a share, in the quarter, compared with $30.7 million, or 29 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting FFO of 44 cents a share.
The N.Y.-based company earned $27.9 million, or 25 cents a share, in the quarter, compared with $194.9 million, or $1.82 cents a share, a year ago. However, the comparability has been affected by a gain on sale of real estate, equivalent to $1.75 a share, included in the year ago earnings. Analysts surveyed by Thomson First Call were expecting earnings of 23 cents a share in the most recent quarter.
Third-quarter rental revenue rose 1% from a year ago to $113.0 million as against analysts' expectation of $103.66 million.
The company anticipates 2007 earnings and FFO to be in the range of $1.05 to $1.12 a share and $1.93 to $2.00 a share, respectively. Analysts expect earnings of $1.08 a share and FFO of $1.99 a share for 2007.
Shares of the company were trading down 25 cents, or 0.88%, at $28.20 Thursday.
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