NEW YORK (TheStreet) -- Shares of Vereit (VER) - Get Report are increasing by 0.98% to $9.24 on Thursday morning, after the company posted its 2016 first quarter results.

Before the market open, the Phoenix-based real estate investment trust posted adjusted funds from operations of 21 cents per share, topping analysts' expectations by a penny.

Funds from operations is a key metric in the REIT industry, which takes net income and adds back items such as depreciation and amortization.

Revenue came in at $369 million, above Wall Street's estimates of $329 million.

"VEREIT's first quarter results advanced our operational and business plan objectives," CEO Glenn Rufrano said in a statement.

"We have also decreased net debt to normalized EBITDA to 6.7 times and moved our balance sheet further towards investment-grade metrics with $2.1 billion of liquidity, creating flexibility and optionality," he added.

For 2016, Vereit forecasts adjusted funds from operations per share between 75 cents and 80 cents, in line with expectations.

Analysts are looking for AFFO of 77 cents per share for the full year.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.

This is driven by a few notable weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.

The area that the team believes has been the company's primary weakness has been its decline in the stock price during the past year.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: VER

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