CLEVELAND (AP) _ Forest City Enterprises Inc. (FCE.A) on Thursday reported a key measure of profitability in its first quarter.

The Cleveland-based real estate investment trust said it had funds from operations of $82.5 million, or 30 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 $199.7 million, or 73 cents per share.

The developer of shopping malls, office buildings and apartment complexes, based in Cleveland, posted revenue of $209.9 million in the period.

The company's shares have dropped 17 percent since the beginning of the year. The stock has fallen 11 percent in the last 12 months.

_____

This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on FCE.A at https://www.zacks.com/ap/FCE.A