VIRGINIA BEACH, Va. (AP) _ Armada Hoffler Properties Inc. (AHH) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The Virginia Beach, Virginia-based real estate investment trust said it had funds from operations of $15.4 million, or 25 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 24 cents per share.

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 $5 million, or 11 cents per share.

The real estate company posted revenue of $51.7 million in the period. Its adjusted revenue was $28.7 million, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $28.1 million.

Armada Hoffler Properties expects full-year funds from operations in the range of $1 to $1.05 per share.

The company's shares have declined 13 percent since the beginning of the year. The stock has decreased nearly 5 percent in the last 12 months.

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