GREENSBORO, N.C. (AP) — GREENSBORO, N.C. (AP) — Tanger Inc. (SKT) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $70.4 million, or 59 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 57 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 $28.1 million, or 24 cents per share.

The factory outlet mall operator, based in Greensboro, North Carolina, posted revenue of $150.4 million in the period. Its adjusted revenue was $143.5 million.

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