NEW YORK (AP) — NEW YORK (AP) — Getty Realty Corp. (GTY) on Thursday reported a key measure of profitability in its first quarter.

The New York-based real estate investment trust said it had funds from operations of $31.4 million, or 57 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 $16.7 million, or 30 cents per share.

The real estate investment trust, based in New York, posted revenue of $49 million in the period. Its adjusted revenue was $47.2 million.

Getty Realty expects full-year funds from operations in the range of $2.29 to $2.31 per share.

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