GREENSBORO, N.C. (AP) — GREENSBORO, N.C. (AP) — Tanger Inc. (SKT) on Tuesday reported a key measure of profitability in its first quarter.

The Greensboro, North Carolina-based real estate investment trust said it had funds from operations of $60.1 million, or 52 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 $22.2 million, or 20 cents per share.

The factory outlet mall operator, based in Greensboro, North Carolina, posted revenue of $123.4 million in the period. Its adjusted revenue was $117.8 million.

Tanger expects full-year funds from operations in the range of $2.03 to $2.11 per share.

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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