BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — Elme Communities (ELME) on Wednesday reported a key measure of profitability in its first quarter.

The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $19.9 million, or 23 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 a loss of $3.6 million, or 4 cents per share.

The real estate investment trust, based in Bethesda, Maryland, posted revenue of $59.5 million in the period.

Elme expects full-year funds from operations in the range of 90 cents to 96 cents per share.

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