PARAMUS, N.J. (AP) — PARAMUS, N.J. (AP) — Alexander's Inc. (ALX) on Monday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in Paramus, New Jersey, said it had funds from operations of $25.5 million, or $4.98 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 $16.1 million, or $3.14 per share.

The real estate investment trust posted revenue of $61.4 million in the period.

The company's shares have risen slightly since the beginning of the year. The stock has risen 21% in the last 12 months.

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