LOS ANGELES (AP) — LOS ANGELES (AP) — Kilroy Realty Corp. (KRC) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Los Angeles, said it had funds from operations of $133.7 million, or $1.11 per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.06 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 $49.9 million, or 42 cents per share.

The real estate investment trust, based in Los Angeles, posted revenue of $278.6 million in the period.

Kilroy Realty expects full-year funds from operations to be $4.15 to $4.30 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 KRC at https://www.zacks.com/ap/KRC