GREAT NECK, N.Y. (AP) _ One Liberty Properties Inc. (OLP) on Wednesday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in Great Neck, New York, said it had funds from operations of $10 million, or 48 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 $3 million, or 13 cents per share.

The real estate investment trust posted revenue of $20.8 million in the period.

The company’s shares have increased 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $24.73, a climb of 65% in the last 12 months.

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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 OLP at https://www.zacks.com/ap/OLP