Outfront Media Inc. OUT reported first-quarter 2016 adjusted funds from operations (“FFO”) per share of 36 cents, beating the Zacks Consensus Estimate of 33 cents. First-quarter 2015 adjusted FFO had been 36 cents too.Revenues for the quarter increased 1.3% year over year to $348.4 million, outpacing the Zacks Consensus Estimate of $344.4 million.Quarter in DetailOperating income during the reported quarter was $24.2 million, down from $26.6 million recorded in the prior-year quarter. The company’s total expenses grew 2.2% year over year to $324.2 million.Adjusted operating income before depreciation and amortization rose 1.3% year over year to $88.1 million. Net cash flow resulting from operating activities came in at $33.8 million as of Mar 31, 2016, significantly higher than $5.8 million as of Mar 31, 2015.At the quarter end, Outfront’s liquidity included $358.8 million available under its revolving credit facility and $43.2 million in cash and cash equivalents.Segmental PerformanceDuring the quarter, revenues at the U.S. segment came in at $322.9 million, up 2.9% year over year. Revenues at the international segment were $25.5 million, down 15%.Excluding stock-based compensation, restructuring charges and acquisition costs, corporate costs during the quarter were $9 million, up by $1.5 million from the prior-year quarter.Our TakeOutfront’s competent products and consistent investments in products, data, and technology bode well for the long term. However, rising expenses pose concerns.Outfront currently carries a Zacks Rank #4 (Sell). Better-ranked stocks in the REIT space include Brookfield Canada Office Properties BOXC, Gaming and Leisure Properties, Inc GLPI and Whitestone REIT WSR. All these stocks sport a Zacks Rank #1 (Strong Buy).Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BROOKFLD CDA OP (BOXC): Free Stock Analysis Report WHITESTONE REIT (WSR): Free Stock Analysis Report OUTFRONT MEDIA (OUT): Free Stock Analysis Report GAMING AND LEIS (GLPI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research