Spirit Realty: 2Q Earnings Snapshot
DALLAS (AP) _ Spirit Realty Capital Inc. (SRC) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $87.1 million, or 20 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 18 cents 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 $14.6 million, or 3 cents per share.
The real estate investment trust posted revenue of $102.5 million in the period. Its adjusted revenue was $98.2 million.
Spirit Realty expects full-year funds from operations in the range of 75 cents to 76 cents per share.
The company’s shares have declined almost 1 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.50, a climb of nearly 2 percent in the last 12 months.