Stag: 2Q Earnings Snapshot
BOSTON (AP) _ Stag Industrial Inc. (STAG) on Tuesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $58.1 million, or 45 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $12.4 million, or 10 cents per share.
The industrial real estate investment trust posted revenue of $96.6 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $97.6 million.
The company’s shares have risen 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $30.33, an increase of 13% in the last 12 months.