SAN DIEGO (AP) _ Realty Income Corp. (O) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $227 million, or 80 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 79 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 $96.4 million, or 34 cents per share.
The real estate investment trust posted revenue of $328.9 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $329.4 million.
The company’s shares have dropped roughly 2 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $55.98, a decrease of 3 percent in the last 12 months.