Store Capital: 4Q Earnings Snapshot
SCOTTSDALE, Ariz. (AP) _ Store Capital Corp. (STOR) on Thursday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Scottsdale, Arizona, said it had funds from operations of $103.4 million, or 48 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 47 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 $56.6 million, or 26 cents per share.
The retail real estate investment trust posted revenue of $146.7 million in the period. Its adjusted revenue was $139.2 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $134.2 million.
For the year, the company reported funds from operations of $377.9 million, or $1.84 per share. Revenue was reported as $513.3 million.
Store Capital expects full-year funds from operations in the range of $1.90 to $1.96 per share.
The company’s shares have risen 13 percent since the beginning of the year. The stock has risen 37 percent in the last 12 months.