Vereit: 3Q Earnings Snapshot
PHOENIX (AP) _ Vereit Inc. (VER) on Tuesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Phoenix, said it had funds from operations of $178.5 million, or 18 cents per share, in the period.
The average estimate of five 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 a loss of $72.1 million, or 9 cents per share.
The real estate investment trust posted revenue of $313.9 million in the period. Its adjusted revenue was $289 million.
Vereit expects full-year funds from operations in the range of 71 cents to 72 cents per share.
The company’s shares have declined slightly more than 3 percent since the beginning of the year. The stock has declined roughly 5 percent in the last 12 months.