Vereit: 2Q Earnings Snapshot
PHOENIX (AP) _ Vereit Inc. (VER) on Friday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Phoenix-based real estate investment trust said it had funds from operations of $178.8 million, or 18 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 a loss of $72.7 million, or 9 cents per share.
The real estate investment trust posted revenue of $315.7 million in the period. Its adjusted revenue was $290.6 million.
Vereit expects full-year funds from operations in the range of 70 cents to 72 cents per share.
The company’s shares have declined 1 percent since the beginning of the year. The stock has fallen nearly 8 percent in the last 12 months.