Vereit: 2Q Earnings Snapshot
PHOENIX (AP) _ Vereit Inc. (VER) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Phoenix-based real estate investment trust said it had funds from operations of $177.1 million, or 18 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 17 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 $285.7 million, or 27 cents per share.
The real estate investment trust posted revenue of $312 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $313.8 million.
The company’s shares have risen 28% since the beginning of the year. The stock has increased 19% in the last 12 months.