Store Capital: 2Q Earnings Snapshot
SCOTTSDALE, Ariz. (AP) _ Store Capital Corp. (STOR) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Scottsdale, Arizona, said it had funds from operations of $91.1 million, or 45 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 44 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 $62.2 million, or 31 cents per share.
The retail real estate investment trust posted revenue of $131.2 million in the period. Its adjusted revenue was $124.4 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $123.9 million.
The company’s shares have risen slightly more than 5 percent since the beginning of the year. The stock has risen 16 percent in the last 12 months.