Spirit Realty: 2Q Earnings Snapshot
DALLAS (AP) _ Spirit Realty Capital Inc. (SRC) on Wednesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $75.9 million, or 86 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 86 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 $43.1 million, or 49 cents per share.
The real estate investment trust posted revenue of $115.7 million in the period. Its adjusted revenue was $106.5 million, which beat Street forecasts. Five analysts surveyed by Zacks expected $106.1 million.
Spirit Realty expects full-year funds from operations in the range of $3.27 to $3.31 per share.
The company’s shares have climbed 25% since the beginning of the year. The stock has increased nearly 4% in the last 12 months.