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 topped Wall Street expectations.
The Scottsdale, Arizona-based real estate investment trust said it had funds from operations of $114.2 million, or 50 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 47 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 $68 million, or 30 cents per share.
The retail real estate investment trust posted revenue of $163.8 million in the period. Its adjusted revenue was $155.5 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $153.4 million.
Store Capital expects full-year funds from operations in the range of $1.92 to $1.96 per share.
The company’s shares have climbed 21% since the beginning of the year. The stock has climbed 25% in the last 12 months.