Government Properties Income Trust: 2Q Earnings Snapshot
NEWTON, Mass. (AP) _ Government Properties Income Trust (GOV) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Newton, Massachusetts-based real estate investment trust said it had funds from operations of $51.3 million, or 52 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $29.6 million, or 30 cents per share.
The real estate investment trust posted revenue of $108.1 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $105.1 million.
The company’s shares have dropped 15 percent since the beginning of the year.