Stag: 2Q Earnings Snapshot
BOSTON (AP) _ Stag Industrial Inc. (STAG) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $47.8 million, or 45 cents per share, in the period.
The average estimate of eight 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 $9.3 million, or 9 cents per share.
The industrial real estate investment trust posted revenue of $85.5 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $84.3 million.
The company’s shares have dropped slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.30, increasing slightly in the last 12 months.