SAN DIEGO (AP) — SAN DIEGO (AP) — Realty Income Corp. (O) on Wednesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $650.7 million, or 98 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.02 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 $225 million, or 34 cents per share.
The real estate investment trust, based in San Diego, posted revenue of $944.4 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $910.8 million.
Realty Income Corp. expects full-year funds from operations in the range of $3.94 to $4.03 per share.
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