PORTSMOUTH, N.H. (AP) — PORTSMOUTH, N.H. (AP) — Iron Mountain Inc. (IRM) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Portsmouth, New Hampshire, said it had funds from operations of $277 million, or 94 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 93 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 $114 million, or less than 1 cent on a per-share basis.
The real estate investment trust, based in Portsmouth, New Hampshire, posted revenue of $1.36 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.35 billion.
Iron Mountain expects full-year funds from operations in the range of $3.91 to $4 per share, with revenue in the range of $5.5 billion to $5.6 billion.
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