PORTSMOUTH, N.H. (AP) — PORTSMOUTH, N.H. (AP) — Iron Mountain Inc. (IRM) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Portsmouth, New Hampshire, said it had funds from operations of $323.7 million, or $1.10 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.05 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 $74.1 million, or 25 cents per share.
The real estate investment trust, based in Portsmouth, New Hampshire, posted revenue of $1.48 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.46 billion.
Iron Mountain expects full-year funds from operations in the range of $4.39 to $4.51 per share, with revenue in the range of $6 billion to $6.15 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IRM at https://www.zacks.com/ap/IRM
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