SAN DIEGO (AP) — SAN DIEGO (AP) — Realty Income Corp. (O) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $921.1 million, or $1.06 per share, in the period.
The average estimate of eight 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 $256.8 million, or 29 cents per share.
The real estate investment trust, based in San Diego, posted revenue of $1.34 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $1.31 billion.
Realty Income Corp. expects full-year funds from operations in the range of $4.15 to $4.21 per share.
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