DALLAS (AP) — DALLAS (AP) — Invitation Home Inc. (INVH) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $286.5 million, or 47 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $95.1 million, or 15 cents per share.
The real estate investment trust focused on single-family rentals, based in Dallas, posted revenue of $660.3 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $659.5 million.
Invitation Home expects full-year funds from operations in the range of $1.86 to $1.90 per share.
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