NOVI, Mich. (AP) — NOVI, Mich. (AP) — Lineage (LINE) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Novi, Michigan, said it had funds from operations of $208 million, or 90 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 80 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 a loss of $485 million, or $2.44 per share.
The cold-storage real estate investment trust, based in Novi, Michigan, posted revenue of $1.34 billion in the period, matching Street forecasts.
For the current quarter ending in December, Lineage expects its per-share funds from operations to range from 70 cents to 74 cents.
The company expects full-year funds from operations in the range of $3.16 to $3.20 per share.
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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 LINE at https://www.zacks.com/ap/LINE
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