NOVI, Mich. (AP) — NOVI, Mich. (AP) — Lineage (LINE) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Novi, Michigan-based real estate investment trust said it had funds from operations of $219 million, or 86 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 82 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 that was breakeven.
The cold-storage real estate investment trust, based in Novi, Michigan, posted revenue of $1.29 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.34 billion.
Lineage expects full-year funds from operations in the range of $3.40 to $3.60 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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