SAN DIEGO (AP) — SAN DIEGO (AP) — Realty Income Corp. (O) on Monday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $949.7 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 $1.06 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 $249.8 million, or 28 cents per share.
The real estate investment trust, based in San Diego, posted revenue of $1.38 billion in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $1.37 billion.
Realty Income Corp. expects full-year funds from operations in the range of $4.22 to $4.28 per share.
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