NOVI, Mich. (AP) — NOVI, Mich. (AP) — Lineage (LINE) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Novi, Michigan, said it had funds from operations of $211 million, or 81 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 75 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 $6 million, or 3 cents per share.
The cold-storage real estate investment trust, based in Novi, Michigan, posted revenue of $1.35 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $1.33 billion.
For the current quarter ending in September, Lineage expects its per-share funds from operations to range from 75 cents to 79 cents.
The company expects full-year funds from operations in the range of $3.20 to $3.40 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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