SAN DIEGO (AP) — SAN DIEGO (AP) — Realty Income Corp. (O) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $992 million, or $1.08 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.07 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 $315.8 million, or 35 cents per share.
The real estate investment trust, based in San Diego, posted revenue of $1.47 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $1.42 billion.
Realty Income Corp. expects full-year funds from operations in the range of $4.25 to $4.27 per share.
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