DALLAS — Spirit Realty Capital Inc. (SRC) on Friday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Dallas, said it had funds from operations of $73.6 million, or 71 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 58 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 $3 million, or 3 cents per share.
The real estate investment trust posted revenue of $118.5 million in the period. Its adjusted revenue was $117.2 million, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $113.6 million.
The company’s shares have dropped 29% since the beginning of the year. The stock has declined 22% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SRC at https://www.zacks.com/ap/SRC