BOSTON (AP) _ American Tower Corp. (AMT) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.

The Boston-based real estate investment trust said it had funds from operations of $897.8 million, or $2.07 per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.05 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 $446.1 million, or $1 per share.

The wireless communications infrastructure company posted revenue of $1.91 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $1.95 billion.

The company's shares have increased 18% since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 1%. The stock has increased 32% 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 AMT at https://www.zacks.com/ap/AMT

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile