DALLAS (AP) _ Spirit Realty Capital Inc. (SRC) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $121.1 million, or 90 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 88 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 net income of $80.2 million, or 60 cents per share.
The real estate investment trust, based in Dallas, posted revenue of $174.9 million in the period. Its adjusted revenue was $173.6 million, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $172.4 million.
Spirit Realty expects full-year funds from operations in the range of $3.52 to $3.58 per share.
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
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