SAN DIEGO (AP) — SAN DIEGO (AP) — Realty Income Corp. (O) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $1.06 billion, or $1.13 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.10 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 $311.8 million, or 33 cents per share.
The real estate investment trust, based in San Diego, posted revenue of $1.55 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.5 billion.
Realty Income Corp. expects full-year funds from operations in the range of $4.41 to $4.44 per share.
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