Vereit: 1Q Earnings Snapshot
PHOENIX (AP) _ Vereit Inc. (VER) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Phoenix, said it had funds from operations of $181 million, or 17 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 16 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 $86.8 million, or 7 cents per share.
The real estate investment trust posted revenue of $299.2 million in the period. Its adjusted revenue was $298.6 million, falling short of Street forecasts. Four analysts surveyed by Zacks expected $306 million.
The company's shares closed at $4.97. A year ago, they were trading at $8.49.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VER at https://www.zacks.com/ap/VER