BOSTON (AP) _ American Tower Corp. (AMT) on Friday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $817.8 million, or $1.84 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.86 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 $397.4 million, or 89 cents per share.
The wireless communications infrastructure company posted revenue of $1.81 billion in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $1.8 billion.
The company's shares have climbed 22% since the beginning of the year, while the Standard & Poor's 500 index has risen 16%. The stock has climbed 41% 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