SAN DIEGO (AP) _ Realty Income Corp. (O) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $199.8 million, or 77 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 75 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 $85.7 million, or 33 cents per share.
The real estate investment trust posted revenue of $287.8 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $279 million.
For the year, the company reported funds from operations of $735.4 million, or $2.88 per share. Revenue was reported as $1.1 billion.
Realty Income Corp. expects full-year funds from operations to be $3 to $3.06 per share.
The company's shares have risen slightly more than 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $61.14, a climb of slightly more than 2 percent 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 O at https://www.zacks.com/ap/O
Keywords: Realty Income Corp., Earnings Report