BOCA RATON, Fla. (AP) _ SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $236.1 million, or $2.07 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.99 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 $26 million, or 23 cents per share.
The communications tower operator, based in Boca Raton, Florida, posted revenue of $493.3 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $481.6 million.
SBA Communications expects full-year funds from operations in the range of $8.02 to $8.47 per share, with revenue in the range of $1.94 billion to $1.98 billion.
The company's shares have risen 23% since the beginning of the year. In the final minutes of trading on Monday, shares hit $199.90, an increase of 26% 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 SBAC at https://www.zacks.com/ap/SBAC