BOCA RATON, Fla. (AP) _ SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Boca Raton, Florida, said it had funds from operations of $247.4 million, or $2.15 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.08 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 $21.7 million, or 19 cents per share.
The communications tower operator, based in Boca Raton, Florida, posted revenue of $507.5 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $498.1 million.
SBA Communications expects full-year funds from operations in the range of $8.31 to $8.54 per share, with revenue in the range of $1.99 billion to $2.01 billion.
The company's shares have risen 50% since the beginning of the year. In the final minutes of trading on Monday, shares hit $242.51, a climb of 60% in the last 12 months.