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Spirit Realty: 1Q Earnings Snapshot

DALLAS (AP) _ Spirit Realty Capital Inc. (SRC) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Dallas, said it had funds from operations of $73.8 million, or 86 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 83 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 $41 million, or 48 cents per share.

The real estate investment trust posted revenue of $112.6 million in the period. Its adjusted revenue was $104.1 million, which also topped Street forecasts. Five analysts surveyed by Zacks expected $103.4 million.

Spirit Realty expects full-year funds from operations in the range of $3.35 to $3.39 per share.

The company's shares have increased 16% since the beginning of the year. The stock has risen 2% 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 SRC at https://www.zacks.com/ap/SRC