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Spirit Realty: 3Q Earnings Snapshot

·1 min read

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

The Dallas-based real estate investment trust said it had funds from operations of $74 million, or 72 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 69 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 $11.2 million, or 11 cents per share.

The real estate investment trust posted revenue of $113.7 million in the period. Its adjusted revenue was $112.9 million, missing Street forecasts. Five analysts surveyed by Zacks expected $119.2 million.

The company's shares have fallen 37% since the beginning of the year. In the final minutes of trading on Monday, shares hit $31.08, a decline of 38% in the last 12 months.

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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