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Spirit Realty reports 1Q results

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

The real estate investment trust, based in Dallas, said it had funds from operations of $98 million, or 20 cents per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 22 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 $12.8 million, or 3 cents per share.

The real estate investment trust posted revenue of $165.4 million in the period. Its adjusted revenue was $163.2 million, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $169.8 million.

Spirit Realty expects full-year funds from operations in the range of 80 cents to 84 cents per share.

The company's shares have dropped 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.92, a drop of 23 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 SRC at https://www.zacks.com/ap/SRC


Keywords: Spirit Realty, Earnings Report