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Spirit Realty reports 4Q results

SCOTTSDALE, Ariz. (AP) _ Spirit Realty Capital Inc. (SRC) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.

The Scottsdale, Arizona-based real estate investment trust said it had funds from operations of $102.4 million, or 21 cents per share, in the period.

The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 21 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 $988,000, or less than 1 cent on a per-share basis.

The real estate investment trust posted revenue of $173.4 million in the period, surpassing Street forecasts. Eight analysts surveyed by Zacks expected $168.2 million.

For the year, the company reported funds from operations of $413 million. Revenue was reported as $686 million.

The company's shares have declined 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.74, a drop of almost 2 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