BOSTON (AP) _ Stag Industrial Inc. (STAG) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $70.6 million, or 47 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $62.1 million, or 42 cents per share.
The industrial real estate investment trust posted revenue of $118.5 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $116.9 million.
The company's shares have declined 17% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $26.21, a drop of 8.5% in the last 12 months.