BOSTON (AP) _ Stag Industrial Inc. (STAG) on Wednesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $60.6 million, or 46 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 $9.5 million, or 7 cents per share.
The industrial real estate investment trust posted revenue of $102.4 million in the period, surpassing Street forecasts. Four analysts surveyed by Zacks expected $101.1 million.
The company's shares have increased 25% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $31, an increase of 16% in the last 12 months.