U.S. Markets close in 1 hr 8 mins

Vereit: 1Q Earnings Snapshot

PHOENIX (AP) _ Vereit Inc. (VER) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.

The Phoenix-based real estate investment trust said it had funds from operations of $178.4 million, or 18 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 17 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 $69.3 million, or 5 cents per share.

The real estate investment trust posted revenue of $316.8 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $314.7 million.

Vereit expects full-year funds from operations in the range of 68 cents to 70 cents per share.

The company's shares have climbed 15% since the beginning of the year. The stock has climbed 17% 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 VER at https://www.zacks.com/ap/VER