PHOENIX (AP) _ Vereit Inc. (VER) on Thursday reported a key measure of profitability in its third quarter, after reporting a loss in the same period a year earlier. The results met Wall Street expectations.
The real estate investment trust, based in Phoenix, said it had funds from operations of $166.5 million, or 15 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 15 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 $97.9 million, or 8 cents per share.
The real estate investment trust posted revenue of $295.3 million in the period. Its adjusted revenue was $293.7 million, topping Street forecasts. Three analysts surveyed by Zacks expected $283.2 million.
Vereit expects full-year funds from operations to be 62 cents per share.
The company's shares have fallen 29% since the beginning of the year. The stock has dropped 33% in the last 12 months.