Vereit: 3Q Earnings Snapshot
PHOENIX (AP) _ Vereit Inc. (VER) on Wednesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Phoenix, said it had funds from operations of $177.6 million, or 18 cents per share, in the period.
The average estimate of six 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 a loss of $726.4 million, or 76 cents per share.
The real estate investment trust posted revenue of $303 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $309.7 million.
Vereit expects full-year funds from operations in the range of 68 cents to 70 cents per share.
The company’s shares have risen 33% since the beginning of the year. The stock has climbed 26% in the last 12 months.