BOSTON – BOSTON (AP) _ American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $759.3 million, or $1.73 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.76 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 $275.8 million, or 63 cents per share.
The wireless communications infrastructure company posted revenue of $1.74 billion in the period, which met Street forecasts.
The company's shares have dropped slightly more than 4 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen 1 percent. The stock has risen slightly more than 8 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on AMT at https://www.zacks.com/ap/AMT