Spirit Realty: 1Q Earnings Snapshot

DALLAS (AP) _ Spirit Realty Capital Inc. (SRC) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The Dallas-based real estate investment trust said it had funds from operations of $95.3 million, or 22 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 20 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 $28.1 million, or 6 cents per share.

The real estate investment trust posted revenue of $165.3 million in the period. Its adjusted revenue was $162 million, which missed Street forecasts. Three analysts surveyed by Zacks expected $162.7 million.

Spirit Realty expects full-year funds from operations in the range of 66 cents to 68 cents per share.

The company's shares have declined 6 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.05, a decline of 12 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SRC at https://www.zacks.com/ap/SRC