BOSTON – BOSTON (AP) _ Iron Mountain Inc. (IRM) on Friday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $160.3 million, or 56 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $93.4 million, or 33 cents per share.
The information management company that is converting a real-estate investment trust, based in Boston, posted revenue of $1.06 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.04 billion.
The company's shares have declined 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has increased slightly more than 1 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 IRM at https://www.zacks.com/ap/IRM