BOSTON – BOSTON (AP) _ American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $821 million, or $1.85 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.82 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 $366.9 million, or 83 cents per share.
The wireless communications infrastructure company posted revenue of $1.79 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.77 billion.
The company's shares have climbed 7 percent since the beginning of the year, while the Standard & Poor's 500 index has declined 1 percent. The stock has risen almost 10 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