BOSTON – BOSTON (AP) _ Iron Mountain Inc. (IRM) on Thursday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $156.9 million, or 55 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 54 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 $67.1 million, or 23 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, also beating Street forecasts. Eight analysts surveyed by Zacks expected $1.05 billion.
The company's shares have dropped 15 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen roughly 1 percent. The stock has decreased 19 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