Store Capital: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}SCOTTSDALE, Ariz. (AP) _ Store Capital Corp. (STOR) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Scottsdale, Arizona, said it had funds from operations of $91.1 million, or 45 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 44 cents per share.
{{#rendered}} {{/rendered}}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 $62.2 million, or 31 cents per share.
The retail real estate investment trust posted revenue of $131.2 million in the period. Its adjusted revenue was $124.4 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $123.9 million.
{{#rendered}} {{/rendered}}The company's shares have risen slightly more than 5 percent since the beginning of the year. The stock has risen 16 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 STOR at https://www.zacks.com/ap/STOR