SCOTTSDALE, Ariz. – SCOTTSDALE, Ariz. (AP) _ Store Capital Corp. (STOR) on Thursday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Scottsdale, Arizona-based real estate investment trust said it had funds from operations of $97.4 million, or 47 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $48.2 million, or 23 cents per share.
The retail real estate investment trust posted revenue of $137 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $127.9 million.
Store Capital expects full-year funds from operations in the range of $1.81 to $1.84 per share.
The company's shares have risen 12 percent since the beginning of the year. The stock has climbed 18 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 STOR at https://www.zacks.com/ap/STOR