DALLAS – DALLAS (AP) _ Tier Reit Inc. (TIER) on Monday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $20.1 million, or 38 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 37 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 $22.6 million, or 43 cents per share.
The real estate investment trust posted revenue of $54.8 million in the period.
Tier Reit expects full-year funds from operations in the range of $1.53 to $1.56 per share.
The company's shares have climbed 7.5 percent since the beginning of the year. The stock has risen 12 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 TIER at https://www.zacks.com/ap/TIER