BOSTON (AP) _ Stag Industrial Inc. (STAG) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $84.7 million, or 52 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 50 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 $32.7 million, or 20 cents per share.
The industrial real estate investment trust posted revenue of $138.4 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $132.9 million.
The company's shares have risen 28% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.04, a rise of 27% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STAG at https://www.zacks.com/ap/STAG
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