BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Thursday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $1.21 billion, or $2.58 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.35 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 $586.9 million, or $1.26 per share.
The wireless communications infrastructure company posted revenue of $2.82 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $2.76 billion.
American Tower expects full-year funds from operations in the range of $9.72 to $9.85 per share.
The company's shares have decreased 24% since the beginning of the year, while the S&P's 500 index has increased 9%. The stock has fallen 17% 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 AMT at https://www.zacks.com/ap/AMT