BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $1.09 billion, or $2.32 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.33 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 $1.23 billion, or $2.62 per share.
The wireless communications infrastructure company posted revenue of $2.55 billion in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $2.5 billion.
For the year, the company reported funds from operations of $4.93 billion, or $10.54 per share. Revenue was reported as $10.13 billion.
American Tower expects full-year funds from operations in the range of $10.31 to $10.50 per share.
The company's shares have risen nearly 5% since the beginning of the year, while the S&P's 500 index has risen 25%. The stock has risen 2% in the last 12 months.
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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
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