BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $1.26 billion, or $2.71 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.71 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 $867.5 million, or $1.86 per share.
The wireless communications infrastructure company posted revenue of $2.75 billion in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $2.71 billion.
American Tower expects full-year funds from operations in the range of $11 to $11.17 per share.
The company's shares have dropped 5% since the beginning of the year, while the S&P's 500 index has risen slightly more than 8%. The stock has dropped 27% 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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