NEW YORK (AP) — NEW YORK (AP) — W.P. Carey Inc. (WPC) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $305.4 million, or $1.34 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.31 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 $185.4 million, or 82 cents per share.
The real estate investment trust, based in New York, posted revenue of $461.1 million in the period. Its adjusted revenue was $459.7 million.
W.P. Carey expects full-year funds from operations in the range of $5.19 to $5.27 per share.
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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 WPC at https://www.zacks.com/ap/WPC
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