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Spirit Realty: Q4 Earnings Snapshot
By AP News - Feb 28, 2023, 06:43 AM ET
Last Updated - Jun 19, 2024, 11:54 PM EDT
Spirit Realty Capital Inc. (SRC) on Tuesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations
DALLAS (AP) — DALLAS (AP) — Spirit Realty Capital Inc. (SRC) on Tuesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Dallas, said it had funds from operations of $123.6 million, or 88 cents per share, in the period.
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The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 89 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 $67.5 million, or 48 cents per share.
The real estate investment trust, based in Dallas, posted revenue of $183.4 million in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $184.9 million.
For the year, the company reported funds from operations of $480.7 million. Revenue was reported as $709.6 million.
Spirit Realty expects full-year funds from operations in the range of $3.53 to $3.59 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 SRC">Zacks stock report on SRC at https://www.zacks.com/ap/SRC
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