NNN REIT: Q2 Earnings Snapshot
ORLANDO, Fla. (AP) — ORLANDO, Fla. (AP) — NNN REIT, Inc (NNN) on Wednesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Orlando, Florida-based real estate investment trust said it had funds from operations of $146.1 million, or 80 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 81 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 $98.7 million, or 54 cents per share.
The retail real estate investment trust, based in Orlando, Florida, posted revenue of $202.6 million in the period. Its adjusted revenue was $202.4 million, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $203.4 million.
NNN REIT expects full-year funds from operations in the range of $3.20 to $3.25 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 NNN at https://www.zacks.com/ap/NNN