BOSTON (AP) _ Iron Mountain Inc. (IRM) on Thursday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $152.2 million, or 53 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 42 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 a loss of $7.1 million, or 2 cents per share.
The real estate investment trust, based in Boston, posted revenue of $982.2 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $918.3 million.
The company’s shares have fallen 9% since the beginning of the year, while the Standard & Poor’s 500 index has risen 3%. The stock has fallen roughly 7% in the last 12 months.