BOSTON (AP) _ Iron Mountain Inc. (IRM) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $190.8 million, or 66 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 60 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 $247.4 million, or 86 cents per share.
The real estate investment trust, based in Boston, posted revenue of $1.06 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.04 billion.
For the year, the company reported funds from operations of $887.5 million. Revenue was reported as $4.15 billion.
Iron Mountain expects full-year funds from operations in the range of $3.25 to $3.42 per share, with revenue in the range of $4.33 billion to $4.47 billion.
The company’s shares have climbed almost 9% since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 3%. The stock has fallen slightly more than 4% 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 IRM at https://www.zacks.com/ap/IRM
