VANCOUVER, British Columbia (AP) _ City Office REIT Inc. (CIO) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Vancouver, British Columbia-based real estate investment trust said it had funds from operations of $15.3 million, or 35 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $193,000, or less than 1 cent on a per-share basis.
The real estate investment trust, based in Vancouver, British Columbia, posted revenue of $40 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $38.9 million.
City Office REIT expects full-year funds from operations in the range of $1.40 to $1.43 per share.
The company's shares have risen 30% since the beginning of the year. The stock has increased 46% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIO at https://www.zacks.com/ap/CIO