BOSTON (AP) _ Iron Mountain Inc. (IRM) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $246 million, or 85 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $275 million, or 95 cents per share.
The real estate investment trust, based in Boston, posted revenue of $1.12 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.1 billion.
Iron Mountain expects full-year funds from operations in the range of $3.33 to $3.45 per share, with revenue in the range of $4.42 billion to $4.51 billion.
The company's shares have climbed 47% since the beginning of the year, while the S&P's 500 index has increased 17%. The stock has increased 50% 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 IRM at https://www.zacks.com/ap/IRM