BOSTON — BOSTON — Iron Mountain Inc. (IRM) on Friday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $144.6 million, or 55 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 52 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 $81 million, or 30 cents per share.
The information management company that is converting a real-estate investment trust, based in Boston, posted revenue of $949.8 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $955.2 million.
Iron Mountain expects full-year revenue in the range of $3.75 billion to $3.84 billion.
The company’s shares have increased 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 11 percent. The stock has fallen 15 percent in the last 12 months.
Keywords: Iron Mountain, Earnings Report