Newton Business Beats Wall Street Expectations

NEWTON, MA — Government Properties Income Trust (GOV) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Newton, said it had funds from operations of $42.4 million, or 60 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 59 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 $11.7 million, or 16 cents per share.

The real estate investment trust posted revenue of $69.9 million in the period.

The company's shares have decreased 7 percent since the beginning of the year.

Image via Free Stock Photos