Newton's Select Income REIT Falls Short Of Wall Street Expectations

NEWTON — Select Income REIT (SIR) on Tuesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.

The Newton-based real estate investment trust said it had funds from operations of $62.1 million, or 70 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 72 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 $26.7 million, or 30 cents per share.

The real estate investment trust posted revenue of $115.9 million in the period.

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

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