BOCA RATON, Fla. (AP) — BOCA RATON, Fla. (AP) — SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $357.4 million, or $3.29 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $3.30 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 $154.5 million, or $1.42 per share.

The communications tower operator, based in Boca Raton, Florida, posted revenue of $657.9 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $670.4 million.

SBA Communications expects full-year funds from operations in the range of $13.09 to $13.46 per share, with revenue in the range of $2.66 billion to $2.7 billion.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBAC at https://www.zacks.com/ap/SBAC

For copyright information, check with the distributor of this item, STATS Perform dba Automated Insights. , source Associated Press News