NEW YORK (AP) _ Outfront Media Inc. (OUT) on Wednesday reported a loss in a key measure in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in New York, said it had a funds from operations loss of $21.3 million, or 15 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for a funds from operations loss of 17 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 a loss of $57.9 million, or 40 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $232.9 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $239.8 million.
The company's shares have fallen 45% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.65, a drop of 44% in the last 12 months.