DENVER – DENVER (AP) _ CoreSite Realty Corp. (COR) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Denver, said it had funds from operations of $61 million, or $1.27 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.23 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 $20.3 million, or 59 cents per share.
The operator of large computing warehouses posted revenue of $129.6 million in the period, which matched Street forecasts.
CoreSite expects full-year funds from operations to be $4.92 to $5.04 per share.
The company's shares have dropped almost 8 percent since the beginning of the year. The stock has climbed 13 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on COR at https://www.zacks.com/ap/COR
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