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.
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