DALLAS – DALLAS (AP) _ CyrusOne Inc. (CONE) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Dallas, said it had funds from operations of $82.2 million, or 85 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 75 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 $43.5 million, or 45 cents per share.
The data center operator, based in Dallas, posted revenue of $196.6 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $186.8 million.
CyrusOne expects full-year funds from operations in the range of $3.18 to $3.28 per share, with revenue in the range of $810 million to $825 million.
The company's shares have declined nearly 8 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $54.94, a rise of 0.5 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 CONE at https://www.zacks.com/ap/CONE