BEACHWOOD, Ohio – BEACHWOOD, Ohio (AP) _ DDR Corp. (DDR) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Beachwood, Ohio-based real estate investment trust said it had funds from operations of $90.5 million, or 49 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 47 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 $11.7 million, or 7 cents per share.
The real estate investment trust posted revenue of $204.3 million in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $200.5 million.
For the current quarter ending in October, DDR expects its per-share funds from operations to be 30 cents.
The company's shares have decreased 22 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.06, a drop of 29 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 DDR at https://www.zacks.com/ap/DDR
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