DENVER – DENVER (AP) _ DCT Industrial Trust Inc. (DCT) on Sunday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $61.5 million, or 63 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 62 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 $48.8 million, or 52 cents per share.
The industrial real estate company posted revenue of $109.8 million in the period. Its adjusted revenue was $109.4 million, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $108.5 million.
The company's shares have declined slightly since the beginning of the year. The stock has climbed 16 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 DCT at https://www.zacks.com/ap/DCT