DCT: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}DENVER (AP) _ DCT Industrial Trust Inc. (DCT) on Thursday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $61.9 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 64 cents per share.
{{#rendered}} {{/rendered}}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 $23.9 million, or 25 cents per share.
The industrial real estate company posted revenue of $110.1 million in the period. Its adjusted revenue was $109.8 million, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $110 million.
{{#rendered}} {{/rendered}}The company's shares have increased 14 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $67.04, a climb of 18 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 DCT at https://www.zacks.com/ap/DCT