BEACHWOOD, Ohio – BEACHWOOD, Ohio (AP) _ DDR Corp. (DDR) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Beachwood, Ohio, said it had funds from operations of $97.8 million, or 26 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 23 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 $62.5 million, or 17 cents per share.
The real estate investment trust posted revenue of $207 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $199.3 million.
For the current quarter ending in July, DDR expects its per-share funds from operations to be 15 cents.
The company's shares have fallen 26 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.67, a decline of 45 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 DDR at https://www.zacks.com/ap/DDR