SAN FRANCISCO – SAN FRANCISCO (AP) _ Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $345.7 million, or $1.61 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $1.58 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 $86.3 million, or 42 cents per share.
The real estate investment trust posted revenue of $744.4 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $741.8 million.
Digital Realty Trust expects full-year funds from operations in the range of $6.45 to $6.50 per share.
The company's shares have fallen 9 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $103.65, a decline of almost 7 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 DLR at https://www.zacks.com/ap/DLR