Digital Realty Trust: 2Q Earnings Snapshot
SAN FRANCISCO – SAN FRANCISCO (AP) _ Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $357 million, or $1.66 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.61 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 $65.1 million, or 32 cents per share.
The real estate investment trust posted revenue of $754.9 million in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $760.9 million.
Digital Realty Trust expects full-year funds from operations in the range of $6.55 to $6.65 per share.
The company's shares have increased nearly 3 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $117, an increase of 3 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