Digital Realty Trust: 3Q Earnings Snapshot
SAN FRANCISCO – SAN FRANCISCO (AP) _ Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $349.9 million, or $1.63 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.62 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 $67.3 million, or 33 cents per share.
The real estate investment trust posted revenue of $768.9 million in the period, which missed Street forecasts. Eight analysts surveyed by Zacks expected $773.1 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 2.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $116.80, a decrease of 5 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