OVERLAND PARK, Kan. – OVERLAND PARK, Kan. (AP) _ QTS Realty Trust Inc. (QTS) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Overland Park, Kansas, said it had funds from operations of $37.2 million, or 64 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 62 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 $7.7 million, or 16 cents per share.
The data center real estate investment trust posted revenue of $112.3 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $105 million.
QTS Realty expects full-year funds from operations in the range of $2.55 to $2.65 per share.
The company's shares have declined 25 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.87, a drop of 24 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 QTS at https://www.zacks.com/ap/QTS
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