AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had funds from operations of $493.5 million, or $1.66 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.65 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 $58.5 million, or 19 cents per share.
The real estate investment trust, based in Austin, Texas, posted revenue of $1.34 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $1.36 billion.
Digital Realty Trust expects full-year funds from operations in the range of $6.65 to $6.75 per share.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DLR at https://www.zacks.com/ap/DLR
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