MINOT, N.D. (AP) — MINOT, N.D. (AP) — Centerspace (CSR) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The Minot, North Dakota-based real estate investment trust said it had funds from operations of $23.4 million, or $1.19 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.22 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 $53.8 million, or $3.19 per share.
The real estate investment trust, based in Minot, North Dakota, posted revenue of $71.4 million in the period.
Centerspace expects full-year funds from operations in the range of $4.88 to $4.96 per share.
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