DALLAS (AP) _ CyrusOne Inc. (CONE) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $118.9 million, or $1.03 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 93 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 net income of $45 million, or 39 cents per share.
The data center operator posted revenue of $256.4 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $252.8 million.
CyrusOne expects full-year funds from operations in the range of $3.75 to $3.90 per share, with revenue in the range of $1.01 billion to $1.05 billion.
The company's shares have risen 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $81.04, a rise of 46% in the last 12 months.