SAN FRANCISCO (AP) _ Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $429.4 million, or $1.54 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.48 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 $53.7 million, or 20 cents per share.
The real estate investment trust posted revenue of $993 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $931.1 million.
Digital Realty Trust expects full-year funds from operations in the range of $6 to $6.10 per share.
The company's shares have climbed 33% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $158.73, a rise of 39% in the last 12 months.