MEMPHIS, Tenn. (AP) _ Education Realty Trust Inc. (EDR) on Monday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Memphis, Tennessee, said it had funds from operations of $43.7 million, or 57 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 55 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 $41 million, or 53 cents per share.
The real estate investment trust posted revenue of $90.7 million in the period.
Education Realty Trust expects full-year funds from operations in the range of $1.81 to $1.91 per share.
The company's shares have dropped nearly 7 percent since the beginning of the year. The stock has fallen 16 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EDR at https://www.zacks.com/ap/EDR