MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Wednesday reported a key measure of profitability in its first 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 $10.2 million, or 77 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 86 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 a loss of $6.4 million, or 54 cents per share.
The real estate investment trust posted revenue of $45.6 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $45.1 million.
Investors Real Estate Trust expects full-year funds from operations in the range of $3.52 to $3.72 per share.
The company's shares have increased 21% since the beginning of the year. The stock has risen 11% 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 IRET at https://www.zacks.com/ap/IRET