MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Minot, North Dakota-based real estate investment trust said it had funds from operations of $11.9 million, or 90 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 82 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 $8.4 million, or 67 cents per share.
The real estate investment trust posted revenue of $44.4 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $44.8 million.
The company's shares have dropped 17% since the beginning of the year. In the final minutes of trading on Monday, shares hit $60.27, an increase of almost 1% in the last 12 months.