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Investors Real Estate Trust: Fiscal 1Q Earnings Snapshot

MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its fiscal first quarter. The results met Wall Street expectations.

The real estate investment trust, based in Minot, North Dakota, said it had funds from operations of $10.6 million, or 8 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 8 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 $1.2 million, or 1 cent per share.

The real estate investment trust posted revenue of $45.9 million in the period.

The company's shares have dropped nearly 4 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.47, a fall of 11 percent in the last 12 months.

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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