MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its fiscal second quarter. The results met Wall Street expectations.
The Minot, North Dakota-based real estate investment trust said it had funds from operations of $11.7 million, or 9 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 9 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 $6.3 million, or 5 cents per share.
The real estate investment trust posted revenue of $45.6 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $45.3 million.
The company's shares have declined nearly 8 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.24, a decrease of 11 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 IRET at https://www.zacks.com/ap/IRET