MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its fiscal third quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Minot, North Dakota, said it had funds from operations of $16.5 million, or 12 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 13 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 $19.2 million, or 16 cents per share.
The real estate investment trust posted revenue of $51.2 million in the period.
Investors Real Estate Trust expects full-year funds from operations to be 41 cents to 43 cents per share.
The company's shares have decreased 18 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.88, a decline of 17 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
Keywords: Investors Real Estate Trust, Earnings Report