OVERLAND PARK, Kan. (AP) _ QTS Realty Trust Inc. (QTS) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Overland Park, Kansas-based real estate investment trust said it had funds from operations of $38.2 million, or 64 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 62 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 $12.5 million, or 20 cents per share.
The data center real estate investment trust posted revenue of $112.7 million in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $113.2 million.
QTS Realty expects full-year funds from operations in the range of $2.61 to $2.71 per share, with revenue in the range of $461 million to $475 million.
The company's shares have risen 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $45.35, a climb of 28% 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 QTS at https://www.zacks.com/ap/QTS