OVERLAND PARK, Kan. (AP) _ QTS Realty Trust Inc. (QTS) on Monday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Overland Park, Kansas, said it had funds from operations of $48.7 million, or 70 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 65 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 $2.8 million, or a loss of 5 cents per share.
The data center real estate investment trust posted revenue of $131.6 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $130.4 million.
QTS Realty expects full-year funds from operations in the range of $2.73 to $2.83 per share, with revenue in the range of $523 million to $537 million.
The company's shares have increased 28% since the beginning of the year. In the final minutes of trading on Monday, shares hit $69.33, a rise of 57% in the last 12 months.