OVERLAND PARK, Kan. (AP) _ QTS Realty Trust Inc. (QTS) on Monday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Overland Park, Kansas-based real estate investment trust said it had funds from operations of $40.8 million, or 65 cents per share, in the period.
The average estimate of five 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 $438,000, or a loss of 3 cents per share.
The data center real estate investment trust posted revenue of $119.2 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $115 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 climbed 17% since the beginning of the year. In the final minutes of trading on Monday, shares hit $43.28, falling slightly in the last 12 months.