DALLAS (AP) — DALLAS (AP) — Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $650.2 million, or $1.86 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.83 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 $88.5 million, or 24 cents per share.
The real estate investment trust, based in Dallas, posted revenue of $1.63 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $1.58 billion.
For the year, the company reported funds from operations of $2.56 billion. Revenue was reported as $6.11 billion.
Digital Realty Trust expects full-year funds from operations in the range of $7.90 to $8 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DLR at https://www.zacks.com/ap/DLR