MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Minot, North Dakota, said it had funds from operations of $13.2 million, or 94 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 84 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 $18 million, or $1.38 per share.
The real estate investment trust posted revenue of $44.1 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $43.9 million.
The company’s shares have dropped slightly more than 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $68.58, a drop of slightly more than 9% 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