Investors Real Estate Trust: 3Q Earnings Snapshot
MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Minot, North Dakota-based real estate investment trust said it had funds from operations of $12.9 million, or 99 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 95 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 $29.9 million, or $2.54 per share.
The real estate investment trust, based in Minot, North Dakota, posted revenue of $47.4 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $46.9 million.
Investors Real Estate Trust expects full-year funds from operations in the range of $3.68 to $3.78 per share.
The company’s shares have increased 47% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $72.35, a climb of 34% in the last 12 months.