Digital Realty Trust: Q2 Earnings Snapshot
AUSTIN, Texas (AP) _ Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had funds from operations of $451.9 million, or $1.55 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.64 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 $53.2 million, or 19 cents per share.
The real estate investment trust posted revenue of $1.14 billion in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $1.16 billion.
Digital Realty Trust expects full-year funds from operations in the range of $6.95 to $7.05 per share, with revenue in the range of $4.65 billion to $4.75 billion.