Digital Realty Trust: 4Q Earnings Snapshot
SAN FRANCISCO (AP) _ Digital Realty Trust Inc. (DLR) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $361.4 million, or $1.68 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.67 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 $31.2 million, or 15 cents per share.
The real estate investment trust posted revenue of $778.3 million in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $790 million.
For the year, the company reported funds from operations of $1.42 billion, or $6.60 per share. Revenue was reported as $3.05 billion.
Digital Realty Trust expects full-year funds from operations in the range of $6.60 to $6.70 per share.
The company’s shares have increased 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $110.83, a rise of 6 percent in the last 12 months.