Investors Real Estate Trust: 2Q Earnings Snapshot
MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its second quarter.
The Minot, North Dakota-based real estate investment trust said it had funds from operations of $12.4 million, or 91 cents per share, in the period.
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 a loss of $5.4 million, or 40 cents per share.
The real estate investment trust posted revenue of $43.9 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $45.1 million.
The company’s shares have declined roughly 2% since the beginning of the year. In the final minutes of trading on Monday, shares hit $71.21, an increase of 11% in the last 12 months.