Investors Real Estate Trust reports 2Q results
Investors Real Estate Trust posts 2Q FFO of $16.5 million, results match profit expectations
MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its fiscal second quarter. The results met Wall Street expectations.
The Minot, North Dakota-based real estate investment trust said it had funds from operations of $16.5 million, or 12 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 12 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 $8.7 million, or 7 cents per share.
The real estate investment trust posted revenue of $50.6 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $49.2 million.
Investors Real Estate Trust expects full-year funds from operations to be 48 cents to 52 cents per share.
The company's shares have dropped nearly 10 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.28, a fall of 17 percent in the last 12 months.
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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
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Keywords: Investors Real Estate Trust, Earnings Report
