SAN FRANCISCO (AP) _ Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $465.2 million, or $1.61 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.52 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 $44.2 million, or 16 cents per share.
The real estate investment trust posted revenue of $1.06 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.03 billion.
For the year, the company reported funds from operations of $1.68 billion, or $6.22 per share. Revenue was reported as $3.9 billion.
Digital Realty Trust expects full-year funds from operations in the range of $6.40 to $6.50 per share, with revenue in the range of $4.25 billion to $4.35 billion.
The company's shares have risen nearly 4% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $144.82, an increase of 15% in the last 12 months.