Investors Real Estate Trust: 2Q Earnings Snapshot
MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Wednesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Minot, North Dakota, said it had funds from operations of $12.9 million, or $1 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 net income of $1.4 million, or 11 cents per share.
The real estate investment trust, based in Minot, North Dakota, posted revenue of $46.9 million in the period.
Investors Real Estate Trust expects full-year funds from operations in the range of $3.62 to $3.72 per share.
The company’s shares have climbed 33% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $65.18, a climb of 20% in the last 12 months.