DCT: 2Q Earnings Snapshot
DENVER (AP) _ DCT Industrial Trust Inc. (DCT) on Thursday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $61.9 million, or 63 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $23.9 million, or 25 cents per share.
The industrial real estate company posted revenue of $110.1 million in the period. Its adjusted revenue was $109.8 million, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $110 million.
The company’s shares have increased 14 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $67.04, a climb of 18 percent in the last 12 months.