MINOT, N.D. (AP) _ Investors Real Estate Trust (IRET) on Monday reported a key measure of profitability in its fiscal third quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Minot, North Dakota, said it had funds from operations of $12.6 million, or 9 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 10 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 $134.3 million, or $1.12 per share.
The real estate investment trust posted revenue of $43.3 million in the period.
In the final minutes of trading on Monday, the company's shares hit $4.80. A year ago, they were trading at $5.89.