DENVER (AP) _ CoreSite Realty Corp. (COR) on Thursday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Denver, said it had funds from operations of $65.3 million, or $1.35 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.28 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 $20.7 million, or 52 cents per share.
The operator of large computing warehouses posted revenue of $150.5 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $150.2 million.
CoreSite expects full-year funds from operations to be $5.15 to $5.25 per share.
The company's shares have increased 15% since the beginning of the year. The stock has risen 23% in the last 12 months.