MINOT, N.D. (AP) — MINOT, N.D. (AP) — Centerspace (CSR) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.

The Minot, North Dakota-based real estate investment trust said it had funds from operations of $21.7 million, or $1.20 per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.13 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 $6.2 million, or 41 cents per share.

The real estate investment trust, based in Minot, North Dakota, posted revenue of $64.6 million in the period.

Centerspace expects full-year funds from operations in the range of $4.63 to $4.71 per share.

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