AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Digital Realty Trust Inc. (DLR) on Thursday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.

The Austin, Texas-based real estate investment trust said it had funds from operations of $532.2 million, or $1.67 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.63 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 $271.3 million, or 82 cents per share.

The real estate investment trust, based in Austin, Texas, posted revenue of $1.33 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $1.36 billion.

Digital Realty Trust expects full-year funds from operations in the range of $6.60 to $6.75 per share.


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