Education Realty Trust: 1Q Earnings Snapshot
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MEMPHIS, Tenn. (AP) _ Education Realty Trust Inc. (EDR) on Monday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Memphis, Tennessee, said it had funds from operations of $43.7 million, or 57 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 55 cents per share.
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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 $41 million, or 53 cents per share.
The real estate investment trust posted revenue of $90.7 million in the period.
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Education Realty Trust expects full-year funds from operations in the range of $1.81 to $1.91 per share.
The company's shares have dropped nearly 7 percent since the beginning of the year. The stock has fallen 16 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on EDR at https://www.zacks.com/ap/EDR