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BELLEVUE, Wash. (AP) — BELLEVUE, Wash. (AP) — Terreno Realty Corp. (TRNO) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Bellevue, Washington-based real estate investment trust said it had funds from operations of $60.4 million, or 62 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 61 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 $36.5 million, or 37 cents per share.
The industrial real estate company, based in Bellevue, Washington, posted revenue of $99.6 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $96.3 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRNO at https://www.zacks.com/ap/TRNO