NEW YORK ( TheStreet) -- Digital Realty (DLR - Get Report) saw Funds From Operations (or FFO) come in at $147.4 million ($1.10 per share), down slightly from $148.9 million ($1.13 per share) in the year-ago quarter. The company said the third-quarter results included a non-cash, straight-line rent expense adjustment of 7 cents per share related to the company's leasehold interest at 111 Eighth Ave. in New York City.This onetime adjustment was related to accounting for a ground lease and Digital states that the change (in accounting) should have been made at the time of a lease extension in fall 2010 (three years ago). Effectively, the straight-line adjustment should have resulted in greater accounting charges for the past three years.
I'm Trusting Management and Buying Digital Realty on the Weakness
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.